SiriusPoint posted a 44 per cent increase in earnings in the first half of 2026 and continued to expand its insurance business while scaling back reinsurance exposure.

The Bermudian-based specialty insurer said it remained well positioned despite softening market conditions.

For the second quarter, the company reported net income available to common shareholders of $69 million, or 58 cents a diluted share, compared with $59.2 million, or 50 cents a share, a year earlier. Operating earnings per diluted share edged up to 67 cents from 66 cents.

For the first six months of the year, net income climbed 44 per cent to $168.2 million from $116.8 million in the same period of 2025, while diluted earnings per share increased to $1.40 from 98 cents.

Scott Egan, SiriusPoint's chief executive officer, said: “Our second quarter and half year results are strong and reflect our continuing progress, the strength of our diverse and low-volatility portfolio, and our approach to capital management.”

The company generated a core combined ratio of 91.4 per cent in the second quarter and 90.1 per cent for the first half, an improvement of 2.3 percentage points over the comparable period last year. A combined ratio below 100 per cent indicates an underwriting profit.

Operating return on equity reached 14.7 per cent for the half year, at the upper end of the company's long-term target range of 12 to 15 per cent.

Gross written premiums in the core business rose 6 per cent during the quarter to $981.5 million, driven by a 15 per cent increase in insurance and services premiums, while reinsurance premiums fell 9 per cent as SiriusPoint reduced exposure where it believed returns no longer justified the risk.

Mr Egan said the company had both “the capability and agility to target and grow in attractive areas while pulling back where we don’t see adequate returns for the risk we take”.

The insurance and services division benefited from growth in general liability programmes and London managing general agents, while the reinsurance business pulled back on casualty and property catastrophe business.

While second-quarter underwriting income fell to $73.5 million from $90.2 million a year earlier, first-half underwriting income improved to $151.2 million from $144.3 million. The improvement was helped by sharply lower catastrophe losses compared to the prior-year period, including claims from the California wildfires.

Book value per diluted common share excluding accumulated other comprehensive income increased 3 per cent during the quarter and 8 per cent since the end of 2025 to $19.48.

The company also repurchased $95 million of common shares during the year to date, bringing total capital returned to shareholders in 2026 to $295 million as of July 28.

Looking ahead, Mr Egan acknowledged that market conditions were becoming more challenging but said SiriusPoint remained confident.

“While market conditions are becoming more challenging, we are well positioned to maintain our momentum and deliver consistent and sustainable earnings,” he said.

• This story was generated by machine and edited by The Royal Gazette newsroom