SiriusPoint has moved to close out its legacy reserves and will stop reporting reinsurance as a separate business, two steps that complete its shift from reinsurer to specialty underwriter.
The Bermuda-based company has agreed a loss portfolio transfer (LPT) with RiverStone covering substantially all of its remaining run-off reserves, it said alongside third-quarter results on November 5. According to its investor presentation:
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The deal is subject to regulatory approval. Once it completes, SiriusPoint said, substantially all of its run-off exposures will be covered by LPTs.
“This will allow us to effectively close the door on this historical book of reserves, further simplifying our business and unlocking significant capital,” said chief executive Scott Egan.
From the fourth quarter, SiriusPoint also plans to change how it reports. Accident & Health, which now writes more than US$1 billion of premium, will become a standalone segment. The rest of its specialty business, reinsurance included, will be reported in a new Specialty P&C segment. These will replace the current Insurance & Services and Reinsurance segments.
The reinsurance book has been shrinking on purpose. Reinsurance gross written premium fell 5.8% to US$973.7 million in the first nine months of 2026, driven by deliberate cuts in casualty, rate and exposure reductions in property catastrophe, and reductions in other specialties. That follows a 9% decline in the first half, as IB reported in July.
The third quarter broke that pattern. Reinsurance premium rose 2.6% to US$317.6 million, driven by property and marine & energy within other specialties. Reinsurance underwriting income rose to US$42.9 million, at an 86.0% combined ratio, from US$31.9 million at 87.9% a year earlier, helped by favourable prior-year development in property and energy. For the nine months, the reinsurance combined ratio was 87.4%, against 91.7% in the prior-year period, which included California wildfire losses.
At group level, Insurance & Services premium grew 19.8% in the quarter. Core gross written premium, core business, excluding the managed segment, rose 14%, and the core combined ratio was 90.1%. Net income available to common shareholders was US$87 million, and operating return on equity was 17.6%. The estimated BSCR ratio stood at 232% before the LPT.
For reinsurance brokers and cedants heading into 1/1, SiriusPoint’s figures point to continued caution on casualty and price discipline on property catastrophe, with appetite still there in specialty property and marine & energy.
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