Welcome to our dedicated page for Siriuspoint news (Ticker: SPNT), a resource for investors and traders seeking the latest updates and insights on Siriuspoint stock.
SiriusPoint Ltd. (NYSE: SPNT) is a Bermuda-headquartered global specialty insurer and reinsurer. As a global underwriter of insurance and reinsurance with licenses to write Property & Casualty and Accident & Health business, the company regularly issues news on underwriting performance, strategic transactions, ratings actions, and corporate developments. Its operating companies hold financial strength ratings of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s, and S&P has revised its outlook on SiriusPoint and its operating subsidiaries to Positive based on underwriting profits and a reduced risk profile.
News about SiriusPoint often covers quarterly and annual financial results, including combined ratios, Core results for its Insurance & Services and Reinsurance segments, and return on equity metrics. Investors and analysts follow these updates to understand how catastrophe losses, prior-year reserve development, and premium growth in areas such as Accident & Health, Surety, and international property and casualty programs are affecting the company’s performance.
The company also announces strategic portfolio moves, such as the sale of its supplemental health insurance program manager ArmadaCare to a subsidiary of Ambac Financial Group Inc., the sale of its equity stake in Arcadian Risk Capital to an acquisition vehicle affiliated with Lee Equity Partners, and the planned acquisition of Assist America by its wholly owned subsidiary International Medical Group. These items highlight how SiriusPoint manages its mix of equity stakes, service platforms, and long-term capacity partnerships with Managing General Agents and Program Administrators.
In addition, SiriusPoint’s news feed includes governance and capital updates, such as board appointments, executive changes, adoption of an Executive Severance Plan, and quarterly cash dividends on its 8.00% Resettable Fixed Rate Preference Shares, Series B. For readers tracking SPNT, this news page provides a centralized view of the company’s earnings announcements, ratings outlook changes, strategic transactions, and corporate actions over time.
SiriusPoint (NYSE: SPNT) has announced a registered secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb. The company intends to repurchase up to 2,000,000 common shares at the public offering price and will cancel any repurchased shares.
Following the completion of this offering and the previously announced repurchase of shares and warrants from CM Bermuda, the Loeb Entities' ownership in SiriusPoint will increase to approximately 9.67% from 9.4%. The remaining shares held by the Loeb Entities will be subject to a 90-day lock-up agreement with Jefferies, the sole bookrunning manager for the offering.
SiriusPoint (NYSE:SPNT) reported its fourth quarter and full-year 2024 results, marking its ninth consecutive quarter of underwriting profits. The company achieved a Core combined ratio of 90.2% in Q4, a 3.2-point improvement from the previous year, resulting in a full-year Core combined ratio of 91.0% and Core underwriting income of $200 million.
The company experienced 21% growth in gross premiums written for continuing lines business in Q4, contributing to 10% annual growth. However, Q4 saw a net loss of $21 million, impacted by the CM Bermuda repurchase transaction, Enstar LPT transaction closure, and a single MGA investment write-down. The underlying net income was $44 million in Q4, contributing to $304 million for the full year, up 14% versus prior year.
The company's return on equity for 2024 was 9.1%, or 14.6% on an underlying basis. Book value per diluted common share (ex. AOCI) reached $14.64, up 9.8% from December 31, 2023. The company permanently retired 45.7 million common shares from CM Bermuda, driving over 20% earnings per share accretion.
SiriusPoint (NYSE: SPNT) has announced it will release its fourth quarter and full year 2024 financial results after market close on Tuesday, February 18, 2025. The company will host a webcast and conference call to discuss these results on Wednesday, February 19, 2025, at 8:30 am Eastern Time.
Investors can access the webcast through the Investor Relations section of SiriusPoint's website at www.siriuspt.com. For those preferring to dial in, the conference call can be accessed at 1-877-451-6152 (domestic) or 1-201-389-0879 (international). A replay will be available until March 5, 2025, using passcode 13750607.
SiriusPoint (NYSE: SPNT), a global specialty insurer and reinsurer, has announced a quarterly cash dividend for its Series B Preference shareholders. The dividend payment of $0.50 per share applies to the company's 8.00% Resettable Fixed Rate Preference Shares, Series B, which have a $0.10 par value and $25.00 liquidation preference per share. The dividend will be paid on or before February 28, 2025, to shareholders of record as of February 13, 2025. This decision was approved by the Audit Committee of SiriusPoint's Board of Directors.
SiriusPoint (NYSE: SPNT) has announced an agreement to repurchase all common shares and warrants held by CM Bermuda for $733 million. The transaction involves purchasing 45.7 million common shares at $14.25 per share and 21 million warrants at $3.56 per warrant. The payment will be made in two tranches: $250 million paid immediately and $483 million due by February 28, 2025.
The company is financing the transaction through existing capital, maintaining a strong proforma Bermuda Solvency Capital Ratio of 218% after payments. As of September 30, 2024, SiriusPoint's diluted book value per common share was $14.73, with a 30-day volume-weighted average share price of $15.16 as of December 27, 2024.
SiriusPoint (NYSE: SPNT) announced key leadership changes in its Chief Underwriting Office effective January 1, 2025. Anthony Shapella will be promoted to Group Chief Underwriting Officer and join the Executive Leadership Team, while David Govrin will focus exclusively on his role as Group President and CEO of Global Reinsurance. The restructuring aims to support the company's growth and profitability plans for 2025. Govrin, who has held dual roles since February 2021, has led the company's underwriting turnaround over the past eight quarters. Shapella, who joined SiriusPoint in September 2023 as Deputy Chief Underwriting Officer, previously served as Head of Portfolio Analytics, General Insurance at AIG.
SiriusPoint (NYSE: SPNT), an international specialty insurer and reinsurer, has declared a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B. The dividend has a $25.00 liquidation preference per share and will be paid on or before November 30, 2024 to Series B shareholders of record as of November 15, 2024. The dividend declaration was approved by the Company's Audit Committee of the Board of Directors.
SiriusPoint reported its Q3 2024 results with net income of $5 million and underlying net income of $89 million, up 69% year-over-year. The company achieved a combined ratio of 88.5% for Core business, representing a 4-point improvement versus prior year. Gross premiums written grew 10% for continuing lines business, contributing to 7% growth year-to-date. Book value per diluted common share reached $14.73, increasing 3% in the quarter and 10% since year-end 2023. The company completed a strategic transaction with CMIG, including the purchase and retirement of $125m of common shares. Q3 BSCR estimate stands at 265%, demonstrating balance sheet strength.
SiriusPoint (NYSE: SPNT) has announced the release date for its third quarter 2024 financial results. The company plans to release the results after market close on Thursday, October 31, 2024. Following this, SiriusPoint will hold a webcast and conference call to discuss the financial results on Friday, November 1, 2024, at 8:30 am (Eastern Time).
Investors can access the webcast through the Investor Relations section of SiriusPoint's website at www.siriuspt.com. For those preferring a conference call, the dial-in numbers are 1-877-451-6152 (domestic) and 1-201-389-0879 (international). A replay will be available until November 15, 2024, accessible by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) with the passcode 13748683.
SiriusPoint (NYSE: SPNT) reported strong Q2 2024 results with net income of $109.9M.
Key highlights include:
- Seventh consecutive quarter of underwriting profits
- Core combined ratio of 92.5%
- Gross written premiums up 22% in Q2
- Annualized ROE at 16.7%
- Balance sheet strengthened with a BSCR estimate of 284%
- Share repurchase of $125M from CMIG and authorization increased to $306M
Scott Egan, CEO, emphasized the company's focus on stable earnings and shareholder value. The core underwriting income was $81M, up 11% YoY, and net investment income guidance increased to $275M-$285M for the full year. Net service fee income also grew by 6.5%.
SiriusPoint continues to rationalize its MGA equity stakes, down to 22 from 36 at the start of 2023, and has added 11 new distribution partnerships.
Q2 2024 saw a net investment income of $78.2M, core income of $46M, and a return on average common equity of 17.9%.