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SiriusPoint Ltd., a specialty insurer and reinsurer based in Bermuda, has reported net income available to common shareholders of $69 million for the second quarter of 2026, up approximately 16% from $59.2 million in the same period a year earlier.
For the quarter, gross written premiums increased 5.5% to $981.5 million from $930.1 million, while net written premiums rose 1.4% to $709.5 million from $699.8 million. Net earned premiums decreased 1.1% to $638.8 million from $645.6 million.
SiriusPoint said the increases in written premium was driven by its Insurance & Services segment, including new programme growth, mainly in General Liability, as well as continued growth in London MGAs, partially offset by decreases in its Reinsurance segment, primarily in Casualty and Property Catastrophe.
The decrease in net earned premium was primarily a result of earned premium growing at a slower pace than written due to a shift in our business mix, as well as a reduction in net earned premium related to the inception of an aggregate reinsurance program in 2026.
For the quarter, core underwriting income stood at $55 million, down from $67.6 million in Q2’25, with a core combined ratio of 91.4% versus 89.5%.
The decrease in underwriting income was primarily driven by decreased earned premiums and higher acquisition costs, partially offset by increased favourable prior year loss reserve development.
Core net services income rose to $9.9 million from $8.7 million, due to growth in the IMG travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada.
Favourable prior year loss reserve development was $16.7 million compared to $13.8 million.
Net investment income totalled $65.5 million, down from $68.2 million.
For the first half of 2026, SiriusPoint posted a net income available to common shareholders of $168 million, up 44% year over year.
Core underwriting income was $125.9 million, up from $96.1 million, with the combined ratio improving to 90.1% from 92.4%.
Scott Egan, Chief Executive Officer of SiriusPoint, said, “Our second quarter and half year results are strong and reflect our continuing progress, the strength of our diverse and low-volatility portfolio, and our approach to capital management.
“The second quarter Core combined ratio of 91.4% contributes to a half year result of 90.1%, a 2.3 point improvement on prior year. Our half year operating return on equity of 14.7% is at the upper end of our 12-15% across the cycle target range.
“Premiums in our Insurance & Services business grew 15% in the second quarter. We have both the capability and agility to target and grow in attractive areas while pulling back where we don’t see adequate returns for the risk we take, as evidenced by our reduction in Reinsurance premiums of 9%.
“As a result of underwriting performance and active capital management, book value per share (ex. AOCI) grew by 3% in the quarter and 8% for the half year. While market conditions are becoming more challenging, we are well positioned to maintain our momentum and deliver consistent and sustainable earnings.”
The post SiriusPoint posts a net income of $69m in Q2’26 appeared first on ReinsuranceNe.ws.
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📰 This article is sourced from a trusted insurance industry publication. Farmer Stockman Insurance shares this for informational purposes only. Always consult a licensed advisor for personalized guidance.
