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Investing.com - B.Riley has initiated coverage on SiriusPoint Ltd (NYSE:SPNT) with a Buy rating and a price target of $30.00, highlighting the company’s recent turnaround progress. Currently trading at $19 with a market capitalization of $2.22 billion, InvestingPro data shows the company maintains a GOOD Financial Health Score of 2.7.
The research firm based its price target on a 1.9x price-to-book value multiple, supported by a P/BV to ROE regression analysis versus specialty property and casualty insurance peers.
B.Riley believes SiriusPoint’s GAAP book value of $15.73 is understated by approximately $3 per share when accounting for the company’s managing general agent (MGA) investments, providing an additional 0.2x P/BV buffer in its valuation approach.
SiriusPoint shares have gained 14% year-to-date, outperforming specialty P&C insurance peers which have risen 7%, as the market begins recognizing the company’s turnaround efforts.
The firm forecasts approximately 12% return on equity for SiriusPoint, supported by expected reserve redundancies, favorable pricing versus loss cost trends in core business lines, MGA fee benefits on acquisition expenses, and ongoing expense and process management improvements.
In other recent news, SiriusPoint Ltd. has been the focus of several key developments. Oppenheimer initiated coverage on SiriusPoint with an outperform rating and set a price target of $25.00. The research firm pointed to the company’s significant overhaul in underwriting and investment strategy post-merger as a driver for potential share price appreciation. SiriusPoint’s partnerships and simplified ownership structure were also highlighted as factors that could enhance company value. Additionally, the company’s shares are noted to trade at a discount compared to peers, according to Oppenheimer’s analysis.
SiriusPoint also held its 2025 Annual Meeting of Shareholders, where the election of two Class III directors, Scott Egan and Sharon M. Ludlow, was confirmed. The shareholders approved the executive compensation in a non-binding advisory vote. Furthermore, PricewaterhouseCoopers LLP was appointed as the independent auditor for the fiscal year 2026. These developments reflect the shareholders’ support for the board’s recommendations and governance strategy.
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