SiriusPoint initiated with a Market Perform at Raymond James

Raymond James initiated coverage of SiriusPoint (SPNT) with a Market Perform rating. SiriusPoint has completed a multiyear restructuring that improved earnings quality, reduced volatility, and enhanced underwriting profitability, positioning the company to target a 12%-15% return on equity through the cycle, the analyst tells investors in a research note. However, much of this progress appears reflected in the current valuation after strong 2025 outperformance, with near-term risks from catastrophe losses and weak pricing limiting growth and margin expansion, Raymond James says.