By Rebecca Melvin
Concord, N.H., June 29 – SiriusPoint Ltd. priced $125 million, or 5 million, of $25-par series B 8% resettable fixed-rate preference shares (BB+/BB+), according to an FWP filed with the Securities and Exchange Commission.
The deal size was initially talked at $200 million, or 8 million shares.
The preferreds were originally issued in exchange for the Sirius International Insurance Group, Ltd. series B preference shares held by four institutional investors, as part of the merger with Third Point Reinsurance Ltd., based on an archived Fitch Ratings release.
The selling shareholders are Bain Capital Special Situations Asia, LP, CCOF Onshore Co-Borrower LLC, Centerbridge Credit Partners Master, LP, Centerbridge Special Credit Partners III, LP and GPC Partners Investments (Canis) LP.
There will be an option for 30 days to purchase additional shares from the selling shareholders.
Dividends start at 8% until Feb. 26, 2026 when the rate resets to the five-year Treasury rate plus 729.8 basis points.
The shares are redeemable on Feb. 26, 2026 and on any subsequent reset date at par plus unpaid dividends. The shares are also redeemable if there is a rating agency event.
The company will not receive proceeds from the sale; however, it has agreed to pay certain registration expenses.
Joint bookrunners for the offering are Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC.
SiriusPoint, formerly named Third Point Reinsurance Ltd., is an international specialty insurance and reinsurance company created from the combination of a subsidiary of the company with Sirius Group. Principal offices are in Pembroke, Bermuda.
| Issuer: | SiriusPoint Ltd.
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| Issue: | Resettable fixed-rate preference shares
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| Amount: | $125 million, or 5 million shares
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| Greenshoe: | $18.75 million, or 750,000 shares
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| Maturity: | Perpetual
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| Bookrunners: | Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC
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| Dividend: | 8%
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| Rate reset: | After Feb. 26, 2026 at five-year Treasuries plus 729.8 bps
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| Price: | Par of $25.00
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| Yield: | 8%
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| Call option: | Starting Feb. 26, 2026 at par plus unpaid dividends
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| Trade date: | June 28
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| Settlement date: | June 30
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| Ratings: | S&P: BB+
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| Fitch: BB+
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| Distribution: | SEC registered
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| Listing: | NYSE: SPNTPrB
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