Siriuspoint Stock Price, News & Analysis

SiriusPoint Ltd. (NYSE: SPNT) is a Bermuda-headquartered specialty insurer and reinsurer. The company describes itself as a global underwriter of insurance and reinsurance, providing solutions to clients and brokers around the world. SiriusPoint has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally, and its offering and distribution capabilities are supported by a portfolio of strategic partnerships with Managing General Agents (MGAs) and Program Administrators.

SiriusPoint’s common shares trade on the New York Stock Exchange under the ticker SPNT, and its 8.00% Resettable Fixed Rate Preference Shares, Series B, trade under the symbol SPNT PB. The company is incorporated in Bermuda and maintains its principal executive offices there. According to its disclosures, SiriusPoint operates with total capital of approximately $2.8–$2.9 billion and its operating companies hold financial strength ratings of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s.

Business focus and operating segments

SiriusPoint operates through two reportable segments that together form what it calls its Core business:

• Insurance & Services
• Reinsurance

The company explains that the sum of these two segments constitutes its Core results, which it uses internally to monitor performance and reflect its decision to exit runoff business. Core results include underwriting income, net services income, and a Core combined ratio, which SiriusPoint presents as non-GAAP financial measures in its segment reporting.

Within these segments, SiriusPoint writes property and casualty and accident & health business and generates services fee income. The company highlights growth in areas such as Accident & Health (including Life within that category), expansion of Surety within its "Other Specialties" business line, and strategic organic and new program growth in its international property and casualty business, including London-based MGAs. SiriusPoint also reports Core net services fee income and a service margin, reflecting fee-based revenues from services businesses.

Reinsurance activities

According to third-party and company information, SiriusPoint provides property and casualty reinsurance coverage to insurance and reinsurance companies. Its reinsurance contracts span property insurance for residential and commercial properties, workers' compensation, personal automobile, general liability insurance for businesses, professional liability for advisors and service providers, agriculture insurance, and mortgage insurance. The company reports that its Reinsurance segment includes business lines such as Bermuda Specialty, aviation, international credit, and property-related exposures, and that its underwriting results in this segment are influenced by catastrophe losses and prior-year loss reserve development.

Insurance & services and MGA partnerships

The Insurance & Services segment combines insurance underwriting with service-based revenue streams. SiriusPoint notes that this segment’s premium growth has been driven by expansion of Surety within Other Specialties, growth across Accident & Health, and program growth in its international business, particularly through London MGAs. The company also reports net services income generated by service platforms, including travel-related business, and tracks the profitability of these activities through its service margin.

SiriusPoint emphasizes that its offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. These partnerships include capacity arrangements where SiriusPoint provides underwriting capacity to MGAs that originate and manage specialty insurance portfolios. The company has highlighted long-term capacity agreements with MGAs such as Arcadian Risk Capital and ArmadaCare, even in connection with sales of equity stakes in those entities.

Geographic footprint and headquarters

SiriusPoint is headquartered in Bermuda and states that it has offices in New York, London, Stockholm and other locations. It describes itself as a global business, with underwriting and services reaching clients and brokers around the world. In its SEC filings, SiriusPoint identifies Bermuda as its jurisdiction of incorporation and lists its common and preference shares on the New York Stock Exchange.

Capital position and ratings

The company reports total capital of approximately $2.8–$2.9 billion. Rating agencies including AM Best, S&P, Fitch, and Moody’s assign SiriusPoint’s operating companies financial strength ratings of A- (Excellent) and A3, respectively. S&P Global Ratings has affirmed SiriusPoint’s A- issuer credit and financial strength ratings on its core operating subsidiaries and a BBB long-term issuer credit rating, and has revised its outlook on SiriusPoint and its operating subsidiaries to Positive, citing underwriting profits over multiple years and a significantly reduced risk profile. Fitch Ratings and AM Best have also revised their outlooks on the company to Positive from Stable, referencing underwriting performance, portfolio repositioning, derisking of the investment portfolio, and reductions in catastrophe exposure.

Financial performance framework

SiriusPoint regularly reports key metrics such as combined ratio, Core combined ratio, underwriting income, Core income, Core net services income, net investment income, and return on equity. The company presents Core measures as non-GAAP metrics to reflect how management views the business. It also discloses book value per common share, book value per diluted common share, and tangible book value per diluted common share, including non-GAAP versions excluding accumulated other comprehensive income.

In its segment discussions, SiriusPoint attributes improvements in underwriting income to premium growth, lower attritional loss ratios, and favorable prior-year loss reserve development in areas such as property and Accident & Health. Catastrophe losses, including events such as California wildfires, are identified as key drivers of volatility in combined ratios and underwriting results.

Strategic transactions and portfolio management

SiriusPoint reports a number of transactions involving its strategic investments and service platforms:

• The company entered into and later completed an agreement to sell ArmadaCorp Capital, LLC, the holding company of its wholly owned supplemental health insurance program manager, ArmadaCare, to a subsidiary of Ambac Financial Group Inc. for a purchase price of $250 million, subject to deductions and closing conditions. Upon closing, SiriusPoint recognized a pre-tax gain and indicated that the transaction would increase pro-forma tangible book value.
• SiriusPoint agreed to sell its 49% equity stake in managing general agent Arcadian Risk Capital to an acquisition vehicle affiliated with Lee Equity Partners for total consideration of $139 million, subject to customary adjustments. At the same time, SiriusPoint extended program management and binding authority agreements with Arcadian through at least the end of 2031, maintaining a long-term capacity relationship.
• Through its wholly owned subsidiary International Medical Group (IMG), described as a leader in global insurance benefits and assistance services, SiriusPoint announced that IMG will acquire Assist America, a provider of global emergency travel assistance services. The company states that Assist America primarily sells services to insurance companies as part of corporate benefit plan products, serving tens of millions of members across Asia, the Middle East and North America.

These actions illustrate SiriusPoint’s approach to managing its mix of equity stakes, fee-based service businesses, and long-term capacity partnerships, while emphasizing Accident & Health capabilities and specialty MGA relationships.

Corporate governance and executive matters

SiriusPoint discloses various governance and executive developments through its SEC filings. The company has adopted an Executive Severance Plan that provides severance payments and benefits to specified executives and other eligible employees in connection with certain terminations of employment, with enhanced benefits in the event of qualifying separations following a change in control. The plan addresses severance based on base pay, short-term incentives, benefits premiums, and equity award treatment, subject to conditions such as execution of a release and compliance with restrictive covenants.

The company has also reported changes in its leadership and board composition, including the appointment of board directors and executive officers, and the reassignment of principal accounting officer responsibilities. These matters are detailed in its current reports on Form 8-K under the relevant items for appointments, departures, and compensatory arrangements.

Dividends and capital instruments

In addition to its common shares, SiriusPoint has issued 8.00% Resettable Fixed Rate Preference Shares, Series B, with a stated par value and liquidation preference per share. The company’s Audit Committee has approved quarterly cash dividends on these Series B preference shares, with specific dividend amounts and payment dates disclosed in its press releases and corresponding Form 8-K filings. These dividends are paid to Series B shareholders of record as of specified record dates.

Regulatory filings and disclosure practices

SiriusPoint files periodic and current reports with the U.S. Securities and Exchange Commission, including Form 8-K filings covering earnings releases, financial supplements, investor presentations, executive and director changes, the adoption of compensation plans, and material transactions such as the ArmadaCare and Arcadian deals. The company also uses Form 8-K to report dividends on its preference shares and to furnish investor materials under Regulation FD.

FAQs about SiriusPoint Ltd. (SPNT)

• What does SiriusPoint Ltd. do?
  SiriusPoint Ltd. is a global underwriter of insurance and reinsurance. It writes Property & Casualty and Accident & Health insurance and reinsurance and works with clients and brokers around the world, supported by strategic partnerships with Managing General Agents and Program Administrators.
• Where is SiriusPoint headquartered?
  The company is incorporated and headquartered in Bermuda and notes that it has offices in New York, London, Stockholm and other locations.
• On which exchange does SiriusPoint trade and what are its symbols?
  SiriusPoint’s common shares trade on the New York Stock Exchange under the symbol SPNT. Its 8.00% Resettable Fixed Rate Preference Shares, Series B, trade on the New York Stock Exchange under the symbol SPNT PB.
• What are SiriusPoint’s main business segments?
  SiriusPoint reports two segments: Insurance & Services and Reinsurance. Together they form its Core business, for which the company reports Core underwriting income, Core net services income, Core income, and a Core combined ratio.
• What types of insurance and reinsurance does SiriusPoint provide?
  The company has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Its reinsurance portfolio includes contracts related to property insurance for residential and commercial properties, workers' compensation, personal automobile, general liability, professional liability, agriculture insurance, and mortgage insurance.
• How does SiriusPoint work with Managing General Agents (MGAs)?
  SiriusPoint states that its offering and distribution capabilities are strengthened by strategic partnerships with MGAs and Program Administrators. It provides underwriting capacity to MGAs such as Arcadian Risk Capital and has entered into long-term capacity agreements extending through at least the end of 2030 or 2031 for certain programs.
• What is SiriusPoint’s capital position and how is it rated?
  The company reports total capital of approximately $2.8–$2.9 billion. Its operating companies have financial strength ratings of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. S&P has assigned a BBB long-term issuer credit rating and has revised its outlook on SiriusPoint and its operating subsidiaries to Positive.
• What is the role of International Medical Group (IMG) within SiriusPoint?
  International Medical Group is described as SiriusPoint’s wholly owned subsidiary and a leader in global insurance benefits and assistance services. IMG offers insurance programs and enterprise services such as international medical and travel-related coverage and 24/7 emergency assistance, and it is the vehicle through which SiriusPoint announced the acquisition of Assist America.
• What recent strategic transactions has SiriusPoint announced?
  SiriusPoint has announced the sale of ArmadaCorp Capital, LLC, the holding company of supplemental health insurance program manager ArmadaCare, to a subsidiary of Ambac Financial Group Inc., and the sale of its equity stake in Arcadian Risk Capital to an acquisition vehicle affiliated with Lee Equity Partners. It also announced that IMG will acquire Assist America, a global emergency travel assistance provider.
• Does SiriusPoint pay dividends?
  The company has disclosed that the Audit Committee of its Board of Directors approved quarterly cash dividends on its 8.00% Resettable Fixed Rate Preference Shares, Series B. The specific dividend amounts, record dates, and payment dates are reported in its press releases and Form 8-K filings.