SPNTSiriusPoint Ltd
Fire, Marine & Casualty Insurance
- Revenue
- $3.2B
- 23% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.0B
- Employees
- 1,099
- $3M revenue each
- Net debt / EBITDA
- —
- $61M net debt
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes22% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes479% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$3M · 76th pctBottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 45th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.1B | $2.7B | $2.6B | $3.2B | 23% |
| Net income | $58M | −$387M | $355M | $200M | $460M | 130% |
| Operating cash flow | $2M | $293M | $581M | $75M | $102M | 37% |
| Stock-based comp | $11M | $31M | $21M | $21M | $36M | 73% |
| Buybacks | $0 | $5M | $0 | $300M | $491M | 64% |
| Dividends | $0 | $0 | $0 | $0 | $0 |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 3, 2025 | CM BERMUDA Ltd | SCHEDULE 13D/A | 0.0% | Passive |
| Feb 28, 2025 | Loeb Daniel S | SCHEDULE 13D/A | 9.5% | Passive |
| Jan 2, 2025 | CM BERMUDA Ltd | SCHEDULE 13D/A | 36.5% | Passive |
| Nov 26, 2024 | CM BERMUDA Ltd | SC 13D/A | 36.5% | Passive |
| Nov 22, 2024 | CM BERMUDA Ltd | SC 13D/A | 41.2% | Passive |
| Aug 9, 2023 | Loeb Daniel S | SC 13D/A | 9.2% | Passive |
| May 12, 2023 | Loeb Daniel S | SC 13D/A | 9.3% | Active |
| Apr 12, 2023 | Loeb Daniel S | SC 13D/A | 9.3% | Passive |
| May 17, 2022 | Loeb Daniel S | SC 13D/A | 9.3% | Passive |
| Apr 2, 2021 | Loeb Daniel S | SC 13D | 9.7% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 230 | 233 |
| FY2024 | — | — | 172 | 213 |
| FY2023 | — | — | 122 | 159 |
| FY2022 | — | — | 62 | 140 |
| FY2021 | — | — | 85 | 122 |