SiriusPoint will exit its reinsurance operations by transferring nearly all remaining run-off reserves to RiverStone while integrating the unit into a new specialty property and casualty division. This transition marks the company’s complete shift from reinsurer to specialty underwriter.
The Bermuda-based company announced a loss portfolio transfer (LPT) covering approximately $400 million in reserves, with an aggregate limit of $700 million. Upon completion, the transaction will generate a $60 million pre-tax charge but will improve its Bermuda Solvency Capital Requirement (BSCR) ratio by about 20 points. The move will also free up over $200 million in capital, as assets backing the transferred reserves will be held in collateral. SiriusPoint will retain certain claims administration responsibilities.
Regulatory approval is still pending, but once secured, the transfer will address nearly all of SiriusPoint’s legacy run-off exposures. CEO Scott Egan described the deal as a way to “effectively close the door on this historical book of reserves,” streamlining operations and releasing capital for future growth.
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Beginning in the fourth quarter, SiriusPoint will reorganize its reporting structure. The Accident & Health segment, which now writes over $1 billion in premium, will operate as a standalone segment. The remaining specialty business, including reinsurance, will fall under a new Specialty P&C segment, replacing the current Insurance & Services and Reinsurance categories.
Reinsurance premiums had fallen by 5.8% to $973.7 million during the first nine months of 2026, driven by deliberate cuts in casualty, rate and exposure reductions in property catastrophe, and reductions in other specialties. However, the third quarter saw a reversal, with reinsurance premiums rising 2.6% to $317.6 million, primarily due to property and marine & energy within other specialties. Reinsurance underwriting income rose to $42.9 million, at an 86.0% combined ratio, from $31.9 million at 87.9% a year earlier, helped by favourable prior-year development in property and energy.
For the nine-month period, the reinsurance combined ratio improved to 87.4%, down from 91.7% in the same period the prior year, which had been impacted by California wildfire losses. At the group level, Insurance & Services premium grew 19.8% in the quarter, with core gross written premium rising 14% and a core combined ratio of 90.1%. Net income available to common shareholders reached $87 million, and the operating return on equity stood at 17.6%. Before the loss portfolio transfer, the estimated BSCR ratio was 232%.
