By Michael Loney

Feb 27 - (The Insurer) - SiriusPoint has announced the pricing of a secondary offering by entities associated with Daniel Loeb of an aggregate of 4,106,631 common shares at a price to the public of $14.00 per share.

The Bermudian (re)insurer has agreed to repurchase an aggregate of 500,000 of the common shares being offered at the public offering price.

SiriusPoint will cancel the 500,000 common shares it repurchases in the offering.

“Immediately following the completion of the offering and our previously announced repurchase of all of the common shares and warrants currently held by CM Bermuda, it is expected that the Loeb entities will own approximately 9.54% of SiriusPoint’s issued and outstanding common shares,” SiriusPoint said in a statement.

The offering is expected to close on Thursday, subject to the satisfaction of customary closing conditions.

Following this, the previously announced deal for SiriusPoint to repurchase all its common shares and warrants held by CMIG subsidiary CM Bermuda, the former owner of Sirius, for $733 million is also set to close.

Under the terms of the transaction, the remaining shares owned by the Loeb entities will be subject to a 90-day lock-up agreement with the sole bookrunning manager.

Jefferies is acting as the sole bookrunning manager for the offering.

The prospectus for the offering notes that as of the end of 2024, CM Bermuda, the Loeb entities and BlackRock beneficially owned 28.2%, 9.4% and 9.3% of SiriusPoint’s issued and outstanding common shares, respectively.

On December 30, 2024, SiriusPoint entered into a securities purchase agreement with CM Bermuda which provides that the (re)insurer will repurchase all common shares and all warrants to purchase common shares held by CM Bermuda. In total, SiriusPoint will repurchase 20,991,337 warrants at a price of $3.56 per warrant and 45,720,732 common shares at a price of $14.25 per common share.

Following the closing, CM Bermuda will have no remaining ownership interest in SiriusPoint. The common shares will be purchased into treasury and the warrants will be cancelled at the closing.