SiriusPoint Ltd

call is being recorded and a replay is available through 11.59 p.m. Eastern Time on November 15, 2024. With that, I would like to turn the call over to Liam Blackledge, Senior Associate, Investor Relations and Strategy. Please go ahead, sir.

Thank you, Operator, and good morning or good afternoon to everyone listening. I welcome you to the Serious Point earnings call for the 2024 nine-month and third quarter results. Last night, we issued our earnings press release, 10Q filing and financial supplement, which are available on our website, www.seriouspt.com. Additionally, a webcast presentation will coincide with today's discussion and is available on our website. With me here today, Scott Egan, our Chief Executive Officer, and Jim McKinney, 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 may be informative to investors engaging the quality of our financial performance and identifying the 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 two 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.

Thank you, Liam, and good morning, good afternoon, everyone. Thanks, as always, for joining our third quarter and nine months 2024 results call. If I stand back, this has been another strong quarter of delivery for Sirius Point. This will now be our eighth consecutive quarter of underwriting profit, delivering a combined ratio of 88.5%, despite the impact of Hurricane Helen. This marks a four-point improvement versus the previous year quarter, which is significant. In addition, we've grown our premium on our continuing lines business again at double digits, And driven by this performance, our annualised underlying ROE at nine months 2024 is 14.4% and well within our stated target range of 12 to 15%. These are very important proof points against our ambition of building an underwriting track record for the company. A strong discipline and underwriting first focus is delivering. And importantly, we continue to believe we can improve from here and we will work hard to make this happen. Over the past two years, we have closed the gap significantly to our competitors. Turning now to some of the highlights for the quarter, and I'm going to start with premiums. The quarter saw a continuation of the growth in our core business, which we highlighted in the second quarter. In the third quarter, we delivered 10% year over year growth for our continuing lines of business. On a year to date basis, this now stands at 7% up from 6% in the first half, demonstrating our increasing momentum. Our growth is predominantly coming from our specialty and property market segments, which we are targeting. We believe that a refined one serious point operating model means that the business can lean into attractive market opportunities in an agile and nimble way. We are and will continue to be relentlessly focused on our underwriting strategy and performance grip, and our growth strategy is built on disciplined underwriting and pricing. Our third quarter hold combined ratio of 88.5% improved by four points compared to the prior year period, which includes two points of improvement on an underlying quality of earnings basis when excluding catastrophe losses and prior year development. Our cap losses for the quarter were $11 million, which primarily relate to Hurricane Helen. This represents just 1.9 points on the combined ratio. Additionally, we all saw the effects of Hurricane Milton as it made landfall in Florida. Whilst not in our third quarter numbers, our initial estimate for net losses relating to this event are in the range of $30 to $40 million. Given the recency of Hurricane Milton, there is still a wide range of insured industry loss estimates. Our estimated loss is based on a detailed bottom-up evaluation of our exposures, which largely emanate from our property reinsurance book. We expect the Hurricane Milton loss, combined with previous events in the year, to remain contained within our full-year catastrophe budget. Importantly, we still expect our reinsurance business to deliver a strong full-year performance. Obviously, Hurricane Milton remains a very recent event and we will update more fully as part of our fourth quarter reporting. That said, the impacts of Hurricane Helene and Milton combined are a very important and demonstrable financial proof point of the significant restructuring and refocusing of our property portfolio, which we have communicated before through both reductions in our PMLs and geographical focus. Real life, unfortunately, gives us the evidence to back this up. I do think, though, it's incredibly important to also talk about the hurricanes through a human lens. We've all seen the very visible and upsetting scenes of devastation, and I want to take this opportunity to acknowledge the impact that these events have had to our customers, our partners, and to my colleagues over recent months. We offer our full support and are fully committed to working hard to ensure claims are paid as soon as possible so that those affected can begin to rebuild their lives. This is why we're here and we must never forget the crucial role that we play. Now looking at our distribution strategy and our consolidated MGAs. Our MGA distribution strategy continues to be strengthened with six new partnerships entered into in the third quarter through our MGA Centre of Excellence. So far this year, we have entered into 17 new programmes with carefully selected partners. We believe our approach and the infrastructure and capabilities we are building in both underwriting and the MGA Centre of Excellence means we are well on our way towards achieving our ambition to become a preferred partner for delegated business. The quarter also marks the first quarter in which we no longer consolidate the results of our NGA Arcadian. As a reminder, and as shown in further detail in Appendix 2, the deconsolidation has no impact on our underwriting relationship, net income available to Sirius Point, or our 49% equity ownership. I continue to make the point every quarter that there is significant off-balance sheet value in the remaining three consolidated MGAs. The two most material of these, where we own 100% of the equity, align to our strategically important accident and health division. These two MGAs, which we currently carry on our balance sheet at $89 million, have generated net service fee income of $52 million in the first nine months of 2024. They continue to perform strongly, with fee income increasing 18% on the prior year period, driven by increasing revenue, reduced costs and an improving margin. On our wider, smaller equity stakes, which we've been rationalising over time, these stand at 22 down from 36 at the start of 2023. Looking now at our investment portfolio, we've reported another excellent result for the third quarter. Net investment income for the quarter was $78 million, contributing to a third quarter investment result of $93 million. This outcome reflects the strong fixed income rates we've been able to lock in, aided by mark-to-market gains following the commencement of Fed rate cuts and our ongoing optimization of the portfolio. We will also outperform against our net investment income guidance and expect this now to land between $295 and $300 million for the full year 2024. The third quarter also saw us account for the previously announced two-part transaction with CMIG As a reminder, we were able to deploy our capital to complete the repurchase and retirement of $125 million of CMIG's common stock, equating to approximately 9.1 million shares. Secondly, we completed the full and final settlement of the Series A preference shares in cash. These preference instruments related to COVID reserve uncertainty at the time of merger And we view the settlement of these instruments as a positive step in reducing the volatility on our income statement going forward. The impact of the Series A settlement was in line with the guidance we previously discussed in the second quarter, but obviously it has had an impact on our net income in the discrete third quarter. Therefore, our headline net income for the third quarter because of this transaction was $5 million, while the net income for the nine months ended September 30th, 24 stands at $205 million. If you exclude this transaction and the impact of the LPT from last year, our underlying net income for the quarter was $89 million, which is a 69% increase compared to prior year. This is much more reflective of the progression in our underlying earnings power. And finally, we remain within our upgraded medium-term ROE range of 12% to 15%, with underlying ROE of 14.4%. Our book value per share grew by 3% in the quarter and has grown 10% year to date. In summary, I will end where I started. Another quarter of strong strategic and operational delivery and our focus on being an underwriting first business becomes much more evident with each quarter. The strategic equity actions which we completed this quarter have strengthened our position for future success and will remove future volatility from our results. This quarter also marks my second full year at Sirius Point. I'm incredibly proud of the transformation we have achieved in this time. We've built a strong foundation, which we are now showing we can grow from, while remaining laser focused on underwriting profitability. It feels right that I should on this important personal anniversary extend my huge gratitude to my colleagues at Sirius Point for their relentless dedication and determination every day to make the company better. This company is and always will be about our people and I am incredibly proud of them and grateful to them for their continued support. Together, we aim to drive further value through strategic, targeted improvements and become amongst the best in class in our industry. With that, I will now pass across to Jim, who'll take you through the financials in more detail.