SiriusPoint Ltd., a provider of re/insurance services, has announced strong results for the first quarter of 2025, continuing its streak of underwriting profitability, with underwriting income of $29 million for the quarter, compared with $44 million in Q1 2024.

The combined ratio for the Core business was 95.4%, reflecting a slight increase from the previous year’s 91.4%, driven by the impacts of the California wildfires.

Catastrophe losses for the period totalled $67.9 million, contributing 10.9 percentage points to the combined ratio. While the California wildfires were the main driver of these losses, the total was still below the range the company had forecasted in the fourth quarter of 2024.

The quarter’s results also benefited from favourable reserve development, with $34.3 million of favourable prior-year reserve releases.

These releases primarily came from Property, driven by reserve releases related to previous catastrophe events. Additionally, Accident & Health (A&H) also benefited from lower-than-expected reported attritional losses.

The company reported a 12.4% increase in gross premiums written for the Core business, reaching $989.9 million compared to $880.7 million in the same quarter last year.

Net premiums written saw an even more impressive increase of 20.9%, rising to $625.8 million from $517.8 million in the prior year.

SiriusPoint reported notable growth in premiums written, underscoring its solid market presence and efforts to retain a greater portion of its profitable business.

The expansion was especially strong in the Accident & Health and Surety lines, which continued to gain traction across both established and emerging markets.

In the Reinsurance segment, gross premiums written edged down by 0.4%, largely due to strategic underwriting adjustments in the Casualty line aimed at enhancing profitability.

By contrast, the Insurance & Services segment delivered strong growth, with gross premiums written increasing by 21.1% to $635.1 million.

SiriusPoint’s investment results remained robust, generating $71.2 million in net investment income for the first quarter of 2025. This was primarily driven by $63.4 million in interest income from debt securities and short-term investments, compared to $76.9 million in the same period last year.

The year-over-year decline in investment income was a result of a reduced asset base following share repurchase activity in 2024 and 2025.

Net income for the quarter was $57.6 million, or $0.49 per diluted common share, reflecting continued strong profitability. Book value per diluted common share rose 5.3% during the quarter, increasing to $15.37 from $14.60 at year-end 2024.

SiriusPoint’s Chief Executive Officer, Scott Egan, commented: “2025 has got off to a strong start. Our aim to deliver stable and consistent earnings can be seen with our first quarter return on equity of 12.9%, well within our 12-15% target range as our diverse portfolio performed well against the backdrop of elevated natural catastrophe losses.”

He continued: “Our focus will be to maintain this momentum and continue to deliver and improve throughout 2025. We are pleased to see our outlook move to Positive from Stable this year for both AM Best and Fitch. These are important proof points of our progress.”

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