Carriers
SiriusPoint posts $990.6M in Q3 GWP as underwriting income climbs to $75.9M
By Insurance Wire Staff, . Insurance Wire.
SiriusPoint Ltd. collected $990.6 million in gross written premium (GWP) during the third quarter of 2026, up $119 million, or 13.7%, from the same period a year earlier, according to Reinsurance News. The company's earnings release, filed with the SEC, also announced a loss portfolio transfer (LPT) on its remaining run-off reserves, a transaction in which a third party assumes liability for a defined block of older claims in exchange for a premium.
What drove the growth
The insurance and services segment did most of the work, adding $111 million in GWP for the quarter to reach $673 million, a gain of nearly 20%. Surety business and a higher premium estimate on professional liability were the main contributors, partly offset by the exit of an international accident and health program. The reinsurance segment added a more modest $8 million, reaching $317.6 million, with property and marine and energy lines leading the way.
Net premium earned, the revenue figure that reflects what has actually been recognized after accounting for reinsurance and timing, rose $121.3 million, or 18.9%, to $764.8 million. SiriusPoint attributed that jump to upward revisions in earned premium estimates for professional liability and accident and health.
Underwriting and profitability
Underwriting income for the quarter came in at $75.9 million, up from $69.6 million in Q3 2025, on a combined ratio of 90.1% compared with 89.1% a year earlier. A combined ratio below 100% means a company is paying out less in claims and expenses than it collects in premium, so both figures represent profitable underwriting. The slight ratio deterioration reflects higher acquisition costs and other underwriting expenses, which the company said offset the benefit of lower catastrophe losses.
Favorable prior-year reserve development, meaning the company needed less money than it had set aside for older claims, contributed $18.3 million in the quarter, up from $9.1 million in Q3 2025, driven mainly by property and accident and health lines.
Net income for the quarter came in at $87 million, down slightly from $90.7 million a year ago. Net investment income also edged lower, to $65.9 million from $66.5 million, as lower yields on cash and short-term investments and portfolio repositioning weighed on returns.
The nine-month picture
For the first nine months of 2026, GWP reached $2.97 billion, up $184.3 million, or 6.6%, from the same period in 2025. Underwriting income over that stretch was $201.8 million on a combined ratio of 90.1%, compared with $165.7 million and a 91.4% ratio a year earlier. Catastrophe losses for the nine months fell sharply, to $6.7 million from $67.4 million, with the California wildfires accounting for much of the prior-year figure.
The reinsurance segment told a different story over the nine months: GWP fell $60.4 million, or 5.8%, to $973.7 million, as SiriusPoint deliberately reduced casualty writings and pulled back on property catastrophe and other specialty lines. Net premium written for the full nine months also declined, partly because of ceded premium tied to a new aggregate reinsurance program the company put in place during 2026.
What to watch
The operating return on equity figures cited in the SEC filing, 17.6% for the quarter and 15.8% year to date, sit above the company's stated 12% to 15% target range, which suggests the current portfolio mix is performing ahead of plan. The LPT on run-off reserves, if it closes as described, would remove a source of reserve uncertainty from the balance sheet, a move that tends to simplify future earnings and reduce tail risk for investors and counterparties alike.
The deliberate reinsurance pullback in casualty and catastrophe lines is the detail that matters most for brokers placing those risks. Capacity that SiriusPoint is not deploying has to find a home elsewhere, and the nine-month trend suggests that shift is already underway rather than pending.
Sources
1. SiriusPoint's GWP rises by 14% for Q3'26 as underwriting result improves, reinsurancene.ws
2. SiriusPoint Ltd - Form 8-K - FY2026, sec.gov
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