SiriusPoint Enters Agreement To Repurchase All SiriusPoint Common Shares And Warrants Held By CM Bermuda For Aggregate Purchase Price Of $733M

Following 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.

SiriusPoint has financed the transaction entirely through its existing capital. Its proforma Bermuda Solvency Capital Ratio at the end of Q3 remains strong at 218% after the payments.

The payment will be made by SiriusPoint in two tranches with the first payment of $250 million made today. The closing of the transaction is expected to complete on or before February 28, 2025 at such time as SiriusPoint makes a second payment of $483 million to CM Bermuda.