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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange
Act of 1934
Date of Report (Date of Earliest Event
Reported): August 9, 2023 (August 9, 2023)
SIRIUSPOINT LTD.
(Exact name of registrant as specified in its
charter)
Bermuda |
|
001-36052 |
|
98-1599372 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
Point Building
3 Waterloo Lane
Pembroke HM 08 Bermuda
(Address of principal executive offices
and Zip Code)
Registrant’s telephone number, including
area code: +1 441 542-3300
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
Common Shares, $0.10 par value |
SPNT |
New York Stock Exchange |
8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share |
SPNT PB |
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Exchange Act
of 1934 (17 CFR 240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
On August 9, 2023, SiriusPoint Ltd. (the
“Company”) entered into a standstill agreement (the “Standstill Agreement”) with Mr. Daniel S. Loeb (the
“Investor”).
The Standstill Agreement provides, among other
things, that the Investor will not (subject to certain exceptions), alone or as part of a group, (i) publicly or privately make a
proposal for (or in the case of any tender offer or exchange offer, commence) any tender offer, take-over bid, amalgamation, scheme of
arrangement, merger, exchange offer, consolidation, business combination, purchase transaction or other similar extraordinary transaction
involving the Company or any of its material subsidiaries or any of their respective securities or material assets, (ii) acquire
any additional common shares or other securities of the Company if such acquisition would require the Investor to seek insurance regulatory
approval or result in the Investor and his controlled affiliates beneficially owning more than 9.5% of the issued and outstanding common
shares of the Company, (iii) knowingly take any action in support of or make any proposal with respect to controlling, changing or
influencing the Company’s management, business, capitalization or corporate structure, or (iv) solicit or become a participant
in any solicitation of proxies or written consents from shareholders of the Company. The restrictions applicable to the Investor pursuant
to the Standstill Agreement will expire on July 1, 2025, subject to earlier expiration in the event the Company determines not to
include the Investor on the Company’s slate of nominees for election to the board of directors of the Company at the Company’s
2024 annual general meeting of shareholders.
Item 9.01 | | Financial Statements and Exhibits. |
(d) Exhibits
104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
Date: August 9, 2023 |
/s/ Linda Lin |
|
Name: |
Linda Lin |
|
Title: |
Chief Legal Officer and Corporate Secretary |
Exhibit 99.1
SiriusPoint and
Dan Loeb Enter Standstill Agreement
HAMILTON, Bermuda. Wednesday 9th
August, 2023 – SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty
insurer and reinsurer, has entered into a standstill agreement (the “Agreement”) with Mr Daniel S. Loeb. The entry by the
parties into the Agreement follows the conclusion of exploratory discussions related to a potential acquisition of the Company by Mr Loeb.
The Agreement provides that Mr Loeb will not, subject to certain limited
exceptions, make a take-over or purchase proposal for the Company or acquire more than 9.5% of the outstanding shares of the Company or
an amount of ownership requiring regulatory approval. Further, the Agreement provides that Mr Loeb would not take any action in support
of or make any proposal with respect to controlling, changing or influencing the Company’s management, business, capitalization
or corporate structure.
SiriusPoint CEO Scott Egan said: “We welcome the standstill agreement
as a strong signal of support for the progress we are making towards creating long term value in our business and for our shareholders.
Our recent half year results were an important evidence point of our strategy and our progress so far, and we are focused on building
on that momentum. I would like to take this opportunity to thank our employees, business partners, and customers for their continued
support.”
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing
solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm, and other locations,
we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health
insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships
with Managing General Agents and Program Managers within our Insurance & Services segment. With over $3.0 billion total capital,
SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information,
please visit www.siriuspt.com.
Forward-Looking Statements
We make statements in this press release that are forward-looking statements
within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties
that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties
include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry;
the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19
outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial
investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating
the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius
International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance
and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and
legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31,
2022. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events, or other circumstances
after the date of this press release.
Contacts
Investor Relations
Dhruv Gahlaut, SiriusPoint
dhruv.gahlaut@siriuspt.com
+44 7514 659 918
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
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Grafico Azioni SiriusPoint (NYSE:SPNT-B)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni SiriusPoint (NYSE:SPNT-B)
Storico
Da Set 2023 a Set 2024