SiriusPoint balance sheet strength drives AM Best rating uplift
Bermuda-based global specialty re/insurer SiriusPoint has received a ratings upgrade from AM Best, which revised the group’s outlook to positive from stable and increased its financial strength rating to A (excellent), citing strong balance sheet strength alongside adequate operating performance, a neutral business profile and appropriate enterprise risk management.
The upgrade saw the financial strength rating upped to A (excellent) from A- (excellent) and the long-term issuer credit ratings (Long-Term ICR) to “a” (excellent) from “a-” (excellent) of the rated operating subsidiaries of SiriusPoint.
AM Best pointed to management actions such as de-risking of the company’s investment portfolio, reduction in its catastrophe exposure, and streamlining of its ownership structure, as foundational improvements.
SiriusPoint’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at year-end 2025, as measured by BCAR, according to AM Best. The group has grown its capital base organically through full earnings retention, as evidenced by the increase in its reported equity at year-end 2025 to $2.5 billion (2024: $1.9 billion).
SiriusPoint has a track record of adequate underwriting performance. Since 2023, the group’s combined ratios have ranged between 93% and 96% (as calculated by AM Best). This represents a sustained material improvement against the period prior to 2023, when the group’s net combined ratios were consistently above 100%.
SiriusPoint’s neutral business profile assessment reflects its market position as a mid-tier global (re)insurer, which operates from platforms in Europe, the United States, Bermuda and Lloyd's. The group reported gross written premium of $3.7 billion in 2025 and maintains a good level of diversification by line of business, AM Best said.
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