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SiriusPoint responds to being placed on CreditWatch

S&P Global Ratings has placed SiriusPoint Ltd and its core subsidiaries on CreditWatch, with negative implications.

But the global specialty insurer and reinsurer was out quickly with a response.

S&P identified recent management changes as the cause of the CreditWatch, following the departures of SiriusPoint’s chief executive officer and chief operating officer.

The ratings agency said it intends to monitor the impact management changes will have on the company’s ability to execute its strategy, which it views as “critical” to SiriusPoint improving operating performance and maintaining its competitive position.

But Dan Malloy, interim CEO, said: “As part of our transformation we have made significant progress over the last five quarters, re-underwriting our business, reducing volatility across our reinsurance and investment portfolios, and growing our insurance and services segment.

“The SiriusPoint Board, senior leadership, and I are confident that our business, balance sheet, and prospects remain very strong.

“SiriusPoint has an impressive executive leadership team and global underwriting expertise. We believe that we are in a great position to continue to execute our strategy, transform our business and deliver profitable growth by always putting underwriting first.”

SiriusPoint is currently attributed an ‘A-’ insurer financial strength rating and a 'BBB' long-term issuer credit rating by S&P.

SiriusPoint continues to benefit from a strong capital position above the 'AA' confidence level based on S&P’s risk-based capital model.

The company’s regulatory capital ratios at year-end 2021 were 218 per cent at SiriusPoint Bermuda Insurance Company (Bermuda), 178 per cent at SiriusPoint International Insurance Corporation (Sweden) and 517 per cent at SiriusPoint America Insurance Company (New York).

Mr Malloy commented: “The SiriusPoint board is making good progress in its search for a permanent CEO. In the meantime, I am proud to work with this leadership team as we continue to transform the company.”

Before his interim appointment in May, he served as CEO of Third Point Re, one of SiriusPoint’s legacy companies, and most recently, as SiriusPoint’s president, global distribution.

SiriusPoint also made two senior promotions in June – Patrick Charles as global head of property & casualty, insurance & services; and, Darryl Siry, chief technology officer, both joining the executive leadership team.

Dan Malloy, interim CEO of SiriusPoint Ltd (File photograph)

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Published June 29, 2022 at 7:28 am (Updated June 29, 2022 at 7:28 am)

SiriusPoint responds to being placed on CreditWatch

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