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Overall, the company’s underwriting income fell 43% to $417mn in the first quarter. -
The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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The carrier is offering shares priced at $29-$31.
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The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.
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The firm said supply and demand was becoming more in balance than at 1 January renewals.
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Combating depressed trading on the LSE and a delayed hard market shift has held back the firm.
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The property segment experienced a 113.5-point impact from the California wildfires.
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The business, which has ~EUR300mn of book value, is expected to launch a process.
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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The business will divide into US wholesale and specialty, and programmes and solutions.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The CUO’s turnover closely follows that of the CEO.
