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Siriuspoint Ltd (SPNT)
NYSE:SPNT
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SiriusPoint
(NYSE:SPNT)
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Rating:72Outperform
Price Target:
$23.50
▲(13.25% Upside)
Action:ReiteratedDate:02/25/26
The score is driven primarily by improving financial performance in 2025 (stronger margins, ROE, and cash flow), supported by a very low P/E valuation and positive earnings-call guidance/capital actions. Offsetting factors are the historically volatile reinsurer earnings/cash flow profile, a noted balance-sheet data inconsistency, and only moderate (not strong) technical momentum.
Positive Factors
Underwriting discipline & improved combined ratio
Sustained improvement in combined ratios signals durable underwriting discipline and risk selection. A core combined ratio in the low-90s supports margin sustainability across underwriting cycles, lowering capital volatility and improving the plausibility of achieving stated ROE targets over the medium term.
Stronger cash generation and revenue growth
Material improvement in cash flow and top-line growth provides lasting financial flexibility. Consistent free cash flow near net income supports dividends, buybacks and de-levering, strengthening capital adequacy and enabling reinvestment in higher-return lines like Accident & Health.
Capital actions and high-quality investment portfolio
Active capital management (preferred redemption, $100M buyback) plus strong regulatory capital and a high-grade investment book materially reduce balance-sheet risk. High IG allocation and short duration preserve liquidity and lower interest-rate sensitivity, supporting solvency across stress scenarios.
Negative Factors
Earnings and cash-flow cyclicality
As a reinsurer, SiriusPoint faces structural earnings volatility driven by catastrophes and reserve development. Historical swings reduce predictability of free cash flow and can force countercyclical capital moves or capital raises, constraining long-term planning and raising required return thresholds.
Balance-sheet data inconsistency
A glaring data inconsistency in reported total assets undermines transparency and complicates assessment of leverage, reserves and capital adequacy. Persistent or unresolved accounting anomalies can delay investor confidence, regulatory scrutiny, and impair comparability across periods.
Pricing pressure & limited reinsurance growth
Structural softening in property catastrophe and certain casualty classes can compress margins and limit top-line expansion in reinsurance. Slower reinsurance premium growth and rate erosions may force portfolio shifts or tighter underwriting, reducing long-term margin visibility in affected segments.
SiriusPoint (SPNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.47B
Dividend YieldN/A
Average Volume (3M)606.43K
Price to Earnings (P/E)5.8
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 Outstanding116,990,290
10 Day Avg. Volume623,490
30 Day Avg. Volume606,430
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.03
Price to Sales (P/S)0.80
P/FCF Ratio4.96
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit1.80
Enterprise Value/Ebitda3.60
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)2.5
Revenue Forecast (FY)$3.26B
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
2025 results show a clear upswing (revenue +12.9%, net margin up to 14.3%, ROE 18.6%, and a large rebound in operating/free cash flow to $514M). Offsetting this, profitability and cash flow have been volatile across years (including a sizable 2022 loss) and the 2025 total assets figure appears inconsistent versus prior periods, reducing confidence in balance-sheet trend quality.Income Statement
Profitability and growth improved materially in 2025: revenue rose to $3.21B (+12.9%) and net margin expanded to 14.3% (from 7.6% in 2024), with operating profitability also stronger. Results are not perfectly stable across the cycle—2022 showed a sizable loss and negative margins—so earnings volatility remains a key risk for a reinsurer despite the recent momentum.73
Positive
Balance Sheet
Leverage appears reasonable for the business, with debt-to-equity improving to 0.28 in 2025 (from 0.33 in 2024), and return on equity strengthening to 18.6%. The main concern is data inconsistency in total assets (2025 shows $121.2M vs ~$12–13B in prior years), which limits confidence in balance-sheet trend analysis and suggests reported scale may be misstated for that period.70
Positive
Cash Flow
Cash generation strengthened significantly in 2025 with operating cash flow and free cash flow both at $514M (up sharply from $74.7M in 2024), and free cash flow roughly matching net income. However, cash flow has been volatile historically (e.g., very low in 2021 and 2024), and the provided operating cash flow coverage figure is low in 2025, pointing to potential variability in cash conversion.67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.21B | 2.61B | 2.70B | 2.17B | 2.22B |
| Gross Profit | 1.69B | 728.40M | 848.40M | 121.30M | 510.40M |
| EBITDA | 622.50M | 314.60M | 393.90M | -376.00M | 85.00M |
| Net Income | 459.60M | 199.90M | 354.80M | -386.80M | 58.10M |
Balance Sheet | |||||
| Total Assets | 121.20M | 12.52B | 12.87B | 11.04B | 10.62B |
| Cash, Cash Equivalents and Short-Term Investments | 902.40M | 3.81B | 3.69B | 4.33B | 2.08B |
| Total Debt | 688.60M | 639.10M | 786.20M | 778.00M | 816.70M |
| Total Liabilities | 7.51B | 10.59B | 10.34B | 8.95B | 8.12B |
| Stockholders Equity | 2.47B | 1.94B | 2.51B | 2.07B | 2.50B |
Cash Flow | |||||
| Free Cash Flow | 514.00M | 74.70M | 581.30M | 292.50M | 1.60M |
| Operating Cash Flow | 514.00M | 74.70M | 581.30M | 293.30M | 1.60M |
| Investing Cash Flow | 0.00 | 343.60M | -332.20M | -1.30B | 208.60M |
| Financing Cash Flow | -512.20M | -625.00M | -61.50M | -23.70M | 24.30M |
SiriusPoint Technical Analysis
Positive
20.75
Price Trends
20.90
Positive
20.21
Positive
19.60
Positive
Market Momentum
0.19
Negative
55.07
Neutral
47.04
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 20.63, below the 50-day MA of 20.90, and above the 200-day MA of 19.60, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 55.07 is Neutral, neither overbought nor oversold. The STOCH value of 47.04 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 | 7.13 | 22.39% | ― | 22.79% | -5.17% | |
80 Outperform | $13.27B | 5.45 | 23.79% | 0.57% | -3.96% | -48.08% | |
78 Outperform | $14.32B | 12.34 | 9.74% | 1.76% | 2.10% | 19.23% | |
72 Outperform | $2.47B | 5.77 | 20.86% | ― | 7.87% | -4.68% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $477.39M | -299.58 | -0.28% | ― | 5.83% | -101.38% | |
44 Neutral | $8.67M | -3.02 | -50.32% | ― | ― | 55.30% |
* Financial Sector Average
SPNT
SiriusPoint
21.25
6.29
42.05%
GLRE
Greenlight Capital Re
14.17
0.46
3.36%
RGA
Reinsurance Group
220.06
24.67
12.62%
RNR
Renaissancere Holdings
298.68
69.00
30.04%
OXBR
Oxbridge Re Holdings
1.12
-2.80
-71.43%
HG
Hamilton Insurance Group, Ltd. Class B
31.25
12.84
69.74%
SiriusPoint Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
SiriusPoint Posts Strong Q4 Results, Launches Buyback Plan
Positive
Feb 18, 2026
On February 18, 2026, SiriusPoint reported fourth-quarter 2025 net income of $240 million, or $1.97 per diluted share, with operating EPS of $0.70, an annualized ROE of 44.9% and operating ROE of 17.1%. The quarter saw 18% growth in gross and net written premiums, a core combined ratio of 92.9%, and a 9.9% rise in book value per diluted share ex-AOCI to $18.10, helped by reduced catastrophe losses despite softer prior-year reserve releases.
For full-year 2025, the company posted net income of $444 million and a 22.1% ROE, with operating EPS up 49% to $2.55, 16% gross written premium growth, a 91.7% core combined ratio, and a 23.6% increase in book value per diluted share ex-AOCI. Management highlighted ongoing improvement in underwriting quality and capital strength, announcing the redemption of Series B preference shares, which should lower leverage to about 23%, and a planned $100 million share repurchase program that underscores confidence in its balance sheet and future performance.
The most recent analyst rating on (SPNT) stock is a Hold 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 Expands Travel Insurance Platform With World Nomads Acquisition
Positive
Feb 12, 2026
On February 12, 2026, SiriusPoint’s subsidiary Sirius International UK Holdings II Ltd. agreed to acquire the World Nomads travel insurance business from Australian health insurer nib Group via a share and asset sale. World Nomads, with about $40 million in gross written premium, is a well-established global travel insurance and lifestyle brand that targets independent, lifestyle and adventure travelers, and offers products worldwide.
SiriusPoint announced that its subsidiary International Medical Group will assume World Nomads, a move that will significantly broaden IMG’s travel insurance distribution and extend its footprint into Australia, Brazil and Canada. The acquisition, together with IMG’s recent purchase of global travel assistance provider Assist America, is expected to create a more integrated global insurance and assistance platform, boosting IMG’s presence to 34 countries and enhancing scale and diversification.
Management highlighted that both the World Nomads and Assist America deals are expected to be accretive to return on equity and earnings per share, supporting SiriusPoint’s strategy of building a diversified, high-performing portfolio. The transaction was scheduled to close on the majority of the World Nomads group in the second or third quarter of 2026, with final completion anticipated in the second half of 2027, subject to regulatory approvals and other customary conditions, and is intended to deliver greater reach, enhanced services and long-term value for stakeholders.
The most recent analyst rating on (SPNT) stock is a Hold 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 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.
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.