RiverStone completes LPT transaction with SiriusPoint. The latest update from RiverStone International; RiverStone International today announced the completion of a Loss Portfolio Transfer (LPT) transaction with SiriusPoint Ltd. ("SiriusPoint"), under which RiverStone assumes a portfolio of legacy reinsurance liabilities with net liabilities of approximately US$400 million. The transaction marks RiverStone's first deal with SiriusPoint. The transaction further demonstrates RiverStone's ability to structure tailored legacy solutions that address the specific needs of counterparties across a broad range of portfolios. RiverStone developed a bespoke solution designed to meet SiriusPoint's requirements, reflecting its flexible and solutions-led approach to the legacy market. Paul Brockman, Group Chief Executive Officer of RiverStone International, said: "This transaction reflects RiverStone's ability to deliver tailored legacy solutions for complex portfolios. We are pleased to have completed our first transaction with SiriusPoint and to have developed a loss portfolio transfer that meets its specific requirements. The deal further demonstrates the breadth of solutions we can provide to counterparties seeking to address legacy liabilities." Scott Egan, Chief Executive Officer of SiriusPoint, said: "This transaction marks another important step for SiriusPoint, further simplifying our business, strengthening our capital position, and closing the chapter on our legacy portfolio. We are pleased to be partnering with RiverStone, which has deep expertise in the legacy market." The broker of record was Marsh Re.

SiriusPoint's GWP rises by 14% for Q3'26 as underwriting result improves. SiriusPoint Ltd., a global specialty underwriter, has reported a rise of 13.7% or $119 million in gross written premium (GWP) to $990.6 million for the third quarter of 2026, compared to $871.6 million in Q3'25, driven by growth across the insurance & services segment, slightly offset by the exit of an international A&H programme. For the quarter, net premium written (NPW) rose $13.8 million, or 2.1%, to $678.7 million, up from $664.9 million for Q3'25. Net premium earned (NPE) increased by $121.3 million, or 18.9%, to $764.8 million for Q3'26 compared to $643.5 million for Q3'25. SiriusPoint attributed the increase in NPE to increases in the estimate of earned premium in Professional Liability and A&H businesses. For 9M'26, GWP rose by $184.3 million, or 6.6%, to $2.97 billion, compared to $2.79 billion for 9M'25. NPW decreased by $31.7 million, or 1.5%, to $2.08 billion for 9M'26 compared to $2.12 billion for 9M'25. For 9M'26, NPE increased by $127 million, or 6.6%, to $2.04 billion, compared to $1.91 billion for 9M'25. For 9M'26, the increases in GWP and net earned NPE were driven by growth across insurance & services segment, partially offset by decreases in the reinsurance segment, mainly in casualty, property catastrophe, and other specialties, explained the firm. Further, the reduction in NPW was primarily driven by the decreases in the reinsurance segment and the ceded premium due to the inception of an aggregate reinsurance programme in 2026. For the quarter, net income came down slightly to $87 million compared to $90.7 million for Q3'25, as underwriting income rose to $75.9 million, with a combined ratio of 90.1% combined ratio. This compared to underwriting income of $69.6 million, with a CoR of 89.1% for Q3'25. For Q3'26, favourable prior-year loss reserve development was $18.3 million compared to $9.1 million for Q3'25, primarily driven by favourable development on property and A&H business. In 9M'26, core results included income of $255 million compared to $216 million for 9M'25, with an underwriting income of $201.8 million and a CoR of 90.1%, compared to underwriting income of $165.7 million with a CoR of 91.4% for 9M'25. The improvement in underwriting income for both periods was primarily driven by decreased catastrophe losses, partially offset by higher acquisition costs and other underwriting expenses, said the company, For 9M'26, catastrophe losses were $6.7 million, compared to $67.4 million for 9M'25, primarily driven by the California wildfires in the prior period. The reinsurance segment, for Q3'26, produced GWP of $317.6 million, an $8 million or 2.6% increase year-on-year, driven by increases in property and marine & energy. The segment's underwriting income was $42.9 million, compared to $31.9 million in Q3'25. For 9M'26, reinsurance GWP was $973.7 million, a $60.4 million or 5.8% decrease on the prior year, due to deliberate reductions in casualty, rate and exposure reductions in property catastrophe, and reductions in other specialties, according to SiriusPoint. The segment's underwriting income for 9M'26 was $103.3 million, compared to $68.4 million for 9M'25, driven by decreased catastrophe losses, partially offset by lower favourable prior-year loss reserve development of $26.9 million, compared to $35.5 million for 9M'25, mainly from reserve releases in property relating to prior year's catastrophe events. The insurance & services segment generated GWP of $673 million for Q3'26, an increase of $111 million, or 19.8%, compared to Q3'25, primarily driven by growth in surety business and an increase in premium estimate on Professional Liability business, slightly offset by the exit of an International A&H programme. For 9M'26, the unit generated GWP of $2 billion, an increase of $244.7 million, or 13.9%, primarily driven by an increase in premium estimate on professional liability, surety, and new programme growth, and continued organic growth in existing programmes and growth in North America A&H. On the asset side, net investment income decreased to $65.9 million for Q3'26 compared to $66.5 million in Q3'25, while for 9M'26 it decreased to $197.8 million, compared to $205.9 million for 9M'25. The decreases were driven by lower yields on cash and short-term investments, as well as portfolio repositioning. driven by lower yields on cash and short-term investments, as well as portfolio repositioning. Alongside its results, SiriusPoint has announced a new loss portfolio transfer agreement with legacy specialist RiverStone International, which covers all of the remaining run-off reserves and is supported by a significant limit and strong collateral. The LPT transaction, which remains subject to regulatory approval, is expected to provide over $200 million of capital currently supporting the run-off portfolio. Scott Egan, Chief Executive Officer, SiriusPoint, commented, "Its third quarter results represent continued strong performance, with its diversified, low-volatility portfolio again delivering on both growth and profitability. Its Insurance & Services segment grew by 20% and its core combined ratio was 90.1% both in the quarter and year to date. With an operating return on equity of 17.6% for the quarter and 15.8% year to date, the business continues to outperform against its 12-15% target. "Advertisement Shout continue to create value for its shareholders as its book value per share (ex. AOCI) grew by 4% in the quarter and 12% year to date. As Advertisement Shout head into the final quarter, Advertisement Shout believe its underwriting credentials and positive momentum position Advertisement Shout well to close out the year with confidence. Its balance sheet and capital are very strong, and Advertisement Shout has the agility to deploy capital where Advertisement Shout see the best opportunities. "We have also announced another important milestone in the quarter linked to our legacy run-off portfolio, agreeing a loss portfolio transfer with RiverStone. This will allow us to effectively close the door on this historical book of reserves, further simplifying our business and unlocking significant capital." Spread the love