SiriusPoint Announces Secondary Offering of 4,106,631 Common Shares by Entities Associated with Daniel S. Loeb and Potential Repurchase of up to 2,000,000 Common Shares by SiriusPoint
SiriusPoint (NYSE: SPNT) has announced a registered secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb. The company intends to repurchase up to 2,000,000 common shares at the public offering price and will cancel any repurchased shares.
Following the completion of this offering and the previously announced repurchase of shares and warrants from CM Bermuda, the Loeb Entities' ownership in SiriusPoint will increase to approximately 9.67% from 9.4%. The remaining shares held by the Loeb Entities will be subject to a 90-day lock-up agreement with Jefferies, the sole bookrunning manager for the offering.
SiriusPoint (NYSE: SPNT) ha annunciato un'offerta secondaria registrata di 4.106.631 azioni ordinarie da parte di entità associate a Daniel S. Loeb. L'azienda intende riacquistare fino a 2.000.000 azioni ordinarie al prezzo dell'offerta pubblica e cancellerà eventuali azioni riacquistate.
Una volta completata questa offerta e il riacquisto precedentemente annunciato di azioni e warrant da CM Bermuda, la proprietà delle entità Loeb in SiriusPoint aumenterà a circa 9,67% rispetto al 9,4%. Le restanti azioni detenute dalle entità Loeb saranno soggette a un accordo di lock-up di 90 giorni con Jefferies, l'unico manager di bookrunning per l'offerta.
SiriusPoint (NYSE: SPNT) ha anunciado una oferta secundaria registrada de 4.106.631 acciones comunes por entidades asociadas con Daniel S. Loeb. La compañía tiene la intención de recomprar hasta 2.000.000 acciones comunes al precio de la oferta pública y cancelará cualquier acción recomprada.
Tras la finalización de esta oferta y la recompra previamente anunciada de acciones y warrants de CM Bermuda, la propiedad de las entidades Loeb en SiriusPoint aumentará aproximadamente a 9,67% desde el 9,4%. Las acciones restantes mantenidas por las entidades Loeb estarán sujetas a un acuerdo de bloqueo de 90 días con Jefferies, el único gerente de bookrunning para la oferta.
SiriusPoint (NYSE: SPNT)는 Daniel S. Loeb와 관련된 기관이 4,106,631주 보통주의 등록된 2차 공모를 발표했습니다. 회사는 공모가로 최대 2,000,000주 보통주를 재매입할 계획이며, 재매입된 주식은 모두 취소됩니다.
이번 공모 완료 후, 그리고 CM Bermuda로부터의 주식 및 워런트 재매입이 완료되면, Loeb 기관의 SiriusPoint 소유 지분은 9.4%에서 약 9.67%로 증가할 것입니다. Loeb 기관이 보유한 나머지 주식은 공모의 단독 북런닝 매니저인 Jefferies와의 90일 잠금 계약의 적용을 받게 됩니다.
SiriusPoint (NYSE: SPNT) a annoncé une offre secondaire enregistrée de 4.106.631 actions ordinaires par des entités associées à Daniel S. Loeb. La société prévoit de racheter jusqu'à 2.000.000 actions ordinaires au prix de l'offre publique et annulera toute action rachetée.
Suite à l'achèvement de cette offre et au rachat précédemment annoncé d'actions et de warrants de CM Bermuda, la propriété des entités Loeb dans SiriusPoint augmentera à environ 9,67% contre 9,4%. Les actions restantes détenues par les entités Loeb seront soumises à un accord de blocage de 90 jours avec Jefferies, le seul gestionnaire de bookrunning pour l'offre.
SiriusPoint (NYSE: SPNT) hat ein registriertes sekundäres Angebot von 4.106.631 Stammaktien durch mit Daniel S. Loeb verbundene Unternehmen angekündigt. Das Unternehmen beabsichtigt, bis zu 2.000.000 Stammaktien zum öffentlichen Angebotspreis zurückzukaufen und wird alle zurückgekauften Aktien annullieren.
Nach Abschluss dieses Angebots und dem zuvor angekündigten Rückkauf von Aktien und Warrants von CM Bermuda wird der Eigentum der Loeb-Entitäten an SiriusPoint auf etwa 9,67% von 9,4% steigen. Die verbleibenden Aktien, die von den Loeb-Entitäten gehalten werden, unterliegen einer 90-tägigen Sperrfristvereinbarung mit Jefferies, dem alleinigen Bookrunning-Manager für das Angebot.
- Share repurchase of up to 2M shares demonstrates confidence in company value
- Cancellation of repurchased shares may enhance value for remaining shareholders
- Secondary offering of 4.1M shares could create temporary selling pressure
- Increased ownership concentration by Loeb Entities may affect stock liquidity
Insights
SiriusPoint's announcement reveals a complex capital management strategy with several key implications for investors. The Loeb Entities' decision to sell 4.1 million shares while SiriusPoint simultaneously repurchases up to 2 million shares represents a significant restructuring of the company's ownership.
This transaction appears strategically timed and structured to benefit multiple parties. For SiriusPoint, the share repurchase effectively deploys excess capital to reduce outstanding shares, potentially boosting earnings per share and return on equity metrics. With a market cap of approximately
For the Loeb Entities, this offering provides liquidity while maintaining significant influence - their ownership actually increases slightly to
This transaction should be viewed in context of SiriusPoint's broader capital management strategy. The company is simultaneously executing two share repurchase programs (this one and the CM Bermuda repurchase), indicating robust capital position and management's confidence in the company's intrinsic value exceeding current market valuation.
For investors, this represents a positive signal regarding capital return priorities, though it raises questions about growth investments. The reinsurance industry continues to experience favorable pricing conditions, so SiriusPoint's choice to allocate capital to share repurchases rather than underwriting expansion suggests management sees greater value in reducing share count than in aggressive growth.
The transaction's structure - with the company buying directly from a major shareholder rather than the open market - also enables a more efficient execution without creating market disruption while providing Daniel Loeb partial liquidity from his investment.
HAMILTON, Bermuda, Feb. 25, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT) today announced that entities associated with Daniel S. Loeb (collectively, the “Loeb Entities”) are offering an aggregate of 4,106,631 common shares through a registered secondary offering.
SiriusPoint has indicated its intent to repurchase an aggregate of up to 2,000,000 of the common shares being offered in the offering at the public offering price. SiriusPoint would cancel any common shares it repurchases in the offering.
Immediately following the completion of the offering and our previously announced repurchase of all of common shares and warrants currently held by CM Bermuda, it is expected that the Loeb Entities will own approximately
Under the terms of the transaction, the remaining shares owned by the Loeb Entities will be subject to a 90 day lock-up agreement with the sole bookrunning manager.
Jefferies is acting as the sole bookrunning manager for the proposed offering.
The offering will be made only by means of an effective registration statement and a prospectus. The Company has previously filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement (including a prospectus) on Form S-3 (File No. 333-283827), dated December 16, 2024, and a preliminary prospectus supplement for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the accompanying prospectus supplement, and other documents the Company has filed with the SEC for more complete information about the Company and this offering. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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
How many shares are being offered in SiriusPoint's (SPNT) secondary offering?
What is SiriusPoint's (SPNT) share repurchase plan in the secondary offering?
How will the Loeb Entities' ownership in SPNT change after the offering?
What is the lock-up period for the Loeb Entities' remaining SPNT shares?
