The company has agreed to repurchase 45.7 million common shares at $14.25 each, and repurchase and surrender 21 million warrants. Credit: T Schneider / Shutterstock.

Global speciality insurer and reinsurer SiriusPoint has reached an agreement to repurchase all common shares and warrants held by CM Bermuda for $733m.

The move will result in CM Bermuda relinquishing any remaining ownership interest in SiriusPoint, as well as its representation on the company’s board of directors.

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CM Bermuda is a subsidiary of Shanghai-based China Minsheng Investment Group (CMIG).

The payment will be made in two instalments – the first payment of $250m was made last month, and the second of $483m by the deal’s expected completion date of 28 February 2025.

SiriusPoint has financed the repurchase entirely through its existing capital while maintaining a proforma Bermuda solvency capital ratio at the end of Q3 remains 218% after the payments.

The company has agreed to repurchase 45.7 million common shares at $14.25 each, and repurchase and surrender 21 million warrants at $3.56 each, with a strike price of $11.

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As of 30 September 2024, SiriusPoint reported a diluted book value per common share of $14.73.  

SiriusPoint CEO Scott Egan stated: “Today’s announcement to repurchase all shares and warrants owned by CM Bermuda is a significant development for SiriusPoint. Our financial position, driven by our strengthening profitability and performance, has empowered us to execute this transaction.

“The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share. The closing of the transaction positions SiriusPoint well for the future.”

BofA Securities served as the financial adviser, and Skadden, Arps, Slate, Meagher & Flom offered legal advice to SiriusPoint for this deal.

In August 2024, SiriusPoint bought back 9.1 million common shares from CM Bermuda, with a full settlement of Series A Preference shares in cash.