SiriusPoint Ltd. shifted further from reinsurance in Q2 2026, with insurance and services gross written premium rising 15% to US$644.6 million while reinsurance fell 8.9% to US$336.9 million. Insurance and services now accounts for approximately 67% of H1 core gross written premium.
Core gross written premium for H1 reached $1,985.3 million, up 3.4% year on year. The split reflects a deliberate pullback from casualty and property catastrophe reinsurance towards general liability programmes, accident and health, and London MGA specialty lines.
H1 net income available to common shareholders reached US$168 million, up 44% from US$117 million in H1 2025. The annualised operating return on equity for the half year was 14.7%, reaching the upper end of the company's 12% to 15% across-the-cycle target range.
The Bermuda Solvency Capital Requirement estimate stood at 239% at the end of Q2. Total capital was approximately US$3 billion.
SiriusPoint's core combined ratio was 91.4% in Q2 and 90.1% for H1 2026, a 2.3-point improvement on the H1 2025 result of 92.4%. Core underwriting income for H1 reached US$125.9 million, up from US$96.1 million a year earlier.
Catastrophe losses were US$6.7 million, or 0.5 percentage points on the combined ratio. That compared with US$67.4 million and 5.3 percentage points in H1 2025, when the California wildfires weighed on results.
Prior year loss reserve development contributed US$48.9 million of releases across both segments in H1 2026. Insurance and services accounted for US$31.2 million of that, primarily in accident and health.
The Q2 reinsurance segment produced a combined ratio of 92.3% and underwriting income of US$19.6 million, against 89.8% and US$28.1 million a year earlier. The deterioration reflected lower net earned premiums in casualty and property catastrophe and higher acquisition costs.
SiriusPoint's net services income in Q2 was US$9.9 million, up from US$8.7 million, as the IMG travel business grew and the acquisition of Assist America contributed. Service margin rose to 16.5% from 13.5% on an adjusted basis.
Net investment income fell to US$65.5 million in Q2 from US$68.2 million a year earlier. The decline reflected sales within the third-party operated credit portfolio and higher incentive compensation expenses. Net investment gains reached US$7.9 million compared with US$0.7 million in the same period last year.
SiriusPoint repurchased US$95 million of common shares in H1 2026. Total capital returned in 2026 reached US$295 million.
Chief executive Scott Egan said the H1 operating ROE of 14.7% was at the upper end of the company's target range. He said the group grew in insurance and services while pulling back on reinsurance where returns were not adequate. The company was well positioned heading into the second half, he added.
SiriusPoint is headquartered in Bermuda and listed on the New York Stock Exchange under the ticker SPNT. The group holds an A financial strength rating from AM Best, S&P and Fitch, and A3 from Moody's.
