After SiriusPoint reports strong full-year 2025 results, CEO Scott Egan discusses what he believes is most important behind the headline numbers, how he approaches growth and capital allocation, and why the re/insurer is investing heavily in Accident & Health (A&H) and its MGA ecosystem.
SiriusPoint recently announced 2025 results, which included full-year net income for common shareholders of $444 million and fourth-quarter net income of $240 million.
In an interview with Reinsurance News, Egan emphasized that while numbers are important, what is more important is whether performance is repeatable and whether the quality of earnings is improving.
“We’ve been reinventing the business over the past few years to make it simpler, more focused and less volatile. When you do it right, you should see it in underlying underwriting metrics and consistency across quarters, not just in a single good period. I’m comfortable with 2025, but I’m more interested in what it says about model durability,” he said.
Egan outlined what he sees as the most compelling growth opportunities and emphasized that SiriusPoint is selective about growth areas to ensure expansion delivers the right return and risk profile.
“One of the things I challenge is that people are used to describing the market as a single cycle in lockstep,” he said. “But that’s not the case. Some pockets are weakening, some pockets are holding up well — or even tightening — and the trick is to move capital to where you can get properly compensated.
“The most compelling opportunities for us continue to be in areas with lower correlation to traditional property and casualty pricing cycles, which is part of the reason we are leaning toward casualty and health and insurance. We have also made it clear that we will be opportunistic in reinsurance when rates and structures justify volatility. But the anchor will always be underwriting performance No. 1.”
Egan explained that the accident and health business brings balance to a portfolio by providing stable returns and helping to dampen volatility elsewhere.
“This is important because it allows us to manage the broader portfolio more intelligently,” he said. “When you have a significant proportion of earnings coming from businesses that are less correlated to the broader property and casualty cycle, you can be more disciplined in other areas. It gives you flexibility and the confidence to walk away from businesses that are unreasonably priced — which is what you need when market conditions are mixed.”
“This is more than just an underwriting story, either. In addition to its core accident and health underwriting business, SiriusPoint’s wholly-owned subsidiary IMG has added distribution, services and fee revenue, strengthening the overall bottom line. Taken together, this combination is why A&H remains such an important part of how we view the business today.”
Egan also discussed the continued expansion of SiriusPoint’s wholly owned subsidiary, International Medical Group (IMG), a global leader in insurance benefits and assistance services. He noted that the company is building a connected accident and health and travel platform where underwriting exists alongside distribution and service rather than operating as a separate business.
He continued: “These acquisitions are a great example. We recently announced IMG’s acquisition of Assist America, which brings global travel assistance capabilities and generates approximately $20 million in annual assistance revenue. We also announced IMG’s acquisition of World Nomads, a global travel insurance and lifestyle brand with approximately $40 million in total written premiums.”
“What we like are these strategic adjacencies: they expand distribution, expand service and strengthen customer propositions. We have publicly stated that we expect both acquisitions to be accretive to return on equity and earnings per share.
“World Nomads also expands IMG’s distribution footprint to include Australia, Brazil and Canada, and the combined platform is expected to allow IMG to operate in 34 countries with around-the-clock service coverage. Building this connected platform will create choice over time, which is critical in an ever-changing market.”
Egan also talked about SiriusPoint’s MGA strategy, noting that it works when the MGA model is built on alliances and long-term partnerships rather than chasing volume.
“Our approach is selective and we are willing to be patient,” he said. “In practical terms, that means putting tight limits on who we partner with, how quickly we can expand, and ensuring that incentives are aligned with underwriting quality and transparency. It also means recognizing that the market will provide opportunities, but you don’t have to seize every opportunity.
“It’s also about capital. We have announced actions that reflect confidence in our balance sheet, including our intention to repurchase $100 million of common stock over the next 12 months. We have also announced the redemption of all outstanding Series B preferred shares on February 26, 2026, as part of our efforts to simplify and optimize our capital structure.”
Additionally, Egan commented on Fitch Ratings’ recent upgrade of SiriusPoint and its operating subsidiaries to “A” (Strong) from “A-” as independent validation of years of work to reshape the business.
He said: “Fitch is very clear that this upgrade reflects improved earnings quality, a lower risk profile and more consistent underwriting performance, which is what we have been focusing on.
“What’s important to me is that the upgrade recognizes progress in fundamentals: underwriting profitability, capital strength, reserve development and lower volatility following a strategic repositioning of the portfolio. These are structural changes, not short-term fixes.
Egan concluded: “For us, Fitch’s rating upgrade is a useful indicator of how far the business has evolved and a reminder of the importance of continuing to execute with the same discipline as market conditions change.”
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