SiriusPoint To Repurchase Shares Worth $733 Mln From CM Bermuda

(RTTNews) - Specialty insurer SiriusPoint Ltd. (SPNT) Monday said it has agreed to repurchase all SiriusPoint common shares and warrants held by CM Bermuda Limited for $733 million.

Following the repurchase, CM Bermuda will have no remaining ownership interest in SiriusPoint and will cease to have any representation on SiriusPoint's board of directors.

The payment will be made by SiriusPoint in two tranches with the first payment of $250 million made on Monday, December 30. 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.

SiriusPoint CEO, Scott Egan, said: "The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share. The closing of the transaction positions SiriusPoint well for the future. We enter 2025 with great momentum and remain focused on driving further value creation for all shareholders."