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HAMILTON, Bermuda - SiriusPoint Ltd. (NYSE: SPNT), a global insurance and reinsurance underwriter with a market capitalization of $2.35 billion, announced today a secondary offering of 4,106,631 common shares by entities associated with investor Daniel S. Loeb. In conjunction with this offering, SiriusPoint has expressed its intention to repurchase up to 2,000,000 of these shares at the public offering price. The repurchased shares are to be canceled. According to InvestingPro data, management has been actively pursuing share buybacks, demonstrating a commitment to returning value to shareholders.
Following the offering and a previously announced repurchase from CM Bermuda, the Loeb Entities will hold approximately 9.67% of SiriusPoint’s issued and outstanding common shares, a slight increase from their prior stake of approximately 9.4%. The remaining shares held by the Loeb Entities will be subject to a 90-day lock-up agreement with Jefferies, the sole bookrunning manager for the offering. Trading at a P/E ratio of 8.73, InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value.
The offering is being made through an effective registration statement and a prospectus filed with the U.S. Securities and Exchange Commission (SEC) on December 16, 2024. Interested parties may obtain copies of the preliminary prospectus supplement and the accompanying prospectus from Jefferies LLC.
SiriusPoint, headquartered in Bermuda with a global presence, is listed on the New York Stock Exchange and specializes in Property & Casualty and Accident & Health insurance and reinsurance. The company boasts over $2.6 billion in total capital and holds an A- (Excellent) financial strength rating from AM Best, S&P, and Fitch, and an A3 rating from Moody’s (NYSE:MCO).
This press release, which is based on a press release statement, does not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction where such an offer or solicitation would be unlawful. The offering’s completion is subject to market and other conditions.
SiriusPoint’s forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These include economic and market conditions, industry-specific factors, reserve adequacy, operational fluctuations, catastrophic events, investment risks and regulatory and legal challenges. The company does not undertake any obligation to publicly update forward-looking statements in light of new information or future events.
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