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
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(END) Dow Jones Newswires
December 30, 2024 16:59 ET (21:59 GMT)
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