{"id":10360,"date":"2026-04-17T07:33:03","date_gmt":"2026-04-17T07:33:03","guid":{"rendered":"https:\/\/www.advantagego.com\/en-us\/?p=10360"},"modified":"2026-04-17T07:36:36","modified_gmt":"2026-04-17T07:36:36","slug":"voi-podcast-with-scott-egan-siriuspoint-ceo","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/voi-podcast-with-scott-egan-siriuspoint-ceo\/","title":{"rendered":"The 1% mindset when the market starts to bite again"},"content":{"rendered":"\n<iframe title=\"Ep297 Scott Egan CEO SiriusPoint: If you fall asleep, you go backwards\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?from=embed&#038;i=iuz28-1a99491-pb&#038;share=1&#038;download=1&#038;fonts=Tahoma&#038;skin=3267a3&#038;font-color=auto&#038;rtl=0&#038;logo_link=episode_page&#038;btn-skin=3267a3&#038;size=150\" loading=\"lazy\"><\/iframe>\n\n\n\n<p>There&#8217;s a moment early in Mark Geoghegan\u2019s conversation with Scott Egan where you can almost hear the temptation in the air. <a href=\"https:\/\/www.siriuspt.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">SiriusPoint<\/a> has put up another strong set of results. The narrative has shifted. The outside world is finally catching up.<\/p>\n\n\n\n<p>And yet Egan doesn\u2019t sound like someone popping champagne.<\/p>\n\n\n\n<p>He sounds like someone who\u2019s seen this film before and knows the dangerous bit is the scene where you start believing your own press.<\/p>\n\n\n\n<p>Egan\u2019s way of describing the culture he\u2019s trying to build is simple: \u201c1% is really a mindset.\u201d It\u2019s not about one hero move. It\u2019s the dull, relentless work of fixing ten small things that, together, change the year.<\/p>\n\n\n\n<p>And that\u2019s the tone of the whole episode. It\u2019s upbeat, sure. But it\u2019s not complacent.<\/p>\n\n\n\n<p><strong>No naps. No cigar. Keep moving.<\/strong><\/p>\n\n\n\n<p>If you wanted a single quote that sums up Egan\u2019s operating system, it\u2019s this: \u201cThere\u2019s also a mindset here, which is no complacency.\u201d<\/p>\n\n\n\n<p>He takes it further, with a line that\u2019s both funny and brutally honest: you don\u2019t get to \u201csit back, light the Havana cigar and know it\u2019ll all come back.\u201d<\/p>\n\n\n\n<p>In other words, last year\u2019s results don\u2019t protect you from next year\u2019s mistakes. Markets move. Competitors move. Claims move. If you stand still, you\u2019re not standing still for long.<\/p>\n\n\n\n<p>\u201cIf you fall asleep,\u201d he says, \u201cI promise you\u2019d go backwards.\u201d<\/p>\n\n\n\n<p>That\u2019s not a motivational poster. It\u2019s a warning.<\/p>\n\n\n\n<p><strong>The turnaround story is finished. The work isn\u2019t.<\/strong><\/p>\n\n\n\n<p>Geoghegan inevitably raises the old storyline: turnaround, fix it up, move on.<\/p>\n\n\n\n<p>Egan\u2019s response is pretty direct. \u201cWe just don\u2019t talk about turnaround anymore.\u201d<\/p>\n\n\n\n<p>Not because he\u2019s trying to dodge the question but because he\u2019s trying to build something that lasts beyond the headline cycle.<\/p>\n\n\n\n<p>\u201cActually, what we\u2019re trying to create here is a brilliant business,\u201d he says.<\/p>\n\n\n\n<p>That\u2019s a subtle shift but it matters. A turnaround has an end point. A brilliant business is something you keep earning, quarter after quarter, with customers, rating agencies, staff, and investors watching.<\/p>\n\n\n\n<p>Egan points to the signals that the outside world is starting to recognise the change too, including customer awards and a long-awaited Fitch upgrade. Then it\u2019s back to forward motion: \u201cthe next day, let\u2019s get the hammer down on 2026.\u201d<\/p>\n\n\n\n<p><strong>Global isn\u2019t a slogan. It\u2019s a systems problem.<\/strong><\/p>\n\n\n\n<p>A chunk of the conversation is about how SiriusPoint has reorganised. Egan\u2019s description is refreshingly unglamorous. It\u2019s about making the business easier to run and easier to understand.<\/p>\n\n\n\n<p>\u201cGlobal is a big word,\u201d he says. The goal, however, is straightforward: wherever someone meets SiriusPoint, they should get a consistent experience. Not identical, because local markets and regulations are never identical but coherent.<\/p>\n\n\n\n<p>That\u2019s part of why the group now talks about three global P&amp;Ls (reinsurance, A&amp;H, and programmes), alongside the London market specialty operation.<\/p>\n\n\n\n<p>It\u2019s also why he\u2019s so focused on flow of information and decision-making. If you want to be genuinely global, you can\u2019t afford to discover exposures late, or learn about performance after the moment to act has passed.<\/p>\n\n\n\n<p><strong>Softening happens. The response is choice, not panic.<\/strong><\/p>\n\n\n\n<p>When the conversation turns to market conditions, Egan doesn\u2019t do doom. He does proportions.<\/p>\n\n\n\n<p>Yes, property cat has softened. But he pushes back on the way the market obsesses over it: \u201cwe use property cat as the poster child to every market, every product, every line.\u201d<\/p>\n\n\n\n<p>In his view it\u2019s a product and a market all on its own. And for SiriusPoint, probably 5% of its premium.<\/p>\n\n\n\n<p>That perspective matters because it changes the playbook. If one pocket gets more competitive, you don\u2019t have to cling on for dear life. You can move.<\/p>\n\n\n\n<p>Egan talks about retaining some customers and walking away from others where the risk and reward no longer stacks up. And because the business has grown and diversified, he believes it can redeploy capital quickly into better opportunities.<\/p>\n\n\n\n<p>He even jokes about the internal mechanics, calling it good vein structure that lets money flow around the group. Not the usual investor-relations language but you know exactly what he means.<\/p>\n\n\n\n<p><strong>Program business: plenty of opportunities, ruthless filtering.<\/strong><\/p>\n\n\n\n<p>One of the strongest tell moments in the episode comes when Geoghegan asks if demand is tailing off.<\/p>\n\n\n\n<p>Egan\u2019s answer is basically: not from where he\u2019s sitting but that\u2019s partly because of how SiriusPoint plays the game. The funnel is full but the key is selectivity.<\/p>\n\n\n\n<p>\u201cJust to give you a sense in that space,\u201d he adds, \u201cwe turn away around 90% of the opportunities that we see.\u201d<\/p>\n\n\n\n<p>That number does a lot of work. It explains how you can grow without drifting into undisciplined underwriting. It also tells you why delegated authority and partnerships can be powerful but only if you have the confidence (and the process) to say no most of the time.<\/p>\n\n\n\n<p><strong>Capital stays high for a reason<\/strong><\/p>\n\n\n\n<p>At the end of 2025, SiriusPoint sent a message about flexibility. Egan is happy to say the quiet bit out loud: \u201cour capital ratio is still relatively high, over 230% BSCR.\u201d<\/p>\n\n\n\n<p>He calls it high, and he\u2019s not apologising.<\/p>\n\n\n\n<p>The reason is optionality. If the right growth opportunities show up, he wants the balance sheet ready. If they don\u2019t, then other options come into view. But the point is to be able to move, not to be boxed in.<\/p>\n\n\n\n<p><strong>M&amp;A and AI: don\u2019t get carried away<\/strong><\/p>\n\n\n\n<p>Egan\u2019s attitude to M&amp;A is consistent with everything else he says. Organic growth comes first. Deals are only interesting where we can see something that accelerates our strategy. Or, in his words, \u201cit\u2019s not acquiring for scale.\u201d<\/p>\n\n\n\n<p>On AI, he\u2019s candid about the hype cycle. \u201cI get slightly frustrated at the AI question,\u201d he admits. But he isn\u2019t dismissive. He\u2019s practical, seeing AI as an evolutionary tool rather &nbsp;than a revolutionary tool.<\/p>\n\n\n\n<p>He talks about automation, data management, and claims as real areas of progress, and he\u2019s honest about learning as they go. \u201cWe\u2019ve been building pipework between ourselves and our MGAs\u2026,\u201d he notes. \u201cYou can tell I\u2019m not a technical person, right?\u201d<\/p>\n\n\n\n<p>That pipework matters because it shortens the time between something happening in a portfolio and the underwriter seeing it. They\u2019ve already onboarded 10% of programmes, Egan says, and the target is more than 50% by year-end.<\/p>\n\n\n\n<p>And through all of it, he comes back to the human point. When the risks are complex, he knows who he\u2019s backing: the underwriter.<\/p>\n\n\n\n<p><strong>The bit he&#8217;s proudest of<\/strong><\/p>\n\n\n\n<p>Right at the end, after all the strategy talk, Egan lands somewhere more personal.<\/p>\n\n\n\n<p>&#8220;The part I&#8217;m most proud of is the people that are here every single day,&#8221; he says. \u201cPeople in the end is what drive businesses.&#8221;<\/p>\n\n\n\n<p>It&#8217;s not flashy. But it\u2019s believable. And it matches the rest of the episode.<\/p>\n\n\n\n<p>This is what a post-turnaround CEO sounds like when he\u2019s determined not to repeat the old mistakes: keep the culture restless, <a href=\"https:\/\/www.advantagego.com\/en-us\/products\/underwriting\/\" target=\"_blank\" rel=\"noreferrer noopener\">keep the underwriting disciplined<\/a>, keep the options open, and keep pushing for the next 1%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There&#8217;s a moment early in Mark Geoghegan\u2019s conversation with Scott Egan where you can almost hear the temptation in the air. SiriusPoint has put up another strong set of results. The narrative has shifted. The outside world is finally catching up. And yet Egan doesn\u2019t sound like someone popping champagne. He sounds like someone who\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19,26],"tags":[25,10,33,39,14],"line-of-business":[28,29,20,32],"class_list":["post-10360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-latest-insights","tag-ecosystem","tag-exposure","tag-ils","tag-reinsurance","tag-underwriting-workbench","line-of-business-general-liability","line-of-business-marine","line-of-business-property","line-of-business-trade-credit"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/10360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=10360"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/10360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/10362"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=10360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=10360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=10360"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=10360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}