Core Viewpoint - SiriusPoint Ltd. reported a strong start to 2025 with a return on equity of 12.9%, aligning with its target range of 12-15%, despite facing elevated natural catastrophe losses [1][6]. Financial Performance - Core gross premiums written increased by 12% to $989.9 million, while net premiums written grew by 20% to $625.8 million, indicating a strategy to retain a more profitable book [2][12]. - Earnings per share remained flat at $0.49, with a 5% increase in book value during the quarter [3][7]. - The combined ratio for the Core business was reported at 95.4%, an increase from 91.4% in the previous year, reflecting the impact of catastrophe losses [5][13]. Catastrophe Losses - Catastrophe losses for the quarter amounted to $67.9 million, significantly impacting the combined ratio by 10.9 percentage points, primarily due to California wildfires [14][9]. - The company experienced a net impact of $59 million from these wildfires, which was below the previously guided range [6]. Segment Performance - The Reinsurance segment reported gross premiums written of $354.8 million, a slight decrease of 0.4%, while the Insurance & Services segment saw a 21.1% increase in gross premiums written to $635.1 million [17][19]. - The Reinsurance segment generated underwriting income of $8.4 million with a combined ratio of 97.1%, while the Insurance & Services segment achieved an income of $39.0 million with a combined ratio of 94.0% [18][20]. Investment Income - Net investment income for the quarter was $71.2 million, down from $78.8 million in the previous year, primarily due to a lower asset base following share repurchases [21][32]. Ratings and Outlook - The company received a positive outlook revision from AM Best and Fitch, reflecting progress in its operational performance [4][6].

Core Viewpoint - AM Best has revised the outlook of SiriusPoint Ltd's rated operating subsidiaries to Positive from Stable, citing the Company's very strong balance sheet [1][3]. Group 1: Ratings and Outlook - AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) for SiriusPoint's rated operating subsidiaries [2]. - The Long-Term Issuer Credit Rating of "bbb-" (Good) for SiriusPoint has also been affirmed [2]. - Fitch Ratings recently affirmed SiriusPoint's ratings, including a Long-Term Issuer Default Rating at 'BBB' and a senior debt rating at 'BBB-' [4]. Group 2: Financial Strength and Management Actions - The revision to Positive reflects improved balance sheet strength due to management actions such as derisking the investment portfolio and reducing catastrophe exposure [3]. - The recent buy-back of shares and warrants previously held by CM Bermuda Ltd. contributed to the improved outlook [3]. - AM Best expects SiriusPoint to maintain strong risk-adjusted capitalization, supported by prudent capital management and effective underwriting exposure management [4]. Group 3: Company Profile - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with total capital exceeding $2.6 billion [6]. - The company has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally [6].

HAMILTON, Bermuda, April 25, 2025 (GLOBE NEWSWIRE) -- AM Best has revised the outlook of the rated operating subsidiaries of SiriusPoint Ltd (“SiriusPoint” or “the Company”) (Bermuda) [NYSE: SPNT] to Positive from Stable, citing the Company’s “very strong balance sheet”. AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of SiriusPoint’s rated operating subsidiaries. Additionally, the rating agency has affirmed the ...

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].

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 build on its performance momentum from the past two years and aims to drive further value creation for shareholders in 2025 and beyond [5].

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].