SiriusPoint Ltd, the Bermudian-headquartered global specialty insurer and reinsurer, has announced the closing of its previously announced transaction to repurchase all SiriusPoint common shares and warrants held by CM Bermuda Ltd for an aggregate purchase price of $733 million.

The company also announced the completion of the previously announced registered secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb, who sits on the SiriusPoint board.

The company said CM Bermuda no longer has ownership interest in SiriusPoint and ceases to have any representation on, or observer rights with respect to, SiriusPoint’s board of directors.

It added that the CM Bermuda transaction is immediately accretive to book value by 4 per cent and is expected to be meaningfully accretive to SiriusPoint’s return on equity and earnings per share.

As part of the registered secondary offering, SiriusPoint repurchased an aggregate of 500,000 of the common shares offered at the public offering price of $14 per share.

After completion of the registered secondary offering and the cancellation of the CM Bermuda shares, the Loeb entities own approximately 9.54 per cent of SiriusPoint’s issued and outstanding common shares.

SiriusPoint chief executive Scott Egan said: “The completion of the transactions with CM Bermuda and the Loeb entities follows a year of significant achievement for SiriusPoint, during which we announced strong 2024 results.

“The completion of both transactions underlines the end of our major repositioning work, while the secondary offering reinforces the increasing investor interest in the business.

“The company is well-positioned to build on the continuing performance momentum of the past two years and drive further value creation for our shareholders in 2025 and beyond.”