SiriusPoint Confirms Contingent Value Rights Maturity Payment

Rhea-AI Summary

SiriusPoint Ltd. (NYSE: SPNT) announced the cash payment for holders of its contingent value rights (CVRs) due to maturity on February 26, 2023. According to the CVR Agreement, the payment amounts to $8.4095 per CVR, after calculating the volume weighted average price (VWAP) of the company’s shares at $7.1609 over the trading days leading up to the Maturity Date. The CVRs were initially valued at $13.73 but adjusted based on market performance. SiriusPoint is an insurance and reinsurance underwriter with a financial strength rating of A- from major agencies and total capital of $2.9 billion.

Positive

• Holders of the CVRs will receive a cash payment of $8.4095 per CVR.
• The company maintains a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch.

Negative

• The original CVR value of $13.73 was significantly reduced to $8.4095, indicating poor stock performance.

HAMILTON, Bermuda, March 01, 2023 (GLOBE NEWSWIRE) -- As previously disclosed, SiriusPoint Ltd. (the “Company”) (NYSE: SPNT) entered into the Contingent Value Rights Agreement, dated as of February 26, 2021, by and between the Company, Computershare Inc. and Computershare Trust Company, N.A. (the “CVR Agreement”).

Pursuant to the CVR Agreement, the Company issued contingent value rights (“CVRs”), representing the right to receive, on the Maturity Date (as defined below), a contingent cash payment of $13.73 minus the volume weighted average price (VWAP) of the Company Shares measured over the fourteen (14) consecutive trading day period prior to the Maturity Date multiplied by 0.743.

The CVRs matured on February 26, 2023 (the “Maturity Date”). The volume weighted average price of Company common shares over the fourteen (14) consecutive trading day period immediately preceding the Maturity Date as reported by Bloomberg L.P. was $7.1609 per common share. Accordingly, holders of CVRs will receive a cash payment of $8.4095 per CVR. If your CVRs are held with your broker, please contact your broker for information specific to your holdings. If your CVRs are held at Computershare, please contact Computershare for information specific to your holdings.

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 within our Insurance & Services segment. With $2.9 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Dhruv Gahlaut, Chief Strategy Officer & Head of Investor Relations
dhruv.gahlaut@siriuspt.com
+44 7514 659 918

Media
Clare Kerrigan, Chief Communications Officer
clare.kerrigan@siriuspt.com
+44 7720 163 949

Source: SiriusPoint Ltd.

 

FAQ

What is the cash payment for SiriusPoint's CVRs?

SiriusPoint's CVRs will receive a cash payment of $8.4095 per CVR.

When did the CVRs for SiriusPoint mature?

The CVRs for SiriusPoint matured on February 26, 2023.

What was the volume weighted average price of SiriusPoint shares prior to the CVR maturity?

The volume weighted average price of SiriusPoint shares was $7.1609.

What was the original value of the contingent value rights for SPNT?

The original value of the contingent value rights was $13.73.

What is SiriusPoint's financial strength rating?

SiriusPoint has a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch.