- Newslink Global Insurance Trends-Editor's Weekly Highlights
- Zurich reports 25% rise in first-half operating profit, on track to beat all targets
- Admiral Group reports solid first half profits and growth despite inflationary environment
- Ryan Specialty reports revenue and net income up in second quarter
- WTW boosts its Ecosystem Resilience practice with appointment of former US climate finance negotiator
- Heatwaves and other weather-related events already account for 10.8% of UK home insurance claims-GlobalData
- Roaming IoT connections to generate 1,100 petabytes globally by 2027, as operator network strategies disrupt market expired
- Majesco announces plans to hire an additional 200 employees by the end of the year expired
- Sapiens extends Partner Network to provide customers with InsurTech innovation expired
- Former Zurich North America Executive Massey appointed North American Advisor for VIPR Solutions expired
- RiverStone reaches tentative agreement for first Vermont captive acquisition expired
- Enstar reports latest financials expired
3rd July 2022
SiriusPoint responds to S&P’s CreditWatch
SiriusPoint has noted that S&P Global Ratings(S&P) has placed SiriusPoint Ltd and its core subsidiaries on CreditWatch, with Negative implications.
S&P identified recent management changes as the cause of the CreditWatch, following the departures of SiriusPoint’s ceo (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, comments “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).
Malloy adds “The SiriusPoint Board is making good progress in its search for a permanent ceo. In the meantime, I am proud to work with this leadership team as we continue to transform the company.”
Molloy was appointed interim ceo 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, Global Distribution.
SiriusPoint Trends(26 articles)
S&P Global Trends(551 articles)