SiriusPoint Ltd

Good morning, ladies and gentlemen, and welcome to Serious Point's second quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the conclusion of prepared remarks, management will host a question-and-answer session, and instructions will be given at that time. As a reminder, this conference call is being recorded, and a replay is available through 1159 p.m. Eastern Time until August 18, 2025. With that, I would like to turn the call over to Liam Blackledge, Investor Relations and Strategy Manager. Please go ahead.

Thank you, Operator, and good morning or good afternoon to everyone listening. I welcome you to the Sirius Point earnings call for the 2025 second quarter and half year results. Earlier this morning, we released our earnings press release, KenQ, and financial supplement, which are available on our website, www.siriuspt.com. Additionally, a webcast presentation will coincide with today's discussion and is available on our website. Joining me on the call today are 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 our results operations and believes that they may be informative to investors engaging 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 two of our investor presentation and the company's latest public filings with the Security and Exchange Commission for additional information. I will now turn the call over to Scott.

Thanks, Liam, and good morning, good afternoon, everyone. Thanks for joining our second quarter and half year 2025 results call. The second quarter has seen Series Point deliver continued strong performance. Our underlying return on equity for the quarter was 17%, two points ahead of our across the cycle 12% to 15% target range. driven by strong underwriting and targeted growth. Year to date, our underlying return on equity of 15.4% is at the upper end of our target range, despite heightened first half losses in aviation and first quarter losses from California wildfires. The second quarter core combined ratio of 89.5% is a 3.8 point improvement year over year. further evidence of our focus on producing consistently strong and improving results. This marks our 11th consecutive quarter of underwriting profit. We also grew our gross written premiums by 10%, representing our fifth straight quarter of double digit gross premium growth as we continue to allocate capital selectively towards attractive opportunities in the markets that we operate within. Premium growth is strong on a net basis as well, increasing 8% in the quarter and 14% in the first half of the year. Within our insurance and services business, we saw net premium growth of 15% in the quarter. This is at a faster pace than gross premiums as we deliberately retain more premiums on our own balance sheet from our MGA partners. This is in line with the prudent strategy of increasing our retention as these relationships season and mature and as we get increasing confidence with the performance and underwriting margin. This approach is an important proof point of our underwriting discipline. In the first half, we've seen double digit growth in accident and health, property and other specialties lines of business whilst decreasing our premiums within casualty as we remain deliberately cautious. We continue to expect our insurance business to grow more than reinsurance. In the quarter, we entered four new MGA partnerships. Three of the four new opportunities were expansions with existing long-term partners who we know well and share a commitment to underwriting excellence with. Deepening long-term proven relationships is a key part of our MGA strategy. Our selection of new partners is also a key part of our process, and we continue to reject over 80% of all opportunities we see in this distribution channel. We're excited by the pipeline of opportunities we see and are proud of our increasingly strengthening reputation as a partner of choice for MGAs. This was recognised during the quarter at the Programme Manager Awards in New York, where, supported by our partners, we won Programme Insurer of the Year. Turning now to our underwriting performance, we delivered a combined ratio for our core business of 89.5% for the second quarter, contributing to our year-to-date core combined ratio of 92.4%. As I said, our second quarter result is a 3.8 point improvement year over year, and of this improvement, 1.8 points comes from improvement in our attritional loss ratio in line with the recent trend, marking the sixth consecutive quarter of year over year attritional loss ratio improvement. The quarter's results contain no catastrophe losses versus one point in the second quarter of last year, whilst favourable prior year development continued to be strong. Looking at reserve development on a consolidated basis, which includes the development of a runoff business, this marked our 17th consecutive quarter of favourable releases. Turning briefly to our fee-driven profits from our consolidated MGAs, service revenues from our two 100% owned A&H MGAs increased by 16% in the quarter, with year-to-date revenues up 13%. For the half year, the service margin is a healthy and improved 23.6%, which is generating net service fee income of $28 million. Touching on investments, which Jim will cover in more detail, net investment income for the quarter was $68 million and is tracking in line with the full year guidance of $265 to $275 million. There were no significant movements on the valuations in our strategic MGA investments in the quarter. Finally, our capital remains strong and our second quarter BSCR ratio was 223% and within our target range as we continue to deploy our capital to support the organic growth opportunities of the business. Before I conclude, I wanted to take a moment to talk about our people, the real engine of our business. During the quarter we undertook our annual engagement survey, which showed another year of significant improvements across the metrics. We've included some of the details in Appendix 4 of our presentation. Our net promoter score increased by 16 points year over year and 53 points over the past two years. We now sit in the very good category. I highlight this because this business has always been about our people and their culture, and I'm incredibly proud and immensely grateful for the job that they do for our customers and shareholders every single day. The survey highlights that there is a feel good factor within the company with staff turnover down to 15%. This is a key ingredient for our continued future success. It is also helping us attract talent to the company and the quarter saw us again attract top talent from across the industry, including two new members of my executive leadership team. To end, I'll go back to where I started. This quarter provided us another opportunity to show our progress to becoming a best in class specialty underwriter. We continue to consistently deliver strong underwriting profits targeted and disciplined premium growth and stable investment results. We are committed to and relentlessly focus on value creation. Put value for diluted share has increased 4% in the quarter and 10% year to date. Our underlying earnings per share for the quarter of 66 cents represents an increase of over 100% versus prior year. and our year-to-date underlying return on equity is at the top end of our 12% to 15% target range. We've made great progress in the first half of this year, but it's only halftime in 2025, all to play for in the second half. We're more than ready. With that, I'll pass across to Jim, who will take you through the financials in more detail.