Siriuspoint Ltd - SPNT STOCK NEWS

SiriusPoint (NYSE: SPNT) has scheduled the release of its first quarter 2025 financial results after market close on Monday, May 5, 2025. The company will host a webcast and conference call to discuss the results on Tuesday, May 6, 2025, at 8:30 am Eastern Time.

Investors can access the live webcast through the Investor Relations section of SiriusPoint's website at www.siriuspt.com. For those preferring to join via phone, the conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). A replay will be available until May 20, 2025, via phone using passcode 13752221.

Fitch Ratings has affirmed SiriusPoint's ratings while revising its outlook to Positive from Stable, citing significant underwriting performance improvements in 2023-2024. The company maintains its 'BBB' Long-Term Issuer Default Rating, 'BBB-' senior debt rating, and 'A-' (Strong) Insurer Financial Strength rating.

Key achievements include the complete repurchase of outstanding shares and warrants from CM Bermuda and strong financial results, with $184 million in net income for 2024. The company reported nine consecutive quarters of strong operating performance, benefiting from underwriting profits, increased investment income, and a $96 million gain from an MGA deconsolidation.

Fitch expects favorable underwriting results to continue as SiriusPoint focuses on growing its primary insurance business, following successful portfolio repositioning and exit from non-core lines to improve profitability and reduce volatility.

SiriusPoint (NYSE: SPNT) has completed two significant transactions: the repurchase of all common shares and warrants from CM Bermuda for $733 million, and a registered secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb.

The CM Bermuda transaction is immediately accretive to book value by 4% and is expected to boost SiriusPoint's return on equity and earnings per share. As part of the secondary offering, SiriusPoint repurchased 500,000 common shares at $14 per share. Following these transactions, CM Bermuda has no remaining ownership or board representation, while the Loeb Entities now own approximately 9.54% of SiriusPoint's outstanding common shares.

SiriusPoint (NYSE: SPNT) has announced the pricing of a registered secondary offering by entities associated with Daniel S. Loeb of 4,106,631 common shares at $14.00 per share. The offering is expected to close on February 27, 2025.

As part of the transaction, SiriusPoint will repurchase 500,000 shares at the public offering price and cancel them. Following the completion of this offering and the previously announced repurchase of shares and warrants from CM Bermuda, the Loeb Entities will own approximately 9.54% of SiriusPoint's outstanding common shares.

The remaining shares owned by the Loeb Entities will be subject to a 90-day lock-up agreement with Jefferies, the sole bookrunning manager for the offering.

SiriusPoint (NYSE: SPNT) has announced a registered secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb. The company intends to repurchase up to 2,000,000 common shares at the public offering price and will cancel any repurchased shares.

Following the completion of this offering and the previously announced repurchase of shares and warrants from CM Bermuda, the Loeb Entities' ownership in SiriusPoint will increase to approximately 9.67% from 9.4%. The remaining shares held by the Loeb Entities will be subject to a 90-day lock-up agreement with Jefferies, the sole bookrunning manager for the offering.

SiriusPoint (NYSE:SPNT) reported its fourth quarter and full-year 2024 results, marking its ninth consecutive quarter of underwriting profits. The company achieved a Core combined ratio of 90.2% in Q4, a 3.2-point improvement from the previous year, resulting in a full-year Core combined ratio of 91.0% and Core underwriting income of $200 million.

The company experienced 21% growth in gross premiums written for continuing lines business in Q4, contributing to 10% annual growth. However, Q4 saw a net loss of $21 million, impacted by the CM Bermuda repurchase transaction, Enstar LPT transaction closure, and a single MGA investment write-down. The underlying net income was $44 million in Q4, contributing to $304 million for the full year, up 14% versus prior year.

The company's return on equity for 2024 was 9.1%, or 14.6% on an underlying basis. Book value per diluted common share (ex. AOCI) reached $14.64, up 9.8% from December 31, 2023. The company permanently retired 45.7 million common shares from CM Bermuda, driving over 20% earnings per share accretion.

SiriusPoint (NYSE: SPNT) has announced it will release its fourth quarter and full year 2024 financial results after market close on Tuesday, February 18, 2025. The company will host a webcast and conference call to discuss these results on Wednesday, February 19, 2025, at 8:30 am Eastern Time.

Investors can access the webcast through the Investor Relations section of SiriusPoint's website at www.siriuspt.com. For those preferring to dial in, the conference call can be accessed at 1-877-451-6152 (domestic) or 1-201-389-0879 (international). A replay will be available until March 5, 2025, using passcode 13750607.

SiriusPoint (NYSE: SPNT), a global specialty insurer and reinsurer, has announced a quarterly cash dividend for its Series B Preference shareholders. The dividend payment of $0.50 per share applies to the company's 8.00% Resettable Fixed Rate Preference Shares, Series B, which have a $0.10 par value and $25.00 liquidation preference per share. The dividend will be paid on or before February 28, 2025, to shareholders of record as of February 13, 2025. This decision was approved by the Audit Committee of SiriusPoint's Board of Directors.

SiriusPoint (NYSE: SPNT) has announced an agreement to repurchase all common shares and warrants held by CM Bermuda for $733 million. The transaction involves purchasing 45.7 million common shares at $14.25 per share and 21 million warrants at $3.56 per warrant. The payment will be made in two tranches: $250 million paid immediately and $483 million due by February 28, 2025.

The company is financing the transaction through existing capital, maintaining a strong proforma Bermuda Solvency Capital Ratio of 218% after payments. As of September 30, 2024, SiriusPoint's diluted book value per common share was $14.73, with a 30-day volume-weighted average share price of $15.16 as of December 27, 2024.