S&P Global Ratings has revised its outlook on SiriusPoint and its operating subsidiaries to Positive from Stable, citing the company’s underwriting profits over the past two and a half years and a significantly reduced risk profile.
S&P affirmed SiriusPoint’s 'A-' issuer credit and financial strength ratings for all core operating subsidiaries, as well as its 'BBB' long-term issuer credit rating. The rating agency noted that SiriusPoint has reduced its exposure to natural catastrophe and investment risk, with the group managing catastrophe exposure and losses relative to shareholders’ equity. S&P also pointed to the company’s recent underwriting results.
Earlier in the year, Fitch Ratings and AM Best also revised their outlooks on SiriusPoint to Positive from Stable. Fitch referenced the company’s underwriting performance and the repositioning of its re/insurance portfolio.
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Meanwhile, AM Best cited improvements in SiriusPoint’s balance sheet, including the derisking of its investment portfolio, a reduction in catastrophe exposures, and the company’s share buy-back from CM Bermuda Ltd.
“We are incredibly proud to have had our progress recognized by all three rating agencies this year,” CEO Scott Egan (pictured above) said. “Reducing risk and volatility, focusing on underwriting excellence, and a disciplined approach to investments are core to our business, and the strategy we have put in place is achieving results.”
Alongside these ratings developments, SiriusPoint has continued to adjust its leadership and business strategy this year. In September, the company appointed Martin Hudson to its board of directors. Hudson, who brings more than 40 years of experience in the global re/insurance sector, is expected to contribute to SiriusPoint’s governance and long-term planning.
The company also expanded its executive team by naming David Turner as global head of claims, effective October 7. Turner, who will oversee claims operations in both London and New York, joins SiriusPoint from Fidelis and brings additional experience from MS Amlin and Willis.
In business transactions, SiriusPoint recently agreed to sell its supplemental health insurance program manager, ArmadaCare, to Ambac Financial Group for US$250 million. The sale, expected to close in the fourth quarter of 2025 pending regulatory approval, will allow SiriusPoint to continue its capacity partnership with ArmadaCare through 2030.
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