The long-term issuer credit and financial strength ratings on the core insurance operating subsidiaries of the global underwriter, SiriusPoint Ltd, have been upgraded to 'A' from 'A-', by S&P Global Ratings, marking the company’s third ratings upgrade this year.

S&P has also raised its long-term issuer credit rating on the holding company, SiriusPoint Ltd., to 'BBB+' from 'BBB'. The outlook of these ratings is stable.

The upgrade reflects S&P’s view that the de-risking of SiriusPoint’s underwriting and investment portfolios, combined with its consistent performance, have “improved its capital position and credit fundamentals significantly.”

S&P said: “The rating action also represents our view that the group will continue to record a robust underwriting result in line with its peers and hold capital in excess of our 99.99 per cent confidence level over the next two years.”

S&P recognised the actions SiriusPoint has taken in recent years, including reducing its catastrophe exposure, the full repurchase of all SiriusPoint common shares and warrants held by CM Bermuda Limited, the retirement of $200 million of preference shares, and the recent sale of its stakes in ArmadaCare and Arcadian.

Earlier this year, AM Best and Fitch Ratings upgraded SiriusPoint to A (Excellent) and A (Strong), respectively, citing the company’s improved earnings, disciplined underwriting, prudent capital management, and its ability to absorb volatility across underwriting cycles.

Scott Egan, chief executive officer 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.”