Jefferies starts SiriusPoint with 'hold', says insurer has made progress in turnaround

** Brokerage Jefferies starts coverage on insurer SiriusPoint SPNT with "hold" rating and $17 PT

** PT a 3.4% upside to the stock's last close

** Brokerage says SPNT is a "a global insurance and reinsurance underwriter" that has made progress in its turnaround efforts

** Brokerage says that co has simplified its business, reduced risks and shifted its focus to specialty insurance

** Brokerage believes SPNT's unique distribution approach and use of external managers (MGAs) may take time to prove its effectiveness

** As of last close, SPNT stock up 0.24% YTD