Fitch Ratings (Fitch) has revised SiriusPoint Ltd.’s (SPNT) Outlook to Stable from Negative and has affirmed the Company’s ratings, including its ‘BBB’ Long-Term Issuer Default Rating (IDR), ‘BBB-‘ senior debt rating and ‘A-‘ (Strong) Insurer Financial Strength (IFS) rating of SPNT’s operating subsidiaries.
“The Outlook revision to Stable reflects recent underwriting performance improvement under a revamped SPNT management team, including a new CEO in September of 2022, that has strategically repositioned the (re)insurance underwriting portfolio to improve profitability and lessen overall volatility, including meaningfully decreasing property catastrophe risk. The company has also sizably reduced its exposure in Third Point LLC hedge funds and reinvested into less volatile, high-quality, fixed-income investments.”
The link to the Fitch press release is here.
