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SiriusPoint scales back property catastrophe reinsurance business

Posted On: Nov. 4, 2022 10:08 AM CST

Bermuda-based specialty insurer and reinsurer SiriusPoint Ltd. is scaling back its property catastrophe reinsurance business by closing its underwriting offices in Hamburg, Miami and Singapore and reducing its footprint in Liege, Belgium and Toronto, The Royal Gazette reported. The decision comes as the company reported a net loss of $98 million in the third quarter of the year, with catastrophe losses of $114.6 million, net of reinsurance and reinstatement premiums.