SiriusPoint Accelerates Core Premium Growth and Agrees Run-Off LPT

The Tip Desk · November 7, 2026 · 3 min read

Operating earnings rose 19% to $0.88 a share as Insurance & Services gross written premium grew 20% and a RiverStone transfer is expected to unlock over $200 million of capital.

SiriusPoint Ltd. (SPNT), a global specialty underwriter, reported net income available to common shareholders of $87 million, or $0.74 a share, for the third quarter ended September 30, 2026, and said operating earnings per share increased 19% to $0.88.

Core gross written premium growth accelerated to 14% in the third quarter from 6% in the second quarter, with Insurance & Services up 20% after 15% in the prior quarter. The company said the increase in written premium was driven by Insurance & Services, including growth in Surety and an increase in estimated premium for Professional Liability, slightly offset by the exit of an International A&H program.

The core combined ratio improved to 90.1% from 91.4% in the second quarter. Core underwriting income was $75.9 million, compared with $55.0 million in the second quarter. Consolidated underwriting income for the three months ended September 30, 2026 was $103.5 million, versus $91.4 million a year earlier. The company said the year-over-year improvement was primarily driven by lower attritional loss ratios and increased favorable prior-year loss reserve development, slightly offset by higher expense ratios.

Favorable prior-year loss reserve development was $18.3 million in the third quarter, compared with $9.1 million a year earlier, primarily on Property and A&H. Operating net income rose to $103.2 million from $79.4 million in the second quarter. Annualized operating return on equity increased to 17.6% from 13.8% in the second quarter. Chief Executive Officer Scott Egan said the quarter’s operating return on equity of 17.6% continued to outperform the company’s 12-15% target.

Insurance & Services generated income of $44.9 million in the third quarter, with a 92.8% combined ratio, versus $47.8 million and a 90.1% combined ratio a year earlier. The company said the decrease in underwriting income was primarily a result of higher acquisition and other underwriting expense ratios, slightly offset by lower attritional loss ratios. Reinsurance generated underwriting income of $42.9 million, or an 86.0% combined ratio, versus $31.9 million and an 87.9% combined ratio a year earlier, on increased favorable prior-year reserve development in Property and Energy.

Core net services income was $11.9 million, compared with $10.1 million a year earlier. The company said the increase was due to growth in the IMG travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada. Service margin, excluding Armada, increased to 19.7% from 16.3% a year earlier, driven by the Assist America acquisition. Net investment income decreased to $65.9 million from $66.5 million a year earlier on lower yields on cash and short-term investments and portfolio repositioning.

Book value per diluted common share excluding AOCI rose 4% in the third quarter to $20.21 from $19.48 at June 30, 2026. The balance-sheet solvency capital ratio estimate was 232%.

SiriusPoint entered a loss portfolio transfer with RiverStone covering substantially all of the remaining run-off reserves. The company said the deal is supported by significant limit and strong collateral, is expected to unlock over $200 million of capital currently supporting the run-off portfolio, and is subject to regulatory approval. Egan said the agreement would allow the company to close the door on the historical book of reserves, further simplifying the business and unlocking significant capital.

In the fourth quarter of 2026, SiriusPoint plans to realign its reportable segments into Accident & Health, which now has over $1 billion of premiums, and a new Specialty P&C segment, replacing Insurance & Services and Reinsurance. Egan said the company believes its underwriting credentials and positive momentum position it well to close out the year with confidence.