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Sep 30, 2021
SiriusPoint Q3 2021 Earnings Report
SiriusPoint experienced a net loss due to significant catastrophe losses, which were partially offset by strong investment returns.
Key Takeaways
SiriusPoint reported a net loss of $48 million for the third quarter of 2021, driven by catastrophe losses of $287 million. This was partially offset by net investment income of $200 million, including a 16.3% return from the TP Enhanced Fund. The company is focused on managing volatility in its Property business and reallocating capital to its MGA platform within Insurance & Services.
Net loss of $48 million, or $0.34 per diluted common share.
Combined ratio of 152% and net underwriting loss of $266 million.
Catastrophe losses were $287 million, including $132 million for the European floods and $100 million for Hurricane Ida.
Net investment income of $200 million, including 16.3% return from our investment in the TP Enhanced Fund.
Revenue by Segment
Forward Guidance
The company is focused on optimizing capital allocation, rebalancing towards insurance, and reducing their risk profile to create a sustainable long-term franchise and profitability.
Positive Outlook
- Optimizing capital allocation
- Rebalancing towards insurance
- Reducing risk profile
- Creating a sustainable long-term franchise
- Profitability
Challenges Ahead
- Costs of integrating operations of Sirius Group
- Impact of COVID-19 pandemic
- Fluctuations in results of operations
- Downgrade or withdrawal of financial ratings
- Inadequacy of loss and loss adjustment expense reserves
Historical Earnings Impact
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Avg. Return Before/After Earnings
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