Company says market conditions are becoming more challenging
Overview
Specialty underwriter's Q2 core gross written premium rose 6%, led by Insurance & Services growth
Q2 net income available to common shareholders rose to $69 mln; operating EPS was $0.67
Book value per diluted common share increased 3% sequentially to $19.48
Result drivers
Insurance & Services growth - Premium growth in Insurance & Services, mainly from new programs in General Liability and London MGAs, drove overall premium increases
Higher acquisition costs - Increased acquisition costs, mainly from profit commission accruals and incentive compensation, weighed on underwriting income
Favorable loss reserve development - Increased favorable prior year loss reserve development, especially in A&H and Property, partially offset higher costs
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the reinsurance peer group is "buy"
Wall Street's median 12-month price target for Siriuspoint Ltd is $26.00, about 1.2% below its July 28 closing price of $26.31
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
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