SiriusPoint Announces Pricing of Secondary Offering of 4,106,631 Common Shares by Entities Associated with Daniel S. Loeb and Repurchase of 500,000 Shares by SiriusPoint
Summary
HAMILTON, Bermuda, Feb. 25, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (SiriusPoint or the Company) (NYSE: SPNT) today announced the pricing of its previously announced registered secondary offering by entities associated with Daniel S. Loeb (colllectively, the Loeb Entities) of an aggregate of 4,106,631 common shares at a price to the public of $14.00 per share. SiriusPoint will cancel the 500,000 common shares it repurchases in the offering.Immediately following the completion of the offering and our previously announced repurchase of all of the common shares and warrants currently held by CM Bermuda, it is expected that the Loeb Entities will own approximately 9.54% of SiriusPoints issued and outstanding common shares.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 offering.The offering is being made only by means of an effective registration statement and a prospectus. 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. 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 SiriusPoints 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.