By Wendy Van Sickle
Columbus, Ohio, Aug. 12 – SiriusPoint Ltd. sold $62 million, or 2.4 million shares, of $25-par series B 8% resettable fixed-rate preference shares (BB+/BB+) on behalf of selling shareholders at $28.00 apiece on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The company previously priced $125 million of the preferreds with an $18.75 million greenshoe in a reopening on June 28.
As previously reported, 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 at that time were 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 was to 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: | $62 million, or 2.4 million 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%; resets on Feb. 26, 2026 at five-year Treasuries plus 729.8 bps
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| Liquidation preference: | $25.00
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| Price: | $28.00
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| Call option: | Starting Feb. 26, 2026 at par plus unpaid dividends
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| Trade date: | Aug. 12
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| Settlement date: | Aug. 19
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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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| Cusip: | G8192H155
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