Moody’s gives SiriusPoint notes Baa2

Moody’s Ratings said it assigned a Baa2(hyb) rating to the notes to be sold by SiriusPoint Ltd.

“SiriusPoint’s Baa2(hyb) senior unsecured debt rating is two notches below the A3 insurance financial strength rating of the company's flagship operating subsidiary, SiriusPoint Bermuda Insurance Co. Ltd., reflecting the application of narrower notching for debt instruments issued by insurance groups domiciled in locations that benefit from enhanced group regulatory supervision, including Bermuda,” the agency said in a press release.

The proceeds and available cash on hand are expected to be used to fund the purchase of the company’s outstanding senior notes due in 2026 through a tender offer, with anything left used for general corporate purposes, which may include the redemption, repurchase or repayment at maturity of the company’s outstanding senior notes due in 2025.

SiriusPoint’s outlook remains stable.

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