SiriusPoint shares rose Tuesday after it said it would repurchase $733 million worth of its shares from CM Bermuda.
The stock was up 13% to about $16.05 in morning trading. It has gained about 38% this year.
The Bermuda-based insurance company said Monday it plans to repurchase 45.7 million common shares at $14.25 a share, and repurchase and surrender 21 million warrants at $3.56 a warrant. CM Bermuda will lose its ownership and board representation once the transaction is complete.
SiriusPoint said it was paying $250 million on Monday and plans to pay the rest by Feb. 28. It financed the full transaction through existing capital.