Highlights

  • SiriusPoint shows 447.74% one-year basic EPS growth, a P/E of 6.37 and PEG of 0.63.
  • Second quarter net income available to common shareholders was $68.6 million, against $59.2 million.
  • Combined ratio was 88.5% in the second quarter, against 86.1% a year earlier.
  • SiriusPoint repurchased common shares for $73.3 million in six months; about $101.1 million remains authorized.

Growth, P/E and PEG sit side by side at SiriusPoint (NYSE:SPNT), an undervalued growth stock: basic earnings per share grew 447.74% over one year, the trailing twelve-month P/E ratio is 6.37 and the PEG ratio, on an expected basis, is 0.63, with shares trading at USD 25.39 on October 28, 2026, up 0.14%. Alongside those figures, the global insurer and reinsurer agreed on February 12 to buy the World Nomads travel insurance business from nib, redeemed its Series B preference shares for $203.9 million on February 26, and reported second quarter 2026 net income available to common shareholders of $68.6 million on July 29.

Based in Pembroke, Bermuda, and incorporated in Bermuda, SiriusPoint is a global underwriter of insurance and reinsurance, licensed to write property, casualty and accident and health coverage. It reports two segments, Insurance & Services and Reinsurance. A majority of its premium is produced through managing general agents. As of June 30, 2026, the company held equity stakes in 16 MGA, insurtech and other entities.

Growth: Second Quarter Earnings, Premium and Underwriting Results

Net income available to SiriusPoint common shareholders was $68.6 million in the second quarter against $59.2 million a year earlier, and $168.2 million for the first six months against $116.8 million. Basic earnings per share were $0.59 against $0.51 in the quarter and $1.44 against $1.00 for six months. Diluted earnings per share were $0.58 against $0.50.

Total revenues were $744.1 million against $748.2 million. The company stated that gross written premium increased 5.5% and net written premium increased 1.4%, while net earned premium decreased 1.1%. It attributed the written premium increase to its Insurance & Services segment, partly offset by Reinsurance.

Total underwriting income was $73.5 million against $90.2 million in the quarter, and $151.2 million against $144.3 million for six months. The company said the quarterly decrease reflected earned premium growing at a slower pace than written premium and higher acquisition costs, partly offset by a lower attritional loss ratio. For six months, it cited lower catastrophe losses, as the prior period included California wildfire losses.

Valuation: P/E of 6.37, PEG of 0.63 and Book Value Per Share

The P/E ratio of 6.37 is measured on trailing twelve-month earnings, and the PEG ratio of 0.63 on expected growth. Annualized return on average common shareholders' equity was 12.0% in the second quarter against 12.7%, and 14.8% for six months against 12.8%.

Book value per common share was $19.61 at June 30, 2026, against $19.40 at December 31, 2025. Book value per diluted common share was $19.30 against $18.61. Net cash provided by operating activities was $136.7 million for six months.

Capital and Balance Sheet: Repurchases, Preference Share Redemption and Debt

SiriusPoint repurchased 3,290,298 common shares in the open market for $73.3 million in the first six months, at an average cost of $22.29 per share. As of June 30, 2026, approximately $101.1 million remained authorized, and the program has no expiration date. The company paid no dividends to common shareholders in the period.

The redemption of all 8,000,000 Series B preference shares on February 26, 2026 ended the cash servicing of those shares.

Total debt was $675.5 million, made up of $400.0 million of 2024 Senior Notes at face value and 2017 SEK Subordinated Notes with a carrying value of $278.9 million. No amounts were outstanding under the $400.0 million senior unsecured revolving credit facility, and letters of credit of $810.0 million had been issued. Cash and cash equivalents were $614.8 million.

Disclosed Risks and Outlook

The combined ratio was 88.5% against 86.1% in the second quarter, and the non-GAAP core combined ratio was 91.4% against 89.5%. Net investment income was $65.5 million against $68.2 million, which the company tied mainly to sales of investments in the Third Point Optimized Credit portfolio. Net corporate and other expenses were $73.7 million against $70.9 million. Net written premium for six months decreased 3.1%.

SiriusPoint stated that no individual litigation or arbitration to which it is a party is likely to have a material adverse effect, and that its risk factors had no material changes from its 2025 Form 10-K.

On outlook, the filing states that an initial closing of the World Nomads business is expected in the second half of 2026 and a final closing in the second half of 2027, subject to customary closing conditions. The filing contains no earnings guidance.