Shareholders' equity |
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| Shareholders' equity | 14. Shareholders' equity Common shares The following table presents a summary of the common shares issued and outstanding and shares repurchased as of and for the six months ended June 30, 2026 and 2025:
The Company’s authorized share capital consists of 300,000,000 common shares with a par value of $0.10 each. During the six months ended June 30, 2026 and 2025, the Company did not pay any dividends to its common shareholders. Preference shares The Company’s authorized share capital also consists of 30,000,000 preference shares with a par value of $0.10 each. Series B preference shares On January 29, 2026, the Company announced a notice of redemption to the holders of its Series B preference shares. The Series B preference shares were previously listed on the New York Stock Exchange under the symbol “SPNT PB” and the Company had 8,000,000 of Series B preference shares outstanding, par value $0.10. Dividends on the Series B preference shares were cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum. On February 26, 2026, the Company fully redeemed its 8,000,000 Series B preference shares at a redemption price of $25.00 per share plus $0.49 per share, which represented any accrued and unpaid cumulative dividends but excluding the date of redemption, for an aggregated redemption price of $203.9 million in cash, including dividends of $2.6 million for the three and six months ended June 30, 2026 (2025 - $4.0 million and $8.0 million, respectively). Following the redemption, no Series B preference shares are outstanding and all rights with respect to such Series B preference shares have ceased and terminated, except for the right to receive the redemption price. The Series B preference shares were deregistered under the Securities Exchange Act of 1934 and delisted from the New York Stock Exchange on February 26, 2026. Share repurchase program Under the Board authorized share repurchase programs, the Company may repurchase its common stock from time to time, in amounts, at prices and at times the Company deems appropriate in its sole discretion, subject to market conditions and a variety of factors, including, but not limited to, legal requirements, price and economic conditions. Shares of common stock may be repurchased in open market purchases, privately negotiated transactions or otherwise. The Company expects that the program will be in effect until the maximum approved dollar amount has been used. The program does not require the Company to repurchase any specific number of shares of common stock, and the program may be suspended, modified or discontinued at any time. As of June 30, 2026, the Company was authorized to repurchase a maximum value of approximately $101.1 million of outstanding common shares under its repurchase program. The share repurchase program does not have an expiration date. During the three months ended June 30, 2026, the Company repurchased 2,237,688 of its common shares in the open market for a total cost of $51.5 million, at an average cost of $23.00 per share, including commissions of $0.03 per share. During the six months ended June 30, 2026, the Company repurchased 3,290,298 of its common shares in the open market for a total cost of $73.3 million, at an average cost of $22.29 per share, including commissions of $0.03 per share. Common shares repurchased by the Company during the period were cancelled and retired. During the six months ended June 30, 2025, the Company completed a previously announced transaction with CM Bermuda and repurchased 45,720,732 of its common shares from CM Bermuda at $14.25 per common share on February 27, 2025. This share repurchase was accounted for during the year ended December 31, 2024 in accordance with U.S. GAAP. For further detail on this transaction, please refer to Note 3 “Significant Transactions” of Part II, Item 8. “Financial Statements and Supplementary Data” included in our 2025 Form 10-K. Also on February 27, 2025, the Company repurchased 500,000 of its common shares from Daniel S. Loeb at the public offering price of $14.00 per share.
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