SiriusPoint Welcomes AM Best Outlook Revision to ‘Positive’ from ‘Stable’
HAMILTON, Bermuda, April 25, 2025 (GLOBE NEWSWIRE) -- AM Best has revised the outlook of the rated operating subsidiaries of SiriusPoint Ltd (“SiriusPoint” or “the Company”) (Bermuda) [NYSE: SPNT] to Positive from Stable, citing the Company’s “very strong balance sheet”.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of SiriusPoint’s rated operating subsidiaries. Additionally, the rating agency has affirmed the Long-Term ICR of “bbb-” (Good) of SiriusPoint.
AM Best said the revision of the outlook to Positive from Stable reflects SiriusPoint’s improved balance sheet strength following actions taken by management including the derisking of the investment portfolio, reduction in catastrophe exposure, and the recent buy-back of shares and warrants previously held by CM Bermuda Ltd.
“This outlook revision is a reflection of our journey towards stability, underwriting profitability, and becoming a best-in-class insurer and reinsurer,” said Scott Egan, Chief Executive Officer of SiriusPoint. “This is further recognition of SiriusPoint’s achievements and the work we have done to reshape our future. I am proud of the team at SiriusPoint who have worked with dedication and commitment to improve our company profile, balance sheet strength, and underwriting performance.”
In a press release issued today, AM Best said: “The ratings reflect SiriusPoint’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.”
The rating agency added: “AM Best expects that the group will maintain its risk-adjusted capitalization comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by prudent capital management, effective underwriting exposure management and positive operating results.”
The financial strength rating of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed with the outlooks revised to positive from stable for the following subsidiaries of SiriusPoint:
- SiriusPoint America Insurance Company
- SiriusPoint Bermuda Insurance Company Ltd.
- SiriusPoint International Insurance Corporation (publ)
- SiriusPoint Specialty Insurance Corporation
AM Best’s revised outlook for SiriusPoint comes just one month after Fitch Ratings announced it had affirmed the ratings of SiriusPoint, including its Long-Term Issuer Default Rating at ‘BBB’, its senior debt rating at ‘BBB-‘ and its Insurer Financial Strength (IFS) rating at ‘A-‘ (Strong) of SiriusPoint’s subsidiaries. It has also revised the Company’s Outlook to Positive from Stable.
for full details in AM Best’s press release.
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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 $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s.
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; 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; 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, 2024.
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.
