SiriusPoint Ltd. (NYSE:SPNT) Q3 2023 Earnings Call Transcript
SiriusPoint Ltd. (NYSE:SPNT) Q3 2023 Earnings Call Transcript November 9, 2023
SiriusPoint Ltd. beats earnings expectations. Reported EPS is $0.32, expectations were $0.2.
Operator: Good morning, ladies and gentlemen and welcome to the SiriusPoint Limited Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer. Please go ahead, sir.
Dhruv Gahlaut: Thank you, operator and good morning, good afternoon to everyone listening. I welcome you to the SiriusPoint earnings call for the 2023 nine months and third quarter results. Last night, we issued our earnings press release and financial supplement, which are available on our website, www.siriuspt.com. Additionally, our webcast presentation will coincide with today’s discussion and is available on our website. With me here today are Scott Egan, our Chief Executive Officer and Steve Yendall, our Chief Financial Officer. Before we start, I would like to remind you that today’s remarks contain forward-looking statements based on management’s current expectations. Actual results may differ. Certain non-GAAP financial measures will also be discussed.
Management uses the non-GAAP financial measures in its internal analysis of results and believes that they are informative to investors in gauging the quality of our financial performance and identifying trends in our results. However, these measures should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. Please refer to Page 2 of our investor presentation for additional information and the company’s latest public filings. At this time, I will turn the call over to Scott.
Scott Egan: Thank you, Dhruv and good morning, good afternoon, everyone. Thank you, as always, for joining our third quarter results call. This has been another strong quarter of results for SiriusPoint, and we’ve delivered our first ever underwriting profit in the third quarter since the group was formed and our fourth consecutive quarter of positive underwriting results. The actions we have been taking are having a demonstrable impact and our performance is improving. Our results and balance sheet are getting stronger, and their overall quality is improving, which serves us well as a platform for further improvement in 2024, which is our aim. I am pleased with our progress, but I also recognize there is much more to do. There is much determination, but no complacency.
I’d like to provide some comments on two areas before we get into the results. We entered into a standstill agreement with Mr. Daniel Loeb in August. This agreement comes after Mr. Loeb and certain affiliates filed a 13-D regarding a potential transaction to acquire the company in April and a subsequent 13-D filing with the decision to conclude the exploratory discussions in May. The standstill agreement removes any lingering uncertainty and underlines Mr. Loeb’s full support for the strategy and progress he outlined in his 13-D. Secondly, I want to reflect on my first 12 months at SiriusPoint. I believe we have made significant progress and performance has improved. We remain committed to building a strong unified culture in order to achieve our ultimate ambition of being a best-in-class insurer reinsurer.
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