SiriusPoint(SPNT)
Search documents
SiriusPoint(SPNT) - 2023 Q3 - Earnings Call Presentation
2023-11-09 16:37
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2023 Nine Months and Third Quarter Results Disclaimer Unless the context otherwise indicates or requires, as used in this presentation references to "we," "our," "us," the "Company," and "SiriusPoint" refer to SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint Ltd. exclusive of its subsidiaries. We have made rounding adjustments to reach some ...
SiriusPoint(SPNT) - 2023 Q3 - Earnings Call Transcript
2023-11-09 16:37
Financial Data and Key Metrics Changes - SiriusPoint reported a net income of $245 million for the first nine months of 2023, a significant increase of $621 million compared to the previous year, which was impacted by negative investment returns and higher catastrophe losses [27] - The company achieved its first-ever underwriting profit in Q3 2023, with underwriting profits of $43 million and a combined ratio improvement of 19 points year-over-year to 94.8% [31] - The book value per share remained stable at $12.11 during the quarter, with a 3% increase in shareholders' equity when adjusted for AOCI [32] Business Line Data and Key Metrics Changes - Core underwriting results improved significantly, with underwriting profits of $213 million for the first nine months, benefiting from $102 million of reserve redundancy linked to a loss portfolio transfer [28] - Gross premiums written for the core business increased by 3%, driven by a rise in insurance and services, while reinsurance premiums decreased by $202 million due to portfolio restructuring [29] - Capital light net services fee income rose by 11% to $38 million, with service revenues up 7% year-over-year and margins increasing to 21% [29] Market Data and Key Metrics Changes - Average rate increases for the portfolio were around 7% in Q3, with U.S. property catastrophe rates remaining strong at 20% [33] - The company has seen a significant reduction in catastrophe losses, with core business cat losses down to $14 million year-to-date compared to $138 million in the same period last year [28] Company Strategy and Development Direction - The company is focused on building a strong unified culture and aims to be a best-in-class insurer reinsurer, prioritizing underwriting profits over premium growth in 2024 [9][24] - SiriusPoint launched the SiriusPoint International MGA Center of Excellence to enhance onboarding for new MGA partners, reflecting a commitment to operational efficiency and quality [19] - The company is reducing the number of equity stakes in MGAs to concentrate on fewer, deeper relationships, having sold seven stakes since the start of the year [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made over the past 12 months and emphasized the importance of continued improvement in 2024 [24] - The company acknowledged the challenges in the market but remains committed to achieving a double-digit return on average common equity for the full year [37] - Management highlighted the need for transparency and accuracy in financial reporting, which led to revisions in the 2023 interim financials [12] Other Important Information - The company has implemented additional controls to ensure the accuracy of net premiums calculations following a manual calculation error [12] - Investment results were strong, with total investment income of $208 million, driven by net investment income of $205 million [29] Summary of Q&A Session No Q&A session for this event
SiriusPoint(SPNT) - 2023 Q3 - Quarterly Report
2023-11-08 21:19
[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents SiriusPoint Ltd.'s unaudited consolidated financial statements for Q3 and 9M 2023, covering balance sheets, income, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets | Balance Sheet Items | Sep 30, 2023 ($M) | Dec 31, 2022 ($M) | | :--- | :--- | :--- | | **Total Investments** | 6,026.0 | 5,653.7 | | **Total Assets** | 12,591.2 | 11,036.3 | | **Loss and loss adjustment expense reserves** | 5,448.8 | 5,268.7 | | **Total Liabilities** | 10,325.8 | 8,953.7 | | **Total Shareholders' Equity** | 2,265.4 | 2,082.6 | - Total assets increased to **$12.6 billion** from **$11.0 billion**, primarily driven by a rise in 'Loss and loss adjustment expenses recoverable' and 'Debt securities, available for sale'[9](index=9&type=chunk) - Total liabilities grew to **$10.3 billion** from **$9.0 billion**, largely due to a significant increase in 'Reinsurance balances payable' from **$813.6 million** to **$1,733.4 million**[9](index=9&type=chunk) [Consolidated Statements of Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) Consolidated Statements of Income (Loss) | Income Statement Highlights | Q3 2023 ($M) | Q3 2022 ($M) | 9M 2023 ($M) | 9M 2022 ($M) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | 702.6 | 597.5 | 2,091.5 | 1,432.0 | | **Total Expenses** | 623.5 | 690.2 | 1,770.9 | 1,812.1 | | **Net Income (Loss)** | 63.8 | (93.6) | 264.0 | (363.0) | | **Net Income (Loss) available to Common Shareholders** | 57.5 | (98.4) | 245.3 | (376.2) | | **Diluted EPS ($)** | 0.32 | (0.61) | 1.36 | (2.35) | - The company reported a significant turnaround, with a net income of **$63.8 million** in Q3 2023 compared to a net loss of **$93.6 million** in Q3 2022, driven by lower loss expenses and positive investment results[12](index=12&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows | Cash Flow Activity (Nine Months Ended Sep 30) | 2023 ($M) | 2022 ($M) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 367.9 | 245.3 | | **Net cash used in investing activities** | (395.3) | (1,363.9) | | **Net cash used in financing activities** | (75.1) | (18.3) | | **Net decrease in cash, cash equivalents and restricted cash** | (102.5) | (1,136.9) | - Net cash from operating activities increased to **$367.9 million** for the first nine months of 2023, up from **$245.3 million** in the prior year period, influenced by an increase in 'Reinsurance balances payable' and a decrease in 'Loss and loss adjustment expenses recoverable'[20](index=20&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, a Loss Portfolio Transfer, segment performance, and revisions to interim financial statements - On March 2, 2023, the company entered into a Loss Portfolio Transfer (LPT) transaction, ceding estimated loss reserves of **$1.3 billion** (as of Sep 30, 2022), which were reduced to **$905.6 million** at closing, resulting in a funds held payable of **$862.5 million** and an estimated deferred gain of **$25.8 million** as of September 30, 2023[30](index=30&type=chunk)[31](index=31&type=chunk) - For the nine months ended September 30, 2023, the company recorded **$163.1 million** of net favorable prior year loss reserve development, primarily due to favorable loss emergence and validated by the pricing of the 2023 LPT[156](index=156&type=chunk) - The company identified and corrected immaterial errors in its Q1 and Q2 2023 interim financial statements related to the recognition of Net premiums earned, which reduced previously reported net income for the six months ended June 30, 2023, by **$17.1 million**[219](index=219&type=chunk)[223](index=223&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses improved Q3 and 9M 2023 financial performance, driven by strong underwriting results, positive investment returns, and strategic actions Key Performance Indicators | Key Performance Indicators | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | **Combined ratio** | 88.0% | 107.7% | 81.6% | 98.5% | | **Core income (loss) ($M)** | 50.0 | (79.1) | 245.1 | (31.4) | | **Annualized return on avg. common equity** | 11.3% | (20.1)% | 16.7% | (24.0)% | - The company is executing a restructuring plan, which includes closing offices in Hamburg, Miami, and Singapore, and reducing its footprint in Liege and Toronto to centralize property catastrophe underwriting in Bermuda[257](index=257&type=chunk) - A significant driver of improved underwriting results was lower catastrophe losses, which were **$12.0 million** in Q3 2023 compared to **$114.6 million** in Q3 2022 (primarily from Hurricane Ian)[271](index=271&type=chunk) - The investment portfolio is being repositioned to be better aligned with the underwriting strategy, resulting in lower volatility, with the weighted-asset duration of the fixed income portfolio extended to **2.7 years** from **1.8 years** at year-end 2022[248](index=248&type=chunk)[276](index=276&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details principal market risks including interest rate, foreign currency, and price risk, providing sensitivity analyses for each Interest Rate Sensitivity Analysis | Assumed Change in Interest Rate | Estimated Pre-tax (Decrease) in Fair Value of Debt Securities ($M) | | :--- | :--- | | 50 bp increase | (72.9) | | 100 bp increase | (145.5) | | 200 bp increase | (290.6) | | 300 bp increase | (435.7) | - A hypothetical 10% increase or decrease in the value of other long-term investments would change their carrying value by approximately **$32.6 million**[398](index=398&type=chunk) - A hypothetical 10% increase or decrease in the value of investments in Related Party Investment Funds would change their carrying value by approximately **$11.0 million**[399](index=399&type=chunk) [Controls and Procedures](index=73&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to a material weakness in internal control over financial reporting related to premium calculations - A material weakness was identified in internal control over financial reporting related to the calculation of written and earned premiums, stemming from a manual calculation in the property catastrophe business and a data transfer error[403](index=403&type=chunk) - This material weakness resulted in an immaterial misstatement of premiums for Q1 and Q2 2023, which the company has elected to revise for transparency[404](index=404&type=chunk) - Management has implemented an additional control to ensure the accuracy of Net premiums earned calculations and expects to complete the remediation shortly[405](index=405&type=chunk) [PART II. OTHER INFORMATION](index=74&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=74&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various lawsuits and regulatory actions, none expected to materially affect its financial condition or operations - The company is involved in typical industry lawsuits, including disputes over policy coverage, claims handling, and ceded reinsurance, but does not expect any current proceedings to have a material adverse impact[408](index=408&type=chunk) [Risk Factors](index=74&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights potential adverse impacts from Bermuda's expected 15% corporate income tax, effective January 1, 2025 - The Government of Bermuda is expected to enact a **15%** corporate income tax, effective from January 1, 2025, which may subject the company to additional income taxes and could have a material impact on its deferred taxes and effective tax rate[410](index=410&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common shares in Q3 or 9M 2023, with approximately $56.3 million remaining under its repurchase authorization - No common shares were repurchased during the third quarter of 2023[412](index=412&type=chunk) - The company has approximately **$56.3 million** remaining under its share and warrant repurchase authorization as of September 30, 2023[412](index=412&type=chunk) [Other Information](index=75&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during the third quarter of 2023 - No new or terminated Rule 10b5-1 trading arrangements were reported for directors or officers during the quarter[415](index=415&type=chunk) [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files
SiriusPoint(SPNT) - 2023 Q2 - Earnings Call Transcript
2023-08-05 11:36
SiriusPoint Ltd. (NYSE:SPNT) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET Company Participants Dhruv Gahlaut - Head, IR and Chief Strategy Officer Scott Egan - CEO Steve Yendall - CFO Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the SiriusPoint Limited Second Quarter 2023 Earnings Call. During today's presentation, all parties will be in a listen-only mode. As a reminder, this conference call is being recorded. I would now like to turn the call over ...
SiriusPoint(SPNT) - 2023 Q2 - Quarterly Report
2023-08-02 20:16
PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported a significant turnaround in profitability with a net income of **$217.3 million** for the first six months of 2023, reversing a **$269.4 million** loss in the prior year, driven by strong underwriting performance and a substantial positive swing in investment results, leading to total assets growing to **$12.6 billion** and total shareholders' equity increasing to **$2.3 billion** [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets increased to **$12.6 billion** from **$11.0 billion** at December 31, 2022, driven by increases in debt securities and insurance-related receivables, while total liabilities also rose to **$10.4 billion** from **$9.0 billion**, primarily due to higher reinsurance balances payable and unearned premium reserves, with total shareholders' equity growing to **$2.3 billion** from **$2.1 billion** at year-end Consolidated Balance Sheet Highlights (in millions USD) | Balance Sheet Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Investments** | $5,952.8 | $5,653.7 | | **Total Assets** | $12,622.8 | $11,036.3 | | **Total Liabilities** | $10,355.1 | $8,953.7 | | **Total Shareholders' Equity** | $2,267.7 | $2,082.6 | [Consolidated Statements of Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) The company achieved a net income of **$72.3 million** in Q2 2023, a significant reversal from a net loss of **$56.1 million** in Q2 2022, with the six-month net income reaching **$217.3 million** compared to a **$269.4 million** loss in the prior year, primarily driven by higher net premiums earned and a substantial positive swing in investment results, which went from a **$141.5 million** loss in Q2 2022 to a **$65.8 million** gain in Q2 2023 Key Income Statement Data (in millions USD, except EPS) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Premiums Earned | $703.8 | $568.8 | $1,299.3 | $1,098.1 | | Total Revenues | $767.9 | $473.1 | $1,453.0 | $834.5 | | Net Investment Gains (Losses) | $65.8 | $(141.5) | $139.6 | $(346.6) | | Net Income (Loss) | $72.3 | $(56.1) | $217.3 | $(269.4) | | Diluted EPS | $0.37 | $(0.38) | $1.14 | $(1.74) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, net cash provided by operating activities was **$206.3 million**, a significant increase from **$45.2 million** in the prior-year period mainly due to higher premium collections, while net cash used in investing activities decreased to **$297.5 million** from **$605.4 million**, and net cash used in financing activities increased to **$51.1 million** primarily due to the settlement of Contingent Value Rights Cash Flow Summary for Six Months Ended June 30 (in millions USD) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $206.3 | $45.2 | | Net cash used in investing activities | $(297.5) | $(605.4) | | Net cash used in financing activities | $(51.1) | $(11.0) | | **Net decrease in cash** | **$(142.3)** | **$(571.2)** | [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Key disclosures in the notes include a significant loss portfolio transfer (LPT) transaction that ceded approximately **$905.6 million** in reserves, resulting in a deferred gain, with segment reporting showing strong performance in the Reinsurance segment, achieving a combined ratio of **72.5%** for H1 2023, and the company recording **$138.4 million** in net favorable prior year loss reserve development for H1 2023, significantly contributing to profitability - On March 2, 2023, the company entered into a loss portfolio transfer (LPT) transaction with Pallas Reinsurance, ceding loss reserves initially estimated at **$1.3 billion**. As of June 30, 2023, this was reduced to **$905.6 million**, and an initial deferred gain of **$21.2 million** was recorded[28](index=28&type=chunk)[29](index=29&type=chunk) - For the six months ended June 30, 2023, the company recorded **$138.4 million** of net favorable prior year loss reserve development, primarily validated by the pricing of the 2023 LPT and continued favorable loss emergence[152](index=152&type=chunk) - For H1 2023, the Reinsurance segment reported underwriting income of **$159.0 million** and a combined ratio of **72.5%**, a significant improvement from **$2.9 million** and **99.6%** in H1 2022[53](index=53&type=chunk)[55](index=55&type=chunk) - For H1 2023, the Insurance & Services segment reported underwriting income of **$30.1 million** and a combined ratio of **95.2%**, compared to **$19.4 million** and **95.8%** in H1 2022[53](index=53&type=chunk)[55](index=55&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong H1 2023 results to strategic actions including improved underwriting, a significant loss portfolio transfer (LPT), and a de-risked investment portfolio, which improved the Core combined ratio to **78.2%** and the BSCR ratio to **219%** in Q1 2023, enhancing capital flexibility - Management highlights the strategic transformation, focusing on re-underwriting to reduce volatility, de-risking the investment portfolio, and growing the Insurance & Services segment[219](index=219&type=chunk) - The 2023 LPT is expected to result in a net capital increase of over **$150 million** and improve the BSCR ratio by more than **15%** compared to year-end 2022[345](index=345&type=chunk) Key Performance Indicators | Metric | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Combined ratio | 78.2% | 93.4% | | Core income (non-GAAP) | $205.5M | $46.9M | | Book value per common share | $12.59 | $11.56 (at 12/31/22) | | Tangible book value per diluted common share (non-GAAP) | $11.39 | $10.43 (at 12/31/22) | [Consolidated Results of Operations](index=47&type=section&id=Consolidated%20Results%20of%20Operations) The significant improvement in H1 2023 results was driven by a **$211.5 million** increase in total underwriting income and a **$486.2 million** positive swing in investment results compared to H1 2022, stemming from **$138.4 million** in favorable prior year development and lower catastrophe losses, with investment gains driven by higher interest income from the repositioned fixed-income portfolio - H1 2023 underwriting results improved due to favorable prior year loss reserve development of **$138.4 million** (vs **$11.9 million** in H1 2022) and lower catastrophe losses of **$12.9 million** (vs **$23.1 million** in H1 2022)[249](index=249&type=chunk) - Investment results for H1 2023 saw a total gain of **$139.6 million**, a stark contrast to the **$346.6 million** loss in H1 2022, primarily due to higher interest income from the fixed income portfolio and the absence of large losses from related party investment funds[247](index=247&type=chunk)[256](index=256&type=chunk) [Segment Results](index=52&type=section&id=Segment%20Results) The Reinsurance segment was the primary driver of improved profitability, with its H1 2023 combined ratio improving to **72.5%** from **99.6%** in the prior year fueled by significant favorable reserve development, while the Insurance & Services segment saw strong premium growth of **22.8%** in H1 2023, and Corporate results also improved turning to an underwriting income of **$23.5 million** from a loss Reinsurance Segment Underwriting Results (H1) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Underwriting Income (Loss) | $159.0M | $2.9M | | Combined Ratio | 72.5% | 99.6% | Insurance & Services Segment Underwriting Results (H1) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Gross Premiums Written | $1,126.7M | $917.4M | | Underwriting Income | $30.1M | $19.4M | | Combined Ratio | 95.2% | 95.8% | [Liquidity and Capital Resources](index=63&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity primarily through its high-quality, short-duration fixed income portfolio and operating cash flows, with its Bermuda Solvency Capital Requirement (BSCR) ratio improving to **219%** in Q1 2023 from **217%** at year-end 2022, and the recent LPT is expected to further improve the BSCR ratio by over **15%**, enhancing capital flexibility - The company's Bermuda Solvency Capital Requirement (BSCR) ratio was **217%** at year-end 2022 and improved to **219%** in Q1 2023[344](index=344&type=chunk) - The 2023 LPT is expected to increase net capital by over **$150 million** and improve the BSCR ratio by more than **15%** from year-end 2022 levels[345](index=345&type=chunk) - As of June 30, 2023, the company had a **$300.0 million** senior unsecured revolving credit facility with no outstanding borrowings[347](index=347&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is principally exposed to interest rate risk, foreign currency exchange risk, and price risk in its investment portfolio, where a hypothetical **100 basis point** increase in interest rates would decrease the fair value of its debt securities by approximately **$134.7 million**, risks actively managed through asset-liability matching and derivatives Interest Rate Risk Sensitivity on Debt Securities (as of June 30, 2023) | Assumed Change in Interest Rate | Estimated Change in Fair Value (in millions USD) | | :--- | :--- | | 100 bp decrease | +$127.0 | | 100 bp increase | -$134.7 | | 200 bp increase | -$268.0 | - A hypothetical **10%** increase in the value of the U.S. dollar against the Swedish Krona would result in a pre-tax gain of **$7.1 million** due to the company's net liability position in that currency[383](index=383&type=chunk) [Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, following the implementation of a new general ledger system in Q1 2023 and corresponding internal control adaptations, with no other material changes to internal control over financial reporting occurring during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2023[386](index=386&type=chunk) - A new general ledger and financial reporting system was implemented in Q1 2023, with corresponding modifications to internal controls[387](index=387&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various lawsuits and regulatory actions in the normal course of business, though management believes that no individual litigation or arbitration is likely to have a material adverse effect on its financial condition or operations - The company is involved in claims litigation, disputes over policy interpretations, and other business litigation typical for the insurance industry[390](index=390&type=chunk) - Management believes no current legal proceeding is likely to have a material adverse effect on the company[391](index=391&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to risk factors from the 2022 Form 10-K were reported[392](index=392&type=chunk) [Issuer Purchases of Equity Securities](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its common shares during the three and six months ended June 30, 2023, with approximately **$56.3 million** remaining available for future purchases under the authorized share repurchase program - No common shares were repurchased during the three and six months ended June 30, 2023[394](index=394&type=chunk) - Approximately **$56.3 million** remains authorized for repurchase under the existing program as of June 30, 2023[394](index=394&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) The report includes several exhibits, such as an employment agreement, an amendment to a credit agreement, the Loss Portfolio Transfer agreements, and required CEO/CFO certifications - Key exhibits filed include the Loss Portfolio Transfer Reinsurance and Retrocession Agreements with Pallas Reinsurance Company Ltd[400](index=400&type=chunk)
SiriusPoint(SPNT) - 2023 Q1 - Earnings Call Transcript
2023-05-06 23:15
SiriusPoint Ltd. (NYSE:SPNT) Q1 2023 Results Conference Call May 4, 2023 8:30 AM ET Company Participants Dhruv Gahlaut - Head, IR and Chief Strategy Officer Scott Egan - CEO Steve Yendall - CFO Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the SiriusPoint Ltd First Quarter 2023 Earnings Conference Call. On today’s presentation, all parties will be in a listen-only mode. As a reminder, this conference call is being recorded. I would now like to turn the call over to ...
SiriusPoint(SPNT) - 2023 Q1 - Quarterly Report
2023-05-03 20:23
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36052 SIRIUSPOINT LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...
SiriusPoint(SPNT) - 2022 Q4 - Annual Report
2023-02-24 21:32
or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 Commission File Number 001-36052 SIRIUSPOINT LTD. (Exact name of registrant as specified in its charter) Bermuda 98-1599372 (State or other jurisdiction of incorporation o ...
SiriusPoint(SPNT) - 2022 Q4 - Earnings Call Transcript
2023-02-24 16:33
SiriusPoint Ltd. (SPNY) Q4 2022 Earnings Conference Call February 24, 2023 8:30 AM ET Company Participants Dhruv Gahlaut - Head of Investor Relations & Chief Strategy Officer of SiriusPoint. Scott Egan - Chief Executive Officer Steve Yendall - Chief Financial Officer Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the SiriusPoint Ltd. Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recor ...
SiriusPoint(SPNT) - 2022 Q4 - Earnings Call Presentation
2023-02-24 14:07
20 Healthy Balance Sheet $1,558 $1,480 $3,119 $2,866 2021 Q3'22 BSCR1 200% 194% Required Capital Available Capital SiriusPoint Group Eligible Capital3 50% 54% 38% 37% 12% 10% 2021 Q3'22 Tier 1 Tier 2 Tier 3 FSR2: A- (Stable) Ratings A- (Negative) A- (Negative) | --- | |-----------------------------------------------------------| | Key comments | | Healthy balance sheet as we operate the business | | against 'AA' rating requirement under S&P model | | Financial leverage within target range at 27% debt to | | ...