SiriusPoint, a specialty insurer and reinsurer, has had its financial strength rating upgraded to A (Excellent) from A- (Excellent), with a stable outlook from credit rating agency AM Best.
At the same time, AM Best also adjusted the long-term issuer credit rating (“ICR”) of SiriusPoint and its operating subsidiaries from “a-” (excellent) to “a” (excellent) and the long-term issuer credit rating from “bbb-” (good) to “bbb” (good).
AM Best explained that the changes reflect SiriusPoint’s “very strong” combined balance sheet strength, adequate operating results, neutral business conditions and appropriate enterprise risk management.
Notably, the upgrade comes two months after Fitch Ratings upgraded SiriusPoint’s operating subsidiary’s insurer financial strength rating to “A” (Strong) from “A-“.
SiriusPoint’s disciplined underwriting and prudent capital management underscore its ability to absorb fluctuations in the underwriting cycle, according to the credit rating agency.
This reflects the reinsurer’s execution of its focused underwriting strategy and prudent approach to capital deployment.
AM Best also said the upgrade reflects SiriusPoint’s improved fundamentals of balance sheet strength driven by management actions, including reducing portfolio risk, reducing catastrophe risk and streamlining its ownership structure.
The reinsurer’s “strongest” risk-adjusted capital, as measured by AM Best’s capital adequacy ratio (BCAR), is expected to be maintained, supported by prudent capital management, effective underwriting risk management and positive operating results.
Additionally, SiriusPoint’s balance sheet strength is supported by risk-adjusted capital, which was at its highest level at the end of 2025, as measured by BCAR.
Finally, AM Best expects the reinsurer’s expected underwriting results to remain profitable and less volatile as management continues to rebalance the business mix away from catastrophe-affected property and toward less volatile casualty and health and professional businesses.
SiriusPoint CEO Scott Egan commented: “We are very pleased with the AM Best upgrade, which follows the Fitch upgrade earlier this year.
“These rating actions reflect the progress the company has made and further enhance the overall strength of the business. We remain committed to building on this momentum.”