HAMILTON, Bermuda, June 28, 2022 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, has noted that S&P Global Ratings (S&P) has placed SiriusPoint Ltd and its core subsidiaries on CreditWatch, with Negative implications.
S&P identified recent management changes as the cause of the CreditWatch, following the departures of SiriusPoint’s Chief Executive Officer (CEO) and Chief Operating Officer (COO). The ratings agency has said that it intends to monitor the impact SiriusPoint’s 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.
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 & 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% at SiriusPoint Bermuda Insurance Company (Bermuda), 178% at SiriusPoint International Insurance Corporation (Sweden) and 517% at SiriusPoint America Insurance Company (New York).
Dan 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.”
Dan was appointed Interim Chief Executive Officer in May this year. He previously 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, Global Head of Property & Casualty, Insurance & Services, and Darryl Siry, Chief Technology Officer, who both joined the Executive Leadership Team.
SiriusPoint is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices in New York, London, Stockholm and other locations around the world, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and technology-driven insurance services companies within our Insurance & Services division. With over $3 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
Clare Kerrigan, SiriusPoint
Mairi Mallon, Rein4ce
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws, such as statements regarding our future performance. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. SiriusPoint is also subject to risks and uncertainties, including the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2021. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.