HAMILTON, Bermuda - SiriusPoint Ltd. (NYSE:SPNT), a global specialty insurer and reinsurer, has announced the addition of Susan Cross to its Board of Directors. The appointment, effective last Thursday, expands the board to 10 members. Cross, a seasoned professional with over four decades in the (re)insurance industry, brings extensive experience in actuarial and analytical functions.
Cross currently serves on the board of Enstar Group Limited and is a Non-Executive Director at Unum Group (NYSE:UNM), a Fortune 500 insurance company. Her previous executive role was as Global Chief Actuary at XL Group, now part of AXA XL, where she worked from 2008 to 2018. Cross's board experience also includes tenures at IFG Companies, American Strategic Insurance, Mid Ocean Limited, and XL Life Ltd.
Bronek Masojada, Chair of the Board at SiriusPoint, expressed confidence in Cross's ability to contribute to the company's growth and strategic direction. He highlighted her track record in fostering innovation and her expertise in financial and strategic planning as assets that will benefit the company's leadership and shareholders.
SiriusPoint operates globally, offering insurance and reinsurance solutions with a presence in key markets including New York, London, and Stockholm. The company is committed to strategic partnerships with Managing General Agents and Program Administrators to enhance its distribution capabilities. With over $3.0 billion in total capital, SiriusPoint's operating companies are rated A- (Stable) by AM Best, S&P, and Fitch, and A3 (Stable) by Moody's (NYSE:MCO).
InvestingPro Insights
SiriusPoint Ltd. (NYSE:SPNT) has recently welcomed Susan Cross to its Board of Directors, a move that reflects the company's dedication to strengthening its leadership with experienced professionals. In light of this development, a look at the company's financial metrics and market position can provide investors with a clearer picture of its current standing.
An analysis from InvestingPro shows that SiriusPoint is trading at a low earnings multiple with a P/E ratio of 7.48 based on the last twelve months as of Q1 2024. This valuation suggests that the company's shares might be undervalued compared to its earnings, which could attract investors looking for potentially overlooked opportunities in the insurance sector.
Despite challenges in gross profit margins, which stand at 22.92% for the same period, the company's revenue growth remains positive. SiriusPoint reported a revenue increase of 13.52% over the last twelve months as of Q1 2024, indicating a solid performance in generating sales. Additionally, the company has been profitable over the past year, which reinforces the potential upside for investors considering the current market price.
InvestingPro Tips highlight that while SiriusPoint does not pay a dividend, which might be a consideration for income-focused investors, the company is trading near its 52-week high, with its stock price at 96.56% of this peak. This could signal confidence among investors about the company's prospects or could indicate caution if the stock is perceived as reaching its upper valuation limit.
For those interested in a deeper dive into SiriusPoint's financials and strategic outlook, InvestingPro offers additional insights. There are 5 more InvestingPro Tips available for SiriusPoint, which can be accessed by visiting: https://www.investing.com/pro/SPNT. To benefit from these insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a comprehensive analysis that could further inform investment decisions.
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