SiriusPoint Ltd

Good morning, ladies and gentlemen, and welcome to the serious point second quarter 2026 earnings conference call. During today's presentation, all parties will be in listen only mode. Following the conclusion of the 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 on August 13th, 2025. With that, I'd like to turn the call over to Liam Blackledge, Investor Relations and Strategy Manager. Thank you. Please go ahead.

Liam Blackledge Good morning, and thank you for joining us for Sirius Point's second quarter and half year 2026 earnings call. Last night, we released our earnings press release, form 10-Q and financial supplement, all available on our website at investors.siriuspt.com, along with the slides that will accompany today's discussion. Joining me on the call are Scott Egan, our Chief Executive Officer, and Jim McKinney, our Chief Financial Officer. Before we begin, I'd like to remind you that today's remarks contain forward-looking statements based on current expectations, and actual results may differ materially. We will also reference certain non-GAAP financial measures which we believe are useful in evaluating the performance of the business. Reconciliations can be found in the presentation and our SEC filings. Please refer to our earnings release and accompanying material for a more complete discussion of forward-looking statements and non-GAAP measures.

With that, I'll turn this call over to Scott. Thanks Liam and welcome everyone to our second quarter and half-year results call. SiriusPoint delivered another quarter of consistent and strong underwriting profitability. We continue to demonstrate the durability of our performance, which is especially important as more markets become tougher. We firmly believe delivering a strong return on equity year in year out is key to creating long-term shareholder value and this is why over the last three years we've deliberately taken actions to diversify the book and reduce our volatility. We are well positioned for cycle resilience and to deliver on our across the cycle 12 to 15 percent return on equity target and our half-year results for 2026 are another proof point that our strategy is delivering against that aim. Our headlines at the half year are clear. The business continues to perform strongly. We are growing where we create the most value and where we see attractive returns for the risk we take. Our approach and growing reputation means our growth pipeline remains strong. And finally, our balance sheet and agile capital management There was the bedrock to maximising business opportunities. Jim will take you through the details of the second quarter shortly, but we delivered a core combined ratio of 91.4% and an operating return on equity of 13.8%. This means that at half year our net income is up 44% over the prior year and our operating ROE of 14.7% is at the upper end of our 12 to 15% Our core result, which excludes our run-off business, continues to outperform and delivered a 16.2% return on equity, which is above our target range. Our book value continues to grow. Book value per diluted common share excluding AOCI increased 3% in the quarter and 8% year-to-date. And we've repurchased $95 million of common shares year-to-date bringing total capital return to shareholders in 2026 of $295 million including the preference share redemption in February. Our value creation continues to be driven by our earnings growth reflecting the quality, discipline and durability of our operating model. We are driving the company to be a focused specialty underwriter underpinned by a diversified and lower volatility portfolio which is meaningfully more balanced than it was several years ago. A key example of this is the growth of our accident and health business to around $1 billion given its strategic importance as a consistently profitable and low volatility business with a low correlation to wider P&C pricing cycles. The combination of our insurance and services and reinsurance businesses coupled with our 10 different specialty lines and our multiple distribution channels act as good diversification supporting more stable earnings and a resilient capital profile. Turning to slide 8, the quarter once again demonstrated both our underwriting discipline with a low 90s combined ratio and our ability to grow. Our insurance and services gross written premium grew 15% while our reinsurance premium declined 9%. We will be disciplined in areas where pricing or risk-adjusted returns do not meet our thresholds. We have the ability to redirect our capital quickly to other more attractive lines, segments and geographies. Slide 11 shows the scale and breadth of our growing specialty platform and our active management of the various pricing cycles. We have meaningful positions across many lines. To reiterate, underwriting discipline is key to how we manage the business. We will not pursue growth at any cost, and this quarter we have added some additional detail to the slide on trailing growth trends. As you can see, we are growing strongly in areas where we have previously said pricing is more attractive, such as accident health and surety, and pulling back in areas where pricing is more competitive, like aviation, property and certain segments of casualty. Jim will cover each of our specialties in more detail, but this slide shows how we are building in specialty lines where we have underwriting expertise, relevant distribution and the ability to generate attractive returns. As the portfolio evolves driven by our underwriting focus, the shift in our business mix has affected the timing of our earned premium recognition, meaning premiums are earning through more slowly. You can see that in some of the numbers this quarter and Jim will unpack this later in the call. Turning to underwriting performance briefly on slide 12, this shows exactly the type of business portfolio we are building. This is now consistently delivering strong combined ratios and lower volatility and our volatility profile continues to be favourable against our US specialty peers and of course is very different to that of the largely reinsurance focused Bermuda domiciled peers. This is obviously very different to our past. Slide 13 shows a disciplined approach to partnering with specialist MGAs. We've reinforced this many times during these calls before, but given their importance to us and our strong performance, it is worth reiterating. The headlines are, we are highly selective in choosing partners, declining more than 90% of opportunities. We take our time getting to know potential partners before onboarding. Once we enter a relationship, we deliberately start conservatively in our net positions, growth and reserving. Importantly, incentives are aligned with underwriting profitability and not premium growth. You can see this in our acquisition ratio as profitability improves. This is a dynamic we are very happy with. The result is a portfolio built around long-term relationships with strong renewal rates and with a significant portion of premiums coming from partners we have worked with for many years. We believe our differentiated approach to this distribution channel is the key to our success and earnings power. Coming to our people, as you know at SiriusPoint we put a lot of emphasis on our culture. Once a year we run an employee engagement survey which gives us a real benchmark on how we are doing with the most important asset in our business, our staff. Our approach to everything we do is that it starts with having the right people, the right culture and the right mindset and I believe this has been the most important ingredient of our success. The highlights of this year's survey are seen on slide 14. Our overall employee engagement score is now at 83, increasing for the third consecutive year. Our scores across leadership, organisational alignment, collaboration, development, recognition and pride are top quartile scores. is well above industry benchmarks and once again increased double digit year on year. I see a direct link between these scores and the business performance we are driving. It is the cornerstone of long term sustainable performance. I'm incredibly proud of and grateful to all of my colleagues and what they do every single day. They are our secret sauce. Before I pass across to Jim, I'll end with some key takeaways as we head into the second half of 2026. Our business has delivered another strong half year of performance, operating at the upper end of our return on equity guidance. Our track record shows the consistency and predictability of what we are saying and doing. This matters. The continued growth of our insurance business is creating real shareholder value and our pipeline is strong. Our capital and balance sheet are very strong as demonstrated by the ratings updates to A by S&P, Fitch and AMBEST earlier this year and our aim is to continue to improve. So to end with the World Cup theme of the past few months for all you soccer lovers It's halftime in the Sirius Point 2026 match. A strong performance in the first half by the team, all to play for in the second half. And the team is ready, able and hungry for success. And I look forward to providing you with our next update at the third quarter hydration break. So with that, I'll turn over to Jim to walk you through the match stats for the first half. Jim.