SiriusPoint Ltd. Q1 FY2026 earnings call

• Started the year with strong first quarter, delivered strong underwriting profits, disciplined growth, and attractive capital returns. • Core combined ratio at 88.9% (lowest in six quarters), operating return on equity 15.3%, gap return on equity 17.4%. • Balance sheet strong with BSCR ratio 242%, redeemed $200 million of preference shares, bought back over $40 million of common shares, and increased share buyback commitment. • Introduced new return on equity metric for core business, enhanced disclosures on MGA partnering and runoff. • Strong underwriting focus and capability, positive about growth opportunities in insurance and services, prudent reserving and capital management, and rating agency upgrades.

Insurance and services gross written premiums grew by 8%. Reinsurance gross written premiums declined by 10%. Core combined ratio was 88.9%, with underwriting profits of $71 million. Operating return on equity was 15.3%, gap return on equity was 17.4%. Balance sheet strong with BSCR ratio of 242%. Book value per share up 5%. Accident and health premiums grew 9%, general liability conditions mixed, reinsurance combined ratio 84.2% improved due to lower catastrophe losses, insurance and services combined ratio improved to 92% with ex-cat combined ratio improving slightly.

• Expect overall gross written premium growth to be between 5 to 10% for the full year, more weighted to the second half of the year. • Reaffirm full year guidance range of 6.5% to 7% for other underwriting expenses. • Continued focus on capital management and returning capital to shareholders through share buybacks, with flexibility in considering dividends or special dividends in the future based on performance and market conditions.

Q: Comment on growth in general liability despite intensifying competition and concerns.

A: Mike and Jim discussed being disciplined in GL, seeing competition intensifying but having strong pipeline, working with MGAs for niche business, and expecting strong growth in insurance overall.

Q: Higher level on modeling and acquisition costs.

A: Jim explained that acquisition costs depend on partner-by-partner basis with sophistication behind it, not an exact science but strategic logic of business performing well with ROE.

Q: Focus on London Market Specialty Division.

A: Scott discussed restructuring to focus on London Market Specialty, having improved performance over three years, relaunching with profile, and strategic attraction of the marketplace.

Q: View on war risk and political violence markets.

A: Greg was told that low volatility doesn't mean not taking risk, they are alive to opportunities in such markets but manage overall portfolio for lower volatility.

Q: MGA partnering and winning narrative.

A: Greg was told that it's about product and expertise choice, behavioral choice like being nimble and responsive, having double digit growth in insurance and MGE business, and being careful in choosing partners.

Q: Attritional loss trends and rate vs loss cost trend.

A: Jim said they continue to see enhancements in attritional loss, with 30 to 40 basis point net improvement, offsetting mixed headwind.

Q: Share buybacks and potential dividends.

A: Scott and Jim discussed returning capital to shareholders through share buybacks, with flexibility in considering dividends or special dividends based on performance and market conditions.

Q: Color on smaller specialty lines.

A: Scott and Jim provided color on smaller lines like aviation (rates starting to come back), credit (well-priced with areas like trade credit, political risk, international mortgage), marine energy (selective due to softening in marine), etc.