SiriusPoint reports eighth consecutive quarter of underwriting profits and seventh consecutive quarter of positive net income

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]