SiriusPoint posts Q3 loss of $98mn
SiriusPoint has reported a net loss available to common shareholders of $98 million, compared with a net loss in Q3 2021 of $48 million.
Gross written premium totalled $844 million, with a split of 62% insurance and 38% reinsurance that reflected the company’s execution of a strategic shift towards Insurance & Services. That result was up from $641 million in the same period of last year. The combined ratio improved by 40 points to 107.7%.
Scott Egan, chief executive officer of SiriusPoint, said the third-quarter results show “demonstrable progress” despite catastrophes in the quarter, including the significant impact of Hurricane Ian.
“We are seeing improvements as a result of underwriting actions taken over the last 18 months, which are gaining momentum,” he said.
SiriusPoint has announced that it is restructuring its underwriting platform and will be making changes to the structure and composition of its international branch network. It will reduce the locations from which it underwrites property catastrophe reinsurance–it will close its offices in Hamburg, Miami and Singapore, and reduce its footprint in Liege and Toronto. It will continue to serve clients and underwrite North American property catastrophe business from Bermuda, and international property catastrophe business from Stockholm.
Egan said: “The decision to reduce our global footprint and headcount was not an easy one. It was driven by the significant, increasing effects of climate change, including under-modelled perils, and the challenges faced by the catastrophe reinsurance market, which, for consecutive years, has seen poor historical performance and inadequate returns on capital. My executive management team and I are fully committed to enabling a smooth transition for our colleagues who will be impacted by this change.”
SiriusPoint also noted changes to its executive leadership team. Monica Cramér Manhem, president of International Reinsurance and CEO of SiriusPoint International, has made the decision to retire.
David Govrin has been promoted to the expanded role of global president of SiriusPoint and chief underwriting officer
Dhruv Ghalaut is joining the company and the executive leadership team as head of investor relations and chief strategy officer, bringing equity analyst experience from companies including HSBC and Legal and General.
