SiriusPoint Announces Closing of CM Bermuda Transaction & Completion of Registered Secondary Offering of 4,106,631 Common Shares by Entities Associated with Daniel S. Loeb
SiriusPoint (NYSE: SPNT) has completed two significant transactions: the repurchase of all common shares and warrants from CM Bermuda for $733 million, and a registered secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb.
The CM Bermuda transaction is immediately accretive to book value by 4% and is expected to boost SiriusPoint's return on equity and earnings per share. As part of the secondary offering, SiriusPoint repurchased 500,000 common shares at $14 per share. Following these transactions, CM Bermuda has no remaining ownership or board representation, while the Loeb Entities now own approximately 9.54% of SiriusPoint's outstanding common shares.
SiriusPoint (NYSE: SPNT) ha completato due operazioni significative: il riacquisto di tutte le azioni ordinarie e i warrant da CM Bermuda per 733 milioni di dollari e un'offerta secondaria registrata di 4.106.631 azioni ordinarie da parte di entità associate a Daniel S. Loeb.
La transazione con CM Bermuda è immediatamente accrescitiva del valore contabile del 4% e si prevede che aumenterà il ritorno sul capitale e gli utili per azione di SiriusPoint. Come parte dell'offerta secondaria, SiriusPoint ha riacquistato 500.000 azioni ordinarie a 14 dollari per azione. A seguito di queste operazioni, CM Bermuda non ha più proprietà o rappresentanza nel consiglio, mentre le Entità Loeb possiedono ora circa il 9,54% delle azioni ordinarie in circolazione di SiriusPoint.
SiriusPoint (NYSE: SPNT) ha completado dos transacciones significativas: la recompra de todas las acciones comunes y warrants de CM Bermuda por 733 millones de dólares, y una oferta secundaria registrada de 4.106.631 acciones comunes por entidades asociadas con Daniel S. Loeb.
La transacción con CM Bermuda es inmediatamente accretiva al valor contable en un 4% y se espera que impulse el retorno sobre el capital y las ganancias por acción de SiriusPoint. Como parte de la oferta secundaria, SiriusPoint recompró 500.000 acciones comunes a 14 dólares por acción. Tras estas transacciones, CM Bermuda ya no tiene propiedad ni representación en la junta, mientras que las Entidades Loeb ahora poseen aproximadamente el 9,54% de las acciones comunes en circulación de SiriusPoint.
SiriusPoint (NYSE: SPNT)는 두 가지 중요한 거래를 완료했습니다: CM Bermuda로부터 모든 보통주 및 워런트를 7억 3,300만 달러에 재매입하고, Daniel S. Loeb와 관련된 단체들이 4,106,631주의 보통주를 등록된 2차 공모를 진행했습니다.
CM Bermuda 거래는 즉시 장부가치에 4% 증가하는 효과가 있습니다 및 SiriusPoint의 자기자본 수익률과 주당 순이익을 높일 것으로 예상됩니다. 2차 공모의 일환으로, SiriusPoint는 주당 14달러에 500,000주의 보통주를 재매입했습니다. 이러한 거래 후, CM Bermuda는 더 이상 소유권이나 이사회 대표권을 가지지 않으며, Loeb Entities는 이제 SiriusPoint의 발행된 보통주 약 9.54%를 소유하고 있습니다.
SiriusPoint (NYSE: SPNT) a complété deux transactions significatives : le rachat de toutes les actions ordinaires et warrants de CM Bermuda pour 733 millions de dollars, et une offre secondaire enregistrée de 4.106.631 actions ordinaires par des entités associées à Daniel S. Loeb.
La transaction avec CM Bermuda est immédiatement accretive au valeur comptable de 4% et devrait augmenter le retour sur capitaux propres et le bénéfice par action de SiriusPoint. Dans le cadre de l'offre secondaire, SiriusPoint a racheté 500.000 actions ordinaires à 14 dollars par action. À la suite de ces transactions, CM Bermuda n'a plus de propriété ni de représentation au conseil d'administration, tandis que les Entités Loeb possèdent désormais environ 9,54% des actions ordinaires en circulation de SiriusPoint.
SiriusPoint (NYSE: SPNT) hat zwei bedeutende Transaktionen abgeschlossen: den Rückkauf aller Stammaktien und Warrants von CM Bermuda für 733 Millionen Dollar und ein registriertes sekundäres Angebot von 4.106.631 Stammaktien durch mit Daniel S. Loeb verbundene Unternehmen.
Die Transaktion mit CM Bermuda ist sofort um 4% wertsteigernd und wird voraussichtlich die Eigenkapitalrendite und den Gewinn pro Aktie von SiriusPoint steigern. Im Rahmen des sekundären Angebots hat SiriusPoint 500.000 Stammaktien zu je 14 Dollar zurückgekauft. Nach diesen Transaktionen hat CM Bermuda keine verbleibenden Eigentumsrechte oder Vorstandsvertretung, während die Loeb-Entitäten nun etwa 9,54% der ausgegebenen Stammaktien von SiriusPoint besitzen.
- Transaction immediately accretive to book value by 4%
- Expected improvement in return on equity and EPS
- Strong 2024 results reported (as referenced)
- Share repurchase at $14 per share indicates company confidence
- Large cash outlay of $733 million for share repurchase
- Additional $7 million cash spent on secondary offering shares
Insights
SiriusPoint has executed two strategic transactions that fundamentally reshape its ownership structure and financial position. The company has repurchased all shares and warrants held by CM Bermuda for
Simultaneously, entities associated with Daniel S. Loeb (founder of Third Point , known for activist investing) have reduced their position through a secondary offering of 4,106,631 shares, with SiriusPoint repurchasing 500,000 of these shares at
These ownership changes mark a critical governance transition for SiriusPoint. The removal of CM Bermuda from the board and the reduced stake from Loeb Entities signal a potential shift toward more management autonomy in strategic decision-making. CEO Scott Egan's statement that these transactions "underline the end of our major repositioning work" suggests the company has completed a significant transformation phase and is now focusing on execution rather than restructuring.
For investors, these moves represent a deliberate capital allocation strategy that prioritizes EPS growth through share count reduction while simultaneously streamlining the shareholder base. The decision to repurchase shares at
HAMILTON, Bermuda, Feb. 27, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, announced today the closing of its previously announced transaction to repurchase all SiriusPoint common shares and warrants held by CM Bermuda Limited (“CM Bermuda”) for an aggregate purchase price of
Following today’s closing, CM Bermuda has no remaining ownership interest in SiriusPoint and ceases to have any representation on, or observer rights with respect to, SiriusPoint’s board of directors.
The CM Bermuda transaction is immediately accretive to book value by
As part of the registered secondary offering, SiriusPoint repurchased an aggregate of 500,000 of the common shares offered at the public offering price of
SiriusPoint CEO, Scott Egan, said: “The completion of the transactions with CM Bermuda and the Loeb Entities follows a year of significant achievement for SiriusPoint during which we announced strong 2024 results. The completion of both transactions underlines the end of our major repositioning work, while the secondary offering reinforces the increasing investor interest in the business.
The Company is well positioned to build on the continuing performance momentum of the past two years and drive further value creation for our shareholders in 2025 and beyond.”
Contacts
Investor Relations
Liam Blackledge, SiriusPoint
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082
Media
Sarah Hills, Rein4ce
Sarah.Hills@rein4ce.co.uk
+ 44 7718 882011
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over
FORWARD-LOOKING STATEMENTS
We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2024.
Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events, or other circumstances after the date of this press release.
FAQ
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