SiriusPoint

The carrier is expanding its marine footprint in 2024 through its Lloyd’s and London branch.

The carrier is rebuilding its energy underwriting team after a number of staff departures.

Putting together two “show me” stories risks investor skepticism.

Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.

Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.

An affiliate of the Chinese investment group has a 33% shareholding in the carrier.

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

The executive will work to grow the company’s MGA proposition and expand in key international markets.

The positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.

The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.

Q3 cat losses were down to $12mn, from $114.6mn in Q3 2022, while favourable prior-year reserves also increased by fivefold to $24.7mn.

Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International.