SiriusPoint Ltd, the Bermudian-headquartered global specialty insurer and reinsurer, has reported third quarter net income available to common shareholders of $4.5 million, a result impacted by completion of the previously announced CMIG shareholder transaction.

Core income was $69.5 million, including underwriting income of $62.5 million.

Core net services fee income was $6.8 million, with a service margin of 14.1 per cent.

SiriusPoint reported net investment income of $77.7 million and a total investment result of $92.5 million.

Underlying net income was $89 million, up 69 per cent versus the prior year, driven by higher underwriting and investment income.

Book value per diluted common share was $14.73, an increase of 2.9 per cent in the quarter and 10 per cent since year-end 2023.

The company’s pre-tax estimate of Hurricane Milton losses, net of reinsurance and reinstatement premiums, is approximately $30 million to $40 million.

Gross premiums written decreased by $35 million, or 4.8 per cent, to $690.5 million for the third quarter, compared with $725.5 million for the prior year quarter.

Net premiums earned decreased by $29 million, or 5 per cent, to $546.3 million for the quarter, compared with $575.3 million for the prior year quarter.

Scott Egan, chief executive, said: “It has been another strong quarter of delivery for SiriusPoint, marking our eighth consecutive quarter of positive underwriting income.

“We have delivered a four-point improvement in the combined ratio to 88.5 per cent whilst growing continuing lines premium by 10 per cent during the quarter.

“Our focus is resolute on building a strong business driven by disciplined underwriting to create a balanced portfolio that creates shareholder value.

“Our strategic partnerships are a powerful tool to help us deliver our growth and underwriting ambitions. We added six new distribution partnerships in the quarter through our MGA Centre of Excellence, which is earning a reputation in the market as an attractive and leading platform for programme administrators and MGAs.

“Fee income from our two consolidated A&H MGAs grew 18 per cent year-to-date.

“Net investment income was strong, at $78 million for the quarter, and our FY 24 net investment income is now trending ahead of our previous guidance.”

He added: “We completed on an important two-part strategic transaction with CMIG in the quarter, deploying capital for the purchase and retirement of $125 million of common shares and the settlement of Series A Preference Shares, both for cash.”