SiriusPoint strikes RiverStone deal to free up $200M in capital
What's the deal? Bermuda-based specialty underwriter SiriusPointDealroom has a profile for this one. Try Dealroom → has agreed a loss portfolio transfer with legacy specialist RiverStoneDealroom has a profile for this one. Try Dealroom → that is expected to release more than $200 million of capital. The deal, disclosed in SiriusPoint's third-quarter results, covers substantially all its remaining run-off reserves and is subject to regulatory approval.
What's the endgame? The transfer hands RiverStone SiriusPoint's legacy liabilities, simplifying the business and freeing capital for redeployment. The capital release is expected, not yet realised, pending sign-off.
How did the quarter look? Net income slipped to $87 million from $90.7 million a year earlier, but operating net income rose to $103.2 million from $87.4 million. Core gross written premiums climbed 13.7% to $990.6 million, led by the Insurance & Services segment.
The fine print: Core underwriting income rose to $75.9 million from $69.6 million, though the core combined ratio edged up to 90.1% from 89.1%. A ratio below 100% signals an underwriting profit. For the first nine months, net income jumped 25% to $255 million as catastrophe losses fell sharply from a year earlier hit by California wildfires.
What they said: Operating returns on equity of 17.6% for the quarter and 15.8% for the nine months exceeded the company's 12% to 15% target range, said chief executive officer Scott Egan, citing a "diversified, low-volatility portfolio" delivering "on both growth and profitability."
Why now? SiriusPoint also plans to overhaul its reporting in the fourth quarter, replacing current segments with stand-alone Accident & Health and Specialty P&C units. Its accident and health business now tops $1 billion in premiums.
The signal: The deal lands in a busy legacy-insurance market, where PwCDealroom has a profile for this one. Try Dealroom → counted 25 non-life run-off deals in 2026 covering about $3.46 billion of liabilities. RiverStone has been especially active, and for SiriusPoint the transfer caps a push toward a leaner, more capital-flexible underwriter.
Read more: royalgazette.com
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