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Siriuspoint Ltd (SPNT)
NYSE:SPNT
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SiriusPoint
(NYSE:SPNT)
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Rating:71Outperform
Price Target:
$22.50
▲(8.43% Upside)
Action:ReiteratedDate:01/31/26
The score is primarily supported by strong financial performance (notably robust free cash flow growth and conservative leverage) and a positive earnings call featuring strong underwriting metrics and above-target operating ROE. These strengths are moderated by mixed technical momentum signals and a valuation that is reasonable but not clearly compelling, with no dividend yield data provided.
Positive Factors
Revenue Growth
Consistent double-digit growth in gross premiums indicates strong demand and effective market penetration, supporting long-term revenue expansion.
Strategic Asset Sales
Strategic asset sales enhance financial flexibility and focus, potentially increasing book value and supporting future growth initiatives.
Leadership Change
New leadership in investment strategy can drive improved asset management and long-term profitability, aligning with corporate objectives.
Negative Factors
Higher Catastrophe Losses
Increased catastrophe losses can strain financial resources and impact profitability, necessitating improved risk management strategies.
Decreased Favorable Prior Year Development
Reduced favorable prior year development may affect profit margins, highlighting potential challenges in maintaining historical profitability levels.
Decreased Aviation Premium
Pricing challenges in the aviation sector could limit revenue growth and necessitate strategic adjustments to maintain competitiveness.
SiriusPoint (SPNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.47B
Dividend YieldN/A
Average Volume (3M)593.08K
Price to Earnings (P/E)5.7
Beta (1Y)0.30
Revenue Growth7.87%
EPS Growth-4.68%
CountryUS
Employees1,012
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)0.70
Shares Outstanding116,814,640
10 Day Avg. Volume623,794
30 Day Avg. Volume593,076
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)1.41
Price to Sales (P/S)1.04
P/FCF Ratio36.54
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue0.79
Enterprise Value/Gross Profit2.90
Enterprise Value/Ebitda6.64
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
SiriusPoint Business Overview & Revenue Model
Company DescriptionSiriusPoint Ltd. provides multi-line insurance and reinsurance products and services worldwide. The company operates through two segments, Reinsurance, and Insurance & Services. The Reinsurance segment provides coverage to various product lines, which includes aviation and space, casualty, contingency, credit and bond, marine and energy, mortgage, and property to insurance and reinsurance companies, government entities, and other risk bearing vehicles. The Insurance & Services segment offers coverage to various product lines comprising accident and health, environmental, workers' compensation, and other lines of business, including a cross section of property and casualty lines. The company was formerly known as Third Point Reinsurance Ltd. and changed its name to SiriusPoint Ltd. in February 2021. SiriusPoint Ltd. was incorporated in 2011 and is headquartered in Pembroke, Bermuda.
How the Company Makes MoneySiriusPoint generates revenue primarily through the underwriting of insurance and reinsurance policies. The company earns premium income from the sale of these policies, which includes both direct insurance premiums and reinsurance premiums from other insurers. Additionally, SiriusPoint engages in investment activities, where it invests the premiums received into various financial instruments, generating investment income. Significant partnerships with brokers and other insurance companies enhance its distribution capabilities and broaden its market reach, contributing to its overall earnings. The company also focuses on managing its claims expenses effectively to improve profitability.
SiriusPoint Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution across underwriting, double-digit top-line growth, improved underwriting quality, significant capital actions (MGA sales, preferred redemption, buyback) and disciplined volatility management. Management acknowledged pockets of market weakness (property catastrophe rate declines, selective casualty and reinsurance pressures), one-off acquisition cost noise, and near-term lumpiness in fee income and transaction-related tax effects. Overall, positive operational and capital progress outweigh the identified headwinds.Q4-2025 Updates
Positive Updates
Top-Line Growth
Gross written premiums (core) grew 16% for the year; Q4 core GWP grew 18% (up $134 million year-over-year) and Insurance & Services GWP grew 26% year-to-date to $2.3 billion.
Strong Earnings and Profitability
Operating return on equity was 16.2% for 2025 (three consecutive years of improvement and above the 12%–15% target); Q4 operating ROE was 17.1% and GAAP ROE 44.9% (benefiting from the Armada sale). Net income for 2025 rose 141% to $444 million.
Operating EPS and Book Value Expansion
Operating earnings per share increased 49% year-over-year. Management reported diluted book value per share growth of 28% for the year (CFO noted diluted book value per share excluding AOCI rose 24% to $18.10).
Underwriting Quality and Combined Ratio Improvement
Core combined ratio for Q4 was 92.9%; full-year core attritional combined ratio improved to 91.6% (a 1.5 point improvement versus prior year). Attritional loss ratio improved 0.8 points; OUE improved ~1 point and management expects OUE of 6.5%–7% for 2026.
Accident & Health (A&H) Growth and Strategic Importance
A&H gross written premiums grew 23% to ~ $1 billion in 2025, representing a material portion of the portfolio (management stated ~27% of business mix; CFO noted A&H is ~43% of the Insurance & Services segment GWP). A&H cited as low-volatility, capital-light earnings with >20 years of profitability.
Capital Actions and Balance Sheet Strength
Closed Armada and Arcadian sales for a combined $390 million; BSCR ratio improved to 247% (pro-forma 232% after preferred redemption). Announced intention to repurchase $100 million of common shares (~4% of shares outstanding). Leverage will reduce to an all-time low ~23% after redeeming $200 million of 8% preference shares.
Reserving and Loss Reserve Discipline
Recorded favorable prior-year development for 19 consecutive quarters; Q4 core favorable PYD was $15 million (consolidated $22 million), supporting the company’s prudent reserving track record.
IMG and Fee-Income / M&A Initiatives
IMG valued at $77 million on the balance sheet; completed acquisitions of Assist America and World Nomads (expected ~ $4–5 million EBITDA each after integration). Management expects IMG to generate >$30 million of fee income and >$35 million of EBITDA in 2026 (post-integration).
Investment Portfolio and Liquidity
Net investment income for the year was $275 million; reinvested over $500 million in the quarter with new money yields >4%. Investment portfolio: 81% fixed income, 98% investment grade, average rating AA-, portfolio duration ~3.2 years, and no fixed income defaults reported.
Volatility Management and Reinsurance Protection
Purchased a new property aggregate program (2026 attachment $90 million) and multiline aggregate reinsurance ($100 million annual limit) to limit retained underwriting volatility; 2026 retrocession coverage is more efficient and at lower overall cost than 2025.
Negative Updates
Market Headwinds in Certain Lines for 2026
Management acknowledged tougher insurance market conditions in parts of 2026 (notably U.S. and international property catastrophe reinsurance), with U.S. property cat reinsurance rates down roughly 15%–20% at 1/1 renewals and some international accounts failing to meet rate adequacy.
Catastrophe and One-off Impact
Catastrophe losses represented 2.9 points of the combined ratio for the year (largely due to Q1 California wildfires). Q4 included historical one-offs and legacy items that added about 2 points to the acquisition ratio and some noise in acquisition and OUE metrics.
Fee Income Lumpiness and Transitional Timing
Fee income is lumpy and transitional: 2025 fee-income was impacted by Armada; Armada contributed material fee income (~$26 million of the 2025 fee number per management). The two IMG bolt-on acquisitions will not be materially accretive in 2026 (benefit expected as integrations complete, with fuller contribution thereafter).
Pricing Pressure in Specific Classes
Selective casualty classes (public D&O, commercial auto) remain challenged, prompting reduced exposure; credit and bond pricing remains pressured due to ample market capacity. Marine cargo/hull saw single-digit rate decreases while marine liability saw low single-digit increases.
Reinsurance Growth and Mix Constraints
Reinsurance gross written premium grew only 3% for the full year (and 9% in the quarter), reflecting slower growth in reinsurance versus insurance and limited tailwind from some reinsurance classes; property reinsurance premiums were down in 2025.
Tax and Transaction Effects on Effective Rate
Q4 benefited from Bermuda tax credits and one-time benefits but the Armada transaction increased the effective tax rate in the quarter. Management models an effective tax rate of ~19% going forward, subject to changes in tax laws and FX.
Company Guidance
Management's guidance for 2026 emphasized disciplined underwriting and capital actions: they expect an OUE expense ratio of 6.5–7.0% and model an effective tax rate of ~19%, will redeem $200M of 8% preference shares (reducing leverage to ~23% by end‑February) and intend to repurchase $100M of common stock over 12 months (~4% of shares), which they expect to be accretive to EPS/ROE in 2026 and to book value by 2027. Capital and risk protections include a Q4 BSCR of 247% (pro‑forma 232% after the preferred redemption), a new 2026 aggregate cover attaching at $90M with a $100M annual limit, continued reinvestment at new‑money yields in excess of 4% (portfolio duration ~3.2 years; 81% fixed income, 98% investment grade, avg AA-), and an intentional shift toward insurance (Insurance & Services GWP +26% in 2025 vs Reinsurance +3%) with Accident & Health GWP +23% to ~$1B (~27% of mix); IMG is expected to generate >$30M of fee income and >$35M EBITDA in 2026 (with Assist America and World Nomads each expected to add ~$4–5M EBITDA once integrated). Operational run‑rate targets/signals to watch are a core combined ratio in the low 90s (Q4 core combined ratio 92.9%; full‑year Insurance 91.7%, Reinsurance 91.8%), a 2025 attritional combined ratio of 91.6% (improved 1.5 pts) and a 2025 operating ROE of 16.2% (Q4 17.1%) versus a 12–15% across‑cycle target.SiriusPoint Financial Statement Overview
Summary
Solid fundamentals: 7.3% TTM revenue growth and improved profitability (net margin 8.4%). Balance sheet leverage is conservative (debt-to-equity 0.32) and ROE is healthy (11.5%). Cash generation is a standout with 71.8% TTM free cash flow growth and strong conversion of net income to free cash flow, partially offset by modest EBIT/EBITDA margins and slightly higher total debt.Income Statement
SiriusPoint has shown a solid revenue growth rate of 7.3% in the TTM, indicating a positive trajectory. The gross profit margin is healthy at 37.5%, and the net profit margin has improved to 8.4%, reflecting enhanced profitability. However, the EBIT and EBITDA margins are relatively modest at 6.9% and 7.2%, respectively, suggesting room for operational efficiency improvements.75
Positive
Balance Sheet
The company's debt-to-equity ratio is low at 0.32, indicating a conservative leverage approach. Return on equity stands at 11.5%, showcasing effective use of equity to generate profits. The equity ratio is strong, reflecting a stable financial position. However, the total debt has increased slightly, which could pose a risk if not managed carefully.70
Positive
Cash Flow
SiriusPoint's cash flow performance is robust, with a significant free cash flow growth rate of 71.8% in the TTM. The operating cash flow to net income ratio is strong, indicating efficient cash generation relative to net income. The free cash flow to net income ratio is 1.0, demonstrating that the company is effectively converting its net income into free cash flow.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.84B | 2.61B | 2.70B | 2.17B | 2.22B | 884.50M |
| Gross Profit | 778.70M | 728.40M | 848.40M | 121.30M | 510.40M | 232.10M |
| EBITDA | 339.80M | 314.60M | 393.90M | -376.00M | 85.00M | 160.10M |
| Net Income | 198.30M | 199.90M | 354.80M | -386.80M | 58.10M | 143.80M |
Balance Sheet | ||||||
| Total Assets | 12.46B | 12.52B | 12.87B | 11.04B | 10.62B | 3.54B |
| Cash, Cash Equivalents and Short-Term Investments | 5.86B | 3.81B | 3.69B | 4.33B | 2.08B | 526.00M |
| Total Debt | 682.50M | 639.10M | 786.20M | 778.00M | 816.70M | 114.30M |
| Total Liabilities | 10.25B | 10.59B | 10.34B | 8.95B | 8.12B | 1.97B |
| Stockholders Equity | 2.21B | 1.94B | 2.51B | 2.07B | 2.50B | 1.56B |
Cash Flow | ||||||
| Free Cash Flow | 232.10M | 74.70M | 581.30M | 292.50M | 1.60M | 73.36M |
| Operating Cash Flow | 232.10M | 74.70M | 581.30M | 293.30M | 1.60M | 73.36M |
| Investing Cash Flow | 437.70M | 343.60M | -332.20M | -1.30B | 208.60M | 6.11M |
| Financing Cash Flow | -743.70M | -625.00M | -61.50M | -23.70M | 24.30M | -19.48M |
SiriusPoint Technical Analysis
Positive
20.75
Price Trends
20.93
Negative
20.14
Positive
19.58
Positive
Market Momentum
0.16
Negative
51.03
Neutral
63.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPNT, the sentiment is Positive. The current price of 20.75 is above the 20-day moving average (MA) of 20.47, below the 50-day MA of 20.93, and above the 200-day MA of 19.58, indicating a neutral trend. The MACD of 0.16 indicates Negative momentum. The RSI at 51.03 is Neutral, neither overbought nor oversold. The STOCH value of 63.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPNT.
SiriusPoint Risk Analysis
SiriusPoint disclosed 65 risk factors in its most recent earnings report. SiriusPoint reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SiriusPoint Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $2.97B | 6.97 | 22.39% | ― | 22.79% | -5.17% | |
80 Outperform | $13.27B | 5.39 | 23.79% | 0.57% | -3.96% | -48.08% | |
78 Outperform | $14.32B | 12.24 | 9.74% | 1.76% | 2.10% | 19.23% | |
71 Outperform | $2.47B | 5.74 | 20.86% | ― | 7.87% | -4.68% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $477.39M | -295.98 | -0.28% | ― | 5.83% | -101.38% | |
44 Neutral | $8.67M | -3.04 | -50.32% | ― | ― | 55.30% |
* Financial Sector Average
SPNT
SiriusPoint
21.15
6.56
44.96%
GLRE
Greenlight Capital Re
14.00
0.38
2.79%
RGA
Reinsurance Group
218.41
22.27
11.35%
RNR
Renaissancere Holdings
305.21
73.90
31.95%
OXBR
Oxbridge Re Holdings
1.13
-2.87
-71.75%
HG
Hamilton Insurance Group, Ltd. Class B
30.55
12.29
67.31%
SiriusPoint Corporate Events
Business Operations and StrategyM&A Transactions
SiriusPoint Completes Strategic Divestment of Arcadian Stake
Positive
Jan 30, 2026
On January 30, 2026, a SiriusPoint Ltd. subsidiary completed the previously announced sale of its entire equity stake in Arcadian Holdings Limited, a Bermuda exempted company, to Comet Bidco Limited, an acquisition vehicle affiliated with Lee Equity Partners. Under the terms of the October 3, 2025 share purchase agreement, SiriusPoint’s Bermuda insurance unit received $140 million in cash consideration, subject to customary post-closing adjustments, with the deal closing after satisfaction of regulatory and other standard conditions, marking a strategic divestment that monetizes a non-core holding and potentially strengthens SiriusPoint’s capital position.
The most recent analyst rating on (SPNT) stock is a Buy with a $22.50 price target. To see the full list of analyst forecasts on SiriusPoint stock, see the SPNT Stock Forecast page.
Business Operations and StrategyM&A Transactions
SiriusPoint Completes Sale of ArmadaCare to Ambac
Neutral
Nov 3, 2025
On October 31, 2025, SiriusPoint Ltd. completed the sale of its wholly owned supplemental health insurance program manager, ArmadaCare, to Ambac Financial Group Inc. for $250 million. This transaction, initially announced on September 29, 2025, marks a strategic move for SiriusPoint, potentially impacting its market positioning and operational focus.
The most recent analyst rating on (SPNT) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on SiriusPoint stock, see the SPNT Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.