SiriusPoint posts Q2 net loss of $61m

05-08-2022

SiriusPoint posts Q2 net loss of $61m

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SiriusPoint, the Bermuda-headquartered global specialty re/insurer, has reported a net loss of $61 million for the second quarter of this year, making a net loss for the six months to 30 June of $278 million. Those losses compare with profits of $65 million and $233 million in Q2 and H1 2021, respectively.

The company achieved a combined ratio of 93.1% in the second quarter, which its attributed to positive underwriting results and growth in its Insurance & Services segment. For the half-year period, it achieved a combined ratio of 93.4%.

Its gross written premium (GWP) in the second quarter was $812 million and $1.8 billion for the half-year period. Those were year-on-year rises of 41% and 95%, respectively.

Reinsurance incurred a Q2 segment loss of $0.2 million (with a 100.1% combined ratio), compared to segment income of $28.8 million (and a 91.5% combined ratio) in the same period of 2021.

For the first-half of 2022, reinsurance generated a segment income of $2.9 million (with a 99.6% combined ratio), compared to segment income of $45.3 million (and a 91.6% combined ratio) in H1 2021.

Reinsurance GWP in the second quarter rose slightly on the prior year, to $378 million.

Insurance & Services generated a Q2 segment income of $20.4 million (with a 96.1% combined ratio), compared to a segment income of $11.3 million (and a combined ratio of 97.8%) in Q2 2021.

For the first-half of 2022, Insurance & Services generated segment income of $44 million (with a combined ratio of 95.8%), compared to a segment income of $52.7 million (and a 99.2% combined ratio) in H1 2021.

Insurance & Services GWP in the second quarter increased to $434 million from $197 million in Q2 2021, primarily driven by growth in the company’s property & casualty strategic partnerships with Pie Insurance, Arcadian and Corvus Insurance, as well as growth in A&H.

Interim CEO, Dan Malloy, said: “Our performance this quarter reflects the strides we are making to transform our business. We continue to prioritize the improvement of our Reinsurance underwriting results and the growth of our Insurance & Services segment, which was a strong contributor to our underwriting profit this quarter.

“While the economic environment impacted our investment returns this quarter, we have made significant progress de-risking our investment portfolio to reduce volatility going forward. We have a strong and stable balance sheet and we believe we are in a good position to capitalize on a rising rate environment.”

SiriusPoint, earnings

Bermuda Re