Siriuspoint Ltd - SPNT STOCK NEWS

Corvus Insurance and SiriusPoint Ltd. (NYSE: SPNT) have announced a strategic partnership to enhance commercial insurance offerings, particularly in cyber insurance. The multi-year agreement includes underwriting capacity for Corvus’s Smart Cyber Insurance product, targeting businesses with up to $1B in revenue and coverage limits of $5M. The partnership aims to expand Corvus's capabilities and aligns with SiriusPoint's focus on data-driven insurance solutions.

SiriusPoint Ltd. (SPNT) has revised its estimated third quarter losses stemming from the severe European floods in July 2021, increasing the anticipated losses from an initial estimate of $30 million to between $70 and $100 million. The floods affected regions in Germany, Belgium, and other parts of Europe, with industry loss estimates around €10 billion. Chief Financial Officer David Junius noted ongoing evaluations of the company's exposure to Hurricane Ida, with further disclosures expected during the upcoming third quarter earnings release.

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 dividend will be paid on August 31, 2021, to shareholders on record as of August 16, 2021. SiriusPoint is recognized as a top 20 global insurer and reinsurer, operating in nearly 150 countries with over $3 billion in total capital and a financial strength rating of A- from AM Best, S&P, and Fitch.

On August 5, 2021, SiriusPoint Ltd. (NYSE: SPNT) announced that Compre will acquire a US$417 million portfolio of legacy liabilities, pending regulatory approval. This strategic loss portfolio transfer includes asbestos, environmental, and workers' compensation liabilities. This move enables SiriusPoint to redeploy capital toward more strategic growth areas, enhancing operational efficiency. The transaction is seen as a significant growth milestone for Compre and reinforces their partnership with SiriusPoint, facilitating both companies' long-term objectives.

SiriusPoint reported a net income of $64.5 million or $0.37 per diluted share for Q2 2021, with a tangible diluted book value per share at $14.30. The company achieved a combined ratio of 92.8% and net underwriting income of $33.3 million. A loss portfolio transfer transaction of $417 million is pending regulatory approval, aimed at optimizing capital. The acquisition of Sirius Group significantly boosted net premiums earned by 231.2% to $466.3 million. The annualized return on equity was 10.6%, although net investment income fell to $77.4 million.

SiriusPoint Ltd. (NYSE: SPNT) will release its Second Quarter 2021 financial results post-market on August 5, 2021. A conference call is scheduled for 8:30 am Eastern Time on August 6, 2021, to discuss these results. Investors can access the call by dialing 1-877-300-8521 (domestic) or 1-412-317-6026 (international). A replay will be available two hours after the call until August 20, 2021. SiriusPoint is a leading global insurer and reinsurer with over $3 billion in capital and an A- financial strength rating from AM Best, S&P, and Fitch.

Joyn Insurance has partnered with SiriusPoint Ltd. to enhance small and mid-market US commercial insurance through technology and data analytics. Operating as a Managing General Agency, Joyn aims to address the $100B underserved market by underwriting Excess and Surplus products across six industries. Joyn commenced underwriting on July 1, 2021, leveraging SiriusPoint's financial strength and expertise, with the latter investing over $3 billion in capital to support this initiative.

Outdoorsy has successfully raised $120 million in equity and debt financing, comprising a $90 million private placement equity round led by notable investors including Moore Strategic Ventures and SiriusPoint (NYSE: SPNT). This funding aims to enhance the company's operational scaling amid the U.S. economy's reopening. With plans to accelerate growth in their innovative insurtech business, Roamly, and expand into European markets, Outdoorsy is set to leverage this capital for further expansion and development of new accommodations with Collective Retreats.

ArmadaCare, a leader in employer-sponsored health insurance, has appointed Mike Ross as the new Chief Revenue Officer. This strategic move aims to enhance business development and drive growth by introducing new health benefits products. Ross brings extensive experience from InsureTech companies and significant roles at Mercer and Cigna International. The creation of the CRO position underlines ArmadaCare's commitment to expanding its innovative insurance solutions. This change is expected to strengthen service offerings and attract talent.