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 ...

Financial Data and Key Metrics Changes - SiriusPoint reported a combined ratio of 88.5%, marking a 4-point improvement year-over-year, despite the impact of Hurricane Helene [7][12] - The annualized underlying return on equity (ROE) for the first nine months of 2024 is 14.4%, within the target range of 12% to 15% [8][24] - Headline net income for Q3 was $5 million, while underlying net income was $89 million, reflecting a 69% increase compared to the prior year [23][29] Business Line Data and Key Metrics Changes - The company achieved a 10% year-over-year growth in gross written premiums for continuing lines of business [10][28] - Catastrophe losses for the quarter were $11 million, primarily related to Hurricane Helene, representing 1.9 points on the combined ratio [13][32] - The specialty segment saw gross premiums written increase by 41% year-to-date, driven by key hires and improved offerings [47] Market Data and Key Metrics Changes - The growth in premiums is predominantly from the specialty and property market segments, with double-digit growth noted [10][40] - The reinsurance segment's premiums were flat year-to-date, aligning with the strategy to focus on insurance and services over reinsurance [41] - The company expects the impact of recent hurricanes to moderate pressures on property reinsurance pricing at upcoming renewals [59] Company Strategy and Development Direction - SiriusPoint's strategy emphasizes disciplined underwriting and pricing, aiming to grow in areas with the best return on capital [11][43] - The company has strengthened its MGA distribution strategy, entering into six new partnerships in Q3 [17] - The focus remains on building a low-volatility portfolio, balancing higher volatility lines with stable segments like Accident & Health [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving underwriting performance and maintaining a strong focus on strategic equity actions to reduce future volatility [25][26] - The company acknowledges the human impact of recent hurricanes and emphasizes its commitment to supporting affected customers [16] - Future expectations include continued growth momentum in core business lines and a stable investment portfolio [60][62] Other Important Information - The company completed the repurchase and retirement of $125 million of CMIG's common stock, impacting net income for the quarter [21][22] - The deconsolidation of the MGA Arcadian had no impact on underwriting relationships or net income available to SiriusPoint [18][32] - The investment portfolio reported net investment income of $78 million for the quarter, contributing to a total investment result of $93 million [20][33] Summary of Q&A Session Question: What is the outlook for the company's growth in the coming quarters? - Management indicated that they expect to build on the strong performance and aim for a 12% to 15% return on average common equity through the cycle [62]

Core Financial Performance - The company reported a third quarter net income of $5 million, with an underlying net income of $89 million, reflecting a 69% increase year-over-year driven by higher underwriting and investment income [1][4] - The combined ratio for the core business improved to 88.5%, a 4-point improvement from the previous year, resulting in a year-to-date core combined ratio of 91.1% and core underwriting income of $144 million [1][4] - Book value per diluted common share increased by 3% in the quarter to $14.73, marking a 10% increase since year-end 2023 [1][4] Premiums and Underwriting - Gross premiums written for continuing lines of business grew by 10% in the quarter, contributing to a 7% growth year-to-date [1] - For the three months ended September 30, 2024, consolidated underwriting income was $89 million, up from $73.8 million in the same period last year, primarily due to favorable prior year loss reserve development [7] - The company experienced a decrease in gross premiums written of 4.8% for the third quarter compared to the previous year, primarily due to the transition of certain lines to corporate [12] Investment Income - Net investment income for the third quarter was strong at $78 million, with total investment results reaching $92.5 million [2][4] - The company’s investment strategy has shifted towards high-grade corporate debt and other securitized assets, resulting in increased interest income [26][27] Strategic Transactions - The company completed a significant two-part strategic transaction with CMIG, involving the purchase and retirement of $125 million of common shares and the settlement of Series A Preference Shares [3] - The balance sheet remains robust, with a Q3 BSCR estimate of 265%, indicating strong financial health [3] Segment Performance - The Reinsurance segment saw gross premiums written increase by 18.5% to $314.5 million for the third quarter, driven by growth in Bermuda and New York Property [18] - The Insurance & Services segment reported a decrease in gross premiums written of 18.3% to $376 million, primarily due to the non-renewal of certain programs [22] Year-to-Date Highlights - For the nine months ended September 30, 2024, net income available to common shareholders was $205.2 million, or $1.11 per diluted common share [5] - Core income for the nine months was $177.9 million, with a core combined ratio of 91.1% [5][14]

Company Announcement - SiriusPoint Ltd. plans to release its third quarter 2024 financial results after market close on October 31, 2024 [1] - A webcast to discuss the financial results will be held at 8:30 am (Eastern Time) on November 1, 2024 [1] Conference Call Details - The conference call can be accessed by dialing 1-877-451-6152 for domestic calls or 1-201-389-0879 for international calls [2] - A replay of the call will be available until 11:59 pm (Eastern Time) on November 15, 2024 [2] Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda with offices in New York, London, and Stockholm [3] - The company has over $3.0 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]

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 ...

HAMILTON, Bermuda, Aug. 01, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE:SPNT), an international specialty insurer and reinsurer, has announced that the Audit Committee of the Board of Directors of SiriusPoint Ltd. approved a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share payable on August 30, 2024 to Series B shareholders of record as of August 15, 2024. A ...

HAMILTON, Bermuda, July 18, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (NYSE: SPNT) ("SiriusPoint" or the "Company") today announced that it is planning to release its second quarter 2024 financial results after the market close on Thursday, August 1, 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, August 2, 2024. The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0 ...

The webcast of the live conference call can be accessed by logging onto the Investor Relations section of the Company's website at www.siriuspt.com. The online replay of the webcast will be available on the Company's website immediately following the call. About SiriusPoint Contacts Media Sarah Hills, Rein4ce sarah.hills@rein4ce.co.uk +44 7718882011 HAMILTON, Bermuda, July 18, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (NYSE: SPNT) ("SiriusPoint" or the "Company") today announced that it is planning to relea ...

HAMILTON, Bermuda, May 28, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE:SPNT), a global specialty insurer and reinsurer, has today announced the appointment of Susan Cross as Board Director, effective May 24, 2024. Susan takes up a new role on the SiriusPoint Board, bringing the total number of members to 10. Susan has over 40 years of experience in the (re)insurance industry, with a focus on developing and leading actuarial and analytical functions to support global grow ...