SiriusPoint Welcomes AM Best Outlook Revision to 'Positive' from 'Stable'

Core Viewpoint - AM Best has revised the outlook of SiriusPoint Ltd's rated operating subsidiaries to Positive from Stable, citing the Company's very strong balance sheet [1][3]. Group 1: Ratings and Outlook - AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) for SiriusPoint's rated operating subsidiaries [2]. - The Long-Term Issuer Credit Rating of "bbb-" (Good) for SiriusPoint has also been affirmed [2]. - Fitch Ratings recently affirmed SiriusPoint's ratings, including a Long-Term Issuer Default Rating at 'BBB' and a senior debt rating at 'BBB-' [4]. Group 2: Financial Strength and Management Actions - The revision to Positive reflects improved balance sheet strength due to management actions such as derisking the investment portfolio and reducing catastrophe exposure [3]. - The recent buy-back of shares and warrants previously held by CM Bermuda Ltd. contributed to the improved outlook [3]. - AM Best expects SiriusPoint to maintain strong risk-adjusted capitalization, supported by prudent capital management and effective underwriting exposure management [4]. Group 3: Company Profile - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with total capital exceeding $2.6 billion [6]. - The company has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally [6].