SiriusPoint Ltd. Q1 FY2025 earnings call

• Underwriting Performance: Core business combined ratio was 95.4%, with a $59 million loss from California wildfires (below prior estimate). Expense, acquisition cost, and attritional loss ratios improved. Had $34 million of favorable prior year development, 16th consecutive quarter of such.
• Premium Growth: Core gross written premiums grew 12% YOY, net written premiums 20% YOY. Strong growth in accident and health, property, and other specialty lines; casualty slightly down. MGA distribution strategy key, added 5 new/expanded partnerships, MGA Centre of Excellence driving growth.
• Investment Results: Net investment income $71 million, tracking in line with full-year guidance. No significant issues in investments.
• Shareholder Actions: Completed $753 million share repurchase agreement with CM Bermuda and participated in Loeb Entities secondary offering, repurchasing 0.5 million shares.
• Rating Agencies: Fitch and AM Best revised outlook to positive, affirming ratings, recognizing strong balance sheet and improvements.

Insurance & Services Segment

• Gross written premiums increased $111 million or 21% to $635 million, driven by double-digit growth in A&H, property, and other specialty lines, while casualty premiums decreased by less than 1%.
• Combined ratio was 94%, with a 4.4 point improvement from the prior year quarter. The loss ratio decreased 4.4 points, other underwriting expense ratio decreased 1.3 points, partially offset by a 1.3 point increase in acquisition cost ratio.
• Accident & Health premiums were up 19% in Q1, representing over half of the segment's premium growth. Casualty premiums were broadly flat. Other specialties saw strong growth on both gross and net bases. Property had double-digit premium growth.

Reinsurance Segment

• Gross premiums written decreased $2 million to $355 million. Casualty premiums decreased double digits, offset by growth in other specialties and property lines.
• Combined ratio was 97.1%, remained profitable despite California wildfire losses. Loss ratio increased 18.3 points due to catastrophe losses, but excluding catastrophes, combined ratio improved 8.9 points.

• Double-digit net premium growth expected for fiscal year 2025.
• Return-on-equity of 12.9% is within the 12%-15% across the cycle target and is expected to remain within this range.

• Uncertainty from tariff changes, which may impact pricing, risk appetite, or book positioning. Need to monitor and adjust accordingly.
• Volatility from catastrophes, though the company's diversified portfolio helps mitigate some of this risk.