AM Best has revised the outlook of the rated operating subsidiaries of SiriusPoint to Positive from Stable, citing the Company’s “very strong balance sheet”.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of SiriusPoint’s rated operating subsidiaries. Additionally, the rating agency has affirmed the Long-Term ICR of “bbb-” (Good) of SiriusPoint.
AM Best said the revision of the outlook to Positive from Stable reflects SiriusPoint’s improved balance sheet strength following actions taken by management including the derisking of the investment portfolio, reduction in catastrophe exposure, and the recent buy-back of shares and warrants previously held by CM Bermuda Ltd.
“This outlook revision is a reflection of our journey towards stability, underwriting profitability, and becoming a best-in-class insurer and reinsurer,” said Scott Egan, Chief Executive Officer of SiriusPoint. “This is further recognition of SiriusPoint’s achievements and the work we have done to reshape our future. I am proud of the team at SiriusPoint who have worked with dedication and commitment to improve our company profile, balance sheet strength, and underwriting performance.”
Read our press release in full here on the Investor Relations website.
