SiriusPoint

SiriusPoint has entered into an agreement to repurchase all SiriusPoint common shares and warrants held by CM Bermuda Limited for an aggregate purchase price of $733 million. SiriusPoint CEO, Scott Egan, said: “The announcement to repurchase all shares and warrants owned by CM Bermuda is a significant development for SiriusPoint. Our financial position, driven by our strengthening profitability and performance, has empowered us to execute this transaction...” Find out more in our press release, here. https://lnkd.in/eNgR4yiy

How are the 1:1 renewals impacting the investment landscape? SiriusPoint’s David Govrin joined the team at Insurance Investor to discuss the issues driving renewal negotiations, including natural catastrophes, casual liability trends, and new capital.   “In general, the balance sheets of the insurance industry are well capitalized…”   Click here to read David’s comments on the Insurance Investor website https://lnkd.in/eRmYsDJF #insurancerenewals #insurance #reinsurance

Supporting our local communities has always been important to us, and this commitment shines brightly in Bermuda where colleagues collaborate with various associations and charities to champion causes close to their hearts. One such cause is Bermuda Pride. We recently worked with the team at Bermuda:Re+ILS for its Community Champions series and discussed why we’re providing long-term support to Bermuda Pride, why it’s important to our colleagues, and what community engagement means to SiriusPoint. “Whether it’s helping to nurture home-grown talent; supporting Bermuda Aquarium, Museum and Zoo’s restoration project on Trunk Island; fundraising for medical charities such as the Bermuda Cancer and Health Centre; or our long-term support of Bermuda Pride, we want to make Bermuda an even better place to live, work and visit, for the benefit of everyone.” Click here to find out more https://lnkd.in/epiNc-nY #BermudaPride #Pride

Happy Holidays from everyone at SiriusPoint. We wish you all a relaxing holiday season and the very best for 2025. #happyholidays #seasonsgreetings

On the final day of our Renewals Holiday Countdown, Chris Fenn, Head of Marine, London, provides his thoughts on risks, capacity, and competition in the marine market. “The Marine insurance outlook for 2025 is challenging given that Maritime trade will continue to be impacted by geopolitical events such as those in the Middle East and Ukraine, together with the difficulties being experienced by vessels in the Persian Gulf, Red Sea and Black Sea. Large and CAT loss events like the collapse of Baltimore’s Francis Scott Key Bridge and Hurricanes Helene and Milton have impacted insurers during 2024. In addition to geopolitical and large loss events, several other factors will influence marine insurance at renewals and in the near future. Inflationary pressures are driving up claims costs, regulatory changes are impacting underwriting practices and claims management, and technological advancements, such as autonomous vessels and advanced tracking systems, are altering risk profiles. The industry will closely monitor these elements and the way they shape the marine landscape. As we navigate 1:1 renewals today, capacity remains high and competition remains strong, which has resulted in rates softening. We expect this trend to continue into 2025.” #RenewalsHolidayCountdown #insurance #reinsurance #marine

Next up in our Renewals Holiday Countdown, Head of Aviation & Space, Marc Wyss, provides his thoughts on 1:1 renewals, discussing reinsurance costs, pressure from overcapacity, and the impact of geopolitical risks… “While reinsurance costs remain stable, the direct aviation insurance landscape is facing pressure from overcapacity, intense competition, and resultant deterioration of rates. We’re also seeing a rise in the cost of insurance claims due to higher aircraft values, increased travel, and inflation, which required careful portfolio management and underwriting discipline. As we look ahead to 2025, the anticipated outcome of the Russian-Ukraine claim holds the potential to reduce working capacity and bring some stability back to the market. The ongoing conflict, however, continues to affect the market, particularly with issues surrounding non-returned aircraft. The conflict, coupled with other geopolitical factors will remain a concern. That said, aviation and space is a dynamic and evolving market, which is focused on innovation, sustainability and addressing emerging risks.” #RenewalsHolidayCountdown #insurance #reinsurance #aviation

In today’s Renewals Holiday Countdown, Global Head of Casualty, Christopher Larson shares his insights and tells us more about what he’s experiencing in the casualty space. “The Casualty market has experienced challenges over the last year with a number of ongoing dynamics within the industry shaping the rates heading into 1/1 renewals and 2025. There is scrutiny and pressure on rate adequacy in the U.S., particularly following a notable pattern of adverse development across various lines. In order to understand the market behaviour, it is critical to monitor both economic and non-economic loss inflation. The factors driving social inflation within the Casualty market, one of which being litigation financing, suggest the dynamics driving claims will remain unchanged.” #RenewalsHolidayCountdown #insurance #reinsurance #casualty

Thank you to colleagues in our London office who have purchased Christmas presents this year in support of KidsOut, a charity dedicated to supporting some of the UK’s most disadvantaged and vulnerable children with positive and happy experiences. The London office created a Giving Tree so colleagues could choose to purchase a gift for a child. Dozens of gifts were handed to the charity today by our Social & Charity committee. To find out more about the charity and the Giving Tree initiative, please click here. https://lnkd.in/egVn5V7f   Thank you to everyone who bought a gift and to Tierney Hill for arranging the Giving Tree in the office.

On day three of our Renewals Holiday Countdown feature, Head of Energy, John Hopper, talks softening in the upstream energy market, changes in the London energy liability market, and capacity deployments… “There is softening in the Upstream Energy market amid an oversupply of capacity. We’re also seeing a divide between risks, such as small to medium sized programs and midstream risks which are largely holding firm on rate, while subsea construction risks are still proving difficult to place. Major exploration and production programmes and national oil companies will likely see high single to low double digit rate reductions, and rates are likely to trend downwards on more sought-after business until there is a significant market loss or capacity changes in the market. Treaty renewals typically affect the rating, however Baltimore Bridge is unlikely to have an impact on the 1/1 renewals with flat to small reductions anticipated. The London Energy Liability Market has seen changes over the last year with yet more large composite insurers continuing to scale back previously very large statement capacity deployments to a more sustainable offering. This is creating an environment where both rating and policy conditions will continue to have to remain strong to attract alternative market capacity.” #RenewalsHolidayCountdown #insurance #reinsurance #energy

In today’s Renewals Holiday Countdown, we hear from Florian Boecker, Head of Life Re, who tells us what he expects to see in the life reinsurance market throughout 2025. “The Life reinsurance industry has moved on from the shock event of the COVID pandemic. While there remain some lingering adverse effects in mortality and morbidity experience, they have been priced in by now and most of the markets have returned to a state of tough but rational competition… For 2025 we expect the Life reinsurance market to grow roughly in line with previous years. The competitive landscape will continue to shift as players adjust their risk appetite to the changing environment and brokers are getting more active in the Life market. Overall, we believe that the coming year is going to present attractive growth opportunities.” #RenewalsHolidayCountdown #insurance #reinsurance #lifereinsurance