SiriusPoint secures third ratings upgrade this year
S&P Global Ratings has raised the long-term issuer credit and financial strength ratings of SiriusPoint’s core insurance operating subsidiaries to ‘A’ from ‘A-’.
Following on from AM Best and Fitch’s upgrade, S&P has awarded the upgrade, recognising SiriusPoint’s recent actions to reduce its catastrophe exposure and efforts to de-risk the underwriting and investment portfolios, combined with its consistent performance, have “improved its capital position and credit fundamentals significantly.”
S&P acknowledged SiriusPoint’s ability to retain a capital buffer above the 99.99% confidence level despite completed retirement of $200 million of preference shares and the announcement to repurchase $100 million of common shares.
S&P has also raised its long-term issuer credit rating on the holding company, SiriusPoint to ‘BBB+’ from ‘BBB’. The outlook of these ratings is stable.
S&P said: “The rating action also represents our view that the group will continue to record robust underwriting result in line with its peers and hold capital in excess of our 99.99% confidence level over the next two years.”
Scott Egan (pictured), CEO at SiriusPoint, said: “We are very proud to have achieved our third ratings upgrade this year, which is a strong endorsement of the company we are today. The S&P upgrade reflects the real progress we’ve made in building a stronger, more resilient business with firm foundations for long-term success.”
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