EOG Resources completes $5.6 billion acquisition of Encino Acquisition Partners
Daniel S. Loeb, a director at SiriusPoint Ltd (NYSE:SPNT), sold a substantial portion of his holdings in the company, according to a recent SEC filing. On February 27, Loeb sold a total of 4,106,631 common shares at an average price of $13.71 per share, amounting to approximately $56.3 million in total sales. These transactions were part of a registered secondary public offering. The company, currently valued at $2.47 billion, has demonstrated strong performance with a 25% return over the past year and maintains a healthy P/E ratio of 14.2.
Following the sale, Loeb retains 1,640,654 shares directly and 9,428,008 shares indirectly. The sales were executed as part of a broader public offering, and the shares were sold to the underwriter at the offering price, minus underwriting discounts. According to InvestingPro, the company maintains a "GOOD" Financial Health Score, with several positive indicators available to subscribers.
Loeb’s transactions have been closely watched by market participants, given his influential role in the company and the broader investment community. SiriusPoint, a key player in the fire, marine, and casualty insurance sector, has been under the spotlight following these transactions. Based on InvestingPro’s Fair Value analysis, the stock currently appears overvalued, with detailed insights available in the comprehensive Pro Research Report.
In other recent news, SiriusPoint Ltd. announced a secondary offering of 4,106,631 common shares by entities associated with investor Daniel S. Loeb. SiriusPoint expressed its intention to repurchase up to 2,000,000 of these shares at the public offering price, with the repurchased shares set to be canceled. Following this offering and a previous 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. The remaining shares held by the Loeb Entities will be under a 90-day lock-up agreement with Jefferies, the sole bookrunning manager for the offering. This offering is being conducted through an effective registration statement and prospectus filed with the U.S. Securities and Exchange Commission. SiriusPoint is listed on the New York Stock Exchange and has over $2.6 billion in total capital, with strong financial ratings from AM Best, S&P, Fitch, and Moody’s. The completion of this offering is subject to market and other conditions, and the company has noted that forward-looking statements are subject to risks and uncertainties.
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