Fitch Ratings Revises Outlook on SiriusPoint to Positive Based on Significant Underwriting Performance Improvement
Fitch Ratings has affirmed SiriusPoint's ratings while revising its outlook to Positive from Stable, citing significant underwriting performance improvements in 2023-2024. The company maintains its 'BBB' Long-Term Issuer Default Rating, 'BBB-' senior debt rating, and 'A-' (Strong) Insurer Financial Strength rating.
Key achievements include the complete repurchase of outstanding shares and warrants from CM Bermuda and strong financial results, with $184 million in net income for 2024. The company reported nine consecutive quarters of strong operating performance, benefiting from underwriting profits, increased investment income, and a $96 million gain from an MGA deconsolidation.
Fitch expects favorable underwriting results to continue as SiriusPoint focuses on growing its primary insurance business, following successful portfolio repositioning and exit from non-core lines to improve profitability and reduce volatility.
Fitch Ratings ha confermato i rating di SiriusPoint, rivedendo l'outlook a Positivo da Stabile, citando significativi miglioramenti nelle performance di sottoscrittura nel 2023-2024. L'azienda mantiene il proprio 'BBB' Rating di Default a Lungo Termine, rating del debito senior 'BBB-' e 'A-' (Forte) rating di Solidità Finanziaria dell'Assicuratore.
I principali risultati includono il completo riacquisto delle azioni e warrant in circolazione da CM Bermuda e solidi risultati finanziari, con $184 milioni di reddito netto per il 2024. L'azienda ha riportato nove trimestri consecutivi di forte performance operativa, beneficiando dei profitti di sottoscrittura, dell'aumento dei redditi da investimenti e di un dalla deconsolidazione di un MGA.
Fitch si aspetta che i risultati favorevoli di sottoscrittura continuino mentre SiriusPoint si concentra sulla crescita della propria attività assicurativa primaria, dopo un riuscito riposizionamento del portafoglio e l'uscita da linee non core per migliorare la redditività e ridurre la volatilità.
Fitch Ratings ha afirmado las calificaciones de SiriusPoint, revisando su perspectiva a Positiva desde Estable, citando mejoras significativas en el desempeño de suscripción en 2023-2024. La compañía mantiene su 'BBB' Calificación de Default a Largo Plazo, calificación de deuda senior 'BBB-' y 'A-' (Fuerte) calificación de Solvencia Financiera del Asegurador.
Los logros clave incluyen la recompra completa de acciones y warrants pendientes de CM Bermuda y sólidos resultados financieros, con $184 millones de ingreso neto para 2024. La compañía reportó nueve trimestres consecutivos de fuerte desempeño operativo, beneficiándose de ganancias de suscripción, aumento de ingresos por inversiones y una ganancia de $96 millones por la deconsolidación de un MGA.
Fitch espera que los resultados favorables de suscripción continúen mientras SiriusPoint se enfoca en hacer crecer su negocio de seguros primarios, tras un exitoso reposicionamiento de cartera y salida de líneas no centrales para mejorar la rentabilidad y reducir la volatilidad.
피치 레이팅스는 시리우스포인트의 등급을 유지하면서 전망을 안정적에서 긍정적으로 수정했습니다. 이는 2023-2024년 동안의 상당한 인수 성과 개선을 언급한 것입니다. 회사는 'BBB' 장기 발행자 디폴트 등급, 'BBB-' 선순위 채무 등급, 'A-' (강력) 보험 재무 건전성 등급을 유지하고 있습니다.
주요 성과로는 CM 버뮤다로부터의 미발행 주식 및 워런트의 완전 매입과 2024년 순이익 1억 8400만 달러라는 강력한 재무 결과가 포함됩니다. 회사는 인수 이익, 증가한 투자 수익 및 9600만 달러의 이익을 통해 아홉 분기 연속으로 강력한 운영 성과를 보고했습니다.
피치는 시리우스포인트가 수익성 개선과 변동성 감소를 위해 비핵심 라인에서의 퇴출과 성공적인 포트폴리오 재편성 이후 기본 보험 사업 성장에 집중함에 따라 유리한 인수 결과가 계속될 것으로 기대하고 있습니다.
Fitch Ratings a confirmé les notations de SiriusPoint en révisant sa perspective de Stable à Positive, citant des améliorations significatives de la performance souscrite en 2023-2024. L'entreprise maintient sa 'BBB' Note de Défaillance à Long Terme, sa note de dette senior 'BBB-' et sa 'A-' (Forte) note de Solidité Financière de l'Assureur.
Les réalisations clés comprennent le rachat complet des actions et warrants en circulation de CM Bermuda et de solides résultats financiers, avec 184 millions de dollars de revenu net pour 2024. L'entreprise a signalé neuf trimestres consécutifs de forte performance opérationnelle, bénéficiant des profits de souscription, d'une augmentation des revenus d'investissement et d'un gain de 96 millions de dollars provenant d'une déconsolidation de MGA.
Fitch s'attend à ce que les résultats favorables de souscription se poursuivent alors que SiriusPoint se concentre sur la croissance de son activité d'assurance primaire, après un repositionnement réussi de son portefeuille et sa sortie de lignes non essentielles pour améliorer la rentabilité et réduire la volatilité.
Fitch Ratings hat die Ratings von SiriusPoint bestätigt und die Aussichten von Stabil auf Positiv geändert, da signifikante Verbesserungen in der Underwriting-Performance für 2023-2024 festgestellt wurden. Das Unternehmen behält seine 'BBB' Langfristige Ausfallbewertung, 'BBB-' Senior Debt Rating und 'A-' (Stark) Finanzstärke-Bewertung des Versicherers bei.
Zu den wichtigsten Erfolgen gehört der vollständige Rückkauf ausstehender Aktien und Warrants von CM Bermuda sowie starke finanzielle Ergebnisse, mit 184 Millionen US-Dollar Nettogewinn für 2024. Das Unternehmen berichtete von neun aufeinanderfolgenden Quartalen mit starker operativer Leistung, die von Underwriting-Gewinnen, gestiegenen Anlageerträgen und einem Gewinn von 96 Millionen US-Dollar aus einer MGA-Dekonsolidierung profitierten.
Fitch erwartet, dass die positiven Underwriting-Ergebnisse anhalten werden, während sich SiriusPoint darauf konzentriert, ihr Hauptversicherungsgeschäft auszubauen, nachdem das Portfolio erfolgreich umgeschichtet und nicht zum Kerngeschäft gehörende Linien verlassen wurden, um die Rentabilität zu verbessern und die Volatilität zu reduzieren.
- Outlook upgraded to Positive from Stable by Fitch
- Strong net income of $184M in 2024
- $96M gain from MGA deconsolidation
- Nine consecutive quarters of strong operating performance
- Successful completion of share and warrant repurchase
- None.
Insights
The revision of SiriusPoint's outlook to Positive from Stable by Fitch Ratings represents significant external validation of the company's strategic turnaround. This outlook change, while maintaining the 'BBB' Long-Term Issuer Default Rating and 'A-' Insurer Financial Strength rating, reflects meaningful improvement in the company's risk profile and financial performance.
Most notably, SiriusPoint has delivered nine consecutive quarters of strong operating performance, demonstrating the sustainability of its improved underwriting discipline. The
The completed share repurchase transaction with CM Bermuda represents a strategic simplification of SiriusPoint's capital structure, potentially reducing governance complexities and shareholder conflicts. This move, combined with the strong underwriting results, positions the company for continued favorable outcomes in its targeted growth areas.
Fitch's specific mention of anticipated growth in primary insurance suggests a strategic pivot beyond traditional reinsurance markets toward potentially more stable and predictable business lines. This balanced approach to growth, following the exit from non-core lines that likely carried higher volatility, indicates that management has successfully repositioned the portfolio to deliver more consistent results while maintaining growth potential.
HAMILTON, Bermuda, March 05, 2025 (GLOBE NEWSWIRE) -- Fitch Ratings (Fitch) has today announced that it has affirmed the ratings of SiriusPoint Ltd. (“SiriusPoint” or the “Company”), including its Long-Term Issuer Default Rating at ‘BBB’, its senior debt rating at ‘BBB-‘ and its Insurer Financial Strength (IFS) rating at ‘A-‘ (Strong) of SiriusPoint’s subsidiaries. It has also revised the Company’s Outlook to Positive from Stable.
Fitch said: “The Positive Outlook reflects significant underwriting performance improvement in 2024 and 2023 as a result of repositioning the (re)insurance portfolio and exiting non-core lines in order to improve profitability and reduce overall volatility.”
Key drivers of the ratings include the completed transaction for the full repurchase of all outstanding shares and warrants from CM Bermuda Limited, as well as solid underwriting results in both 2024 and 2023. Fitch said it “anticipates the favourable underwriting results to continue while the company expects to grow its business, particularly in primary insurance.”
Fitch also recognizes SiriusPoint’s strong financial performance of
SiriusPoint CEO, Scott Egan said: “Fitch Ratings' decision to improve SiriusPoint’s Outlook to Positive follows nine consecutive quarters of strong operating performance. The outlook revision validates the measurable progress we have made in repositioning our business, building out a successful underwriting platform, and growing a track record of performance, while also strengthening and simplifying our capital structure. This decision is a reflection of the contribution and hard work of our global team. We look forward to continuing our momentum towards additional favourable outcomes for the Company and its stakeholders."
Click here for full details in the Fitch press release.
Contacts
Investor Relations
Liam Blackledge, SiriusPoint
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082
Media
Stephen Breen, Rein4ce
Stephen.breen@rein4ce.co.uk
+ 44 7843 076556
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over
FORWARD-LOOKING STATEMENTS
We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2024.
Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events, or other circumstances after the date of this press release.
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