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SiriusPoint Ltd. ("SiriusPoint") (NYSE:SPNT), a global specialty insurer and reinsurer, has today announced its agreement to sell its 49% equity stake in managing general agent, Arcadian Risk Capital ("Arcadian") to Lee Equity Partners for total consideration of $139 million, inclusive of a pre-close dividend. SiriusPoint has also renewed and extended its capacity agreement with Arcadian until the end of 2031.
Upon completion of the sale, SiriusPoint will recognize a pre-tax gain of $25-30 million, in addition to the previously recognized $96 million gain in the second quarter of 2024. Arcadian produced $17.6 million of EBITDA1.
Scott Egan, Chief Executive Officer at SiriusPoint, said: "We continue to build on our partnership with Arcadian through the extension of our capacity agreement and are excited to support the business in its next chapter under respected industry leader John Boylan."
The deal is expected to close prior to the end of the first quarter of 2026, subject to regulatory approvals and satisfaction of customary closing conditions.
Posted In: SPNT
