Bermuda-based insurer and reinsurer SiriusPoint Ltd. reported core underwriting income of $69.6 million in the third quarter of 2025, up 11.4% from $62.5 million in the same period a year earlier, as growth in Insurance & Services income more than offset a slight decline in Reinsurance underwriting income.
The improvement in net underwriting results was primarily driven by lower catastrophe losses, partly offset by reduced favourable prior-year loss reserve development.
The impact of catastrophes was limited in the quarter, compared with losses of $10.6 million in Q3’24. Losses incurred included $9.1 million of favourable prior-year loss reserve development, primarily driven by favourable development in A&H business, compared to $29.7 million the previous year, which was driven by favourable development within Property business.
For the quarter, gross premiums written (GPW) increased 26.2% to $871.6 million from $690.5 million, while net premiums earned rose 17.8% to $643.5 million from $546.3 million.
SiriusPoint noted that the increase in premium volume was primarily driven by its Insurance & Services segment, including the expansion of Surety within its Other Specialties business line, growth across A&H including Life, and continued strategic organic and new program growth in its international P&C business.
Net investment income totalled $66.5 million, down from $77.7 million, while total investment result was $72.7 million.
Net investment income and net realised and unrealised investment gains (losses) in Q3’25 decreased to $72.7 million from $92.5 million, reflecting a smaller asset base following capital transactions executed in the second half of 2024 and the first quarter of 2025.
In its Reinsurance segment, gross written premiums amounted to $309.6 million, down 1.6% from $314.5 million.
The reinsurance segment produced underwriting income of $31.9 million, down from $41.6 million, with a combined ratio of 87.9%, compared to 84.6% in Q3’24. The decrease in net underwriting results was the result of a decrease in favourable prior-year development of $17 million, partly offset by a decrease in catastrophe losses of $11.3 million.
Within Insurance & Services, gross premiums written were $562 million, up 49.5% from $376 million.
The segment generated income of $47.8 million, up from $27.9 million, including underwriting income of $37.7 million (90.1% combined ratio) and net services income of $10.1 million, compared to underwriting income of $20.9 million (92.4% combined ratio) and net services income of $7 million the prior year.
Scott Egan, CEO of SiriusPoint, said, “The third quarter marked another successful quarter of delivery for SiriusPoint. Strong underwriting performance, targeted growth, the announcement of two MGA disposals, and a positive outlook upgrade by S&P means there is a lot to be proud of.
“We achieved a strong operating return on equity of 17.9% in the quarter, significantly ahead of our ‘across the cycle’ 12-15% target range. More importantly, our year to date operating return on equity of 16.1% is still outperforming our range despite heightened losses from the California Wildfires and aviation sector in the first half of the year.
“Our third quarter Core combined ratio of 89.1% delivered an 11% increase in underwriting income compared to last year, aided in part by no catastrophe losses in the quarter. We also continued to see strong top line growth with gross premiums written up 26% year over year for the quarter and 16% year to date, with Accident & Health being the most significant contributor.
“We expect the previously announced sale of two of our MGA investments, ArmadaCare and Arcadian, to unlock significant value for shareholders representing an increase of around $1.75 per share, which is not yet included in our book value.
“Our ambition remains unchanged: to build on the progress and momentum we have created. The third quarter marked another meaningful step forward on that journey.”
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