Scott Egan: Opportunity abounds to build on SiriusPoint’s “demonstrable” progress
SiriusPoint has already made “really good” and “demonstrable” progress but there will be no complacency as the Bermuda-based (re)insurer looks to realise the opportunities it sees across its business and further strengthen its market position, CEO Scott Egan has told The Insurer TV.
Speaking during the Rendez-Vous de Septembre in Monte Carlo, Egan said “a lot of blood, sweat and tears has gone into the progress that we've made”.
As a result, the (re)insurer’s staff, investors and customers now have a much clearer understanding of the company’s strategy.
“Linked to that, we've articulated the execution plan that we're going to do against that strategy,” said Egan.
“Talk is cheap, and what we've tried to concentrate on over the last 12 months is making sure that we do what we say we're going to do. So that's what we've been doing. And I would say that we've made really good progress on that.”
While Egan is pleased with the progress made, the executive insisted “there’s no complacency”, and SiriusPoint believes there is plenty of opportunity for it “in all business lines” to make even greater advances.
SiriusPoint’s share price is up over 70 percent since the beginning of the year, and Egan said that increase is “a reflection of the execution that we’ve done”.
“The share price doesn’t lie,” the executive declared.
“There’s a lot of people at SiriusPoint who have worked incredibly hard to deliver the actions that we've set out… And if you look at our quarterly updates that we give the market, one of the things that we've been trying to do is demonstrate that we've got real momentum behind our strategy.”
Although Egan is pleased with the increase in SiriusPoint’s share price to date, he is optimistic that that momentum will push the stock’s value higher.
“The share price is not where we want it to be,” he said. “It's still not on a comparable level with many of our peers.”
He added: “There's plenty of opportunity for us to close out the year… but we're also excited beyond that for 2024 and 2025.”
The broking community will play an important role in SiriusPoint achieving the targets it has set, and Egan expressed his gratitude for its support and patience during what the executive described as “a few bumps in the road”.
“[The brokers] stuck with us, and we intend to stick with them too. Those relationships, whether they be broker relationships, MGA relationships, any in fact, are really important to us, and we're trying to build long-term relationships with our partners,” Egan stated.
Watch the 9-minute interview with SiriusPoint’s Scott Egan to hear more on:
- Why the company’s exit from international property cat was the right move
- How SiriusPoint’s culture is changing
- Why SiriusPoint’s MGA equity portfolio needs to reduce
- What opportunities are on the horizon for the business