Jonathan Kent, Business Editor
Published Nov 6, 2018 at 8:00 am (Updated Nov 5, 2018 at 8:15 pm)
Bermuda will have a new publicly traded insurer and reinsurer, as of today.
Sirius International Insurance Group, Ltd will trade on New York’s Nasdaq Stock Exchange under the ticker symbol “SG”.
The development has come about through Sirius’s previously announced merger with a special purpose acquisition company called Easterly Acquisition Corp.
Easterly is an affiliate of Easterly LLC, a private asset management holding company, which specialises in capital formation and corporate development.
The transaction involved shares of Easterly’s common stock being exchanged for Sirius Group’s common shares at a value equal to 1.05 times Sirius’s adjusted diluted book value per share as of September 30, 2018.
In connection with the merger, affiliated funds of Gallatin Point Capital, The Carlyle Group, Centerbridge Partners and Bain Capital Credit purchased $205 million of Series B preference shares and $8 million of common shares of Sirius Group at the merger price. These investors received warrants valued at $10 million in the aggregate that are exercisable for a period of five years after the issue date at a strike price equal to 125 per cent of the merger price.
In addition, employees and “friends and family” of Sirius Group purchased $16 million of Sirius common shares at the merger price.
“This is a watershed day for Sirius Group,” Allan Waters, chairman and CEO of Sirius, said. “A public listing, increased shareholder diversification led by four globally recognised investment firms, and a strong, independent board will benefit all stakeholders and add fuel to our future growth.”
In addition to its existing independent directors, Meyer Frucher, vice-chairman of