Strong Underwriting Performance
SiriusPoint achieved an underlying return on equity of 17% for the quarter, surpassing the target range of 12% to 15%. The core combined ratio improved by 3.8 points year-over-year to 89.5%, marking the 11th consecutive quarter of underwriting profit.
Premium Growth
Gross written premiums grew by 10% and net premiums increased by 8% in the quarter, with the Insurance & Services business seeing a 15% growth in net premiums.
Recognition and Awards
SiriusPoint was recognized as 'Program Insurer of the Year' at the Program Manager awards in New York, highlighting the company's reputation as a partner of choice for MGAs.
Investment Income
Net investment income for the quarter was $68 million, tracking in line with the full-year guidance of $265 million to $275 million.
Employee Engagement
The annual engagement survey showed significant improvements, with a 16-point increase in the Net Promoter Score year-over-year and a staff turnover rate reduced to 13%.
New MGA Partnerships
SiriusPoint entered four new MGA partnerships during the quarter, with three being expansions with existing long-term partners.