04:55 AM EST, 12/31/2024 (MT Newswires) -- SiriusPoint ( SPNT ) said late Monday it has agreed to repurchase all of its shares and warrants held by CM Bermuda for $733 million.

Payment will be made in two tranches, with the first payment of $250 million effective immediately and the second for $483 million by Feb. 28.

The company said it has financed the transaction using its existing capital.

Following the closing of the transaction, CM Bermuda will have no remaining stake or board representation in SiriusPoint ( SPNT ), the company said.

"The transaction will be meaningfully accretive to earnings per share and return on equity, and accretive to book value per share," SiriusPoint ( SPNT ) Chief Executive Scott Egan said.