SiriusPoint falls after pricing of secondary stock offering

** Shares of insurer SiriusPoint SPNT down 2.5% at $14.22 premarket

** SPNT late on Tuesday announced pricing of secondary offering of ~4.1 million shares by entities associated with billionaire investor Daniel Loeb

** Stock offering priced at $14 apiece, a 4% discount to the stock's last close

** Loeb, who runs hedge fund Third Point, had mulled taking the insurer private in 2023 before scrapping the plan

** Months later, Loeb and SPNT entered into a standstill agreement, whereby the billionaire agreed not to make a takeover proposal or acquire more than 9.5% stake in the company

** SPNT also agreed to repurchase 500,000 shares in the secondary offering at the offer price

** Jefferies was the sole bookrunning manager for the offering

** Loeb entities will own about 9.5% of SPNT after the offering, with the remaining stake subject to a 90-day lock-up period

** SPNT stock down 11% YTD