SiriusPoint to repurchase all SiriusPoint common shares for $733M

SiriusPoint (SPNT) “announced it has entered into an agreement to repurchase all SiriusPoint common shares and warrants held by CM Bermuda Limited for an aggregate purchase price of $733 million. Following the closing of the repurchase transaction, CM Bermuda will have no remaining ownership interest in SiriusPoint and will cease to have any representation on, or observer rights with respect to, SiriusPoint’s board of directors. The payment will be made by SiriusPoint in two tranches with the first payment of $250 million made today. The closing of the transaction is expected to complete on or before February 28, 2025 at such time as SiriusPoint makes a second payment of $483 million to CM Bermuda. SiriusPoint has financed the transaction entirely through its existing capital. Its proforma Bermuda Solvency Capital Ratio at the end of Q3 remains strong at 218% after the payments. The Company has agreed to repurchase 45.7 million common shares at $14.25 per share. It also agreed to repurchase and surrender 21 million warrants at $3.56 per warrant . As of September 30, 2024, SiriusPoint’s diluted book value per common share was $14.73, and the 30-day volume-weighted average common share price was $15.16 as of December 27, 2024.”