Fitch assigns to SiriusPoint BBB

Fitch Ratings said it assigned SiriusPoint Ltd. (SPNT) a BBB long-term issuer default rating. Fitch also gave a BB+ rating to its new $200 million 8% resettable fixed-rate series B preference issuance. The outlook is negative.

“The new shares were issued in exchange for the Sirius International Insurance Group, Ltd. series B preference shares held by four institutional investors, as part of the merger with Third Point Reinsurance Ltd. (TPRE). Sirius International Group, Ltd.'s (Sirius) ratings, including its BBB IDR, BBB- senior debt rating and A- (strong) insurer financial strength (IFS) rating of its operating subsidiaries are unaffected by today's actions,” the agency said in a press release.

“SPNT's BBB IDR and negative outlook is equivalent to the IDR and outlook of Sirius, as Fitch's existing ratings on Sirius and its operating subsidiaries reflects the combined SPNT organization. SPNT is the ultimate parent holding company resulting from the merger of Sirius and TPRE that closed on Feb. 26, 2021, with TPRE renamed to SPNT,” Fitch said.

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