SiriusPoint Ltd, the Bermudian-headquartered global specialty reinsurer, has reported third-quarter net income available to common shareholders of $58 million.

The company reported core income of $50 million, which includes underwriting income of $43 million.

Net investment income was $75 million.

The annualised return on average common equity was 11.3 per cent.

Scott Egan, the chief executive, said: “We have had a strong quarter as we delivered positive underwriting results in the third quarter for the first time in the group’s history.

“Our combined ratio for the group’s core operations was 87.6 per cent, with catastrophe losses materially down at $14 million compared to $138 million in the prior-year period. There has been improvement across all areas of our business and our actions are having the desired impact.

“Investment results remain strong, and we raise our guidance on full-year net investment income to $250 million to $260 million from $220 million to $240 million.

“MGA revenues grew at 7 per cent while margins increased to 21 per cent. Our balance sheet is strong, and we remain on track to hit double-digit RoE this year.”

He added: “I have now completed one year at SiriusPoint, and I am incredibly proud of the progress made to date.

“We have created significant shareholder value and our aim is to continue to improve as we go into 2024. We believe strongly there is the potential to do so.”