SiriusPoint announces notes offering, tender offer, redemption

SiriusPoint announced a proposed offering of senior unsecured notes, a cash tender offer for any and all of its 4.600% Senior Notes due 2026 and that it will redeem all its outstanding 7.00% Senior Notes due 2025. Scott Egan, CEO of SiriusPoint, said, “2023 was a turnaround year for SiriusPoint as we executed against our strategic priorities to simplify the business, reduce volatility, and deliver a double-digit return on equity. We achieved a record $339 million dollar net income to common shareholders in 2023, a $742 million dollar improvement year on year and a 16.2% annualized return on equity. As we transition to the next phase of our journey, we are focused on improving the quality of the balance sheet further. The Debt Offering, Tender Offer and Redemption are important steps to optimize our capital structure and lower our debt leverage. A completion of these transactions would make our already strong balance sheet even stronger and will mark a significant stride forward for our company.”