S&P Global Ratings upgrades SiriusPoint outlook to positive

Credit rating agency S&P Global Ratings has upgraded its outlook on SiriusPoint Ltd. and its operating subsidiaries from Stable to Positive.

The upgrade reflects the Company’s consistent underwriting profits over the past two and a half years and a significantly reduced overall risk profile.

In August, the re/insurer posted , and the firm’s

S&P also affirmed SiriusPoint’s ‘A-‘ issuer credit and financial strength ratings for all core operating subsidiaries, as well as its ‘BBB’ long-term issuer credit rating.

According to S&P, the Positive outlook is driven by a marked reduction in SiriusPoint’s exposure to natural catastrophe and investment risks. The company has carefully managed catastrophe exposure, controlling losses to shareholders’ equity, and delivered strong underwriting results.

Earlier this year, Fitch Ratings, a credit ratings provider, and AM Best, a specialist in insurance industry ratings—also revised SiriusPoint’s outlook to Positive from Stable.

Fitch cited the Company’s solid underwriting performance and the strategic repositioning of its re/insurance portfolio, while AM Best highlighted improvements in the balance sheet following investment portfolio derisking, reduced catastrophe exposures, and a share buy-back from CM Bermuda Ltd.

Scott Egan, Chief Executive Officer at SiriusPoint, added: “We are incredibly proud to have had our progress recognised by all three rating agencies this year. Reducing risk and volatility, focusing on underwriting excellence, and a disciplined approach to investments are core to our business, and the strategy we have put in place is achieving results.”