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

After the closing of the repurchase transaction, CM Bermuda will have no remaining ownership interest in SiriusPoint and will cease to have any representation on, or observer rights with respect to, SiriusPoint’s board of directors.

The payment was to be made by SiriusPoint in two tranches, with the first payment of $250 million already made.

The closing of the transaction is expected to complete on or before February 28 at such time as SiriusPoint makes a second payment of $483 million to CM Bermuda.

SiriusPoint said it has financed the transaction entirely through its existing capital. It said its pro forma Bermuda Solvency Capital Ratio at the end of the third quarter remains strong at 218 per cent after the payments.

The company said it has agreed to repurchase 45.7 million common shares at $14.25 per share. It also agreed to repurchase and surrender 21 million warrants at $3.56 per warrant (strike price of $11 per warrant).

As of September 30, SiriusPoint’s diluted book value per common share was $14.73, and the 30-day volume-weighted average common share price was $15.16 as of December 27.

SiriusPoint chief executive Scott Egan said: “Today’s announcement to repurchase all shares and warrants owned by CM Bermuda is a significant development for SiriusPoint.

“Our financial position, driven by our strengthening profitability and performance, has empowered us to execute this transaction.

“The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share.

“The closing of the transaction positions SiriusPoint well for the future. We enter 2025 with great momentum and remain focused on driving further value creation for all shareholders.”