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what it is
SiriusPoint sells specialty insurance risk coverage, mostly through brokers, to clients across nearly 150 countries.
how it gets paid
Last year Siriuspoint made $3.2B in revenue. specialty property was the main engine at $1.15B, or 36% of sales.
why it's growing
Revenue grew 23.1% last year. This year, we forecast net premiums earned will step up to $2.7 billion, assuming demand continues to improve.
what just happened
Latest earnings beat estimates with EPS of $0.67 versus $0.52 expected.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
5/100 earnings predictability — expect surprises
9.2x trailing p/e — the market's not buying it — or you found a deal
7.8% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
SiriusPoint sells specialty insurance risk coverage, mostly through brokers, to clients across nearly 150 countries.
Most of its business comes through reinsurance brokers. Plain English: the middlemen choose whose balance sheet gets the risk. So what: when those brokers trust you across nearly 150 countries, your deal flow is hard for smaller rivals to copy.
How they make money
$3.2B
annual revenue · their business grew +23.1% last year
specialty property
$1.15B
casualty and liability
$0.90B
accident and health
$0.55B
investment and other income
$0.60B
The products that matter
core reinsurance underwriting
Property & Casualty Reinsurance
$1.15B · 35.5% of revenue
It is the largest business line at $1.15B and grew 23.1% from last year. If this book stays disciplined, the turnaround has a foundation instead of just a good quarter.
35.5% of revenue
specialty health underwriting
Accident & Health Specialty
$0.97B · +34% growth
This $0.97B segment is 29.9% of revenue and grew 34%. That is faster than the company-wide 23.1% pace, which is why it keeps showing up in the earnings story.
fastest major segment
fee-based health program relationship
ArmadaCare partnership
$250M sale · through 2030
SiriusPoint agreed to sell ArmadaCare for $250M, expects a $220–$230M pre-tax gain, and keeps the capacity partnership through the end of 2030. You are not losing the relationship entirely — you are changing how it shows up in the numbers.
partnership kept
Key numbers
9.2x
trailing p/e
P/E -> stock price divided by earnings -> so what: you are paying a single-digit multiple for a company that just doubled annual EPS from $1.04 to $2.40.
$26
18-month target
That sits 17% above the $22.19 stock price. Plain English: the upside case exists, but it is not huge enough to survive a sloppy year.
7.8%
return on capital
Return on capital -> profit earned on the money used in the business -> so what: this is improving, but it is not elite yet.
26%
return on equity
Return on equity -> profit versus shareholder capital -> so what: the balance sheet is producing strong accounting returns, which is why the cleanup story has teeth.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- return on equity 26% — $0.26 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in SPNT 3 years ago → it's now worth $36,980.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Latest earnings beat estimates with EPS of $0.67 versus $0.52 expected.
The company also reported quarterly revenue of $2.2 billion, up 195% vs. prior year, while annual revenue reached $3.2 billion, up 23.1%. The point is simple: top-line momentum finally showed up with better profit delivery.
$2.2B
revenue
$0.67
eps
n/a
n/a
the number that mattered
The key number was the $0.67 EPS print, because it beat the $0.52 estimate by 28.85% and kept the turnaround narrative alive.
-
siriuspoint has posted noteworthy top-line results.gross premiums written in the insurance & services segment have increased, thanks to growth across the life, accident and health (a&h), and international businesses. gross premiums written in the reinsurance segment have risen, driven by $8.9 million in reinstatement premiums related to the property catastrophe business.
-
net premiums earned probably expanded to $2.6 billion in 2025.this year, we forecast net premiums earned will step up to $2.7 billion, assuming demand continues to improve. siriuspoint has announced an agreement to sell its wholly owned subsidiary, armadacare, to ambac financial group inc. for $250 million.
-
armadacare is a supplemental health insurance program manager.
-
siriuspoint will continue its capacity partnership with armadacare until the end of 2030.upon completion of the sale, the company is expected to recognize a pre-tax gain of $220-$230 million.
-
siriuspoint has also entered into an agreement to sell its 49% equity stake in arcadian risk capital, a managing general agent, to lee equity partners for $139 million.
source: company earnings report, 2026
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What could go wrong
The risk is not abstract. This is a reinsurer, so the biggest threat is catastrophe loss exposure in property lines — the kind of event that can make a cheap multiple look perfectly rational.
med
catastrophe losses
A bad hurricane, wildfire season, or cluster of large events can overwhelm a good underwriting year. That comes with the job in Property & Casualty Reinsurance, which is still 35.5% of revenue at $1.15B.
If one event wipes out the earnings progress implied by the latest $0.73 quarterly EPS, the stock will stop looking cheap and start looking correctly priced.
med
investment income reversal
Higher investment income helped the latest quarter. That is useful, but it is not a moat. If rates move against the portfolio or markets get less friendly, that tailwind fades.
When a stock trades at 9.2x earnings, even a modest hit to earnings quality matters because the market already assumes this is not a smooth business.
med
execution after asset sales
Selling ArmadaCare for $250M and the Arcadian stake for $139M can simplify the story, but only if the remaining business keeps underwriting well. Reshuffling assets is not the same as creating a better insurer.
If those transactions produce one-time gains without more consistent operating results, the company stays a turnaround trade instead of graduating into a steadier compounder.
You are not buying a weatherproof cash machine. You are buying a reinsurer that finally looks cleaner on paper. The next test is whether it still looks clean after the next rough period.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
can 23.1% revenue growth stick
The bull case needs growth that looks closer to the recent 23.1% annual pace than to stagnation. If that slips quickly, the rerating story cools off fast.
risk
catastrophe season
Property & Casualty Reinsurance is still $1.15B of business. One ugly catastrophe period can do more to the stock than a quarter of clean execution can fix.
transaction
armadacare close and 2030 partnership economics
The sale price is $250M, the expected pre-tax gain is $220–$230M, and the capacity partnership stays in place through 2030. Watch how management explains the earnings mix after the deal closes.
ownership
institutional buying trend
Institutions were net buyers for 3 straight quarters, with 120 buyers versus 92 sellers in 3Q2025. If that trend reverses while the stock sits near its 52-week high, pay attention.
Analyst rankings
short-term outlook
average
outlook rank 3 — in human-speak, analysts see a normal near-term setup, not a screaming tactical signal.
risk profile
average
risk rank 3 — this is not unusually safe, but it is not flashing a distress signal either.
chart momentum
average
momentum rank 3 — the chart is behaving normally, which is another way of saying the fundamentals still have to do the selling.
earnings predictability
5 / 100
That score is low. Translation: do not expect a smooth line from quarter to quarter.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 120 buyers vs. 92 sellers in 3q2025. total institutional holdings: 97.4M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$18
$34
$22
current price
$26
target midpoint · +17% from current · 3-5yr high: $30 (+35% · 8% ann'l return)
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