S&P Global Ratings has revised its outlook on Bermudian-based reinsurer SiriusPoint Ltd to Positive from Stable, citing strong underwriting profits and a reduced risk profile.

S&P affirmed its A- issuer credit and financial strength ratings on SiriusPoint’s core operating subsidiaries, as well as its BBB long-term issuer credit rating. The agency said the Positive outlook reflects “robust” underwriting results alongside a marked reduction in the group’s exposure to natural catastrophe and investment risks.

The move follows similar actions earlier this year from Fitch Ratings and AM Best, which also revised their outlooks on SiriusPoint to Positive. Fitch highlighted the company’s portfolio repositioning, while AM Best pointed to improvements in its balance sheet, including reduced catastrophe exposures, a derisked investment portfolio and a share buyback from CM Bermuda Ltd.

Scott Egan, SiriusPoint’s chief executive, said the recognition underscored the company’s strategy.

“We are incredibly proud to have had our progress recognised by all three rating agencies this year,” he said. “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.”

SiriusPoint is listed on the New York Stock Exchange and operates globally with approximately $2.8 billion in total capital.