SiriusPoint S&P Global Ratings Outlook Revised to ‘Stable’
09 Noviembre 2023 - 8:15AM
SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a
global specialty insurer and reinsurer, has had its ratings outlook
revised from ‘Negative’ to ‘Stable’ by S&P Global Ratings
(S&P).
S&P’s decision to revise its ratings outlook to ‘Stable’
reflects its “expectation that SiriusPoint will continue to post
strong and improving underwriting results in 2023-2025, with
combined ratios around 95% and capital maintained at the 'AA'
level.”
Commenting on the ratings outlook, Scott Egan, CEO, SiriusPoint,
said: "S&P's decision to revise our outlook to 'Stable’
recognizes the hard work of our people, their dedication and our
collective effort to establish a stable platform for 2024 and
beyond.
“This is an important moment in our journey, and the outcome
demonstrates that we are taking the right actions to strengthen our
business. We have built both capital and cultural resilience, we
have executed well against our strategy, and we have proof points
to be proud of. We thank our colleagues, investors, clients, and
partners for their belief and support in our business.”
SiriusPoint is currently attributed an ‘A-’ insurer financial
strength rating and a 'BBB' long-term issuer credit rating by
S&P. SiriusPoint continues to benefit from a strong capital
position above the 'AA' confidence level based on S&P’s
risk-based capital model.
On the future, Mr. Egan said: “We’re just over a year into our
journey. Our focus remains on simplifying our business, reducing
volatility and ultimately, continuing to build profitability. While
we’re making great strides, there is still work to be done but I’m
confident in our plans for the future.”
In the past year SiriusPoint has strengthened its Executive
Leadership Team, Senior Leadership Team, and the wider business
with a number of new appointments and internal promotions. Mr. Egan
became Chief Executive Officer and a board member of the Company in
September 2022.
About SiriusPointSiriusPoint is a global
underwriter of insurance and reinsurance providing solutions to
clients and brokers around the world. Bermuda-headquartered with
offices in New York, London, Stockholm and other locations, we are
listed on the New York Stock Exchange (SPNT). We have licenses to
write Property & Casualty and Accident & Health insurance
and reinsurance globally. Our offering and distribution
capabilities are strengthened by a portfolio of strategic
partnerships with Managing General Agents and Program
Administrators within our Insurance & Services segment. With
over $3.0 billion total capital, SiriusPoint’s operating companies
have a financial strength rating of A- (Excellent) from AM Best,
S&P and Fitch. For more information, please visit
www.siriuspt.com.
Forward-Looking StatementsWe make statements in
this press release that are forward-looking statements within the
meaning of the U.S. federal securities laws. We intend
these forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in
the U.S. Federal securities laws. These statements
involve risks and uncertainties that could cause actual results to
differ materially from those contained in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, the impact of general economic conditions and
conditions affecting the insurance and reinsurance industry; the
adequacy of our reserves; fluctuation in the results of operations;
pandemic or other catastrophic event, such as the ongoing COVID-19
outbreak; uncertainty of success in investing
in early-stage companies, such as the risk of
loss of an initial investment, highly variable returns on
investments, delay in receiving return on
investment and difficulty in liquidating
the investment; the costs, expense and difficulties of the
integration of the operations of Third Point Reinsurance Ltd. and
Sirius International Insurance Group, Ltd.; our ability to assess
underwriting risk, trends in rates for property and casualty
insurance and reinsurance, competition, investment market and
investment income fluctuations; trends in insured and paid losses;
regulatory and legal uncertainties; and other risk factors
described in SiriusPoint’s Annual Report on Form 10-K for the
period ended December 31, 2022. Except as required by applicable
law or regulation, we disclaim any obligation to publicly update or
revise any forward-looking statement to reflect changes in
underlying assumptions or factors, or new information, data or
methods, future events or other circumstances after the date of
this press release.
Contacts
Investor RelationsDhruv Gahlaut,
SiriusPointdhruv.gahlaut@siriuspt.com +44 7514 659 918
MediaJames Milne,
Rein4cejames.milne@rein4ce.co.uk+44 7867 484854
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