Financial News
AM Best Comments on Credit Ratings of SiriusPoint Ltd. and Its Subsidiaries
AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of SiriusPoint Ltd. (SiriusPoint) (Bermuda) [NYSE: SPNT] are unchanged following published reports that CMIG International Holding Pte. Ltd. - the parent of SiriusPoint’s key shareholder, CM Bermuda Ltd. (CM Bermuda) - has been taken into private receivership by its lenders in Singapore.
Following the merger of Third Point Reinsurance Company Ltd. and Sirius International Insurance Group, Ltd. in 2021, CM Bermuda’s shareholding and voting rights in SiriusPoint diminished to 33% and 9.9%, respectively. Given the restricted influence that CM Bermuda has over the group, AM Best considers SiriusPoint’s financial strength as shielded from potential adverse parental influence, including the risk of capital extraction to a level that would be detrimental to its operations.
In AM Best’s opinion, SiriusPoint and its subsidiaries are well insulated from the debt difficulties of CM Bermuda. However, it remains unclear whether there could be reputational repercussions given the group’s association with CM Bermuda. If SiriusPoint’s rating fundamentals are materially impacted due to the reputational risk associated with CM Bermuda, AM Best will promptly review the ratings.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231215206800/en/
Contacts
Ben Diaz-Clegg
Senior Financial Analyst
+44 20 7397 0293
ben.diaz-clegg@ambest.com
Jessica Botelho-Young, CA
Associate Director, Analytics
+44 20 7397 0310
jessica.botelho-young@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
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