SiriusPoint Ltd., a global specialty underwriter, has reported a rise of 13.7% or $119 million in gross written premium (GWP) to $990.6 million for the third quarter of 2026, compared to $871.6 million in Q3’25, driven by growth across the insurance & services segment, slightly offset by the exit of an international A&H programme.
For the quarter, net premium written (NPW) rose $13.8 million, or 2.1%, to $678.7 million, up from $664.9 million for Q3’25. Net premium earned (NPE) increased by $121.3 million, or 18.9%, to $764.8 million for Q3’26 compared to $643.5 million for Q3’25.
SiriusPoint attributed the increase in NPE to increases in the estimate of earned premium in Professional Liability and A&H businesses.
For 9M’26, GWP rose by $184.3 million, or 6.6%, to $2.97 billion, compared to $2.79 billion for 9M’25. NPW decreased by $31.7 million, or 1.5%, to $2.08 billion for 9M’26 compared to $2.12 billion for 9M’25. For 9M’26, NPE increased by $127 million, or 6.6%, to $2.04 billion, compared to $1.91 billion for 9M’25.
For 9M’26, the increases in GWP and net earned NPE were driven by growth across insurance & services segment, partially offset by decreases in the reinsurance segment, mainly in casualty, property catastrophe, and other specialties, explained the firm.
Further, the reduction in NPW was primarily driven by the decreases in the reinsurance segment and the ceded premium due to the inception of an aggregate reinsurance programme in 2026.
For the quarter, net income came down slightly to $87 million compared to $90.7 million for Q3’25, as underwriting income rose to $75.9 million, with a combined ratio of 90.1% combined ratio. This compared to underwriting income of $69.6 million, with a CoR of 89.1% for Q3’25.
For Q3’26, favourable prior-year loss reserve development was $18.3 million compared to $9.1 million for Q3’25, primarily driven by favourable development on property and A&H business.
In 9M’26, core results included income of $255 million compared to $216 million for 9M’25, with an underwriting income of $201.8 million and a CoR of 90.1%, compared to underwriting income of $165.7 million with a CoR of 91.4% for 9M’25.
The improvement in underwriting income for both periods was primarily driven by decreased catastrophe losses, partially offset by higher acquisition costs and other underwriting expenses, said the company,
For 9M’26, catastrophe losses were $6.7 million, compared to $67.4 million for 9M’25, primarily driven by the California wildfires in the prior period.
The reinsurance segment, for Q3’26, produced GWP of $317.6 million, an $8 million or 2.6% increase year-on-year, driven by increases in property and marine & energy. The segment’s underwriting income was $42.9 million, compared to $31.9 million in Q3’25.
For 9M’26, reinsurance GWP was $973.7 million, a $60.4 million or 5.8% decrease on the prior year, due to deliberate reductions in casualty, rate and exposure reductions in property catastrophe, and reductions in other specialties, according to SiriusPoint.
The segment’s underwriting income for 9M’26 was $103.3 million, compared to $68.4 million for 9M’25, driven by decreased catastrophe losses, partially offset by lower favourable prior-year loss reserve development of $26.9 million, compared to $35.5 million for 9M’25, mainly from reserve releases in property relating to prior year’s catastrophe events.
The insurance & services segment generated GWP of $673 million for Q3’26, an increase of $111 million, or 19.8%, compared to Q3’25, primarily driven by growth in surety business and an increase in premium estimate on Professional Liability business, slightly offset by the exit of an International A&H programme.
For 9M’26, the unit generated GWP of $2 billion, an increase of $244.7 million, or 13.9%, primarily driven by an increase in premium estimate on professional liability, surety, and new programme growth, and continued organic growth in existing programmes and growth in North America A&H.
On the asset side, net investment income decreased to $65.9 million for Q3’26 compared to $66.5 million in Q3’25, while for 9M’26 it decreased to $197.8 million, compared to $205.9 million for 9M’25.
The decreases were driven by lower yields on cash and short-term investments, as well as portfolio repositioning. driven by lower yields on cash and short-term investments, as well as portfolio repositioning.
Alongside its results, SiriusPoint has announced a new loss portfolio transfer agreement with legacy specialist RiverStone International, which covers all of the remaining run-off reserves and is supported by a significant limit and strong collateral. The LPT transaction, which remains subject to regulatory approval, is expected to provide over $200 million of capital currently supporting the run-off portfolio.
Scott Egan, Chief Executive Officer, SiriusPoint, commented, “Our third quarter results represent continued strong performance, with our diversified, low-volatility portfolio again delivering on both growth and profitability. Our Insurance & Services segment grew by 20% and our core combined ratio was 90.1% both in the quarter and year to date. With an operating return on equity of 17.6% for the quarter and 15.8% year to date, the business continues to outperform against our 12-15% target.
“We continue to create value for our shareholders as our book value per share (ex. AOCI) grew by 4% in the quarter and 12% year to date. As we head into the final quarter, we believe our underwriting credentials and positive momentum position us well to close out the year with confidence. Our balance sheet and capital are very strong, and we have the agility to deploy capital where we see the best opportunities.
“We have also announced another important milestone in the quarter linked to our legacy run-off portfolio, agreeing a loss portfolio transfer with RiverStone. This will allow us to effectively close the door on this historical book of reserves, further simplifying our business and unlocking significant capital.”
