Scott Egan, Chief Executive Officer (CEO) of specialty insurer and reinsurer SiriusPoint, said the firm is a broader and more balanced business today, giving it the ability to move and redeploy capital across lines, segments, and geographies where there are attractive returns.
SiriusPoint recently reported its second-quarter 2026 results, generating net income available to common shareholders of $69 million, up approximately 16% year over year, while gross written premiums increased 5.5% to $981.5 million.
In an interview with Reinsurance News, Egan emphasised that SiriusPoint is maintaining a disciplined approach to growth, selectively deploying capital towards markets where it sees attractive risk-adjusted returns while pulling back from areas where it does not see an adequate return.
He noted, “The important thing is knowing where you want to grow, and just as importantly, where you don’t. We are not chasing growth for the sake of it. We are growing where we see attractive returns for the risk we are taking, and we are pulling back where we don’t think the return is good enough.”
For instance, SiriusPoint’s results revealed that Insurance & Services gross written premium increased 15% in the quarter, while Reinsurance premium declined 9%.
“That isn’t accidental,” explained Egan. “It reflects the way we are allocating capital across the business. We are growing strongly in areas where we like the pricing and economics, and we are being disciplined in areas where market conditions are more competitive.
“The ability to move capital across lines, segments, and geographies is important. We have a broader and more balanced business today, and that gives us options. If returns aren’t there in one area, we don’t have to force it. We can redeploy capital somewhere else.”
Egan highlighted that SiriusPoint is focused on building a more resilient, lower-volatility business through portfolio diversification, allowing it to perform consistently across market cycles.
“SiriusPoint today is a much more diversified company than it was several years ago. We have Insurance, Reinsurance, ten specialty lines, and multiple distribution channels. That gives us greater diversification and helps reduce reliance on any single class or market cycle,” he said.
Egan outlined that Accident & Health is a very important part of that.
He stated, “It is now around $1 billion of premium, it has a 20-year-plus record of profitability, has low correlation to P&C pricing cycles and is a low-volatility line which acts as “ballast” allowing us to take on risks elsewhere.
“That matters because it gives the broader portfolio more stability. It also gives us the confidence to stay disciplined elsewhere. If pricing weakens in property catastrophe reinsurance, aviation, or some casualty segments, we don’t have to chase it. We can be patient.
“We are building in specialty lines where we have underwriting expertise, relevant distribution, good economics, and the ability to generate attractive returns through the cycle. Some areas will grow, some will contract, and some will stay broadly stable. That is what active portfolio management looks like.”
He also spoke about how the re/insurer is focused on “chasing the 1%”.
“It means looking for small improvements, every day, across every part of the company and every specialty we underwrite. None of those improvements look dramatic on their own, but together they make a real difference,” explained Egan.
On the topic of MGA partners, he stressed that SiriusPoint is highly selective, prioritising those with strong underwriting discipline and a long-term view.
“We decline more than 90% of the opportunities we see, and that is because we know the type of partners and business we want, and the standards we expect,” said Egan. “That selectivity is important. We don’t enter relationships because we are trying to grow premium quickly. We enter them because we think they are good businesses, run by people we trust, with strong underwriting discipline and a long-term view.
“When we do onboard a partner, we take our time. We lean into the risk gradually, we reserve prudently, and we make sure performance is demonstrated before more capital is deployed. We have also invested heavily in improving data flow and connectivity with our MGA partners, because better information gives both sides the ability to act faster and make better decisions.
“But most importantly, we ensure our MGA partners have skin in the game using profit commissions. This is an important feature which ensures our incentives are aligned. Another key feature of our approach is that we do not have any volume-based incentives with any partners. This matters.”
He suggested that the MGA model works when both sides are focused on underwriting profitability, not just volume. SiriusPoint values its MGA partners, but discipline always comes first.
Regarding SiriusPoint’s recent strong set of second-quarter and half-year 2026 results, Egan said they reflect the consistency of the business and the actions the company has taken over the last three years to diversify the underwriting portfolio.
Looking ahead, he said, “We’re pleased with the first half, but we’re not complacent. To use the World Cup analogy, we’re at half-time in the SiriusPoint 2026 match. It’s been a strong first half, but there’s still plenty to play for in the second. The team looks ready, able, and hungry, and our job is to keep improving.”
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