SiriusPoint has responded to S&P’s placing it on the latter’s CreditWatch, with negative implications, saying that it has made ‘significant progress’ in transforming its business.
S&P identified recent management changes as the cause of the CreditWatch, following the departures of SiriusPoint’s CEO and COO. The ratings agency has said that it intends to monitor the impact SiriusPoint’s management changes will have on the Company’s ability to execute its strategy, which it views as “critical” to SiriusPoint improving operating performance and maintaining its competitive position.
Dan Malloy, interim CEO, said: “As part of our transformation we have made significant progress over the last five quarters, re-underwriting our business, reducing volatility across our reinsurance and investment portfolios, and growing our Insurance & Services segment. The SiriusPoint Board, senior leadership, and I are confident that our business, balance sheet, and prospects remain very strong. SiriusPoint has an impressive Executive Leadership Team and global underwriting expertise. We believe that we are in a great position to continue to execute our strategy, transform our business and deliver profitable growth by always putting underwriting first.”
SiriusPoint is currently attributed an ‘A-’ insurer financial strength rating and a ‘BBB’ long-term issuer credit rating by S&P. SiriusPoint continues to benefit from a strong capital position above the ‘AA’ confidence level based on S&P’s risk-based capital model. The Company’s regulatory capital ratios at year-end 2021 were 218% at SiriusPoint Bermuda Insurance Company (Bermuda), 178% at SiriusPoint International Insurance Corporation (Sweden) and 517% at SiriusPoint America Insurance Company (New York).
Dan was appointed Interim chief executive officer in May this year. He previously served as CEO of Third Point Re, one of SiriusPoint’s legacy companies, and most recently, as SiriusPoint’s president of global distribution.
SiriusPoint also made two senior promotions in June – Patrick Charles, Global Head of Property & Casualty, Insurance & Services, and Darryl Siry, Chief Technology Officer, who both joined the Executive Leadership Team.
