Activist hedge fund Third Point has taken aim at the 172-year-old insurance giant Prudential (LON: PRU). According to a new filing, Dan Loeb’s shop wants to split the firm into two operations and shutter its British office. This would effectively end the country’s 18-decade presence in England.

In a letter to Prudential directors, Third Point said that no strategic logic existed to keep the company in its current form. It wants to split the firm into two companies: One focused on the United States, the other on Asia. Both divisions operate out of London.

Response to Activist hedge fund Third Point

Prudential responded to Third Point’s letter on Tuesday. It confirmed receipt of the letter and said it plans to “proactively” engage with its shareholders on its corporate strategy. The company also said it plans to provide an update on its performance when it reports annual earnings results on March 11. The company also said it “looks forward to commencing a dialogue with Third Point with regard to the views outlined in its letter.”

Meanwhile, 2019 saw a 17.1% gain for Third Point, which had a sizeable stake in Campbell Soup (NYSE: CPB).

Dan Loeb’s shop also benefited from big gains in Sony.

Finally, a recent letter to shareholders said the hedge fund is concerned about macroeconomic factors this year. It lists risks that include the 2020 election, ongoing trade negotiations with China, and the coronavirus.

Related: The DailyAlts Playbook – Dan Loeb’s Love of Soup, His Distaste for the SEC, Brexit Bargaining, Bernie’s Big Move, and Dalio’s Take on Coronavirus