Company Announcement - SiriusPoint Ltd. plans to release its first quarter 2025 financial results after market close on May 5, 2025 [1] - A webcast and conference call to discuss the financial results will be held at 8:30 am (Eastern Time) on May 6, 2025 [1] Access Information - The webcast can be accessed through the Investor Relations section of the company's website [2] - A replay of the conference call will be available immediately after the call [2] Conference Call Details - The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international) [3] - A replay of the call will be available until 11:59 pm (Eastern Time) on May 20, 2025 [3] Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda with offices in major cities [4] - The company has over $2.6 billion in total capital and holds a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch [4]

Core Viewpoint - Fitch Ratings has affirmed the ratings of SiriusPoint Ltd., including a Long-Term Issuer Default Rating of 'BBB', a senior debt rating of 'BBB-', and an Insurer Financial Strength rating of 'A-' for its subsidiaries, while revising the Company's Outlook to Positive from Stable [1][2]. Group 1: Rating Affirmation and Outlook - The Positive Outlook reflects significant underwriting performance improvement in 2024 and 2023 due to the repositioning of the (re)insurance portfolio and exiting non-core lines to enhance profitability and reduce volatility [2]. - Key drivers for the ratings include the full repurchase of all outstanding shares and warrants from CM Bermuda Limited, alongside solid underwriting results in both 2024 and 2023 [2]. - Fitch anticipates continued favorable underwriting results as the company aims to grow its business, particularly in primary insurance [2]. Group 2: Financial Performance - SiriusPoint reported a strong financial performance with a net income of $184 million for 2024, driven by strong operating income from underwriting profits, increased investment income, and a gain of $96 million on the deconsolidation of an MGA [2]. - The CEO of SiriusPoint highlighted that the positive outlook from Fitch validates the progress made in repositioning the business and strengthening the capital structure [2]. Group 3: Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with offices in major cities including New York, London, and Stockholm [3]. - The company has over $2.6 billion in total capital and holds a financial strength rating of A- from AM Best, S&P, and Fitch, and A3 from Moody's [3].

HAMILTON, Bermuda, Feb. 27, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. ("SiriusPoint") (NYSE:SPNT), a global specialty insurer and reinsurer, announced today the closing of its previously announced transaction to repurchase all SiriusPoint common shares and warrants held by CM Bermuda Limited ("CM Bermuda") for an aggregate purchase price of $733 million. The Company also announced today the completion of the previously announced registered secondary offering of 4,106,631 common shares by entities associated ...

Core Viewpoint - SiriusPoint Ltd. has successfully completed the repurchase of all common shares and warrants held by CM Bermuda Limited for a total of $733 million, marking a significant strategic move for the company [1][2]. Group 1: Transaction Details - The repurchase transaction results in CM Bermuda having no remaining ownership interest in SiriusPoint and losing all representation on the board of directors [2]. - The transaction is immediately accretive to book value by 4% and is expected to enhance SiriusPoint's return on equity and earnings per share [2]. - As part of a registered secondary offering, SiriusPoint repurchased 500,000 common shares at a public offering price of $14 per share, leading to the Loeb Entities owning approximately 9.54% of the company's issued and outstanding common shares [3]. Group 2: Company Performance and Future Outlook - SiriusPoint's CEO highlighted that the completion of these transactions follows a year of strong performance, with significant achievements in 2024 [4]. - The company is positioned to leverage the momentum from the past two years to create further value for shareholders in 2025 and beyond [5].

Core Points - SiriusPoint Ltd. announced a secondary offering of 4,106,631 common shares at a price of $14.00 per share, expected to close on February 27, 2025 [1] - The company will repurchase 500,000 of the common shares being offered, which will be canceled [2] - Following the offering and repurchase, the Loeb Entities are expected to own approximately 9.54% of SiriusPoint's issued and outstanding common shares [2] - The remaining shares owned by the Loeb Entities will be subject to a 90-day lock-up agreement [3] - Jefferies is acting as the sole bookrunning manager for the offering [3] Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda with offices in New York, London, and Stockholm [5] - The company has over $2.6 billion in total capital and holds a financial strength rating of A- from AM Best, S&P, and Fitch, and A3 from Moody's [5]

Core Viewpoint - SiriusPoint Ltd. announced a secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb, with the company intending to repurchase up to 2,000,000 shares at the public offering price [1][2]. Group 1: Offering Details - The offering consists of 4,106,631 common shares being sold by the Loeb Entities [1]. - SiriusPoint plans to repurchase up to 2,000,000 of the shares being offered, which will be canceled upon repurchase [2]. - Following the offering and the repurchase of shares from CM Bermuda, the Loeb Entities are expected to own approximately 9.67% of SiriusPoint's outstanding shares, an increase from 9.4% [3]. Group 2: Transaction Terms - The remaining shares owned by the Loeb Entities will be subject to a 90-day lock-up agreement [4]. - Jefferies is acting as the sole bookrunning manager for the proposed offering [4]. Group 3: Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with additional offices in New York, London, and Stockholm [6]. - The company has over $2.6 billion in total capital and holds a financial strength rating of A- from AM Best, S&P, and Fitch, and A3 from Moody's [6].

Financial Transactions - The company completed a loss portfolio transfer transaction with Clarendon National on October 1, 2024, and with Pallas Reinsurance Company Ltd. on June 30, 2023, involving workers' compensation insurance exposures[81]. - As of December 31, 2024, the company had loss and loss adjustment expenses recoverable, net of $2.3 billion, unchanged from December 31, 2023[82]. - The breakdown of loss recoverables by S&P rating as of December 31, 2024, shows that 17.9% are rated AA, 65.5% rated A, and 15.8% not rated[84]. - The not rated category includes $907.4 million related to Pallas Reinsurance Company Ltd. and $291.4 million related to Clarendon National[85]. Regulatory Compliance - The company maintains a minimum liquidity ratio of 75% of relevant liabilities as per the Insurance Act[110]. - The minimum solvency margin for a Class 4 insurer is the greater of $100 million or 50% of net premium written, among other criteria[111]. - The company is subject to various regulations, including solvency and liquidity standards imposed by the Bermuda Monetary Authority[97]. - Class 3A and Class 4 insurers must maintain available statutory economic capital and surplus at a level equal to or exceeding their enhanced capital requirement (ECR) as determined by the BSCR model or an approved internal capital model[112]. - The Bermuda Monetary Authority (BMA) has established a target capital level (TCL) for insurers at 120% of their ECR, serving as an early warning tool for regulatory oversight[114]. - Class 3A and Class 4 insurers are prohibited from declaring dividends if it breaches their minimum solvency margin (MSM) or minimum liquidity ratio, and any dividends paid cannot exceed 25% of total statutory capital and surplus from the previous financial year without BMA approval[117][118]. - The Regulatory Group must maintain available statutory economic capital and surplus at least equal to or exceeding the group ECR, which is also set at a minimum of 120% of the group ECR[128]. - The BMA requires the Regulatory Group to submit annual group audited financial statements and a Group Solvency Self-Assessment (GSSA) to assess capital adequacy against risks[128]. - The GSSA must include stress testing and reflect all assets and liabilities, ensuring alignment with the group's risk characteristics and business model[128]. - The BMA oversees the controllers of Bermuda registered insurers, requiring notification of any changes within 45 days[120][123]. - Insurers must comply with the BMA's Insurance Code of Conduct, which establishes standards for corporate governance and risk management[116]. - The Economic Substance Act mandates that Bermuda registered entities maintain a substantial economic presence in Bermuda if engaged in relevant activities[130]. - The BMA's Cyber Code requires insurers to manage operational cyber risks and report significant adverse impacts on their operations[133]. Taxation and Financial Performance - SiriusPoint's Bermuda operations will be subject to a new Corporate Income Tax Act starting January 1, 2024, with a tax rate of 15% on net income[135]. - As of December 31, 2024, SiriusPoint's U.S. domiciled subsidiaries exceeded all required Risk-Based Capital (RBC) regulatory thresholds[139]. - SiriusPoint America has dividend capacity without prior approval, while Oakwood and SiriusPoint Specialty do not have such capacity[152]. - The Dodd-Frank Act established the Federal Insurance Office (FIO) to monitor the insurance industry, which may lead to regulatory changes affecting SiriusPoint[156]. - All state insurance regulatory bodies overseeing SiriusPoint's U.S.-based subsidiaries are accredited by the National Association of Insurance Commissioners (NAIC)[139]. - SiriusPoint's U.S.-based subsidiaries must comply with state laws requiring investment portfolio diversification and quality standards[150]. - The Terrorism Risk Insurance Act provides a federal backstop for U.S.-based property and casualty insurers against terrorism-related losses[153]. - SiriusPoint's subsidiaries are not federally regulated but are impacted by federal regulations, including those from the U.S. Treasury Department's Office of Foreign Asset Control (OFAC)[154]. - The NAIC's Insurance Regulatory Information System (IRIS) monitors the financial condition of insurance companies, and none of SiriusPoint's subsidiaries are currently under scrutiny[140]. - SiriusPoint's U.S.-based insurance subsidiaries must file their rates and rules with state regulatory authorities, which can affect pricing strategies[148]. Investment and Financial Results - Total net investment income for the year ended December 31, 2023 was $277.0 million, primarily from interest income related to debt and short-term investments[462]. - Other revenues for the year ended December 31, 2024 included a gain of $95.9 million from the deconsolidation of Arcadian Risk Capital Ltd. and $90.1 million of service fee revenue from MGAs, compared to $87.9 million in 2023[463]. - Loss on settlement and change in fair value of liability classified instruments for the year ended December 31, 2024 was $148.5 million, up from $59.4 million in 2023[464]. - Service fee expense decreased to $176.2 million for the year ended December 31, 2024, compared to $187.8 million in 2023, primarily due to the deconsolidation of Arcadian[467]. - Amortization of intangible assets for the year ended December 31, 2024 was $11.9 million, slightly up from $11.1 million in 2023[468]. - Interest expense for the year ended December 31, 2024, was $69.6 million, an increase from $64.1 million in 2023, primarily due to higher external debt expenses and refinancing costs[470]. - Funds held interest expense included $25.5 million from the 2023 LPT and $4.0 million from the 2024 LPT for 2024, compared to $16.2 million from the 2023 LPT in 2023[471]. - Foreign exchange gains for the year ended December 31, 2024, were $10.0 million, while foreign exchange losses in 2023 were $34.9 million, primarily from international operations[473][474]. - The aggregate effect of foreign exchange resulted in an increase to net income of $14.6 million and comprehensive income of $13.0 million for the year ended December 31, 2024[476]. - Income tax expense for the year ended December 31, 2024, was $30.7 million, compared to a tax benefit of $45.0 million in 2023 due to a one-time tax benefit from the Bermuda CIT[477]. Underwriting Performance - Gross premiums written for 2024 totaled $3,176.4 million, with net premiums written at $2,340.9 million[482]. - Core underwriting income for 2024 was $200.0 million, with a combined ratio of 91.0%[482]. - The attritional loss ratio for the Reinsurance segment was 55.5%, while the Insurance & Services segment reported a ratio of 63.6%[482]. - The company reported net services fee income of $46.7 million for 2024, with segment income totaling $276.4 million[482]. - Gross premiums written decreased by $134.3 million, or 4.1%, for the year ended December 31, 2024 compared to 2023[487]. - Net premiums earned decreased by $81.5 million, or 3.6%, for the year ended December 31, 2024 compared to 2023[487]. - Underwriting income for the year ended December 31, 2024 was $200.0 million with a combined ratio of 91.0%, compared to $250.2 million and 89.1% in 2023[488]. - Catastrophe losses for the year ended December 31, 2024 were $54.8 million, or 2.5 percentage points on the combined ratio, compared to $13.5 million, or 0.6 percentage points in 2023[491]. - Services revenue decreased to $222.9 million for the year ended December 31, 2024 from $237.5 million in 2023[492]. - Net services fee income decreased to $46.7 million for the year ended December 31, 2024 from $49.7 million in 2023[493]. - Gross premiums written in the Reinsurance segment increased by $64.6 million, or 5.1%, for the year ended December 31, 2024 compared to 2023[496]. - Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024, down from $140.8 million in 2023[497]. - The Insurance & Services segment includes equity stakes in 20 entities, providing a wide range of insurance solutions[500]. - The attritional loss ratio for the year ended December 31, 2024 was 60.0%, compared to 63.1% in 2023[1]. - Gross premiums written decreased by $198.9 million, or 9.8%, to $1,840.8 million for the year ended December 31, 2024, compared to $2,039.7 million in 2023[502]. - Underwriting income increased by $31.2 million to $75.2 million for the year ended December 31, 2024, driven by a decreased loss ratio of 61.9% compared to 65.3% in 2023[505]. - Consolidated MGAs' gross premiums written decreased by $422.2 million, or 61.8%, to $260.9 million for the year ended December 31, 2024, primarily due to the deconsolidation of Banyan and Arcadian[504]. - Services revenue decreased by $15.7 million to $222.9 million for the year ended December 31, 2024, mainly due to the deconsolidation of Arcadian[506]. - The combined ratio improved to 93.5% for the year ended December 31, 2024, compared to 96.5% in 2023[1]. - Net premiums earned decreased by $95.2 million to $1,154.0 million for the year ended December 31, 2024, compared to $1,249.2 million in 2023[1]. - The net services income increased by $2.3 million to $44.6 million for the year ended December 31, 2024, compared to $42.3 million in 2023[506]. - The underwriting loss in the Corporate segment increased to $50.5 million for the year ended December 31, 2024, compared to a loss of $16.9 million in 2023[507]. Workforce and Culture - The workforce expanded to 1,072 employees as of December 31, 2024, an increase from 1,063 employees in 2023, with 43% located outside North America[205]. - Employee engagement survey response rate increased to 94% in 2024, up from 81% in 2023[193]. - The company aims to enhance its talent pipeline through early career recruitment and succession planning for key leadership roles[202]. - The company has made significant investments in leadership development and introduced Leadership Principles to enhance decision-making capabilities[194]. - The company is committed to building a strong inclusion culture and has evaluated policies to support an inclusive workplace[200].

Financial Data and Key Metrics Changes - The underlying net income for 2024 increased by 14% year-on-year to approximately $300 million [14][63] - The core combined ratio for 2024 improved to 91%, a 2.4 percentage point improvement compared to the previous year [15][63] - The underlying return on equity for 2024 was 14.6%, at the upper end of the target range of 12% to 15% [16][63] - The diluted book value per share grew by 9.8% for the full year 2024 [63] Business Line Data and Key Metrics Changes - Continuing lines gross premiums written grew by 21% in the fourth quarter, with net premiums written increasing by 28% [19][54] - For the full year, continuing lines growth was 10%, with insurance and services growing by 14% and reinsurance by 5% [21][67] - The accident and health segment saw double-digit growth, while casualty remained roughly flat [20][76] Market Data and Key Metrics Changes - The property book grew by 25% in 2024, benefiting from the hard market in US catastrophe reinsurance [70] - The specialty segment experienced a gross premium written increase of 38% in 2024 [73] - The reinsurance segment saw a 5% increase in premiums, with notable growth in Bermuda property and specialty lines [68] Company Strategy and Development Direction - The company aims to focus on improving business performance following the completion of its major reshaping efforts [10][96] - There is a commitment to maintaining underwriting discipline and targeting growth in areas that align with profitability and risk targets [20][76] - The company is rationalizing its equity stakes in MGAs, reducing from 36 to 20, to focus on core underwriting capabilities [35][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong operational performance and the effectiveness of reshaping actions taken [9][45] - The company anticipates that the impact of previous underwriting decisions will diminish going forward, allowing for improved performance [21][63] - Management highlighted the importance of supporting customers affected by recent catastrophic events, such as the California wildfires [25][26] Other Important Information - The company returned over $1 billion to investors in 2024, significantly improving its balance sheet and structure [13][45] - The CMIG transaction is expected to be accretive to book value by 4% and increase earnings per share by over 20% [12][44] - The company has maintained a strong financial position with a BSCR capital ratio of 214% and a debt to capital ratio of 24.8% [44][91] Q&A Session Summary Question: What are the expectations for future premium growth? - Management expects headline premium growth in 2025 to be similar to the continuing lines premium growth in 2024, despite the impact of runoff being insignificant [67] Question: How is the company addressing the recent catastrophic losses? - The company has implemented retrocession protection to mitigate earnings volatility and is committed to supporting affected customers [28][26] Question: What is the outlook for the MGA strategy? - The company is focused on strengthening its MGA distribution strategy and has entered into 19 new or expanding partnerships in 2024 [32]

SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2024 Full Year and Fourth Quarter Results In presenting SiriusPoint's results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States ("GAAP"). SiriusPoint's management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint's financial performance, id ...

Financial Performance - For the three months ended December 31, 2024, the combined ratio was 94.4%, compared to 93.6% for the same period in 2023[8]. - Core underwriting income for the three months ended December 31, 2024, was $56.3 million, an increase from $37.0 million in the same period of 2023[8]. - Core income for the twelve months ended December 31, 2024, was $244.6 million, down from $291.4 million in 2023[8]. - The accident year loss ratio for the twelve months ended December 31, 2024, was 62.3%, compared to 64.6% in 2023[8]. - Core combined ratio for the three months ended December 31, 2024, improved to 90.2% from 93.4% in the same period of 2023[8]. - Total revenues for the twelve months ended December 31, 2024, were $2,603.8 million, down from $2,737.3 million in 2023, indicating a decrease of 4.9%[10]. - Net income available to SiriusPoint common shareholders was a loss of $21.3 million in Q4 2024, compared to a profit of $93.5 million in Q4 2023[10]. - Basic earnings per share available to SiriusPoint common shareholders was $(0.13) in Q4 2024, down from $0.52 in Q4 2023[10]. - Total expenses in Q4 2024 were $625.4 million, an increase from $647.7 million in Q4 2023[12]. - Comprehensive income for Q4 2024 was $(102.6) million, compared to $238.2 million in Q4 2023, marking a substantial drop[14]. Assets and Liabilities - Total assets decreased to $12,524.9 million in Q4 2024 from $12,871.5 million in Q4 2023, representing a decline of 2.7% year-over-year[9]. - Total liabilities increased to $10,586.1 million in Q4 2024 from $10,340.9 million in Q4 2023, an increase of 2.4%[9]. - Shareholders' equity attributable to SiriusPoint shareholders decreased to $1,937.4 million in Q4 2024 from $2,513.9 million in Q4 2023, a decline of 23%[9]. - Cash and cash equivalents increased to $682.0 million in Q4 2024 from $969.2 million in Q4 2023, a decrease of 29.6%[9]. Premiums and Investment Income - Net premiums earned increased to $590.3 million in Q4 2024, up from $578.0 million in Q4 2023, reflecting a growth of 3.9%[10]. - Net investment income decreased to $68.9 million in Q4 2024 from $78.4 million in Q4 2023, a decline of 18.9%[10]. - Net investment income for Q4 2024 was $68.9 million, down from $78.4 million in Q4 2023[12]. - Net investment income amounted to $303.6 million, contributing positively to the overall financial performance[19]. Underwriting and Loss Ratios - The combined ratio for the total segment was 90.2%, indicating effective management of underwriting expenses relative to earned premiums[15]. - The attritional loss ratio stood at 59.0%, with a catastrophe loss ratio of 6.6%, demonstrating the company's resilience against significant loss events[15]. - The loss ratio for the fourth quarter of 2024 was 62.5%, compared to 63.2% in the same quarter of the previous year[23]. - The attritional loss ratio for the year was 64.0%, with catastrophe losses contributing 0.6% to the overall loss ratio[21]. Future Outlook - The company anticipates continued focus on strategic transformation and de-risking its investment portfolio moving forward[4]. - Future outlook includes continued focus on market expansion and potential new product development to enhance service offerings[15]. - Future outlook includes continued focus on market expansion and potential new product development to enhance revenue streams[17]. - Future outlook includes continued focus on market expansion and new product development to enhance revenue streams[21]. Shareholder Equity and Book Value - Book value per diluted common share as of December 31, 2024, was $14.60, up from $13.35 in 2023[8]. - Tangible book value per diluted common share as of December 31, 2024, was $13.42, an increase from $12.47 in 2023[8]. - The average common shareholders' equity attributable to SiriusPoint common shareholders was $2,116.2 million in Q4 2024, down from $2,182.0 million in Q4 2023[35]. - Common shareholders' equity attributable to SiriusPoint common shareholders increased to $2,494.9 million in September 2024 from $2,313.9 million in December 2023, reflecting a growth of 7.8%[37].