Core Insights - SiriusPoint Ltd. reported a significant improvement in its Core combined ratio, which decreased to 91.0% for the full year 2024, despite increased catastrophe activity [1][6][20] - The company achieved a 21% growth in gross premiums written for the fourth quarter and a 10% growth for the full year in its continuing lines business [1][6] - Underlying return on equity reached 14.6%, at the upper end of the target range of 12-15% set a year ago [2][10] Financial Performance - The Core combined ratio for the fourth quarter was 90.2%, reflecting a 3.2 point improvement year-over-year, with Core underwriting income of $200 million for the full year [6][20] - The company reported a net loss of $21 million for the fourth quarter, influenced by one-off items related to repositioning efforts, while underlying net income for the quarter was $44 million, contributing to a total of $304 million for the year, a 14% increase from the previous year [6][10][12] - Book value per diluted common share increased by 9.4% from December 31, 2023, to $14.60, with a strong balance sheet post-transaction [10][20] Segment Performance - The Reinsurance segment saw gross premiums written increase by 24.0% in the fourth quarter, driven by new business and renewal growth, although underwriting income decreased due to higher catastrophe losses [23][24][27] - The Insurance & Services segment experienced a 3.8% decrease in gross premiums written for the fourth quarter, but segment income improved significantly to $48.4 million, driven by lower attritional losses [29][30][32] Investment Performance - Total net investment income for the year was $289.7 million, primarily from interest income, despite unrealized losses on long-term investments [37][38] - The company shifted its investment strategy to diversify its portfolio, resulting in increased investment income compared to the previous year [37][38] Strategic Outlook - The company views 2024 as the conclusion of its significant reshaping efforts, with a focus now on growth and performance enhancement for 2025 [3][4] - SiriusPoint continues to rationalize its equity stakes in managing general agents, reducing the number from 36 to 20, while increasing the book value of consolidated MGAs [34]

Core Viewpoint - SiriusPoint Ltd. is set to release its fourth quarter and full year 2024 financial results on February 18, 2025, after market close, followed by a conference call on February 19, 2025, at 8:30 am Eastern Time [1]. Company Information - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with additional offices in New York, London, and Stockholm [4]. - The company has over $2.7 billion in total capital and holds a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, as well as A3 from Moody's [4]. - SiriusPoint offers Property & Casualty and Accident & Health insurance and reinsurance globally, supported by strategic partnerships with Managing General Agents and Program Administrators [4]. Conference Call Details - The conference call can be accessed domestically at 1-877-451-6152 and internationally at 1-201-389-0879, with a replay available until March 5, 2025 [3]. - The live conference call will be available via the Investor Relations section of the company's website, with an online replay immediately following the call [2].

Transaction Details - The company has agreed to repurchase 45.7 million common shares at $14.25 per share and 21 million warrants at $3.56 per warrant [6] - The total purchase price for the repurchase of shares and warrants is $733 million [5] - The payment will be made in two tranches: $250 million today and $483 million by February 28, 2025 [3] Financial Impact - The transaction is expected to be accretive to earnings per share, return on equity, and book value per share [1] - The company's proforma Bermuda Solvency Capital Ratio remains strong at 218% after the payments [8] - As of September 30, 2024, the diluted book value per common share was $14.73, and the 30-day volume-weighted average common share price was $15.16 as of December 27, 2024 [6] Strategic Implications - The transaction positions the company well for the future and is focused on driving further value creation for shareholders [1] - Following the transaction, CM Bermuda will have no remaining ownership interest in the company and will cease to have any representation on the board of directors [3] - The company's financial position, driven by strengthening profitability and performance, has enabled the execution of this transaction [9] Company Overview - The company is a global underwriter of insurance and reinsurance with headquarters in Bermuda and offices in New York, London, and Stockholm [4] - It has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally [4] - The company has over $3.0 billion in total capital and holds financial strength ratings of A- (Excellent) from AM Best, S&P, and Fitch, and A3 from Moody's [4] Transaction Advisors - BofA Securities, Inc acted as the financial advisor for the transaction [10] - Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel for the transaction [10]

HAMILTON, Bermuda, Nov. 11, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, has today announced changes to its Chief Underwriting Office leadership to support plans for further growth and profitability in 2025. From January 1, 2025, Anthony Shapella will be promoted into the role of Group Chief Underwriting Officer and will join the Executive Leadership Team. David Govrin will now focus entirely on his role as Group President and Chief Execut ...

Financial Data and Key Metrics Changes - SiriusPoint reported a combined ratio of 88.5%, marking a 4-point improvement year-over-year, despite the impact of Hurricane Helene [7][12] - The annualized underlying return on equity (ROE) for the first nine months of 2024 is 14.4%, within the target range of 12% to 15% [8][24] - Headline net income for Q3 was $5 million, while underlying net income was $89 million, reflecting a 69% increase compared to the prior year [23][29] Business Line Data and Key Metrics Changes - The company achieved a 10% year-over-year growth in gross written premiums for continuing lines of business [10][28] - Catastrophe losses for the quarter were $11 million, primarily related to Hurricane Helene, representing 1.9 points on the combined ratio [13][32] - The specialty segment saw gross premiums written increase by 41% year-to-date, driven by key hires and improved offerings [47] Market Data and Key Metrics Changes - The growth in premiums is predominantly from the specialty and property market segments, with double-digit growth noted [10][40] - The reinsurance segment's premiums were flat year-to-date, aligning with the strategy to focus on insurance and services over reinsurance [41] - The company expects the impact of recent hurricanes to moderate pressures on property reinsurance pricing at upcoming renewals [59] Company Strategy and Development Direction - SiriusPoint's strategy emphasizes disciplined underwriting and pricing, aiming to grow in areas with the best return on capital [11][43] - The company has strengthened its MGA distribution strategy, entering into six new partnerships in Q3 [17] - The focus remains on building a low-volatility portfolio, balancing higher volatility lines with stable segments like Accident & Health [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving underwriting performance and maintaining a strong focus on strategic equity actions to reduce future volatility [25][26] - The company acknowledges the human impact of recent hurricanes and emphasizes its commitment to supporting affected customers [16] - Future expectations include continued growth momentum in core business lines and a stable investment portfolio [60][62] Other Important Information - The company completed the repurchase and retirement of $125 million of CMIG's common stock, impacting net income for the quarter [21][22] - The deconsolidation of the MGA Arcadian had no impact on underwriting relationships or net income available to SiriusPoint [18][32] - The investment portfolio reported net investment income of $78 million for the quarter, contributing to a total investment result of $93 million [20][33] Summary of Q&A Session Question: What is the outlook for the company's growth in the coming quarters? - Management indicated that they expect to build on the strong performance and aim for a 12% to 15% return on average common equity through the cycle [62]

Core Financial Performance - The company reported a third quarter net income of $5 million, with an underlying net income of $89 million, reflecting a 69% increase year-over-year driven by higher underwriting and investment income [1][4] - The combined ratio for the core business improved to 88.5%, a 4-point improvement from the previous year, resulting in a year-to-date core combined ratio of 91.1% and core underwriting income of $144 million [1][4] - Book value per diluted common share increased by 3% in the quarter to $14.73, marking a 10% increase since year-end 2023 [1][4] Premiums and Underwriting - Gross premiums written for continuing lines of business grew by 10% in the quarter, contributing to a 7% growth year-to-date [1] - For the three months ended September 30, 2024, consolidated underwriting income was $89 million, up from $73.8 million in the same period last year, primarily due to favorable prior year loss reserve development [7] - The company experienced a decrease in gross premiums written of 4.8% for the third quarter compared to the previous year, primarily due to the transition of certain lines to corporate [12] Investment Income - Net investment income for the third quarter was strong at $78 million, with total investment results reaching $92.5 million [2][4] - The company’s investment strategy has shifted towards high-grade corporate debt and other securitized assets, resulting in increased interest income [26][27] Strategic Transactions - The company completed a significant two-part strategic transaction with CMIG, involving the purchase and retirement of $125 million of common shares and the settlement of Series A Preference Shares [3] - The balance sheet remains robust, with a Q3 BSCR estimate of 265%, indicating strong financial health [3] Segment Performance - The Reinsurance segment saw gross premiums written increase by 18.5% to $314.5 million for the third quarter, driven by growth in Bermuda and New York Property [18] - The Insurance & Services segment reported a decrease in gross premiums written of 18.3% to $376 million, primarily due to the non-renewal of certain programs [22] Year-to-Date Highlights - For the nine months ended September 30, 2024, net income available to common shareholders was $205.2 million, or $1.11 per diluted common share [5] - Core income for the nine months was $177.9 million, with a core combined ratio of 91.1% [5][14]

Company Announcement - SiriusPoint Ltd. plans to release its third quarter 2024 financial results after market close on October 31, 2024 [1] - A webcast to discuss the financial results will be held at 8:30 am (Eastern Time) on November 1, 2024 [1] Conference Call Details - The conference call can be accessed by dialing 1-877-451-6152 for domestic calls or 1-201-389-0879 for international calls [2] - A replay of the call will be available until 11:59 pm (Eastern Time) on November 15, 2024 [2] Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda with offices in New York, London, and Stockholm [3] - The company has over $3.0 billion in total capital and holds a financial strength rating of A- from AM Best, S&P, and Fitch, and A3 from Moody's [3]

SiriusPoint Ltd. (NYSE:SPNT) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET Company Participants Sarah Singh - Vice President Strategy and Investor Relations Scott Egan - Chief Executive Officer Jim McKinney - Chief Financial Officer Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to SiriusPoint Second Quarter 2024 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. As a reminder, this conference call is being re ...

Core Viewpoint - SiriusPoint Ltd. has declared a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B, payable on August 30, 2024, to shareholders of record as of August 15, 2024 [1] Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with additional offices in New York, London, and Stockholm [2] - The company is listed on the New York Stock Exchange under the ticker SPNT and has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally [2] - SiriusPoint has over $3.0 billion in total capital and its operating companies hold a financial strength rating of A- (Stable) from AM Best, S&P, and Fitch, and A3 (Stable) from Moody's [2]

HAMILTON, Bermuda, July 18, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (NYSE: SPNT) ("SiriusPoint" or the "Company") today announced that it is planning to release its second quarter 2024 financial results after the market close on Thursday, August 1, 2024. The Company will also hold a webcast, which can be accessed as a conference call, to discuss its financial results at 8:30 am (Eastern Time) on Friday, August 2, 2024. The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0 ...