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SiriusPoint Ltd. (SPNT) is a leading provider of property and casualty reinsurance coverage to insurance and reinsurance companies across the United States, Canada, Bermuda, the United Kingdom, and Europe. Headquartered in Bermuda with offices in New York, London, Stockholm, and other locations, SiriusPoint is listed on the New York Stock Exchange.
The company operates through two main segments: Reinsurance and Insurance & Services. SiriusPoint's extensive product portfolio includes reinsurance contracts for property insurance covering both residential and commercial properties, workers' compensation, personal automobile insurance, general liability insurance for businesses, professional liability insurance, agricultural insurance, and mortgage insurance. The majority of the company's revenue is generated from its Insurance & Services segment.
SiriusPoint's strategic approach is bolstered by a series of partnerships with Managing General Agents (MGAs) and Program Administrators (PAs), which enhance its distribution capabilities in various markets. As part of its strategic initiatives, SiriusPoint maintains a focus on simplifying its business operations, reducing volatility, and building long-term profitability.
Financially, SiriusPoint is underpinned by a robust capital base of over $3.0 billion and enjoys an A- (Excellent) financial strength rating from AM Best, S&P, and Fitch. Despite recent industry challenges, SiriusPoint has maintained a stable outlook, with S&P Global Ratings revising its ratings outlook from ‘Negative’ to ‘Stable’ in November 2023, highlighting the company's strong and improving underwriting results expected through 2025.
Under the leadership of CEO Scott Egan, SiriusPoint continues to make strides in establishing a stable and profitable platform. Recent announcements include the appointment of EisnerAmper as the receiver to assess relevant assets and determine future restructuring plans, underscoring SiriusPoint's proactive approach to enhancing its operational standing.
For the latest updates and additional information, visit www.siriuspt.com.
SiriusPoint Ltd. (NYSE: SPNT) will release its fourth quarter 2022 financial results after market close on February 23, 2023. A conference call to discuss the results is scheduled for February 24, 2023, at 8:30 AM ET. Investors can access the live webcast through the Investor Relations section of the company's website. SiriusPoint operates as a global insurer and reinsurer, with a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch. The company has a total capital of $2.9 billion and provides services globally across almost 150 countries.
SiriusPoint Ltd. (NYSE: SPNT) has appointed Rob Gibbs as President of its international business and conditional CEO of SiriusPoint International Insurance Corporation, effective December 12, 2022, pending regulatory approval. Gibbs has 24 years of re/insurance experience, previously serving as Commercial Managing Director at RSA. He will drive growth and oversee transformation across SiriusPoint’s international platform. Additionally, Anders Hjelm is promoted to Deputy CEO, and Jennifer Bowie is appointed interim Chief Underwriting Officer. These changes aim to strengthen leadership and position the company for profitable growth in key markets.
SiriusPoint Ltd. (SPNT) reported a net loss of $98 million ($0.61 per share) in Q3 2022, with gross premiums written totaling $844 million, comprised of 62% insurance and 38% reinsurance. The combined ratio reached 107.7%, highlighting an underwriting loss of $47 million. Significant catastrophe losses amounted to $115 million, impacting financial performance. Despite challenges, the company is restructuring its underwriting platform to enhance profitability and efficiency. The leadership team also saw changes, including the retirement of President International Reinsurance Monica Cramér Manhem.
SiriusPoint Ltd. (NYSE: SPNT) will announce its third quarter 2022 financial results on November 2, 2022, after market close. A conference call is scheduled for November 3, 2022, at 8:30 AM ET, allowing investors to discuss the results. The call can be accessed via phone or a live webcast on the company's website. SiriusPoint operates globally, offering Property & Casualty and Accident & Health insurance with a total capital exceeding $3 billion and strong financial ratings from AM Best, S&P, and Fitch.
SiriusPoint Ltd. (NYSE: SPNT) has appointed Steve Yendall as Chief Financial Officer, effective October 31, 2022. Yendall boasts 25 years of experience in the re/insurance industry and will report to CEO Scott Egan. He replaces David Junius, who has resigned. Egan praised Yendall's significant financial background and transformational leadership skills, projecting that he will aid in achieving SiriusPoint's strategic objectives. Headquartered in Bermuda, SiriusPoint operates globally, offering various insurance solutions and holds over $3 billion in total capital with an A- (Excellent) rating from AM Best.
SiriusPoint Ltd. (NYSE: SPNT) announced the appointment of Scott Egan as CEO, effective September 21, 2022. Sharon Ludlow, interim Chair, expressed confidence in Egan's extensive experience in transforming businesses and risk management. Egan, previously CEO of RSA UK & International, brings over 25 years in the insurance industry, aiming to drive SiriusPoint's transformation into a best-in-class operator. The company thanks interim CEO Dan Malloy for his leadership during the transition.
Corvus Insurance has appointed Madhu Tadikonda as its new CEO, succeeding founding CEO Philip Edmundson, who becomes Executive Chair. The leadership change aims to enhance growth as Corvus expands its international operations and continues to innovate in cyber insurance. Since its inception in 2017, Corvus has achieved significant milestones, including yearly revenue and premium doubling, expanding its workforce, and entering new markets in the UK and Germany. A recent partnership with SiriusPoint Ltd. will inject $100 million to enhance their Smart Cyber Insurance products.
SiriusPoint Ltd. (NYSE:SPNT) reported a net loss of $61 million for Q2 2022, translating to $0.38 per diluted share. Gross premiums written totaled $813 million, with a 53% insurance and 47% reinsurance split, highlighting a strategic shift towards Insurance & Services. The combined ratio stood at 93.1%, and underwriting income reached $39 million. However, tangible diluted book value per share fell by 3.6% to $11.45. Catastrophe losses accounted for $16 million. The company aims to improve its Reinsurance underwriting and plans to leverage a rising rate environment for growth.
SiriusPoint Ltd. (NYSE: SPNT) announced a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B. This dividend will be payable on August 31, 2022, to shareholders of record as of August 16, 2022. With over $3 billion in total capital and a financial strength rating of A- from AM Best, SiriusPoint operates as an international specialty insurer and reinsurer, providing multi-line products and services across nearly 150 countries.
SiriusPoint Ltd. (NYSE: SPNT) announced it will release its second quarter 2022 financial results on August 3, 2022, after the market close. A conference call to discuss these results is scheduled for August 4, 2022, at 8:30 AM ET. Investors can access the call via phone or through a live webcast on the company’s Investor Relations website. SiriusPoint, a global insurer and reinsurer, operates in nearly 150 countries, holds over $3 billion in total capital, and has an A- financial strength rating from AM Best, S&P, and Fitch.
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