SiriusPoint Announces Estimated Impact on Q3 2021 Results from European Floods
September 09 2021 - 8:16AM
SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a
global specialty insurer and reinsurer, has revised its previously
disclosed estimated third quarter losses arising from the European
floods in July 2021.
Severe flooding occurred in Germany’s North Rhine-Westphalia,
Rhineland-Palatinate, and Bavaria and Saxony regions, as well as
Belgium, France, Luxembourg, and the Netherlands from July 13th to
18th. Following an original loss estimate of $30 million in
relation to this event, SiriusPoint now anticipates net losses, net
of reinsurance and reinstatement premiums, of between approximately
$70 and $100 million on the Company’s third quarter 2021 results of
operations, resulting in an increase to our estimate of $40 to $70
million.
David Junius, SiriusPoint Chief Financial Officer, said: “We
have been actively monitoring the impact of the devastating
European floods in July and have revised our initial loss estimate
to be between $70 and $100 million following the significant
increase in industry expectations to approximately Euro 10 billion.
We are also evaluating our exposure to Hurricane Ida and
will disclose SiriusPoint’s net loss estimates no later than
the release of our third quarter earnings. Our thoughts are with
our European and North American colleagues and clients as they
navigate the aftermath of these events.”
About SiriusPoint SiriusPoint Ltd.
(SiriusPoint) is a global insurer and reinsurer providing solutions
to clients and brokers in almost 150 countries.
Bermuda-headquartered with offices around the world, we are listed
on the New York Stock Exchange (SPNT). We write a global portfolio
of Accident and Health, Specialty, Property and Runoff, combining
data and creative thinking to underwrite risks with skill and
discipline. With over $3 billion total capital, SiriusPoint’s
operating companies have a financial strength rating of A-
(Excellent) from AM Best, S&P and Fitch. For more information,
please visit www.siriuspt.com.
Contacts
Investor Relations Clare Kerrigan, SiriusPoint
clare.kerrigan@siriuspt.com +44 7970695959
Media Sarah Hills, Rein4ce sarah.hills@rein4ce.co.uk +44
7718882011
Forward-Looking Statements We make statements in this release
that are forward-looking statements within the meaning of the U.S.
Federal securities laws including statements regarding the
estimated net negative impact to SiriusPoint’s results of
operations as a result of the European floods. These statements
involve risks and uncertainties that could cause actual results to
differ materially from those contained in the forward-looking
statements. In particular, there is meaningful uncertainty
regarding the estimates and the nature and extent of the losses
from European floods. This uncertainty is driven by the magnitude
and recent nature of the events, the geographic areas impacted by
the events, relatively limited claims data received to date, the
contingent nature of business interruption and other exposures,
potential uncertainties relating to reinsurance recoveries and
other factors inherent in loss estimation, among other things. In
addition, there are other risks and uncertainties which could
impact our results of operations including the impact of general
economic conditions and conditions affecting the insurance and
reinsurance industry; the adequacy of our reserves; fluctuation in
the results of operations; pandemics or other catastrophic events,
such as the ongoing COVID-19 outbreak; the costs, expense and
difficulties of the integration of the operations of Third Point
Reinsurance Ltd. and Sirius International Insurance Group, Ltd.;
our ability to assess underwriting risk; trends in rates for
property and casualty insurance and reinsurance; competition;
investment market and investment income fluctuations; trends in
insured and paid losses; regulatory and legal uncertainties and
other risk factors described in SiriusPoint’s Quarterly Reports on
Form 10-Q for the periods ended March 31, 2021 and June 30, 2021.
Except as required by applicable law or regulation, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
or new information, data or methods, future events or other
circumstances after the date of this report.
Source: SiriusPoint Ltd.
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