SiriusPoint Wins Positive Outlook from S&P for Reduced Risk
SiriusPoint Ltd. has received a positive outlook from S&P Global Ratings, driven by reduced exposure to natural catastrophes and investment risks. The company's progress has been recognised by all three major rating agencies this year.
SiriusPoint's underwriting income for 2024 reached an impressive $200 million. Scott Egan, the company's Chief Executive Officer, has been instrumental in reducing risk and volatility, focusing more on company performance. This strategic shift has been recognised by S&P, Fitch Ratings, and AM Best, all of whom revised their outlooks to 'Positive' from 'Stable' earlier this year.
S&P affirmed SiriusPoint's 'A-' issuer credit and financial strength ratings for all core operating subsidiaries, and its 'BBB' long-term issuer credit rating. AM Best highlighted improvements in SiriusPoint's balance sheet following investment portfolio derisking and reduced catastrophe exposures. Fitch cited SiriusPoint's solid underwriting performance and strategic repositioning of its re/insurance portfolio. In the second quarter of 2024, SiriusPoint's core underwriting income rose to $67.6 million.
SiriusPoint's consistent underwriting profits over the past two and a half years and reduced risk profile have led to an upgrade in its outlook from 'Stable' to 'Positive' by S&P Global Ratings. The company's strategic focus on performance and risk reduction has been recognised and affirmed by all three major rating agencies.
