S&P revises SiriusPoint outlook to positive on improved performance
Bermuda-based global reinsurer SiriusPoint has received a positive outlook revision from S&P Global, with the agency citing the firm’s improved underwriting performance and disciplined risk management.
S&P has revised its outlook on SiriusPoint and its operating subsidiaries to positive from stable, citing the company’s underwriting profits over the past two and a half years and its significantly reduced risk profile.
S&P has also affirmed SiriusPoint’s ‘A-’ issuer credit and financial strength ratings on all core operating subsidiaries and its ‘BBB’ long-term issuer credit rating.
S&P said the positive outlook follows a significant reduction in SiriusPoint’s exposure to natural catastrophe risk and investment risk, with the group carefully managing its catastrophe exposure and losses to shareholders’ equity. S&P also said SiriusPoint has recorded “robust” underwriting results.
Earlier this year, Fitch Ratings and AM Best also revised the company’s outlook to positive from stable. Fitch referred to SiriusPoint’s underwriting performance and the repositioning of the re/insurance portfolio, while AM Best cited its improved balance sheet following the derisking of the investment portfolio, reduction in catastrophe exposures, and its share buy-back from CM Bermuda.
With three major rating agencies now recognising its robust underwriting and sharpened financial focus, SiriusPoint’s momentum in the re/insurance sector is unmistakable.
Scott Egan (pictured), chief executive officer at SiriusPoint, said: “We are incredibly proud to have had our progress recognised by all three rating agencies this year. Reducing risk and volatility, focusing on underwriting excellence, and a disciplined approach to investments are core to our business, and the strategy we have put in place is achieving results.”
Speaking exclusively to our sister publication Bermuda:Re+ILS earlier this year, Egan expressed the importance of culture as part of his strategy. Read about his marginal gains approach in the latest issue.
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