SiriusPoint
SiriusPoint is a medium-sized insurance and reinsurance company with a financial strength rating of A- from major rating agencies. Founded in 2021 through a merger, it operates globally with headquarters in Bermuda and additional offices in New York and Stockholm.
Company Overview
SiriusPoint operates in the insurance industry, providing both primary insurance and reinsurance solutions. The company has a medium-sized team of 479 employees and maintains a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch. SiriusPoint was formed through the merger of Sirius Group and Third Point Re in 2021, bringing together over 75 years of experience in the insurance and reinsurance sectors. The company is publicly traded on the New York Stock Exchange under the ticker symbol SPNT.
Services Offered
SiriusPoint specializes in a range of insurance and reinsurance services. The company provides tailored insurance programs and works with Managing General Agents (MGAs) to enhance its distribution capabilities. Its offerings include solutions in various sectors such as Accident & Health, Aviation & Space, Casualty, Energy, Environmental, and Marine. Additionally, SiriusPoint operates Lloyd’s Syndicate 1945 for reinsurance underwriting and has a dedicated International MGA Centre of Excellence located in Stockholm.
Global Presence
SiriusPoint has a global footprint with offices in key financial centers, including New York, London, Stockholm, and Bermuda. The company strengthens its offerings through strategic partnerships, such as its collaboration with Hellenic Hull Management for marine insurance and Gigasure, an insurtech startup focused on personalized travel insurance. These partnerships enable SiriusPoint to provide flexible and tailored propositions to its clients.
Financial Strength
As of the fourth quarter of 2023, SiriusPoint reported a total GAAP capital of $3.3 billion and a debt to capital ratio of 23.8%. The company wrote $3.4 billion in gross premiums in 2023, reflecting its robust financial performance. With total capital exceeding $3.0 billion, SiriusPoint demonstrates a strong financial foundation to support its insurance and reinsurance operations.
History and Development
SiriusPoint has a history that spans over 75 years in the insurance and reinsurance industry. The company was established through the merger of Sirius Group and Third Point Re in 2021, marking a significant development in its corporate history. This merger combined the strengths and expertise of both entities, positioning SiriusPoint as a responsive partner in underwriting risk with skill and discipline.