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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024. -
Retention levels for reinsurance fell across the different geographies the carrier operates in.
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The carrier pegged its California wildfire losses at $200mn pre-tax.
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The carrier said 72% of those losses occurred in personal property.
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The chairman said the recent events were akin to Andrew, Katrina and the WTC.
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SiriusPoint’s property book grew 25% in full year 2024.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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The carrier expects to book $100mn-$140mn from the California wildfires.
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The firm’s core CoR improved 3.2 points to 90.2%.
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With another year of underwriting profits banked, the ‘Golden Age’ isn’t over yet.
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The international segment’s CoR deteriorated slightly due to increased expenses.
