Following SiriusPoint’s strong set of results for the full year 2025, CEO Scott Egan discussed what he believes matters most beneath the headline numbers, how he is approaching growth and capital allocation, and why the re/insurer is leaning hard into Accident & Health (A&H) and its MGA ecosystem.
SiriusPoint recently posted its 2025 results, including full-year net income available to common shareholders of $444 million and fourth-quarter net income of $240 million.
In an interview with Reinsurance News, Egan emphasised that while the numbers are important, what matters more is whether the performance is repeatable and whether the quality of earnings is improving.
“We’ve spent the last few years reshaping the business to be simpler, more focused and less volatile. When you do that properly, you should see it in the underlying underwriting metrics and in consistency across quarters, not just in a single good period. I’m pleased with 2025, but I’m more interested in what it says about the durability of the model,” he said.
Egan outlined where he sees the most compelling growth opportunities, highlighting that SiriusPoint is selective about where it grows to ensure that expansion comes with the right return and risk profile.
He stated, “One thing I’d challenge is the habit of describing the market as if it’s one single cycle moving in lockstep. This is not the case. There are pockets that are softening, and there are pockets that are holding up well – even tightening – and the skill is moving capital to where you’re properly paid.
“For us, the most compelling opportunities continue to be in areas that are less correlated with traditional P&C pricing cycles, and that’s part of the reason we’ve leaned into Accident & Health and Surety. We’ve also been clear that we’ll be opportunistic in reinsurance when the rate and structure justify the volatility. But the anchor point is always underwriting performance first.”
Egan explained that Accident & Health brings balance to the portfolio by delivering consistent earnings and helping to dampen volatility elsewhere.
He said, “That matters because it allows us to manage the wider portfolio more intelligently. When you have a meaningful proportion of earnings coming from a line that is less correlated with the broader P&C cycle, you can afford to be more disciplined in other areas. It gives you flexibility, and it gives you the confidence to walk away from business that isn’t priced properly – which is exactly what you need when market conditions are mixed.
“It’s also not just an underwriting story. Alongside the core Accident & Health underwriting business, IMG, SiriusPoint’s wholly owned subsidiary, adds distribution, services and fee income, which strengthens the overall earnings profile. Taken together, that combination is why A&H remains such an important part of how we think about the business today.”
Egan also discussed the continued expansion of SiriusPoint’s wholly owned subsidiary, International Medical Group (IMG), a leader in global insurance benefits and assistance services. He noted that the company is building a connected Accident & Health and travel platform, where underwriting sits alongside distribution and services, rather than operating as a standalone book of business.
He continued, “The acquisitions are a good example of that. We recently announced IMG’s acquisition of Assist America, which brings global travel assistance capabilities and generates around $20m in annual assistance revenues. We also announced IMG’s acquisition of World Nomads, a global travel insurance and lifestyle brand with approximately $40m of gross written premium.
“What we like is that these are strategic adjacencies: they broaden distribution, expand services, and strengthen the customer proposition. We’ve said publicly both acquisitions are expected to be accretive to return on equity and earnings per share.
“World Nomads also expands IMG’s distribution footprint, including into Australia, Brazil, and Canada, and the combined platform is expected to give IMG a presence across 34 countries with around-the-clock service coverage. Over time, building that kind of connected platform creates options – and options matter in a market that’s constantly changing.”
Egan also spoke about SiriusPoint’s MGA strategy, noting that it works when the MGA model is built on alignment and long-term partnership rather than chasing volume.
“Our approach is selective, and we’re comfortable being patient,” he said. “In practical terms, that means being disciplined about who we partner with, how quickly we scale, and making sure incentives are aligned around underwriting quality and transparency. It also means recognising that the market will present opportunities, but you don’t have to jump on every one.
“That links to capital as well. We’ve announced actions that reflect confidence in the balance sheet, including the intention to repurchase $100m of common shares over the next 12 months. We also announced the redemption of all outstanding Series B preference shares on February 26, 2026, as part of simplifying and optimising the capital structure.”
In addition, Egan commented on Fitch Ratings’ recent upgrade of SiriusPoint and its operating subsidiaries’ ratings to ‘A’ (Strong) from ‘A-’, viewing it as an independent validation of the work that’s gone into reshaping the business over several years.
He stated, “Fitch was very clear that the upgrade reflects improved earnings quality, a reduced risk profile, and more consistent underwriting performance, and that’s exactly where our focus has been.
“What matters to me is that the upgrade recognises progress across the fundamentals: underwriting profitability, capital strength, reserve development, and lower volatility following the strategic repositioning of the portfolio. These are structural changes, not shortterm fixes.
“For us, the Fitch upgrade is a useful marker of how far the business has come – and a reminder of the importance of continuing to execute with the same discipline as market conditions evolve,” Egan concluded.
