SiriusPoint swings to red with $217m Q1 net loss
SiriusPoint has posted a net loss available to its common shareholders of $217 million for the first quarter ended March 31, 2022. That is down from a net profit in Q1 2001 of $168 million.
The company’s gross written premium (GWP) rose by 183% year on year to $1 billion from $355 million.
Reinsurance GWP was $524 million, an increase of $366 million that was primarily driven by an increase in GWP as a result of a full quarter of premium from the legacy Sirius Group companies in the current quarter.
Insurance & Services GWP was $484 million, an increase of $293 million that was also primarily driven by an increase in GWP as a result of a full quarter of premium from the legacy Sirius Group companies, and also due to an increase in premium written sourced from Corvus, Arcadian and the recovery of IMG travel insurance volume.
The company recorded a combined ratio of 93.7%, which was a slight improvement from the Q1 2021 figure of 96.5 %. Catastrophe losses were $7 million or 1 percentage point on the combined ratio, while Russia/Ukraine losses of $19 million were 4 percentage points on the combined ratio
Sid Sankaran, SiriusPoint’s chairman and chief executive officer, said: “Our underwriting results showed positive progress in the first quarter of 2022, with a 93.7% combined ratio, reflecting the diligent execution of our strategic priorities to transform our business. Our focus on shifting our business mix towards our promising Insurance & Services segment and strategic partnerships approach gained further traction this quarter, with premiums split almost equally between Insurance & Services and Reinsurance, compared to approximately 60% Reinsurance and 40% Insurance & Services in 2021. Our fee business has strong double digit sequential growth in revenue and income.”
The company also saw progress in its reinsurance segment, he added, which achieved profitable underwriting performance that was “reflective of the discipline with which we have approached the renewal of attractive business within the scope of our risk appetite”, he said.
