SiriusPoint Ltd., a global multi-line insurer, saw its stock plummet 5.14% in intraday trading on Wednesday. This significant drop appears to be linked to the recent departure of a key executive in its marine cargo division.

According to reports, Stephen Smyth, the former head of marine cargo at SiriusPoint, has left the company to join Hamilton Insurance Group as their new head of cargo. Smyth's exit from SiriusPoint is seen as a notable loss for the insurer's cargo operations, as he played a pivotal role in building and leading this business segment.

The news of Smyth's departure has likely raised concerns among investors about potential disruptions or challenges in SiriusPoint's cargo underwriting capabilities, at least in the near term. The marine cargo market is highly competitive, and the loss of an experienced leader could temporarily impact the insurer's ability to effectively navigate this space.