SiriusPoint Ltd. reported third-quarter 2025 results with a core combined ratio of 89.1% and net income of US$86.8 million.
The Bermuda-based insurance and reinsurance underwriter achieved a return on equity (ROE) of 17.7% in the third quarter, with operating ROE reaching 17.9%. Year-to-date operating ROE stands at 16.1%, exceeding the company’s 12% to 15% target range.
“The third quarter marked another successful quarter of delivery for SiriusPoint,” chief executive officer Scott Egan said. “Strong underwriting performance, targeted growth, the announcement of two MGA disposals, and a positive outlook upgrade by S&P means there is a lot to be proud of.”
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The company reported diluted earnings per common share of US$0.73, with operating earnings per share of US$0.72 – a 41% increase from the prior year. Book value per diluted common share, excluding accumulated other comprehensive income, rose 5.3% in the quarter to US$16.47.
Gross premiums written for the core business grew 26% to US$871.6 million in the third quarter, marking the sixth consecutive quarter of double-digit growth, according to a news release. The expansion was attributed to the Insurance & Services segment, including surety business within Other Specialties, growth across Accident & Health, and continued strategic program growth in the international Property & Casualty operations.
Core underwriting income rose 11% to US$69.6 million compared to the same period last year, aided by the absence of catastrophe losses during the quarter. The third quarter of 2024 had included US$10.6 million in catastrophe losses.
The company reported US$9.1 million in favourable prior-year loss reserve development for the third quarter, primarily from the Accident & Health business. This compared to US$29.7 million in favourable development in the year-ago period, which was driven by Property business.
Net services income increased to US$10.1 million from US$7.0 million in the prior-year quarter, driven by growth in the IMG’s travel business. Service margin improved to 17.1% from 14.1%.
For the nine months ended Sept. 30, 2025, SiriusPoint reported net income of US$203.6 million, with a core combined ratio of 91.4%. The year-to-date performance reflected heightened losses from California wildfires and the aviation sector in the first half of the year.
SiriusPoint announced the previously disclosed sale of two MGA investments, ArmadaCare and Arcadian, which are expected to unlock significant value representing an increase of approximately US$1.75 per share.
The company’s balance sheet remained strong, with a third-quarter 2025 BSCR estimate of 226%.
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