SiriusPoint Welcomes AM Best Outlook Revision to ‘Positive’ from ‘Stable’

Core Viewpoint - AM Best has revised the outlook of SiriusPoint Ltd's rated operating subsidiaries to Positive from Stable, citing the Company's very strong balance sheet [1][3]. Financial Ratings - AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) for SiriusPoint's rated operating subsidiaries [2]. - The Long-Term Issuer Credit Rating of "bbb-" (Good) for SiriusPoint has also been affirmed [2]. Balance Sheet Strength - The revision to Positive reflects improved balance sheet strength due to management actions such as derisking the investment portfolio, reducing catastrophe exposure, and recent share buy-backs [3]. - AM Best assesses SiriusPoint's consolidated balance sheet strength as very strong, with expectations of maintaining risk-adjusted capitalization at the strongest level, supported by prudent capital management and positive operating results [4]. Management Commentary - The CEO of SiriusPoint highlighted the outlook revision as a recognition of the company's journey towards stability and underwriting profitability, emphasizing the team's dedication to improving the company's profile and performance [4]. Recent Ratings Actions - The outlook revision by AM Best follows a similar action by Fitch Ratings, which affirmed SiriusPoint's ratings and revised the Company's Outlook to Positive from Stable [4]. Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with a total capital exceeding $2.6 billion and licenses to write various types of insurance globally [6][8].