SiriusPoint has secured a second ratings upgrade in 2026 following changes to its capital structure, investment portfolio, and catastrophe exposure.
AM Best has upgraded the Financial Strength Rating of SiriusPoint Ltd. to A (Excellent) from A- (Excellent), and its Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent). The Long-Term ICR of its operating subsidiaries was raised to “bbb” (Good) from “bbb-” (Good). The outlook remains stable.
The decision follows a February 2026 upgrade by Fitch Ratings, which raised SiriusPoint’s Insurer Financial Strength rating to A (Strong) from A-, alongside an upgrade of its Long-Term Issuer Default Rating to BBB+ from BBB. Both agencies cite similar factors tied to financial results, capital levels, and portfolio changes.
Data published by Fitch and company disclosures show a shift in earnings over the past three years. SiriusPoint reported net income of $444 million for 2025, compared with $184 million in 2024. Return on average equity reached 22.1%.
Underwriting metrics remained within a consistent range. Core combined ratios were 91.7% in 2025, 91.0% in 2024, and 89.1% in 2023, according to Fitch. Catastrophe losses contributed 2.9 percentage points to the 2025 combined ratio, largely tied to California wildfires, compared with 2.5 points in 2024.
Figures disclosed in company results show gross written premiums increased 16.1% to $3.688 billion in 2025, while net earned premiums rose 17.8% to $2.591 billion. Consolidated underwriting income reached $302.8 million, up from $276.4 million in 2024.
Fitch reported that shareholders’ equity rose to $2.5 billion at year-end 2025 from $1.9 billion a year earlier, reversing a decline recorded in 2024. Financial leverage declined to 24.4% from 27.5%, with a further reduction to 22.8% expected following the redemption of $200 million in preference shares.
The agency also placed SiriusPoint in the “Very Strong” category under its Prism capital model at year-end 2025, citing a 31% increase in available capital.
AM Best said SiriusPoint’s balance sheet strength is at a very strong level, supported by risk-adjusted capitalization measured at the strongest level using its Capital Adequacy Ratio (BCAR). It expects this position to be maintained.
“The ratings upgrade reflects SiriusPoint’s improved balance sheet strength fundamentals following actions taken by management including de-risking of the company’s investment portfolio, reduction in its catastrophe exposure, and streamlining of its ownership structure,” AM Best said.
Fitch reported that SiriusPoint has shifted its business mix over recent years, with insurance and services accounting for 59% of core net premiums written in 2025, compared with 37% in 2021. The reinsurance segment represented 41% in 2025, down from 63% in 2021.
AM Best linked its forward view to this repositioning, stating that underwriting results are expected to remain profitable with reduced volatility as exposure to catastrophe-driven property business declines.
Company disclosures indicate that the repositioning includes changes to operating structure. SiriusPoint now operates across four divisions: Global P&C Programs, Global Reinsurance, Global Accident & Health, and a London Market Specialty unit. These changes were outlined in company statements describing ongoing operational adjustments.
Recent activity also includes partnerships tied to underwriting capacity. Industry reports noted SiriusPoint’s agreement with managing general agent Steadily, which focuses on landlord insurance across the United States, providing access to short-tail property risks within its programs segment.
Public filings place SiriusPoint among mid-sized Bermuda-based re/insurers. With $3.688 billion in gross written premiums and $444 million in net income for 2025, the company reports a larger premium base and higher return on equity than Hamilton Insurance Group, which reported $2.4 billion in premiums and $400 million in net income in its latest disclosures.
Both companies have held A- level financial strength ratings from Fitch prior to the latest actions.
“We are delighted with the upgrade from AM Best, which comes hard on the heels of Fitch’s upgrade earlier this year,” said Scott Egan, chief executive officer of SiriusPoint. “These ratings actions reflect the progress the Company has made and further reinforce the overall strength of the business. We remain focused on building on this momentum.”
All figures, ratings, and ratios cited align with disclosures from AM Best, Fitch, and company financial releases. The sequence prioritizes rating momentum, followed by financial results, capital metrics, and portfolio adjustments, consistent with the selected angle.
Further refinement could include additional comparison across multiple reinsurers beyond a single peer and incorporation of reinsurance pricing or cycle conditions to place underwriting results in a wider market frame. These data points were not included in the source materials.
