SiriusPoint Ltd. announced on December 30, 2024, an agreement to repurchase all common shares and warrants held by CM Bermuda Limited for an aggregate purchase price of $733 million. This transaction will result in CM Bermuda having no remaining ownership interest in SiriusPoint and ceasing all board representation or observer rights.
The repurchase includes 45.7 million common shares at $14.25 per share and 21 million warrants at $3.56 per warrant, with a strike price of $11. The payment will be made in two tranches, with an initial $250 million paid immediately and the remaining $483 million expected by February 28, 2025.
SiriusPoint is financing the transaction entirely through existing capital, maintaining a proforma Bermuda Solvency Capital Ratio of 218% at the end of Q3 2024 after the payments. CEO Scott Egan stated that the transaction is expected to be meaningfully accretive to earnings per share, return on equity, and book value per share, positioning the company for future value creation.
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