A year ago speciality insurer SiriusPoint was in a dark place.

They were hugely under performing with a loss of $98.4 million by the third quarter of 2022.

“It was quite a high-risk moment for the company,” said new chief executive officer Scott Egan. “It could have been quite serious.”

The firm appears to have turned a corner, having just reported their first-ever third quarter profits with a recorded net income of $57.5 million and underwriting income of $73.8 million.

Also this month, Standard & Poor’s upgraded their ratings from a negative outlook to a stable one.

“Ratings agencies tend not to change your ratings on a whim,” Mr Egan said. “But no complacency. If we don’t keep performing and doing what we are doing, those things can change.”

Previously, Mr Egan was CEO of commercial insurer RSA in London. He left after the company was sold. He is also the chairman of Premium Credit in London, which provides finance alongside an insurance product.

“I did a lot of research on SiriusPoint before I joined,” Mr Egan said. “The company deserved to perform at a higher level than it was.”

He felt SiriusPoint’s issues were fixable.

“It needed to be more focused,” he said. “The company cost too much to run, in terms of its infrastructure, and there were parts of its portfolio that were too volatile and underperforming.”

Another problem was that SiriusPoint Re and Third Point Re never full integrated after the merger in February 2021, physically, as well as culturally.

“I have been involved in four transactions over my career where companies have come together,” the CEO said. “The infrastructural part is always the easiest.”

The tough aspect has been bringing the firms’ cultures and values together.

“In the last 12 months, we have done a huge amount to bring those cultures together,” he said.

To this end they have created a common purpose for SiriusPoint: to provide security for people in an uncertain world.

“We have also set out a series of aspirational values and behaviours, which we have been very thoughtful about,” he said.

They have also led a series of culture workshops asking everyone in the office for feedback.

Succeeding at this time of year felt particularly good for Mr Egan, because it is cat season, which has in the past, hung over SiriusPoint “like a shadow”, in Mr Egan’s words. It helped to prove that the first and second quarter successes were not flukes.

“We are pleased and proud, but there is a lot more to do,” he said.

Mr Egan was feeling upbeat about 2024, but also realistic.

“We are not operating at the level of some of our peers in our industry,” Mr Egan said. “It will take time to catch up.”

However, he said they have probably come further than many people expected. For that, he thanks his staff for their dedication and hard work.