Sirius off to a strong start
In its first full quarter, SiriusPoint Ltd. has declared second quarter net income to June 30 of $64.5 million.
Chairman and chief executive officer Sid Sankaran said: “Underwriting this quarter has been keenly focused on remediation. We have made progress on rebalancing the portfolio between reinsurance and insurance to stabilise our book, manage volatility and deliver underwriting profit, over time.
“We are off to a great start and have established strong momentum that is reflected in the number of deals closed in our first four months of operations. We have attracted experienced and innovative partners and launched businesses including insurtech Joyn Insurance, with Seraina Macia, Banyan Risk, with Tim Usher-Jones, and Hestia Capital with Jean Francois Bahier and Peter Norris.
“Our existing partnerships with MGUs including Pie, and Arcadian Risk led by industry veteran John Boylan, also continue to add value and offer long term opportunity.”
SiriusPoint also announced today a loss portfolio transfer transaction with Compre, a legacy runoff specialist. The loss portfolio transfer, which is subject to regulatory approval, covers $417 million of loss reserves subject to or associated with the transaction, including much of the legacy Sirius Group Runoff business, including Asbestos and Environmental, for a premium of $430 million.
Mr. Sankaran commented: “Our transaction with Compre underscores the ongoing transformation of SiriusPoint, our focus on optimising capital allocation and rebalancing towards insurance and higher margin and growth lines, and provides further clarity on SiriusPoint's reserve position.”
“With SiriusPoint, we are embarking on a journey to create a company with a sustainable long-term franchise and a focus on book value creation,” Mr. Sankaran continued.
“Our approach to capital allocation and our ability to be nimble has allowed us to take advantage of current market conditions, but our strategy does not rely on a hard market. We are building a company with a strong entrepreneurial culture under the premise that soft markets are the norm, while planning around long term macro trends that require disciplined investments and a growth mindset.”