SiriusPoint Ltd. (NYSE: SPNT), an international specialty insurer and reinsurer, has declared a quarterly cash dividend of $0.50 per share on its 8.00% resettable fixed rate preference shares, series B, with a $25.00 liquidation preference per share. The dividend is payable on February 29, 2024, to series B shareholders of record as of February 14, 2024.
Warren Tracy, CEO of SiriusPoint, expressed confidence in the company's performance, stating, "We are pleased to declare this dividend, which reflects our commitment to delivering value to our shareholders."
Today, the company's shares experienced a modest decline, moving -0.9% and reaching a trading price of $11.62.
SiriusPoint, headquartered in Bermuda with offices in New York, London, Stockholm, and other locations, is a global underwriter of insurance and reinsurance. With licenses to write property & casualty and accident & health insurance and reinsurance globally, the company's offering and distribution capabilities are bolstered by strategic partnerships with managing general agents within its insurance & services segment. SiriusPoint's operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, and boast a total capital of over $3.0 billion.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $370 | $983 | $890 | $2,181 | $2,106 | $2,765 |
| Revenue Growth | n/a | 165.56% | -9.45% | 145.11% | -3.44% | 31.32% |
| Interest Income (MM) | $8 | $8 | $8 | $34 | $39 | $55 |
| Operating Margins | -87% | 20% | 17% | 2% | -20% | 10% |
| Net Margins | -86% | 20% | 16% | 3% | -18% | 8% |
| Net Income (MM) | -$318 | $201 | $144 | $58 | -$387 | $235 |
| Earnings Per Share | -$0.35 | $2.16 | $1.53 | $3.65 | -$2.51 | $1.21 |
| EPS Growth | n/a | 717.14% | -29.17% | 138.56% | -168.77% | 148.21% |
| Diluted Shares (MM) | 920 | 93 | 93 | 16 | 160 | 169 |
| Free Cash Flow (MM) | $13 | $141 | $73 | $2 | $293 | $416 |
SiriusPoint has exceptional EPS growth, generally positive cash flows, and low leverage levels. Furthermore, SiriusPoint has weak operating margins with a positive growth rate.
