SiriusPoint Ltd. - SPNT STOCK NEWS

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.

Corvus Insurance has announced an expanded strategic partnership with SiriusPoint Ltd. (NYSE: SPNT) and R&Q Accredited, enhancing their program with an additional $100 million investment. The partnership aims to leverage AI-driven data for improved Smart Cyber Insurance offerings, following an initial collaboration initiated in September 2021. Corvus’s CEO, Phil Edmundson, stated that this collaboration will provide superior loss ratios for partners. The growth will enable Corvus to enhance its global reach and underwriting capabilities in response to evolving cyber risks.

SiriusPoint Ltd. (NYSE: SPNT) is under CreditWatch with negative implications from S&P Global Ratings due to recent management changes, including the departures of the CEO and COO. S&P emphasizes the importance of effective leadership for executing the company's strategy and improving performance. Interim CEO Dan Malloy reports significant progress in re-underwriting and volatility reduction over the last five quarters. Despite these challenges, SiriusPoint maintains a robust capital position with financial strength ratings of 'A-' and 'BBB' from S&P. The Board is actively seeking a permanent CEO.

SiriusPoint Ltd. (SPNT) has made two key appointments to its Executive Leadership Team. Patrick Charles has been promoted to Global Head of Property and Casualty (P&C) Insurance & Services, bringing 20 years of industry experience. Darryl Siry joins as a member of the ELT, responsible for technology integration and managing general agency operations. These changes follow the resignation of Prashanth Gangu, the previous COO. Dan Malloy, CEO, expressed confidence in the new leadership’s ability to drive the company's growth and strengthen its strategic partnerships in the insurance sector.

SiriusPoint Ltd. (NYSE: SPNT) has announced that Daniel S. Loeb, its largest individual shareholder, will join its Board of Directors. Loeb, founder of Third Point LLC, aims to enhance the company's asset management strategy while a search for a permanent CEO begins. He emphasizes the importance of disciplined expense management and profitable underwriting to create shareholder value. The company boasts over $3 billion in total capital and maintains a strong financial rating, signaling stability amidst ongoing strategic transformations.