SiriusPoint is doubling down on broker-led managing general agent (MGA) programs as a core engine of growth, even as the broader insurance market faces persistent volatility.
With more than half of its premium now flowing through MGA channels, the Bermuda-based insurer is leaning into a strategic play that CEO Scott Egan calls “central” to the company’s DNA.
“It’s very much business as usual here at SiriusPoint, and business as usual is upbeat and positive,” Egan told Insurance Business in an interview following the announcement of the company’s second-quarter results.
“If you look underneath the covers, our top line is growing again for the fifth consecutive quarter. That’s important because it's the proof point that the products and services we’re offering are what our customers want to buy.”
SiriusPoint reported an 89.5% Core combined ratio, a 3.8-point improvement year-over-year, and an underlying return on equity of 17% for the quarter, well above its target range of 12–15% across the cycle. Gross premiums written in the Core business were up 10.4%, marking the fifth straight quarter of top-line growth.
According to Egan, the company’s close alignment with MGAs is no accident. “We’re very aligned to the MGA space,” he said. “It’s the fastest-growing distribution channel in both the US and UK. What’s powerful about this model is that it allows us to grow, even when general market conditions are soft.”
SiriusPoint was named US Program Carrier of the Year, a recognition Egan views as a signal from both the market and its partners that the company is delivering value. In Q2, the insurer announced four new MGA partnerships, three of which were expansions of existing relationships.
That deepening of collaboration, Egan noted, is an important proof point. “It’s about trust and mutual understanding,” the CEO said. “We share an underwriting ethos with our partners, and we’re selective – very selective. We turn down more than 80% of the MGA opportunities we see.”
Despite rapid expansion, Egan is quick to stress that SiriusPoint is not a volume-led organization. “Growth is nice if it supports our strategy, but the core focus is always underwriting discipline,” he said. “If we shrank tomorrow but remained profitable, that would be okay. Our aim is to be a best-in-class underwriter delivering 12-15% ROE across the cycle."
A big part of that underwriting success has been SiriusPoint’s focus on attritional loss ratios, which Egan describes as the truest indicator of underwriting capability. Improvements in this area, particularly in the Accident & Health (A&H) and Surety segments, contributed significantly to the second quarter’s strong results.
“A&H is a huge business for us, $800 to $900 million in annualized premium, and it’s been profitable for eight consecutive years,” said Egan. “It also brings lower volatility, acting as a buffer against cat-prone lines like property.”
Indeed, SiriusPoint isn’t immune to secondary peril risk. Wildfires in California earlier this year had an impact, though Egan said the company’s exposure was well within expected parameters.
“We’re being careful and thoughtful about how we take on that exposure,” Egan said. “We’re not afraid of wildfire risk, but the market needs structural reform too. Insurers can’t be the catch-all for poor vegetation management or infrastructure issues.
“If nothing changes, the cost of coverage will rise to the point where it’s unaffordable, and that’s bad for everyone. So, what’s needed is a multifaceted approach: better modeling, stronger public-private collaboration, and more shared accountability.
“As for broader property cat exposure, we’ve seen rates soften. That doesn’t mean it’s unattractive, but the upcoming January 1 renewals will be critical. If we don’t see adequate return, we’ll reallocate capital. We’ve demonstrated we can do that, and we will again if necessary. But we also value long-term relationships, and our partners trust us. Still, we have to keep one eye on the market.”
When evaluating potential MGA partners, SiriusPoint applies a disciplined filter.
“First, do they have domain expertise in areas we also understand? Second, what’s their edge, and how can we complement it with our data and analytics?” said Egan. “Do we have the same mindset? Is there skin in the game? Most of our MGA agreements include profit-sharing. And yes, we care about chemistry, as it’s still a people business.”
With strong Q2 financials, improved underwriting margins, and deepening MGA relationships, SiriusPoint is entering the second half of 2025 with confidence. But Egan isn’t complacent: “It’s halftime,” he said. “We’re not breaking out the cigars just yet. There’s still a second half to play, and how you end is more important than how you start.”
