SiriusPoint Q1 2025 Earnings Report

SiriusPoint EPS Results

• Actual EPS: $0.49
• Consensus EPS: $0.26
• Beat/Miss: Beat by +$0.23
• One Year Ago EPS: N/A

SiriusPoint Revenue Results

• Actual Revenue: $727.30 million
• Expected Revenue: $688.00 million
• Beat/Miss: Beat by +$39.30 million
• YoY Revenue Growth: N/A

SiriusPoint Announcement Details

• Quarter: Q1 2025
• Date: 5/5/2025
• Time: After Market Closes
• Conference Call Date: Tuesday, May 6, 2025
• Conference Call Time: 8:30AM ET

SiriusPoint (NYSE:SPNT) provides multi-line insurance and reinsurance products and services worldwide. The company operates through two segments, Reinsurance, and Insurance & Services. The Reinsurance segment provides aviation and space, accident and health, casualty, credit, marine and energy, property to insurance and reinsurance companies, government entities, and other risk bearing vehicles. This segment offers medical insurance products, trip cancellation programs, medical management services, and 24/7 emergency medical and travel assistance services. The Insurance & Services segment provides accident and health, marine and energy, property and casualty, mortgage, environmental, workers' compensation, commercial auto lines, professional liability, and other lines of business. The company was formerly known as Third Point Reinsurance Ltd. and changed its name to SiriusPoint Ltd. in February 2021. SiriusPoint Ltd. was incorporated in 2011 and is headquartered in Pembroke, Bermuda.

SiriusPoint Q1 2025 Earnings Call Transcript

Key Takeaways

• SiriusPoint achieved its 10th consecutive quarter of underwriting profit with a core combined ratio of 95.4% and a return on equity of 12.9%, despite $59 million of California wildfire losses.
• Gross written premiums grew 12% year-over-year (20% net), driven by double-digit growth in accident & health, property, and other specialty lines while maintaining discipline in casualty.
• The company strengthened its MGA distribution platform, adding five new or expanded partnerships and rejecting over 80% of delegated opportunities to uphold underwriting standards while investing in data capabilities.
• Capital initiatives included a $753 million share repurchase agreement with CN Bermuda and the buyback of 5 million shares below book value, leading Fitch and AM Best to upgrade the outlook to positive, affirming the company’s strong balance sheet.
• Net investment income of $71 million tracked full-year guidance, supported by a high-quality fixed-income portfolio (79% of assets, 97% investment grade) with reinvestment rates above 4.5%.

Presentation

[Operator]

Good morning, ladies and gentlemen, and welcome to Series Point's First Quarter twenty twenty five Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. As a reminder, this conference call is being recorded and a replay is available through 11:59 p. M. Eastern Time on 05/20/2025.

[Operator]

With that, I would like to turn the call over to Liam Blackledge, Investor Relations and Strategy Manager. Please go ahead, sir.

[Liam Blackledge, Investor Relations and Strategy Manager at SiriusPoint]

Thank you, operator, and good morning or good afternoon to everyone listening. I welcome you to the SiriusPoint earnings call for the twenty twenty five first quarter results. Last night, we issued our earnings press release, 10 Q and financial supplement, which are available on our website, www.seriouspt.com. Additionally, a webcast presentation will coincide with today's discussion and is available on our website. Joining me on the call today are Scott Fiegen, our Chief Executive Officer and Jim McKinney, our Chief Financial Officer.

[Liam Blackledge, Investor Relations and Strategy Manager at SiriusPoint]

Before we start, I would like to remind you that today's remarks contain forward looking statements based on management's current expectations. Actual results may differ. Certain non GAAP financial measures will also be discussed. Management uses the non GAAP financial measures in its internal analysis of results and believes that they may be informative to investors in gauging the quality of our financial performance and identifying trends in our results. However, these measures should not be considered as a substitute for or superior to the measures of financial performance preferred in accordance with GAAP.

[Liam Blackledge, Investor Relations and Strategy Manager at SiriusPoint]

Please refer to Page two of our investor presentation for additional information and the company's latest public filings. I will now turn the call over to Scott.

[Scott Egan, CEO at SiriusPoint]

Thanks, Liam, and good morning, good afternoon, everyone. Thanks for joining our first quarter twenty twenty five results call. I'm pleased to share the results of our first quarter, which show that 2025 is off to a strong start for Sirius Point. We achieved our tenth straight quarter of underwriting profit in spite of the impact from the unprecedented California wildfires, demonstrating the diverse book we have built can deliver target returns on equity across the cycle. We also saw double digit percentage growth in both our gross and net written premiums marking our fourth consecutive quarter.

[Scott Egan, CEO at SiriusPoint]

The quarter also saw us complete on a seven fifty three million dollars shareholder repurchase agreement with CN Bermuda and participated in the secondary offering from the LOBE entities repurchasing and retiring a further $05,000,000 shares. Both were accretive for our shareholders. Our return on equity of 12.9% was well within a 12% to 15 across the cycle target, benchmarking well against our ambition to deliver consistent and stable earnings that create long term shareholder value. Our actions in the quarter followed the strong performance momentum from 2024 as we look to continue our ambition to become a best in class specialty underwriter. Focusing now on some of the important aspects of the result for the quarter, starting with our strong underwriting performance.

[Scott Egan, CEO at SiriusPoint]

We delivered the combined ratio for our core business of 95.4%. This includes a loss of $59,000,000 relating to the California wildfires net of reinstatement premiums, which came in below our previously disclosed estimate of 60,000,000 to $70,000,000 This had a 10.9 impact to our combined ratio. Dissecting our underwriting performance further, our expense ratio improved by 1.2 points, our acquisition cost ratio improved by 1.4 points and our attritional loss ratio improved by 0.4 points, driving a year over year improvement of three points excluding catastrophes and prior year development. In addition, our result also contains $34,000,000 of favorable prior year development, marking the sixteenth consecutive quarter of favorable prior year development. Our four year consistent track record serves to underscore a prudent approach to reserving.

[Scott Egan, CEO at SiriusPoint]

Coming now to our strong premium growth in the quarter. Gross written premiums grew 12% year over year for our core business where we saw strong performance across various lines of business. We achieved double digit growth in accident and health, property and other specialty lines of business, whilst premiums decreased slightly within casualty as we prioritize underwriting discipline in this area. This also marks the fourth consecutive quarter of double digit growth across the business not exited in 2023 as part of our turnaround. Growth was even stronger on a net basis increasing 20%.

[Scott Egan, CEO at SiriusPoint]

This is a very deliberate strategy as we seek to retain a greater proportion of books where we have gained further experience and confidence in their profitability and track record. Underwriting margin is our number one priority, but this quarter again demonstrated that our targeted and disciplined approach is working on both fronts. An important driver of our growth comes from our MGA distribution strategy. The role MGAs play in the insurance ecosystem is becoming increasingly important as market share from this distribution channel continues to increase. We strengthened our offering during the quarter adding five new or expanded distribution partnerships through our dedicated MGA platform.

[Scott Egan, CEO at SiriusPoint]

We continue to see strong premium growth coming from the partnerships we entered in 2023 and 2024 as we work with select long term partners with strong track records. Our MGA Center of Excellence continues to be an important growth engine for Sirius Point and our reputation within this space continues to improve as we become the preferred partner for delegated business. We currently reject over 80% of the delegated opportunities which are presented to us as our commitment to underwriting excellence is unwavering. Choosing the right partners to work with is key. In addition, we are investing in our data capabilities in the MGA space during 2025, which we believe will give us a further edge in this growing distribution channel.

[Scott Egan, CEO at SiriusPoint]

Turning briefly to our investment results. Jim will cover this in more detail shortly, but our headline net investment income of $71,000,000 for the quarter is tracking in line with our full year guidance with nothing of significance to note in our investments in the quarter. This quarter also saw us complete on the steps taken in 2024 to simplify our shareholder structure with the closing of the previously announced Centimeters Bermuda transaction in February. Additionally, entities associated with Dan Loeb conducted a secondary offering of roughly 4,000,000 shares. On completion of the offering, their aggregate stake as a percentage of shares outstanding remains broadly unchanged comparing before and after the Centimeters Bermuda transaction.

[Scott Egan, CEO at SiriusPoint]

As part of this offering, we took an opportunity to further deploy capital and repurchased unretired 500,000 of these shares at a price below both market and book value. Our efforts have been noticed by the rating agencies. Earlier this year, Fitch and very recently AM Best revised our outlook from stable to positive whilst affirming our ratings. These are important proof points in our journey and are important signals to the market and to our customers of our strong balance sheet and significant improvements. Before I conclude, I just wanted to touch briefly on the global uncertainty caused by the tariff changes and my thoughts on their impact on our company.

[Scott Egan, CEO at SiriusPoint]

Uncertainty has increased and it feels like new details emerge most days. That said, we continue to proactively monitor the impact that tariffs may have as the situation evolves and their cross function working group continues to remain a layer to any developments. There is a heightened focus on monitoring the data we have available in light of the situation and we stand ready to adjust our pricing, risk appetite or book positioning accordingly should it be required. Inflation remains our number one focus and we will react early and quickly if we have to. That said, we have a diverse portfolio both in terms of the risk type our products cover and in the geographies in which we underwrite.

[Scott Egan, CEO at SiriusPoint]

Whilst potential impacts from tariffs naturally will vary depending on the type and location of the exposure, the level of diversification serves to reduce any volatility or inflation that could emerge in a single line of business. That said, we must not forget that periods of uncertainty can also produce opportunity for us. We exist to help our customers manage risk and navigate uncertainty. We will keep you updated as more clarity emerges and our response becomes clearer as the situation continues to play out. So to end, our momentum continues from 2024 into 2025.

[Scott Egan, CEO at SiriusPoint]

We are completely focused on becoming a high performing specialty underwriter that delivers stable and consistent returns for our shareholders. The first quarter is another proof point. Resilient underwriting profits, significant top line premium growth, consistent investment income, book value growth of five percent and an annualized return on equity of 12.9%. I am pleased to be able to present these results to the market and as always, I want to go on record to thank our wonderful employees for another strong quarter. They work incredibly hard every day to achieve these outcomes and to take us closer to our aim to be a best in class underwriter.

[Scott Egan, CEO at SiriusPoint]

As you can see from Slide nine in our presentation, the catch up to the market has been notable. Our aim is to outperform and that is what we are relentlessly focused on. With that, I will pass across to Jim, who will take you through the financials in more detail.

[Jim McKinney, CFO at SiriusPoint]

Thank you, Scott, and good morning, good afternoon, everyone. Starting with our first quarter results on Slide 13. It was a solid quarter and a good start to the year. We delivered net income of $58,000,000 a return on equity of 12.91220% year over year increases in core gross and net premiums written respectively. Underwriting income for the quarter was $29,000,000 inclusive of significant losses from the California wildfires.

[Jim McKinney, CFO at SiriusPoint]

The higher level of catastrophe losses was partially offset by lower attritional losses and a higher level of net favorable prior year reserve development. Catastrophe losses net of reinstatement premiums were $59,000,000 all of which relate to the wildfires compared to no catastrophe losses in the prior year quarter. Excluding catastrophe losses, underwriting income increased by approximately 100% or $43,000,000 reflecting higher levels of earned premium and an attritional combined ratio that improved three points to 90%. This is the tenth consecutive quarter where we have delivered an underwriting profit, demonstrating the diversification of the portfolio built. The underwriting and service capabilities we have built delivered strong year over year gross written premium, net written premium and earned premium growth.

[Jim McKinney, CFO at SiriusPoint]

Net written premiums increased at a faster pace than gross premiums as we've increased retention of our profitable underwriting portfolio. This strong momentum is expected to continue and result in double digit net premium growth for fiscal year twenty twenty five. Moving to net service fee income. As a result of the deconsolidation of Arcadian in the second quarter of twenty twenty four, core MGA revenues and net service fee income reduced slightly year over year as our share of Arcadian's profits now flows directly into other revenues on a net basis. Given this, we believe it is helpful to look at our 100% owned A and H consolidated MGA businesses to get a like for like comparison.

[Jim McKinney, CFO at SiriusPoint]

This reveals an 11% increase in year over year service revenues with the service margin increasing 1.5 points to 30.3% in the first quarter of twenty twenty five, resulting in service fee income increasing 16% to 18,000,000 Net investment income for the quarter was CAD71 million. This is down CAD8 million compared to the prior year driven by the lower invested asset base following the Centimeters Bermuda buybacks. Unrealized and realized losses including related party investment funds were zero. All in, the total investment result for the quarter therefore stood at $71,000,000 Other items impacting income include $18,000,000 of interest expense. This includes $8,000,000 related to funds withheld on lost portfolio transfers.

[Jim McKinney, CFO at SiriusPoint]

Additionally, the company generated $2,000,000 of foreign exchange gains. Last, common shareholders' equity increased by $88,000,000 or 5% in the quarter. In summary, our first quarter results demonstrate our ability to leverage our competitive advantages to grow premiums across our well diversified book of business while maintaining attractive margins. Turning now to Slide 14, which looks further into the core underwriting performance. Our underwriting first focus led to another quarter of strong underlying margin improvement.

[Jim McKinney, CFO at SiriusPoint]

The attritional combined ratio chart on the left hand side of the page strips out the impact from catastrophe losses and prior year development as these inherently vary over time. We believe this metric is useful in demonstrating the underlying quality of our underwriting portfolio. Our first quarter combined ratio stands at 90%, representing a three point improvement versus the prior year of 93%. This is driven by a 1.2 improvement in our other underwriting expense ratio to 6% as we begin to benefit from the growth in our net earned premiums. For the full year, we remain comfortable with an expense ratio expectation of 6.5% to 7%.

[Jim McKinney, CFO at SiriusPoint]

Our continued focus on operating leverage enables us to maintain this level of expense ratio even as we invest to further strengthen our competitive advantages positioning us for continued success well into the future. Improvement also came from the acquisition cost ratio by 1.4 points to 24.7%. Last, our attritional loss ratio improved 0.4 points to 59.3%. We expect the attritional loss ratios to continue to remain at these lower levels in 2025. On the right hand side, we provide the underlying earnings quality bridge to our core combined ratio, with 5.5 points of favorable prior year development in the quarter partially offsetting 10.9 points of catastrophe losses.

[Jim McKinney, CFO at SiriusPoint]

As mentioned previously, this relates entirely to the California wildfires. Turning to our Insurance and Services segment results on slide 15. Gross written premiums increased $111,000,000 or 21% to $635,000,000 driven by double digit growth rates within our A and H, property and other specialty lines, while casualty premiums decreased by less than 1%. This growth included significant contributions from programs launched in 2023 and 2024. We expect to see continued growth throughout 2025.

[Jim McKinney, CFO at SiriusPoint]

This segment achieved a combined ratio of 94%, representing a 4.4 improvement from the prior year quarter. The 4.4 decrease in the loss ratio and 1.3 decrease in the other underwriting expense ratio was partially offset by a 1.3 increase in the acquisition cost ratio, largely related to profit commissions associated with the 4.2 decrease in attritional loss ratio. Our accident and health book of business has provided us with a stable source of underwriting profit through the cycle and is key offering where we have a best in class team that produce consistent results. Premiums in this specialism were up 19% in the first quarter of the year and represent roughly half of the growth versus the prior year quarter. The business mix attributable to Accident and Health is over half of the insurance and services first quarter premium, with first quarter premiums heavily weighted towards A and H.

[Jim McKinney, CFO at SiriusPoint]

We saw double digit rate hardening within U. S. Medical, while U. S. Non medical pricing was largely flat where rates are adequate.

[Jim McKinney, CFO at SiriusPoint]

Cat and non cat personal accident lines saw single digit rate softening as did pockets of the life book such as in Latin America with the market moving back to pre COVID pricing. Elsewhere, pricing in other markets continue to hold firm. Overall, the pricing environment within A and H continues to meet our risk and return profile, and we continue to see growth opportunities within this sector. Turning to casualty. Premiums here were broadly flat year over year, down less than 8%.

[Jim McKinney, CFO at SiriusPoint]

The book continues to benefit from positive rate change that exceeds loss costs, particularly in excess casualty. We continue to achieve double digit rate in primary excess casualty. Casualty rates remain elevated due to the current loss trends with the reserve strengthening that has been reported by numerous peers related to the litigation financing and social inflation continue to drive rate. We remain hyper vigilant of market dynamics and will continue to deploy our capital towards lines where we believe we can generate the most value in line with our underwriting first and low volatility principles. Other specialties saw strong growth in the quarter on both a gross and net basis with net written premium growth significantly outpacing gross written premium growth.

[Jim McKinney, CFO at SiriusPoint]

Growth came from both our North American and international platforms and across multiple specialties as we continue to diversify our premium mix and allocate capital to areas we believe will generate the best returns. Within other specialties, there were a few rate highlights. First, in aviation, we saw the first tangible signs of rate hardening following heightened frequency of losses in this line of business in recent quarters. Airline renewals in March saw rate increases between five to 10%. Within energy, rate generally held firm in the quarter or experienced low single digit positive rate increases.

[Jim McKinney, CFO at SiriusPoint]

Upstream energy is highly influenced by nature with loss free accounts seeing a rate softening while those with loss experienced achieving rate increases. Pricing in Renewables and Power broadly held firm. Energy liability realized high single digit rate increases. Turning to Marine. Rate generally softened.

[Jim McKinney, CFO at SiriusPoint]

Ports and terminals, Marine liability, cargo and haul saw rate decreases. Within space, we saw double digit rate increases as a result of the significant losses experienced in the markets in 2023, which led to multiple capacity exits. Property also experienced double digit premium growth in the first quarter, with an increase in premiums largely coming from the international property platform. We continue to experience rate adequacy across our portfolio, which, as a reminder, has a non catastrophe element as well as the catastrophe element. Catastrophe losses for the segment were $5,000,000 which equates to 1.4 points of the combined ratio.

[Jim McKinney, CFO at SiriusPoint]

Moving to our Reinsurance segment results on Slide 16. The segment saw gross premiums written decrease $2,000,000 this quarter to $355,000,000 Casualty premiums decreased double digit offset by high single digit growth in other specialties and property lines as we reallocated capital. Our company structure and underwriting portfolio, oversight capabilities enable us to act nimbly and proactively to ensure the business we write is in the best markets and the right lines of business. On a net basis, premiums decreased by 7% as we reduced our net exposure in casualty lines while purchasing additional retrocession protection on the property side following the California wildfire loss. We will always act in the best interest of our shareholders as we aim to deliver our target return on equity across the cycle.

[Jim McKinney, CFO at SiriusPoint]

Our retrocession retention for any second sizable catastrophe event in 2025 is lower and we are well protected. The Reinsurance segment achieved a combined ratio of 97.1% and remained profitable in the quarter despite the California wildfire losses. The loss ratio increased 18.3 points versus the prior year quarter, which was driven by the 21.8 points of catastrophe losses versus zero in the previous year. Excluding catastrophe losses, the Reinsurance segment's combined ratio improved by 8.9 points with 4.3 points of improvement in the acquisition cost ratio and a 1.1 improvement in other underwriting expense ratio. Overall, the combined ratio represents an increase of 12.9 points when compared to the first quarter of last year with the heightened catastrophe losses partially offset by larger favorable prior year development of which $11,000,000 of the development relates to the recovery of an ILW contract related to Hurricanes Milton and Helene following first quarter increases in the industry loss estimate by PCS.

[Jim McKinney, CFO at SiriusPoint]

Property reinsurance premiums grew 8% this quarter. And following the wildfires, a moderation of the rate decrease seen at oneone was anticipated. Loss impacted programs have maintained strong rates, while non loss impacted programs remain rate adequate. We continue to monitor rate adequacy and property reinsurance, particularly following two successive quarters containing notable catastrophe losses. Important to note, we will only grow premiums where we believe the margins are within our risk and profitability profile.

[Jim McKinney, CFO at SiriusPoint]

Casualty reinsurance continued to benefit from positive rate that exceeded trend. But as we guided in the fourth quarter of twenty twenty four, we reduced exposures on structured deals and certain casualty classes at oneone such as commercial auto as underwriting discipline led us to reallocate capital to protect underwriting margins. As a result, casualty premiums decreased 12% versus the prior year quarter as we reallocated capital towards other specialties. Here premiums increased 7% versus the prior year quarter. Within credit and bond, rates generally held firm across the book with pricing in international business faring better than in The U.

[Jim McKinney, CFO at SiriusPoint]

S. Where there is a slight overcapacity on the mortgage book. We continue to see strong underlying performance within credit and bond. Looking at space, as we saw with the primary book, there were double digit rate increases on the reinsurance side following the reduction in capacity being offered in the market. Slide 17 shows our catastrophe losses versus peers and the reduction in volatility of our portfolio.

[Jim McKinney, CFO at SiriusPoint]

The chart shows how we reduced our catastrophe losses in 2023 and 2024 as a result of the actions we took on the portfolio in 2022. We have included first quarter performance results for those peers that have reported. It is more useful to view this on an annual basis given the different exposure locations within peer portfolios. The chart for the first quarter demonstrates our wildfire loss was below many comparable peers and shows the benefits of diversification. Moving to reserving.

[Jim McKinney, CFO at SiriusPoint]

Our strong history of prudence is shown on Slide 18. Favorable prior year development in the quarter stood at $33,000,000 for the core business versus $7,000,000 in the prior year quarter. It is important to consider our consolidated result here as this includes the business we have put into runoff. We had favorable prior year development on a consolidated basis of $34,000,000 marking the sixteenth consecutive quarter of favorable prior year development. Our track record of favorable releases well exceeds the average duration of our insurance liabilities of three years, highlighting our prudent approach to reserving.

[Jim McKinney, CFO at SiriusPoint]

Last, we show the strong level of protection we have on each of our three loss portfolio transfers that were completed in 2021, '20 '20 '3 and 2024. Turning to our strong investment result on Slide 19. Post redeployment of funds to settle the Centimeters Bermuda transaction, net investment income for the first quarter was $71,000,000 The portfolio continues to perform well. There were no defaults across our fixed income portfolio. Our investment strategy continues to focus on high quality fixed income securities.

[Jim McKinney, CFO at SiriusPoint]

79% of our investment portfolio is fixed income, of which 97% is investment grade with an average credit rating of AA minus. During the quarter, we continued to see reinvestment rates in excess of 4.5%. Our overall portfolio duration decreased slightly to three years from three point one years at the end of twenty twenty four. Assets backing loss reserves remain fully matched and are also at three years. Moving on to our Slide 20, looking at our strong and diversified capital base.

[Jim McKinney, CFO at SiriusPoint]

Our first quarter estimated BSCR ratio stands at 227%, decreasing by one point versus fourth quarter of twenty twenty four. We generated eight points of BSCR capital in the first quarter that was used to fund the 20% growth in net premiums. In addition, we returned $7,000,000 of capital in the quarter through the buyback of common shares relating to the low entity secondary offering and $4,000,000 of dividends paid to the Series B preference shareholders. Our capital position is robust and contains sufficient prudence as shown by the stress test scenario of a one in-two 50 year PML event. Moving on to our balance sheet on Slide 21.

[Jim McKinney, CFO at SiriusPoint]

We continue to have a secure balance sheet with ample capital and liquidity. During the quarter, the debt to capital ratio fell slightly to 24.7%, driven by an increase in shareholders' equity from the level of retained earnings partially offset by weakening of the U. S. Dollar Swedish krona exchange rate, increasing the value of our debt issued in Corona. Our debt to capital levels remain below our target level and we continue to project they will decrease further throughout 2025.

[Jim McKinney, CFO at SiriusPoint]

We continue to have strong liquidity levels with $7.00 $4,000,000 of holdco liquidity available following the final payment of $483,000,000 during the quarter relating to the Centimeters Bermuda repurchase transaction. Recognizing the progress we have made and our strong financial position, we recently saw both A. Best and Fitch revise our outlook to positive from stable and affirmations of our ratings from Moody's and S and P. The recognition of our positive outlook from A. M.

[Jim McKinney, CFO at SiriusPoint]

Best and Fitch is a testament to hard work and dedication of our employees across the business, with Fitch attributing the outlook upgrade to the significant underwriting improvement in 2024 and 2023 and the completion of the CN Bermuda buyback and A. M. Best calling out the strength of our balance sheet. We believe our balance sheet continues to be undervalued. There is significant off balance sheet value in the consolidated MGAs, which we owe, as we saw when we deconsolidated Arcadian last year and generated almost $100,000,000 of book value.

[Jim McKinney, CFO at SiriusPoint]

The carrying value on our balance sheet of the three remaining MGAs is $83,000,000 with net service fee income for the trailing twelve months of $44,000,000 This equates to an earnings multiple of under two times the earnings versus the double digit earnings multiple used by the market. With this, we conclude the financial section of our presentation. This quarter saw strong double digit growth in our top line following the major completion of our reshaping journey in 2024. We delivered another three point margin improvement in our attritional combined ratio as our relentless underwriting first focus continues to deliver improvements in our quality of earnings. Our strong start to the year means we are on track to deliver another year with return on equity within our 12% to 15% across the cycle target.

[Jim McKinney, CFO at SiriusPoint]

We have built a strong track record of delivery and this quarter's results further validate the significant progress we have made on our journey to becoming a best in class specialty underwriter. I would like to thank you again for your time this morning. For any questions, please contact our Investor Relations team at investor. Relationssiriuspt dot com. I now turn the call back over to the operator.

[Operator]

Thank you. This does conclude today's teleconference and webcast. You may disconnect your lines at this time. Thank you for your participation and have a great day.

Participants

Executives

• Liam Blackledge, Investor Relations and Strategy Manager
• Scott Egan, CEO
• Jim McKinney, CFO