S&P Global Ratings has revised its ratings outlook for SiriusPoint Ltd, the Bermudian-based global specialty insurer and reinsurer, from negative to stable.

The company said S&P’s decision to revise its ratings outlook reflects its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025, with combined ratios around 95 per cent and capital maintained at the 'AA' level”.

Scott Egan, CEO of SiriusPoint, said: "S&P's decision to revise our outlook to 'stable’ recognises the hard work of our people, their dedication and our collective effort to establish a stable platform for 2024 and beyond.

“This is an important moment in our journey, and the outcome demonstrates that we are taking the right actions to strengthen our business.

“We have built both capital and cultural resilience, we have executed well against our strategy, and we have proof points to be proud of.

“We thank our colleagues, investors, clients, and partners for their belief and support in our business.”

SiriusPoint said it is currently attributed an “A-” insurer financial strength rating and a “BBB” long-term issuer credit rating by S&P.

The company said it continues to benefit from a strong capital position above the “AA” confidence level based on S&P’s risk-based capital model.

Mr Egan said: “We’re just over a year into our journey. Our focus remains on simplifying our business, reducing volatility and ultimately, continuing to build profitability.

“While we’re making great strides, there is still work to be done but I’m confident in our plans for the future.”

Mr Egan became CEO and a board member of the company in September 2022.