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].

Core Insights - SiriusPoint Ltd. reported a significant improvement in its Core combined ratio, which decreased to 91.0% for the full year 2024, despite increased catastrophe activity [1][6][20] - The company achieved a 21% growth in gross premiums written for the fourth quarter and a 10% growth for the full year in its continuing lines business [1][6] - Underlying return on equity reached 14.6%, at the upper end of the target range of 12-15% set a year ago [2][10] Financial Performance - The Core combined ratio for the fourth quarter was 90.2%, reflecting a 3.2 point improvement year-over-year, with Core underwriting income of $200 million for the full year [6][20] - The company reported a net loss of $21 million for the fourth quarter, influenced by one-off items related to repositioning efforts, while underlying net income for the quarter was $44 million, contributing to a total of $304 million for the year, a 14% increase from the previous year [6][10][12] - Book value per diluted common share increased by 9.4% from December 31, 2023, to $14.60, with a strong balance sheet post-transaction [10][20] Segment Performance - The Reinsurance segment saw gross premiums written increase by 24.0% in the fourth quarter, driven by new business and renewal growth, although underwriting income decreased due to higher catastrophe losses [23][24][27] - The Insurance & Services segment experienced a 3.8% decrease in gross premiums written for the fourth quarter, but segment income improved significantly to $48.4 million, driven by lower attritional losses [29][30][32] Investment Performance - Total net investment income for the year was $289.7 million, primarily from interest income, despite unrealized losses on long-term investments [37][38] - The company shifted its investment strategy to diversify its portfolio, resulting in increased investment income compared to the previous year [37][38] Strategic Outlook - The company views 2024 as the conclusion of its significant reshaping efforts, with a focus now on growth and performance enhancement for 2025 [3][4] - SiriusPoint continues to rationalize its equity stakes in managing general agents, reducing the number from 36 to 20, while increasing the book value of consolidated MGAs [34]

Core Viewpoint - SiriusPoint Ltd. is set to release its fourth quarter and full year 2024 financial results on February 18, 2025, after market close, followed by a conference call on February 19, 2025, at 8:30 am Eastern Time [1]. Company Information - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with additional offices in New York, London, and Stockholm [4]. - The company has over $2.7 billion in total capital and holds a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, as well as A3 from Moody's [4]. - SiriusPoint offers Property & Casualty and Accident & Health insurance and reinsurance globally, supported by strategic partnerships with Managing General Agents and Program Administrators [4]. Conference Call Details - The conference call can be accessed domestically at 1-877-451-6152 and internationally at 1-201-389-0879, with a replay available until March 5, 2025 [3]. - The live conference call will be available via the Investor Relations section of the company's website, with an online replay immediately following the call [2].

Transaction Details - The company has agreed to repurchase 45.7 million common shares at $14.25 per share and 21 million warrants at $3.56 per warrant [6] - The total purchase price for the repurchase of shares and warrants is $733 million [5] - The payment will be made in two tranches: $250 million today and $483 million by February 28, 2025 [3] Financial Impact - The transaction is expected to be accretive to earnings per share, return on equity, and book value per share [1] - The company's proforma Bermuda Solvency Capital Ratio remains strong at 218% after the payments [8] - As of September 30, 2024, the diluted book value per common share was $14.73, and the 30-day volume-weighted average common share price was $15.16 as of December 27, 2024 [6] Strategic Implications - The transaction positions the company well for the future and is focused on driving further value creation for shareholders [1] - Following the transaction, CM Bermuda will have no remaining ownership interest in the company and will cease to have any representation on the board of directors [3] - The company's financial position, driven by strengthening profitability and performance, has enabled the execution of this transaction [9] Company Overview - The company is a global underwriter of insurance and reinsurance with headquarters in Bermuda and offices in New York, London, and Stockholm [4] - It has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally [4] - The company has over $3.0 billion in total capital and holds financial strength ratings of A- (Excellent) from AM Best, S&P, and Fitch, and A3 from Moody's [4] Transaction Advisors - BofA Securities, Inc acted as the financial advisor for the transaction [10] - Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel for the transaction [10]

HAMILTON, Bermuda, Nov. 11, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, has today announced changes to its Chief Underwriting Office leadership to support plans for further growth and profitability in 2025. From January 1, 2025, Anthony Shapella will be promoted into the role of Group Chief Underwriting Officer and will join the Executive Leadership Team. David Govrin will now focus entirely on his role as Group President and Chief Execut ...

HAMILTON, Bermuda, Oct. 31, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its third quarter ended September 30, 2024 Third quarter net income of $5 million, impacted by completion of the previously announced CMIG shareholder transaction. Underlying net income1 of $89 million, up 69% versus prior year driven by higher underwriting and investment incomeCombined ratio of 88.5% in the third quarter for Core business, representing a 4 point imp ...

HAMILTON, Bermuda, Oct. 17, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (NYSE: SPNT) ("SiriusPoint" or the "Company") today announced that it is planning to release its third quarter 2024 financial results after the market close on Thursday, October 31, 2024. The Company will also hold a webcast, which can be accessed as a conference call, to discuss its financial results at 8:30 am (Eastern Time) on Friday, November 1, 2024. The webcast of the live conference call can be accessed by logging onto the Investor ...

SiriusPoint Ltd. (NYSE:SPNT) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET Company Participants Sarah Singh - Vice President Strategy and Investor Relations Scott Egan - Chief Executive Officer Jim McKinney - Chief Financial Officer Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to SiriusPoint Second Quarter 2024 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. As a reminder, this conference call is being re ...