SiriusPoint to Buy Back $733M in Shares From CM Bermuda

Dow Jones2024-12-31

By Katherine Hamilton

SiriusPoint said Monday it has entered an agreement to repurchase all of its shares held by CM Bermuda for $733 million.

Once the transaction closes, CM Bermuda will no longer have any ownership or board representation at SiriusPoint.

The Bermuda-based insurance underwriter will repurchase 45.7 million common shares at $14.25 a share, and repurchase and surrender 21 million warrants at $3.56 a warrant, it said.

"The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share," said Chief Executive Scott Egan.

SiriusPoint has financed the transaction through existing capital, it said. It plans to pay $250 million on Monday and pay the rest by Feb. 28.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

-0-

Write to at

(END) Dow Jones Newswires

December 30, 2024 16:59 ET (21:59 GMT)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2495506056?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-12-31 05:59","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2495506056","market":"sh","top_or_hot":-1,"title":"SiriusPoint to Buy Back $733M in Shares From CM Bermuda","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Katherine Hamilton \n</p>\n<pre>\n \n</pre>\n<p>\n  SiriusPoint said Monday it has entered an agreement to repurchase all of its shares held by CM Bermuda for $733 million. \n</p>\n<p>\n  Once the transaction closes, CM Bermuda will no longer have any ownership or board representation at SiriusPoint. \n</p>\n<p>\n  The Bermuda-based insurance underwriter will repurchase 45.7 million common shares at $14.25 a share, and repurchase and surrender 21 million warrants at $3.56 a warrant, it said. \n</p>\n<p>\n  \"The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share,\" said Chief Executive Scott Egan. \n</p>\n<p>\n  SiriusPoint has financed the transaction through existing capital, it said. It plans to pay $250 million on Monday and pay the rest by Feb. 28. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n-0- \n \n</pre>\n<p>\n  Write to at \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 30, 2024 16:59 ET (21:59 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SiriusPoint to Buy Back $733M in Shares From CM Bermuda</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSiriusPoint to Buy Back $733M in Shares From CM Bermuda\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-31 05:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Katherine Hamilton \n\n\n \n\n\n  SiriusPoint said Monday it has entered an agreement to repurchase all of its shares held by CM Bermuda for $733 million. \n\n\n  Once the transaction closes, CM Bermuda ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4207","symbol_name":"综合性银行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2495506056","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2495506056","pubTimestamp":1735595940,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"SiriusPoint said Monday it has entered an agreement to repurchase all of its shares held by CM Bermuda for $733 million.Once the transaction closes, CM Bermuda will no longer have any ownership or board representation at SiriusPoint.The Bermuda-based insurance underwriter will repurchase 45.7 million common shares at $14.25 a share, and repurchase and surrender 21 million warrants at $3.56 a warrant, it said.\"The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share,\" said Chief Executive Scott Egan.SiriusPoint has financed the transaction through existing capital, it said. It plans to pay $250 million on Monday and pay the rest by Feb. 28.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4207":"综合性银行","CM":"加拿大帝国商业银行","SPNT":"SiriusPoint Ltd.","BK4019":"再保险"},"translate_title":"SiriusPoint将从CM Bermuda回购价值7.33亿美元的股票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CM":1,"SPNT":0.9},"content_text":"By Katherine Hamilton \n\n\n \n\n\n  SiriusPoint said Monday it has entered an agreement to repurchase all of its shares held by CM Bermuda for $733 million. \n\n\n  Once the transaction closes, CM Bermuda will no longer have any ownership or board representation at SiriusPoint. \n\n\n  The Bermuda-based insurance underwriter will repurchase 45.7 million common shares at $14.25 a share, and repurchase and surrender 21 million warrants at $3.56 a warrant, it said. \n\n\n  \"The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share,\" said Chief Executive Scott Egan. \n\n\n  SiriusPoint has financed the transaction through existing capital, it said. It plans to pay $250 million on Monday and pay the rest by Feb. 28. \n\n\n \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n-0- \n \n\n\n  Write to at \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 30, 2024 16:59 ET (21:59 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2495506056"}