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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. (SPNT) has announced the resignation of Chairman and CEO Siddhartha Sankaran to pursue other opportunities. The Board has appointed Daniel Malloy as Interim CEO and Sharon Ludlow as Interim Chair while a search for a permanent CEO is conducted. Malloy, a reinsurance veteran, previously served as President of Global Distribution and Services. The company highlights progress made since the merger of SiriusPoint and Third Point Re, and Sankaran will assist in the transition as an advisor.
SiriusPoint Ltd. (NYSE: SPNT) reported a net loss of $217 million for Q1 2022, equating to $1.36 per diluted share. The company achieved gross premiums written of $1 billion, with a 93.7% combined ratio and $34 million in underwriting income. Core income reached $27 million, down from $57.9 million in Q1 2021. Catastrophe losses totaled $7 million, while losses related to the Russia/Ukraine conflict were $19 million. The firm experienced a net investment loss of $205 million, reflecting a disappointing (15.3)% return from major investments. Despite these challenges, SiriusPoint emphasizes progress in its strategic shift towards Insurance & Services.
SiriusPoint Ltd. (NYSE: SPNT) has announced a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B. This dividend is payable on May 31, 2022 to shareholders on record as of May 16, 2022. With over $3 billion in total capital and a financial strength rating of A- (Excellent), SiriusPoint operates globally, offering solutions in property, casualty, and accident & health insurance.
SiriusPoint Ltd. (NYSE: SPNT) announced it will release its first quarter 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for May 5, 2022, at 8:30 am ET to discuss the results. Investors can access the call by phone or via a live webcast on the company’s Investor Relations website. SiriusPoint operates in nearly 150 countries, licensed for Property & Casualty and Accident & Health insurance, with over $3 billion in total capital and an A- (Excellent) financial strength rating from leading agencies.
SiriusPoint Ltd. (NYSE: SPNT) has announced a strategic partnership with Mosaic Insurance, involving an investment to enhance growth and underwriting capacity. Subject to regulatory approvals, SiriusPoint will sell its Lloyd’s Managing Agency, Sirius International Managing Agency (SIMA), to Mosaic, which will manage Syndicate 1945. This syndicate achieved a combined ratio of 92.8% in 2021. SiriusPoint retains full ownership of the syndicate, aiming for profitable growth through modernization and collaboration with Mosaic.
SiriusPoint (NYSE: SPNT) has appointed Jason Robart as an Independent Director to its Board, effective March 1, 2022. Robart brings a wealth of experience from his roles in financial services and venture capital, particularly in supporting BIPOC and women-led enterprises. He previously served as Chief Strategy Officer and Chief Human Resources Officer at Blue Cross Blue Shield of Massachusetts. This addition follows a year of transformation for SiriusPoint, with leadership emphasizing the importance of diverse insights for the company’s long-term success.
SiriusPoint Ltd. (NYSE:SPNT) reported a net loss of $140 million for Q4 2021, with diluted earnings at $0.88 per share. The company's tangible book value dropped by 5.7% to $13.27. For the full year, net income was $45 million but the core loss reached $163 million. Notably, catastrophe losses stood at $326 million for the year. The company's strategy includes reshaping its portfolio and reallocating capital to reduce risk and enhance long-term value. For Q4, the Core combined ratio was 93.6%, however, it faced significant net investment losses, totaling $151 million.
SiriusPoint Ltd. (NYSE: SPNT) has declared a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B. The payment is scheduled for February 28, 2022, for shareholders on record as of February 25, 2022. This reflects the company's ongoing commitment to returning value to its investors. With a total capital exceeding $3 billion and solid financial ratings, SiriusPoint is well-positioned in the global insurance market, serving clients in nearly 150 countries.
SiriusPoint Ltd. (NYSE: SPNT) announced the release of its fourth quarter 2021 financial results scheduled for after market close on February 24, 2022. The company will conduct a conference call on February 25, 2022, at 8:30 am Eastern Time to discuss these results. Investors can access the call via phone or through a webcast on the company's website. SiriusPoint, headquartered in Bermuda, operates globally, with a financial strength rating of A- from AM Best, S&P, and Fitch.
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