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)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。