Siriuspoint Ltd Stock Price, News & Analysis

Corvus Insurance has announced an expanded strategic partnership with SiriusPoint Ltd. (NYSE: SPNT) and R&Q Accredited, enhancing their program with an additional $100 million investment. The partnership aims to leverage AI-driven data for improved Smart Cyber Insurance offerings, following an initial collaboration initiated in September 2021. Corvus’s CEO, Phil Edmundson, stated that this collaboration will provide superior loss ratios for partners. The growth will enable Corvus to enhance its global reach and underwriting capabilities in response to evolving cyber risks.

SiriusPoint Ltd. (NYSE: SPNT) is under CreditWatch with negative implications from S&P Global Ratings due to recent management changes, including the departures of the CEO and COO. S&P emphasizes the importance of effective leadership for executing the company's strategy and improving performance. Interim CEO Dan Malloy reports significant progress in re-underwriting and volatility reduction over the last five quarters. Despite these challenges, SiriusPoint maintains a robust capital position with financial strength ratings of 'A-' and 'BBB' from S&P. The Board is actively seeking a permanent CEO.

SiriusPoint Ltd. (SPNT) has made two key appointments to its Executive Leadership Team. Patrick Charles has been promoted to Global Head of Property and Casualty (P&C) Insurance & Services, bringing 20 years of industry experience. Darryl Siry joins as a member of the ELT, responsible for technology integration and managing general agency operations. These changes follow the resignation of Prashanth Gangu, the previous COO. Dan Malloy, CEO, expressed confidence in the new leadership’s ability to drive the company's growth and strengthen its strategic partnerships in the insurance sector.

SiriusPoint Ltd. (NYSE: SPNT) has announced that Daniel S. Loeb, its largest individual shareholder, will join its Board of Directors. Loeb, founder of Third Point LLC, aims to enhance the company's asset management strategy while a search for a permanent CEO begins. He emphasizes the importance of disciplined expense management and profitable underwriting to create shareholder value. The company boasts over $3 billion in total capital and maintains a strong financial rating, signaling stability amidst ongoing strategic transformations.

SiriusPoint Ltd. (SPNT) has announced the resignation of Chairman and CEO Siddhartha Sankaran to pursue other opportunities. The Board has appointed Daniel Malloy as Interim CEO and Sharon Ludlow as Interim Chair while a search for a permanent CEO is conducted. Malloy, a reinsurance veteran, previously served as President of Global Distribution and Services. The company highlights progress made since the merger of SiriusPoint and Third Point Re, and Sankaran will assist in the transition as an advisor.

SiriusPoint Ltd. (NYSE: SPNT) reported a net loss of $217 million for Q1 2022, equating to $1.36 per diluted share. The company achieved gross premiums written of $1 billion, with a 93.7% combined ratio and $34 million in underwriting income. Core income reached $27 million, down from $57.9 million in Q1 2021. Catastrophe losses totaled $7 million, while losses related to the Russia/Ukraine conflict were $19 million. The firm experienced a net investment loss of $205 million, reflecting a disappointing (15.3)% return from major investments. Despite these challenges, SiriusPoint emphasizes progress in its strategic shift towards Insurance & Services.

SiriusPoint Ltd. (NYSE: SPNT) has announced a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B. This dividend is payable on May 31, 2022 to shareholders on record as of May 16, 2022. With over $3 billion in total capital and a financial strength rating of A- (Excellent), SiriusPoint operates globally, offering solutions in property, casualty, and accident & health insurance.

SiriusPoint Ltd. (NYSE: SPNT) announced it will release its first quarter 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for May 5, 2022, at 8:30 am ET to discuss the results. Investors can access the call by phone or via a live webcast on the company’s Investor Relations website. SiriusPoint operates in nearly 150 countries, licensed for Property & Casualty and Accident & Health insurance, with over $3 billion in total capital and an A- (Excellent) financial strength rating from leading agencies.

SiriusPoint Ltd. (NYSE: SPNT) has announced a strategic partnership with Mosaic Insurance, involving an investment to enhance growth and underwriting capacity. Subject to regulatory approvals, SiriusPoint will sell its Lloyd’s Managing Agency, Sirius International Managing Agency (SIMA), to Mosaic, which will manage Syndicate 1945. This syndicate achieved a combined ratio of 92.8% in 2021. SiriusPoint retains full ownership of the syndicate, aiming for profitable growth through modernization and collaboration with Mosaic.