Bermudian-based re/insurer SiriusPoint Ltd has reported its first positive quarter in nearly two years, with net income available to the company’s common shareholders of $139 million in the first quarter of 2023.

That compares with a net loss of $217 million in the first quarter of 2022.

The company had a combined ratio of 73.8 per cent (2022 first quarter: 93.7 per cent).

Sirius Point reported that consolidated underwriting income for the quarter was $156.5 million compared with $33.5 million for the three months ended March 31, 2022.

The company had net investment income of $62 million and a total investment result of $74 million.

Tangible book value per diluted common share increased $0.98, or 9.4 per cent, from December 31, 2022 to $11.41 per share.

The annualised return on average common equity was 28.3 per cent.

Scott Egan, chief executive officer, said: “We are pleased with the first-quarter results. We have delivered positive capital generation across all business areas with our underwriting business delivering a core combined ratio of 80.5 per cent.

“This quarter delivers the first positive net income since Q2’21 while our book value per diluted common share has increased by 9 per cent during the quarter.”