Recent SPNT transcripts
Associated SPNT filings
Liam Blackledge | executive |
Scott Egan | executive |
James McKinney | executive |
Good morning, ladies and gentlemen and welcome to SiriusPoint's Third Quarter 2024 Earnings Conference Call. [Operator Instructions].
As a reminder, this conference call is being recorded, and a replay is available through 11:59 p.m. Eastern Time on November 15, 2024. With that, I would like to turn the call over to Liam Blackledge, Senior Associate, Investor Relations and Strategy. sir. ahead, go Please
we and on you or call to months supplement results. Last XXXX, operator, XX-Q press today. and website, filing for to www.siriuspt.com. I X financial night, quarter third welcome the are and our good you earnings afternoon release, available morning which everyone the issued our Thank SiriusPoint earnings
our Scott Additionally, Chief and website. With me our is available a webcast on Officer; presentation Officer. Executive will today Financial coincide Egan, are with Jim Chief McKinney, today's discussion and our here
we be measures I non-GAAP would like current the and financial Before remarks differ. will and remind contain results of management's uses engaging measures its Certain Actual performance financial to our they on quality also today's and the results. the start, Management may you our to trends informative be in non-GAAP financial forward-looking identifying that statements of investors, expectations. analysis results internal discussed. may beliefs that based
for as turn X of time, However, these accordance to public the Page latest Please to measures presentation substitute occurred refer performance of will over with this should to considered filings. company's GAAP. in our I not a measures financial At the the additional or call and information for be Scott. investor superior
quarter year significant. X-point improvement of of This a Hurricane despite the If of profit, This and previous stand you, Thank call. X the Helene. be will been delivery delivering Liam, back, always, our a SiriusPoint. Thanks, consecutive XXXX this for now XX.X%, quarter, as combined months for strong I ratio afternoon, eighth joining another results everyone. underwriting of our is good morning, good and third has quarter marks quarter which versus impact
the well our proof very to performance, building range annualized and ambition lines points grown on XXXX we've our this These of ROE digits. double for again business, are track stated important And XX%. addition, an our is of underlying at XX.X% our XX% driven within months target company. underwriting by continuing X at our record against In premium
underwriting and from importantly, discipline and hard to make And strong focus improve work we can to believe will first this delivering. here, is happen. continue Our we we
Over X%, in past highlighted in quarter, a to competitors. Coming gap start I'm business. our some for in growth with going business, of we our of for increasing to the the now quarter, closed second have highlights lines our significantly we this the the delivered which the year-to-date core X half In XX% of On quarter. and saw continuation quarter first premiums. the growth demonstrating X% third the up years, continuing the to from a stands at our basis, we now year-over-year The momentum.
our and operating refined that growth can nimble means the property SiriusPoint specialty predominantly business We an and Our that way. is One coming which agile targeting. our market market believe into are lean attractive we from in segments, model opportunities
relentlessly pricing. We disciplined on and strategy are group to performance on underwriting and strategy will built is continue and growth underwriting our be our and focused
underlying prior on prior year development. earnings core improved which year X quarter excluding points improvement period, XX.X% of third ratio to the and Our X losses quality combined when includes by catastrophe an of points compared basis of
This for which relate ratio. $XX losses on quarter primarily to X.X Helene. cat the were points Our combined million, Hurricane just the represents
in landfall of the saw effects also Hurricane as Florida. we Milton Additionally, it made
initial range this to losses quarter the for estimate While in to event $XX million. relating in net our numbers, it's $XX are million our not of third
wide is range there Given industry still estimates. a of Hurricane of Milton, loss insured recency the
a Our largely our estimated property book. on is which loss of from a detailed exposures, based bottom-up evaluation emanate reinsurance
events to year catastrophe full in combined budget. Milton Hurricane remain contained loss with the our expect previous within year the We
very to our significant recent we Hurricane full Helene demonstrable and support proof must never reductions which so forget property strong ensure hard as expect as of through This That we're can have to remains are our a also colleagues portfolio events committed customers, claims begin through possible devastation, I and why visible and of rebuild will fully a back their evidence we it's impact partners of very before to full more business part hurricanes think, soon here, upsetting the are talk impact focus. Real of up. and PMLs reinsurance update I year both unfortunately, combined important months. our as recent the about our are over we fourth that acknowledge this crucial reporting. those lives. refocusing Hurricane seen us want financial have communicated and Importantly, working point event, the play. and in and the said, life, our our that scenes a We've quarter and and though, to opportunity to restructuring deliver that Milton we had take geographical to Milton and human the to of a my We the to these do still to is important lens. fully we effects this performance. Obviously, role gives incredibly paid our very to offer the
consolidated our Now distribution at looking our strategy MGAs. and
quarter entered with our in Center of partnerships distribution strengthened through continues into Our Excellence. MGA strategy the third X to new be MGA
longer which way our of quarter ambition a towards we we the are banners. We preferred into become and and no excellence our underwriting entered of on have with we MGA the partner to Arcadian. our believe quarter results business. The are XX MGA, achieving in the we for the programs delegated year, capabilities selected both first means carefully new center and well this marks approach consolidate building far, our in infrastructure So also
further generated X ownership. I impact to a The point consolidated to reminder, where underwriting we X% of million most quarter of significant detail remaining the the of equity shown These every sheet is net SiriusPoint X that in has sheet available health XXXX. as in the X fee X, strategically relationship, the income have and million stent important X to balance As and aligned carry no service or on value MGAs. months division. our currently in make which the equity Appendix we continue off-balance first net material there income deconsolidation on in at these MGAs, of XXX% our own $XX $XX our
We time, perform the driven XX%, which smaller continue rationalizing to stakes, an increasing strongly year down increasing wider, costs reduced period, income by from stand and our with the XX% on been equity XXXX. start at prior we've over these fee of revenue at improving margin. On XX%
was the for portfolio. result result third Looking excellent million, reported now We've Net the third to the investment our $XX $XX contributing another quarter for our of quarter. quarter investment investment at income of in, million. This outcome our been strong rate gains reflects mark-to-market the of we've commencement able fixed optimization ongoing to the by and cuts following Fed portfolio. income lock rates aided
million We investment full expect between will to $XXX for net XXXX. and year the against now guidance income this $XXX also land outperform and million our
The CMIG. third X-part transaction for announced with quarter also saw the us account previously
As deploy a of retirement CMIG's our to repurchase were we approximately capital equating million and the complete of shares. common to X.X to able reminder, stock $XXX million
view third forward. net in of impact the settlement quarter. Therefore, of volatility the The it net in statement A at the second disclosed for as line an reducing and this Series quarter income was settlement headline with preference months preference instruments $X previously for reserve full guidance the on our the we of while September income income obviously, completed $XXX shares 'XX, the final X to third million. uncertainty Secondly, the settlement these we the in related quarter, positive the COVID instruments our going ended a stands impact the XX, These the income A has at transaction was of step cash. of in our we the Series time and merger, but million, in net had on discrete because
year. ROE LPT impact from we medium-term of the our this our income a underlying XX% transaction finally, underlying million, year, XX% to progression remain was XX.X%. you compared of last to power. And net the prior range quarter of If XX%, the for and is earnings our exclude which in the $XX This increase more much underlying with within is upgraded ROE reflective of
grown grew end in will and book by value I has summary, today. In started. per share I Our X% XX% where quarter the
strong completed remove this we of an delivery with underwriting operational business our strengthened evident and actions, on have much future equity and being becomes focus position quarter our which more and strategic quarter from first for will strategic each success Another results. our quarter. The future volatility
their of extend company detail. which better. and targeted in to we relentless this them their quarter will SiriusPoint. incredibly and to is my profitability. pass It feels always right grateful the company in our be are of transformation make become strong a continued With my best-in-class to remaining full the at it to the I and SiriusPoint colleagues for year who amongst more laser-focused improvements This now personal will through incredibly value and industry. financials can underwriting grow every I'm We foundation, while now important determination this should achieved proud built gratitude huge anniversary showing day we have time. we in from my marks also second on dedication in that through you we will further the am and support. Together, people to I I Jim, for them strategic proud drive our aim This across about that, take at
net an that million increase business growth third afternoon, of prior everyone. XXXX quarter Slide for premium XX, year XX% and It Starting quarter. business, was quarter underlying the and an income $XX written of another of for gross highlight Scott, net continuing good adjusted Thank the underlying core exited with results. ratio you, million. The improved for we $XX reflects is versus our good great on lines of XX.X% in combined morning, income
with net million headline guidance transaction relating release. the was contains from As quarter a The CMIG the reminder, impact one-off $X impact previous to in transaction. our $XX the of line second million the given income the CMIG
exited excluding premiums now on by a for increased compensation core lines written quarter-on-quarter headline On a XX% underwriting, basis, basis, written XXXX. gross Focusing premiums the premiums and gross on decreased million business. $XX cyber of workers' our quarter-on-quarter in X% continuing
XX.X% ratio was $XX excluding compared Our development. Favorable COVID-XX million year core year was X.X releases trends. improvement losses decreasing favorable our the versus combined for at prior relating LPT. attritional both attritional in core loss ratio reserve year. This by the prior development quarter prior prior million X-point development $XX quarter, higher lower points of to to a of million with in business stood and This versus to prior due the headline for business year includes quarter the $XX favorable year the
to as The related double result of includes quarter broadly revenues relating mark-to-market income pretax the flows income shares, quarter X% million quarter. share Net net foreign to capital derisked benefit to while experienced million compared now Hurricane but Looking million. unchanged, expenses increased funds which of The $X flat. million losses million other party on merger of total This increases. Unrealized exchange gains, losses $XX net business. favorable the This of relates by increased a and fee at Arcadian. amount contains the as for for is net $XX year including quarter, withheld prior Appendix Arcadian, a the reserving compared income remain in basis, quarter included by quarter results rate NGA deconsolidation related million a the income at loss items and were illustrated transfers also and in settlement X. When a quarter-over-quarter impact our of also portfolio Series the Core and fee million liability to quarter income which a portfolio for The adjusting reduced Arcadian $XX testament development, million. prior is $XX A investment service million warrants, expense, value Other of the of service equity $X impacting year runoff $XX the reduced Service interest in diluted revenues from fee from on related Helene. book $X improvements. Catastrophe consolidated the to for was the from the shareholders' losses. up per investment million XXth classified continues quarter were funds to quarter-over-quarter. on realized through consecutive $XX $XXX million. stood instruments, million remains service which investment revenues of grew service digits. the preference strong to $XX these the $X to as common
offset shares repurchase the holdings. With of gains our fixed $XXX of on retirement and CMIG million by income mark-to-market
X our months at looking Slide on performance Now XX.
value are We per million income growth XX%. of to pleased book a core ratio very our XX.X% of report business, combined of diluted for and $XXX net
which income, MGA income second the for the this underlying transaction net strategic from to improving the impact CMIG actions loss increased and quarter quarter, of adjusts Looking net quality the transfer last the one-off year-on-year portfolio the the at underlying $XXX demonstrated impacts, from including XX% year. A earnings. our million. net
previously first an underlying one-off within effect ROE basis medium-term is our on Importantly, of shareholders' billion, which the the on the basis from CMIG. of since is XX.X% XX.X% the headline months start guidance mentioned. Common at XX% when an performance annualized including annualized XX% XX%, of repurchase of a standing to of the X increase increase start items I the range $X.X share net at or and equity the the stands excluding of year an since year when X%
own equity, XX% also of is accident the net important where year MGA affecting XX%. relate to and the year-to-date core of net division, XXX% points I income and X on improving largest $XX results. When X service to increased quarter-over-quarter and and result at as fee looking to reduced the Arcadian with fee service previous they As this a our deconsolidation income their to MGAs the we the the revenues margin strategically our mentioned prior slide, health compared of service million,
at the as trends, premium shown Slide XX. on looking Now
continuing For year-over-year, relative up quarter has increased where the of lines the year. lines This period. growth momentum increased the the amount building first to were X% continuing year, prior XXXX, premiums first that X year been half compared at of is X% to an since demonstrating the months premium
by performance business Insurance North growth Services led specialty runoff international XXXX. Year-to-date, remains to where insignificant and headline impact lines strategy we and double-digit driven launched significant as in builds momentum beginning is XXXX bear programs. on from distribution growth contributions was been and we This and our property has year-end, the expect which in fruit. both growth drag in be America through specialisms, to a by While programs included within had continuing the segment,
long flat were is in premiums with over line the and side, reinsurance insurance our term. to services the On strategy overall year-to-date. in This grow reinsurance
from growth the reductions continue lines we the and We Bermuda growth property where in an of partially In growth the business. increased quarter reinsurance New in to by quarter, the growth X we for first our growth existing property of saw distribution strong offset from on our within that third an specialty from from growth opportunity expansion years. in see quarter with a by our partner within our international was specialty in this saw business, programs half. In marking were business. driven first particular, and partnership our coming strategic U.S. growth higher York The casualty in segment
and American we the areas first London best we strategy the on targeting underwriting return programs in in means such bring that growing Our that believe as North will international capital, programs. are
we capital grow SiriusPoint One market. opportunities us where nimble can the Our structure to that allows the best in be allocators we see so
written X% business, discrete decreased quarterly for quarter-on-quarter. Looking gross premiums core a on basis
basis, premiums from were detailed However, exited XX% and for XX written the gross cyber our where a business shows is on of the seeing XXXX, excludes more a which workers' continuing view quarter. Slide compensation up portfolio growth. lines
the potential is book downward expect the digits are growing market property the at stable advantage we Helene Our within pricing business. generally Milton. we take conditions given catastrophe Rates, exposed any and reinsurance portfolio impact and within subside double Hurricane and of and on terms as holding low to property Hurricane U.S. catastrophe hard pressure of
loss driven the our of whilst of book one Premiums part partners. share stable. effect of through Within has quota This maintain and by to with & in specialism in Medical remaining cost business underwriting of has down Our a a remains at a line total of our U.S. roughly negligible this had profit of segments low our accident a other portfolio volatility source increases the cycle seeing Health, the attributable the Accident premium. been specific & trends, health Health, Accident within on rate unique nonrenewal in mix are is rate XXXX, agreement portfolio. largely X/X an is book with business important stable and of strategy
at now segment. Looking Specialty our
We are by premiums strong growth seeing gross written year-to-date. XX% increasing with
our rate quarter offerings hires change bolstered low seeing change mid-single-digit generally E&S given the credit on were trends. the and is rate we are is The this are we key the inflation as will within we expectation of rates on segment stable the and Bridge elements softening the a our rate which slight and in to written a interest social rate kept XXXX, future exceeding marine a and and this collapse we within premium expect casualty book Rates where is double-digit recent portfolio beginning for casualty had remains growth of slight material. our up, casualty currently This from primary credit We given are excess rate. Marine in have of within stable, book that stable loss rates our on lines we in despite as in first rate casualty to casualty, stable, premiums or and is gross book energy Elsewhere, basis have written with a emerge cautious are also not although the we show rate achieving from trends. increases losses are benefiting positive to cost our basis. net the experience seeing. with exception decline. Within within reduction in the energy remain premiums Baltimore upstream, specialty,
quality. the underlying like-for-like Slide adjusted portfolio into to our Turning combined in entered transfer for XXXX of loss XX, walk a on basis, the ratio now and earnings which shows impact our
the year, small an as earnings, period. in the year. was X prior versus our portfolio points our points X.X excludes year a excluding at and point portfolio points reducing compared improvement gain XX.X%, deferred restructuring. to slightly year-to-date at related ratio is due quality the of combined year low the but points the in excluding core of X.X year levels LPT within versus loss catastrophe ratio, shown which X.X historically stands to improvement on prior the X.X this development, point combined catastrophes. Favorable higher increased segment side the The previous right-hand loss the prior to development prior XXXX at prior by X-month remains the versus X.X ratio those our Our from than following
in X.X X.X mix. I the As combined year improvement earnings improved from to the loss right-hand due and vary an than shown which believe in the useful driven on side the out of improvement mentioned, the by compared slide, to impact of underlying X.X offsetting ratio underlying losses this attritional the were more cost acquisition business quality in the improvements point strips earnings is by to report pleased in portfolio. We points of quality our year. time. metric year-to-date demonstrating was the prior quality catastrophe inherently ratio, the We a the both core development, in shift ratio, increase underwriting The points prior over by the which in business
across an saw the the the in as book segment improvement reinsurance are and for we Services Insurance improving Importantly, the combined both underwriting our quality portfolio. and actions of the earnings ratio segment
earnings discrete third Looking line X.X core also quality by the with the year-to-date improved trend. in at quarter, points, of
portfolio evolution the in our portfolio. over the trend effects demonstrating actions on model of our XXXX second taken of in losses the the XX Looking and catastrophe shows half and PMLs XXXX period, on of further X-year into Slide the losses the
XXXX the Hurricane seen For materially a those the similar lower the quarter XXXX. losses XXXX, at to third than to Ian quarter are remained and seen catastrophe of level during relating in third
year-over-year of third X Our a basis. common years last losses and discrete catastrophe on percentage a equity fallen the quarter months have shareholders' X for as
a losses meaningful quarter for loss financial our landfall of in X.X% significant no been primarily loss X insured for anticipate to track to The in catastrophe in Milton to have and losses around October reduction activity amount sizable brings Florida million and in result other be Helene. industry million international on fourth and third we the of quarter $XX X.X% industry Europe was a related catastrophe is to to which direct Ian. estimate related to our book We made $XX and most of million results. This losses represents Hurricane to notably opening X.X% of to of Milton on There has and $XX losses which as that fourth the our reasons, property. Hurricane book we value X.X% be Hurricane value. year-to-date quarter Hurricane largest reflected catastrophe Canada
based our deliberate Our space, pricing losses disclosures. a percentage well the against which peers our Accident retention. reflects X/X shareholders' portfolio, premium. maintaining catastrophe on as property represents Health also lines actions reinsurance volatility compares higher such equity roughly in to reflects reinsurance This deliberate unique their with as balance on It combining strategy our our of discipline these and catastrophe of our portfolio, our &
the at activity this As I renewals. mentioned pricing on catastrophe earlier, year that pressures we serve to property heightened reinsurance expect and collateral any the moderate upcoming will trap X/X
investment to year strong first months X $XXX the results million. of XX. Slide for the our Net investment Turning on was quarterly income
unchanged for no net our income we forecast is investment continues perform between portfolio. Overall, well. operate remains to XX% AA. income our current of in to investment portfolio with across 'XX portfolio investment average which an continue $XXX The defaults high-quality, fixed at $XXX And quarter, is fixed to Our AA. the with our million. investment a an we as saw average strategy third income, estimated income unchanged year credit credit fiscal low-volatility portfolio million is now rating XX% fixed of grade of rating
quarter, the X.X%. see in reinvestment continue of During excess we rates to
X Our stable remained fully reminder, at portfolio remain reserves And loss years. matched. as assets duration a backing
to repurchase the debt of preference. flat points meant first robust the capital is the increased capital, start XX.X%, This equity. end, prior common lower X.X remains at stood stable our $X.X discussed X.X significant is $X.X asset the of to versus leverage At the debt, Total due billion estimated with that quarter at to our had ratio by in which largely billion, our to XXXX, total Series to share year. This remains quarter debt The XXX% within in points BSCR of A range, we partial X.Xx. target XX. while the thanks and liquidity. at an the share remained ratio quarter, retirement Moving including repurchase sheet ratio previously Slide balance retirement and half shareholders' of
As an presentation. share we a $XXX reminder, we have outstanding of this, the conclude section With our million. repurchase financial of authorization
Our and and third quarter X months were and demonstrate stable, results results. consistent improving XXXX strong
to XX% on this your on We expect I to build performance and equity XX% you the again cycle. aim through to like common morning. thank time a would return to deliver for average this
any operator. contact team the turn over I call For at Relations the questions, please back to now our investor.relations@siriuspt.com. Investor
Thank gentlemen, participation. of Limited your you. concluded. conference Ladies Thank SiriusPoint you and has now the for
lines. disconnect now may your You
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.