SiriusPoint S&P Global Ratings Outlook Revised to ‘Stable’
HAMILTON, Bermuda, Nov. 09, 2023 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, has had its ratings outlook revised from ‘Negative’ to ‘Stable’ by S&P Global Ratings (S&P).
S&P’s decision to revise its ratings outlook to ‘Stable’ reflects its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025, with combined ratios around 95% and capital maintained at the 'AA' level.”
Commenting on the ratings outlook, Scott Egan, CEO, SiriusPoint, said: "S&P's decision to revise our outlook to 'Stable’ recognizes the hard work of our people, their dedication and our collective effort to establish a stable platform for 2024 and beyond.
“This is an important moment in our journey, and the outcome demonstrates that we are taking the right actions to strengthen our business. We have built both capital and cultural resilience, we have executed well against our strategy, and we have proof points to be proud of. We thank our colleagues, investors, clients, and partners for their belief and support in our business.”
SiriusPoint is currently attributed an ‘A-’ insurer financial strength rating and a 'BBB' long-term issuer credit rating by S&P. SiriusPoint continues to benefit from a strong capital position above the 'AA' confidence level based on S&P’s risk-based capital model.
On the future, Mr. Egan said: “We’re just over a year into our journey. Our focus remains on simplifying our business, reducing volatility and ultimately, continuing to build profitability. While we’re making great strides, there is still work to be done but I’m confident in our plans for the future.”
In the past year SiriusPoint has strengthened its Executive Leadership Team, Senior Leadership Team, and the wider business with a number of new appointments and internal promotions. Mr. Egan became Chief Executive Officer and a board member of the Company in September 2022.
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 $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit .
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, such as the ongoing COVID-19 outbreak; 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; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; 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, 2022. 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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Dhruv Gahlaut, SiriusPoint
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