SiriusPoint: A Reinsurance Underdog Set For A Breakout

  • SiriusPoint has successfully executed a strategic turnaround, improving underwriting discipline and restoring profitability since 2023 despite catastrophe losses. The company's book value per share has grown 31% since Q4 2022, supporting a potential re-rating to 1.3–1.4x P/B and 30% upside. Forward P/E of 9.3 is below the industry average, indicating undervaluation if underwriting margins and net income remain stable or improve.