S&P places SiriusPoint on watch

S&P said it placed its BBB long-term issuer credit rating on SiriusPoint Ltd. and the A- long-term issuer credit ratings on the group's core subsidiaries on CreditWatch with negative implications.

“The CreditWatch placement comes after SiriusPoint announced another departure in its top management. We will monitor what impact these management changes will have on the group's ability to execute its relatively new strategy to improve operating performance,” S&P said in a press release. The company’s chief operating officer departed unexpectedly after the chief executive officer and chair left.

Additionally, SiriusPoint is attempting to refocus the group on insurance from reinsurance.

SiriusPoint appointed Dan Malloy as interim CEO and Sharon Ludlow as interim chair. The group also made two new appointments to its executive leadership team and started searching for a new CEO and chair of the board.

“From a governance perspective, we view the group's decision to separate the CEO and chair roles as a positive development,” the agency said.

S&P said it aims to resolve the Credit Watch within the next three months. It also will monitor the group's move to insurance from reinsurance and improve its operating performance.

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