SiriusPoint Ltd, the Bermudian-headquartered global specialty insurer and reinsurer, has reported net income available to common shareholders of $183.9 million in the 2024 fiscal year.

In the fourth quarter of the year, the company reported a net loss attributable to SiriusPoint common shareholders of $21.3 million.

SiriusPoint said the quarterly result was “materially impacted by three significant items linked to our efforts to reposition the company, including the CM Bermuda repurchase transaction, closure of a previously announced LPT [loss portfolio transfer] transaction with Enstar, and the write-down of a single MGA [managing general agent] investment. This marks the end of the significant reshaping of the company”.

For the full year, SiriusPoint reported core income of $244.6 million, including underwriting income of $200 million.

The core net services fee income was $46.7 million, with a service margin of 21 per cent.

Chief executive Scott Egan said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our core combined ratio has improved meaningfully from last year to 91 per cent, excluding the impact from the loss portfolio transfer in 2023.

“Our 4.2-point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21 per cent growth of gross premiums written for the quarter and ten per cent for the full year for our continuing lines business.”

He added: “Our underlying return on equity of 14.6 per cent is at the upper end of the 12-15 per cent target range set out a year ago.

“In optimising our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

“We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025.

“While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.”