Core Viewpoint - SiriusPoint Ltd. reported a strong start to 2025 with a return on equity of 12.9%, aligning with its target range of 12-15%, despite facing elevated natural catastrophe losses [1][6]. Financial Performance - Core gross premiums written increased by 12% to $989.9 million, while net premiums written grew by 20% to $625.8 million, indicating a strategy to retain a more profitable book [2][12]. - Earnings per share remained flat at $0.49, with a 5% increase in book value during the quarter [3][7]. - The combined ratio for the Core business was reported at 95.4%, an increase from 91.4% in the previous year, reflecting the impact of catastrophe losses [5][13]. Catastrophe Losses - Catastrophe losses for the quarter amounted to $67.9 million, significantly impacting the combined ratio by 10.9 percentage points, primarily due to California wildfires [14][9]. - The company experienced a net impact of $59 million from these wildfires, which was below the previously guided range [6]. Segment Performance - The Reinsurance segment reported gross premiums written of $354.8 million, a slight decrease of 0.4%, while the Insurance & Services segment saw a 21.1% increase in gross premiums written to $635.1 million [17][19]. - The Reinsurance segment generated underwriting income of $8.4 million with a combined ratio of 97.1%, while the Insurance & Services segment achieved an income of $39.0 million with a combined ratio of 94.0% [18][20]. Investment Income - Net investment income for the quarter was $71.2 million, down from $78.8 million in the previous year, primarily due to a lower asset base following share repurchases [21][32]. Ratings and Outlook - The company received a positive outlook revision from AM Best and Fitch, reflecting progress in its operational performance [4][6].
SiriusPoint reports tenth consecutive quarter of underwriting profits and strong net income of $58m