SiriusPoint Ltd

Good morning, ladies and gentlemen, and welcome to Serious Points Third 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 replay is available through 1159 p.m. Eastern Time on November 14, 2025. With that, I'd 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 earning call for the 2025 third quarter and nine months result. Last night, we issued our earnings press release, thank you, 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 of 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 Securities and Exchange Commission for additional information. I will now turn the call over to Scott.

Thanks, Liam, and good morning, good afternoon, everyone. Thank you for joining our third quarter and nine months 2025 results call. The third quarter was another successful quarter of delivery for Sirius Point. A strong underwriting performance, deliberately targeted growth, the announcement of two MGA disposals, Insurer Re-Insurer of the Year at the Insurance Insider US Honors, and an upgrade to positive outlook from S&P means there is a lot to be pleased about. Our ambition remains the same. Keep building on the progress and momentum whilst targeting sustained levels of best in class performance. The third quarter was another step along the road on that journey. And we remain completely focused with no room for complacency. In terms of specifics, our core combined ratio of 89.1% delivered an 11% increase in underwriting income versus last year, aided in part by no catastrophe losses in the quarter. We achieved a strong operating return on equity of 17.9%, significantly ahead of our across the cycle 12% to 15% target range. More importantly, our year-to-date operating return on equity of 16.1% is still outperforming our range despite the heightened first half losses from the California wildfires and aviation. Therefore, we would not describe the first nine months as being quiet, as in fact our catastrophe losses are over 50 million higher than prior year. This puts our 16.1% operating return on equity into context and is an important proof point of the improvement in the quality of our earnings. In addition to a strong financial delivery, the third quarter also saw significant execution on the rationalisation of our MGA investments. We announced agreements for the sale of our 100% stake in Armada and our 49% stake in Arcadian for combined total proceeds of $389 million, valuing them together at around 15 times EBITDA. Upon closure of these deals, over 200 million of off-balance sheet value will be recognised in our book value, representing a per share increase of approximately $1.75. Finally, the quarter also saw our third Outlook upgrade of the year, with S&P upgrading our Outlook to positive, joining the previous upgrades from AM Best and Fitch. We have added a new slide this quarter linked to delivery against our ambition to become a disciplined underwriter with a low volatility portfolio. Slide 10 shows our combined ratio volatility against our peers over the past two years. This demonstrates the significant progress we have made in managing the volatility of our underwriting, both at an individual risk level and across the portfolio. We talk often about our disciplined approach to portfolio management of risk. And as you can see, since our turnaround and reshaping, we now rank amongst the top performers over the past couple of years. Our aim is to continue to build this track record. We have now delivered 12 consecutive quarters of underwriting profits and 18 consecutive quarters of favourable prior year development. I also want to spend a few moments talking about the strong top line momentum we have within the company. Gross premiums written grew double digit again in the quarter at 26% year over year. This is now our sixth consecutive quarter with a double digit growth profile. This was driven in large part by strong growth within our insurance and services business and particularly from our accident and health security and attritional property books of business. In particular, I want to highlight our accident and health division. This business acts as a volatility shock absorber within the wider underwriting portfolio, given its short tail and low volatility characteristics. It also boasts a long track record of high capital returns. Our accident and health division allows us to take disciplined other areas that still remain within our guide rails to achieve a low volatility portfolio overall. It also has the added advantage of being less correlated to wider P&C pricing cycles. This division accounts for almost one billion of gross premiums written on an annualised basis and forms a significant part of our company. Elsewhere within our insurance and services business, we are seeing strong growth from surety, which, like accident and health, is less correlated to wider P&C pricing cycles. Premiums here are derived via the MGA distribution channel. Coming specifically to look at the premium we write via the MGA distribution channel, again, we have included an additional slide in the quarter to share more details on our approach. Slide 13 focuses on the length of the relationship linked to the derived premium. In short, we are more careful with newer partners. Whilst they make up approximately a third by number, they only make up 9% of our overall NGA premiums. We tend to have higher premium volumes with more mature partners where we have gained greater historical experience. Around 90% of our overall portfolio comes from partners who we have had a relationship with for three years or more. We think this seasoning is an important part of our approach to risk taking. Our selection process, which declines around 80% of opportunities presented, seeks out partners who want to form deep long term relationships. Looking at our existing relationships, in the last year we have continued writing business with 97% of the partners we have previously onboarded over a year ago. This demonstrates our ability to seek out those partners who we will work with on a long-term basis and those who share our underwriting and risk philosophies. In addition to our cautious approach to risk taking in the early days of a relationship, we also apply the same logic to our reserving. Under a risk based approach to reserving, newer relationships are generally reserved above pricing projections to account for uncertainty from limited performance experience. Lastly, we have profit sharing features in place for around 87% of our MGA partners, driving alignment of interest linked to underwriting performance. Coming back briefly to the sale of our MGA investments, as I mentioned earlier, this quarter saw us reach agreements to sell two MGA investments, Armada and Arcadian. Importantly, we also signed long term capacity deals with them both until 2030 and 2031 respectively on existing economic terms. Armada, the most material to our book value, remains on track to close in the fourth quarter and Arcadian remains on track to close in the first quarter of next year. We reaffirm our commitment to a long term ROE across the cycle target of 12 to 15% post these disposals. ING is now our only 100% owned MGA, generating roughly $50 million of net service fee income on an annual basis. As a reminder, the carrying value on our balance sheet is $70 million. ING is a key part of our wider accident and health ecosystem, generating around 25% of the accident and health underwriting division's premium as well as a healthy MGA margin in its own right. We are excited about the future of IMG and announced last week the appointment of a new CEO, Will Nehan, who joins us from Travelex. Finally, our capital remains strong and our third quarter BSCR ratio improved to 226%, which is within our target range. as we continue to deploy capital to support the organic growth opportunities of the business. Of course, we expect this to increase post the closing of the MGA transactions I have mentioned. As we think ahead on capital given these sales, we are taking a look at our capital stack and more specifically our hybrid instruments. When we conducted the buybacks related to the CMIG shareholder agreement, we increased our leverage. Jim will cover this in more detail, but with the Series B preference shares having a rate reset coming up in February 26, we have an opportunity to reduce leverage to pre-CMIG agreement levels whilst reducing our financing costs meaningfully. Before I pass across to Jim, I also wanted to highlight that last month saw the company earn another award, this time Insurer Re-Insurer of the Year at the US Insurance Insider Honours Awards. This follows a Programme Insurer of the Year award, which we received in May at the Programme Manager awards. Whilst they don't mean anything in and of themselves, I think we can take them as further proof points of our progress. So I will finish what I always do. I'm incredibly proud of the team and the commitment, desire and determination they have shown again so far this year. As I reflect back on my third anniversary as CEO, our progress is strong, but it could not be done without our biggest asset, our people. I am grateful to all of them for what they have done and what they do every day, and I am excited about our future. Our collective aim is to continue our upward trajectory to become a best-in-class specialty underwriter. With that, I'll pass it across to Jim, who will take you through the financials in more detail.