Fitch Ratings Revises Outlook on SiriusPoint to Positive Based on Significant Underwriting Performance Improvement

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].