SiriusPoint Announces Full Repurchase of CM Bermuda Shares

Transaction Details - The company has agreed to repurchase 45.7 million common shares at $14.25 per share and 21 million warrants at$3.56 per warrant [6] - The total purchase price for the repurchase of shares and warrants is $733 million [5] - The payment will be made in two tranches:$250 million today and $483 million by February 28, 2025 [3] Financial Impact - The transaction is expected to be accretive to earnings per share, return on equity, and book value per share [1] - The company's proforma Bermuda Solvency Capital Ratio remains strong at 218$14.73, and the 30-day volume-weighted average common share price was 15.16 as of December 27, 2024 [6] Strategic Implications - The transaction positions the company well for the future and is focused on driving further value creation for shareholders [1] - Following the transaction, CM Bermuda will have no remaining ownership interest in the company and will cease to have any representation on the board of directors [3] - The company's financial position, driven by strengthening profitability and performance, has enabled the execution of this transaction [9] Company Overview - The company is a global underwriter of insurance and reinsurance with headquarters in Bermuda and offices in New York, London, and Stockholm [4] - It has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally [4] - The company has over 3.0 billion in total capital and holds financial strength ratings of A- (Excellent) from AM Best, S&P, and Fitch, and A3 from Moody's [4] Transaction Advisors - BofA Securities, Inc acted as the financial advisor for the transaction [10] - Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel for the transaction [10]