Siriuspoint Ltd Stock Price, News & Analysis

SiriusPoint Ltd. (NYSE: SPNT) plans to release its first quarter 2023 financial results on May 3, 2023, after market close. The company will hold a webcast and conference call on May 4, 2023, at 8:30 AM (ET) to discuss these results. Interested parties can access the live conference call by dialing 1-888-347-6085 for domestic calls or 1-412-317-5189 for international calls. A replay will be available until May 18, 2023. SiriusPoint, based in Bermuda, operates globally in insurance and reinsurance, with total capital of $2.9 billion and a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch. Detailed information can be found on their website.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) for the operating subsidiaries of SiriusPoint Ltd. (NYSE: SPNT). Additionally, it affirmed a Long-Term ICR of “bbb-” (Good) for SiriusPoint as a non-operating holding company. The ratings reflect SiriusPoint's consolidated balance sheet strength, assessed as very strong, and adequate operating performance. Notably, the company demonstrated a significant de-risking in 2022, with cash and fixed income securities increasing to 92% of its portfolio. However, its recent technical performance showed weaknesses with combined ratios of 120% and 107% for 2021 and 2022, respectively. SiriusPoint aims to improve underwriting profitability by shifting its business mix away from catastrophe-exposed property business.

SiriusPoint Ltd. (NYSE: SPNT) has acknowledged an interest from Third Point LLC regarding a potential acquisition of the company's outstanding Common Shares. The SiriusPoint Board of Directors will evaluate any acquisition proposals in line with its fiduciary duties. Over the past seven months, SiriusPoint has focused on reducing volatility, simplifying its business, and improving profitability, achieving significant progress in these areas. The company boasts a healthy balance sheet and capital position, bolstered by a recent Loss Portfolio Transfer transaction pending regulatory approval. Notably, Fitch recently upgraded SiriusPoint's Outlook to Stable from Negative. Shareholders are not required to take any action presently.

SiriusPoint Ltd. (NYSE: SPNT) has entered into a significant Loss Portfolio Transfer (LPT) agreement with Compre, covering approximately $1.3 billion in reserves from its reinsurance portfolio. This transformative deal is part of SiriusPoint's strategy to simplify its business and enhance profitability. The transaction, pending regulatory approval, is expected to release substantial capital, strengthen the balance sheet, and validate SiriusPoint's reserving policy with an estimated reserve redundancy of $100 million. The LPT is being underwritten by Compre's Pallas Reinsurance Company Ltd., marking a notable partnership in the insurance industry.

SiriusPoint Ltd. (NYSE: SPNT) announced the cash payment for holders of its contingent value rights (CVRs) due to maturity on February 26, 2023. According to the CVR Agreement, the payment amounts to $8.4095 per CVR, after calculating the volume weighted average price (VWAP) of the company’s shares at $7.1609 over the trading days leading up to the Maturity Date. The CVRs were initially valued at $13.73 but adjusted based on market performance. SiriusPoint is an insurance and reinsurance underwriter with a financial strength rating of A- from major agencies and total capital of $2.9 billion.

SiriusPoint Ltd. (NYSE:SPNT) reported its fourth quarter results for 2022, showing a net loss of $27 million or $0.17 per diluted share. The company's combined ratio improved to 90.4%, reflecting an underwriting income of $58 million. For the full year, SiriusPoint's losses totaled $403 million with a combined ratio of 96.4%. While core income reached $25 million, the company faced significant catastrophe losses of $138 million. Despite these challenges, the firm is aiming for over $50 million in cost reductions and a return on equity target by 2024. The CEO expressed confidence in the company's momentum, focusing on underwriting improvements and a de-risked investment portfolio.

SiriusPoint Ltd. (NYSE: SPNT) announced a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B. The dividend will be paid on February 28, 2023 to shareholders on record as of February 13, 2023. SiriusPoint is a global insurer and reinsurer with a financial strength rating of A- from AM Best, S&P, and Fitch, and total capital of $2.9 billion. With offices in multiple locations including Bermuda, New York, and London, the company provides a range of insurance solutions worldwide.

SiriusPoint Ltd. (NYSE: SPNT) will release its fourth quarter 2022 financial results after market close on February 23, 2023. A conference call to discuss the results is scheduled for February 24, 2023, at 8:30 AM ET. Investors can access the live webcast through the Investor Relations section of the company's website. SiriusPoint operates as a global insurer and reinsurer, with a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch. The company has a total capital of $2.9 billion and provides services globally across almost 150 countries.

SiriusPoint Ltd. (NYSE: SPNT) has appointed Rob Gibbs as President of its international business and conditional CEO of SiriusPoint International Insurance Corporation, effective December 12, 2022, pending regulatory approval. Gibbs has 24 years of re/insurance experience, previously serving as Commercial Managing Director at RSA. He will drive growth and oversee transformation across SiriusPoint’s international platform. Additionally, Anders Hjelm is promoted to Deputy CEO, and Jennifer Bowie is appointed interim Chief Underwriting Officer. These changes aim to strengthen leadership and position the company for profitable growth in key markets.