SiriusPoint CEO Scott Egan highlights stronger Q1 underwriting performance

Bermuda-based re/insurer SiriusPoint improved its core combined ratio to 88.9% in the first quarter of 2026 from 95.4% a year earlier.

Gross written premium increased by $13.9 million, or 1.4%, to $1 billion for the first quarter compared with $989.9 million in the prior-year period. 

Insurance & Services GWP was $684.6 million in Q1, an increase of $49.5 million, or 7.8%, compared with the prior-year period, primarily driven by growth in accident & health, general liability, and surety.

However, reinsurance GWP was $319.2 million, a decrease of $35.6 million, or 10%, compared with Q1 2025, primarily driven by decreases in property catastrophe, Bermuda and London specialty, and New York casualty. The GWP drop also reflects a disciplined pull-back from softer market areas to maintain underwriting margins. 

Net income was $100 million for the quarter compared with $57.6 million in Q1 2025. 

SiriusPoint CEO Scott Egan (pictured) said: “We began 2026 with continued strong momentum ... We believe our strategy and nimbleness positions us well to grow where we see attractive returns, despite market conditions softening in places. 

“We were pleased by the ratings upgrades from S&P, AM Best and Fitch in the last three months, with each recognising our continued progress and financial strength.

“With a strong balance sheet, clear underwriting strategy, a lower volatility portfolio, and three ratings upgrades, we believe we are positioned well to deliver sustained strong performance.”

SiriusPoint shares traded up approximately 1.2% up in early trading following the Q1 results announcement. The view from the market was that SiriusPoint has effectively moved past its turnaround phase and is now in a “consistent delivery” phase, although revenue growth in softening markets remains something for investors to watch out for.

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