Bermudian-based specialty insurer SiriusPoint reported first-quarter net income of $100 million, up from $58 million in the corresponding period of 2025.

The increase was driven by lower catastrophe losses and improved underwriting performance.

The company posted diluted earnings per share of 82 cents for the three months ended March 31, while operating earnings per share climbed 37 per cent year-on-year to 70 cents. Annualised return on equity reached 17.4 per cent, with operating return on equity at 15.3 per cent, placing the group at the upper end of its long-term target range.

SiriusPoint’s core combined ratio — a key measure of underwriting profitability — improved to 88.9 per cent from 95.4 per cent a year earlier. A ratio below 100 per cent indicates an underwriting profit.

Scott Egan, SiriusPoint’s chief executive officer, said: “We believe our strategy and nimbleness positions us well to grow where we see attractive returns, despite market conditions softening in places.”

Gross written premiums in the insurance and services division rose 8 per cent to $684.6 million, driven by growth in accident and health, general liability and surety business lines. By contrast, gross written premiums in the Reinsurance segment fell 10 per cent to $319.2 million as the company reduced exposure in property catastrophe and specialty lines.

Overall gross written premiums edged up 1.4 per cent to just over $1 billion.

The company said consolidated underwriting income increased to $77.7 million from $54.1 million in the same quarter last year, helped by significantly lower catastrophe losses. Catastrophe-related claims were minimal during the quarter, compared with $67.9 million a year earlier, when California wildfires affected results.

Reinsurance underwriting income improved sharply to $40.8 million, compared with $8.4 million in the prior-year period, while the segment’s combined ratio strengthened to 84.2 per cent from 97.1 per cent.

Net investment income decreased to $66.4 million for the quarter compared to $71.2 million for the prior-year period.

SiriusPoint also highlighted recent ratings upgrades from S&P Global Ratings, AM Best and Fitch Ratings, all of which elevated the company’s financial strength rating to “A”.

The insurer returned $242 million to shareholders during the quarter, including $42 million in share repurchases, and increased its 2026 buyback commitment to the full authorised amount of $174 million.

Book value per diluted common share excluding accumulated other comprehensive income rose 5 per cent since year-end to $18.98.

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