Third Point Reinsurance Ltd, also known as SiriusPoint, saw its shares climb to an all-time high of $26.49 in Wednesday trading, pushing the market capitalization to approximately $3.08 billion.
The reinsurance company reported second-quarter 2026 operating earnings per share of $0.67, beating Wall Street’s expectation of $0.66. However, revenue came in at $744.1 million, falling short of the $817.23 million forecast.
The earnings report was accompanied by positive analyst sentiment. RBC Capital initiated coverage on SiriusPoint with an Outperform rating and a $30 price target, citing what it described as CEO Scott Egan’s transformative leadership, improved underwriting performance, a cleaned-up balance sheet, and unrecognized value in the firm’s MGA (managed general agent) assets.
Shares have risen 48.48% over the past year, approaching the 52-week high of $26.48. The stock trades at a trailing P/E ratio of 6.53, which InvestingPro analysis characterized as attractive relative to peers, though its fair-value model suggested the share may be slightly overvalued at current levels.
RBC highlighted underwriting performance, book value growth, and return on equity as key strengths supporting its bullish thesis. The firm’s initiation came amid growing investor interest in SiriusPoint’s turnaround under Egan, who has overseen a restructuring aimed at strengthening capital discipline and expanding the specialty insurance platform.
