S&P Upgrades SiriusPoint Outlook To Stable
SiriusPoint Ltd, a global specialty insurer and reinsurer, has had its ratings outlook revised from ‘Negative’ to ‘Stable’ by S&P Global Ratings [S&P].
A spokesperson said, “”S&P’s decision to revise its ratings outlook to ‘Stable’ reflects its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025, with combined ratios around 95% and capital maintained at the ‘AA’ level.”
Commenting on the ratings outlook, Scott Egan, CEO, SiriusPoint, said, “S&P’s decision to revise our outlook to ‘Stable’ recognizes the hard work of our people, their dedication and our collective effort to establish a stable platform for 2024 and beyond.
“This is an important moment in our journey, and the outcome demonstrates that we are taking the right actions to strengthen our business. We have built both capital and cultural resilience, we have executed well against our strategy, and we have proof points to be proud of. We thank our colleagues, investors, clients, and partners for their belief and support in our business.”
The spokesperson said, “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.”
On the future, Mr Egan said, “We’re just over a year into our journey. Our focus remains on simplifying our business, reducing volatility and ultimately, continuing to build profitability. While we’re making great strides, there is still work to be done but I’m confident in our plans for the future.”
The spokesperson said, “In the past year SiriusPoint has strengthened its Executive Leadership Team, Senior Leadership Team, and the wider business with a number of new appointments and internal promotions. Mr Egan became Chief Executive Officer and a board member of the Company in September 2022.”
