SiriusPoint, a reinsurance company, has executed a strategic turnaround since 2023, improving underwriting discipline and restoring profitability despite catastrophe losses. Its book value per share has grown 31% since Q4 2022, supporting a potential re-rating to 1.3–1.4x P/B with 30% upside. The company faces risks like catastrophe losses and interest rate changes but is viewed as a reliable partner. Its underwriting performance improved to a combined ratio of 95.4% in Q1 2025, driven by operational discipline and a 90% underwriting margin.

Third Point LLC, an alternative asset manager with $21 billion in assets, launched the Third Point Insurance Solutions Fund I, a $400 million private credit fund targeting insurance companies. The fund expands Third Point's credit platform, which includes its acquisition of AS Birch Grove, an $8 billion credit asset manager. The fund aims to provide insurance clients with diversified private credit opportunities through the leadership of Christopher Taylor, who previously doubled AUM at Madison Capital Funding.

The North American insurance index rose 0.3% last week despite gains in 10 of 12 groups, with standard commercial insurers and micro cap insurers leading the way. The S&P 500 and Nasdaq-100 indices also rose, while the Dow Jones fell slightly. The article highlights inflation data, retail sales, and tariff revenues, with key insurance companies like Travelers and Chubb showing significant gains or losses.

Pen Underwriting, a UK-based underwriting agency, has expanded its partnership with global re/insurer SiriusPoint into international professional indemnity (PI) risks. The agreement grants SiriusPoint 100% capacity for Pen’s international PI portfolio, supported by Pen’s London team with 15 years of underwriting experience. The partnership now spans social housing, marine, and PI, building on a 2024 agreement for SiriusPoint’s role in Pen’s social housing practice.

The North American insurance composite underperformed major market indexes last week, with the Dow Jones Industrial Average declining 1.0% and the S&P 500/tech-heavy Nasdaq-100 falling 0.3% and 0.4%, respectively. The insurance composite is up 3.6% year-to-date but trailed broader benchmarks. Analysts highlighted concerns over federal budget approval, which projected $4.5 trillion in reduced tax revenues and $3.3 trillion in deficit growth, driving fears of U.S. inflation. Trade data showed a $27 billion surplus in June, though May's deficit was $316 billion. Insurance sector performance varied, with title insurers and coastal insurers declining sharply, while Everest Group and global reinsurers saw smaller drops.