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SiriusPoint Ltd

SiriusPoint LtdSPNT财报

NYSE · 金融 · 火灾、海上及意外险

SiriusPoint Ltd is a global specialty insurance and reinsurance provider based in Pembroke, Bermuda. It offers property, casualty, specialty line coverages and alternative capital solutions, serving commercial clients and risk carriers across North America, Europe, Asia Pacific and other key markets, focusing on rigorous underwriting and stable risk-adjusted returns.

What changed in SiriusPoint Ltd's 10-K — 2024 vs 2025

Top changes in SiriusPoint Ltd's 2025 10-K

694 paragraphs added · 782 removed · 519 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

172 edited+57 added−68 removed127 unchanged
Our common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “SPNT.” We have licenses to write property, casualty, and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden.
Our common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “SPNT.” We have licenses to write property, casualty, and accident & health insurance and reinsurance globally, including admitted and non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden.
In addition to these primary insurance protections, we have in place an excess of loss protection of unlimited dollars in excess of $2 million (per person) in place for our U.S. medical insurance and assumed reinsurance.
In addition to these primary insurance protections, we have an excess of loss protection of unlimited dollars in excess of $2 million (per person) in place for our U.S. medical insurance and assumed reinsurance.
Minimum Solvency Margin and Enhanced Capital Requirements The Insurance Act provides that all general business insurer’s statutory assets must exceed their statutory liabilities by an amount greater than or equal to their prescribed minimum solvency margin (the “MSM”).
Minimum Solvency Margin and Enhanced Capital Requirements The Insurance Act provides that all general business insurer’s statutory assets must exceed their statutory liabilities by an amount greater than or equal to their prescribed minimum solvency margin (“MSM”).
The MSM that must be maintained by a Class 4 insurer is the greater of (i) $100 million, or (ii) 50% of net premium written (with a credit for reinsurance ceded not exceeding 25% of gross premiums), or (iii) 15% of net aggregate loss and loss expense provisions and other insurance reserves, or (iv) 25% of the ECR (as defined below) as reported at the end of the relevant year.
The MSM that must be maintained by a Class 4 insurer is the greater of (i) $100 million, (ii) 50% of net written premium (with a credit for reinsurance ceded not exceeding 25% of gross premiums), (iii) 15% of net aggregate loss and loss expense provisions and other insurance reserves, or (iv) 25% of the ECR (as defined below) as reported at the end of the relevant year.
The NAIC's Insurance Holding Company System Regulatory Model Act (the "Holding Company Model Act"), addresses the concept of "enterprise risk" within an insurance holding company system and provides enhanced authority for states to regulate insurers as well as their affiliated entities and imposes more extensive informational requirements on parents and other affiliates of licensed insurers or reinsurers for the purpose of protecting licensed companies from enterprise risk.
The NAIC's Insurance Holding Company System Regulatory Model Act ("Holding Company Model Act"), addresses the concept of "enterprise risk" within an insurance holding company system and provides enhanced authority for states to regulate insurers, as well as their affiliated entities and imposes more extensive informational requirements on parents and other affiliates of licensed insurers or reinsurers for the purpose of protecting licensed companies from enterprise risk.
The regulatory framework promulgated under the Solvency II Directive 2009/138/EC, Commission Delegated Regulation (EU) 2015/35, a number of Commission Implementing Technical Standards and the European Insurance and Occupational Pensions Authority ("EIOPA") Guidelines (the "Solvency II Regulation") for insurance business provides a single set of key prudential requirements that apply to insurance and reinsurance businesses operating within the European Economic Area ("EEA").
The regulatory framework promulgated under the Solvency II Directive 2009/138/EC, Commission Delegated Regulation (EU) 2015/35, a number of Commission Implementing Technical Standards and the European Insurance and Occupational Pensions Authority ("EIOPA") Guidelines ("Solvency II Regulation") for insurance business provides a single set of key prudential requirements that apply to insurance and reinsurance businesses operating within the European Economic Area ("EEA").
In addition to the Solvency II Regulation, there are a number of pan-European rules and regulations in relation to the distribution of insurance in the EEA. The Insurance Distribution Directive (EU/2016/97) (the "IDD") was implemented in all EEA states by October 1, 2018.
In addition to the Solvency II Regulation, there are a number of pan-European rules and regulations in relation to the distribution of insurance in the EEA. The Insurance Distribution Directive (EU/2016/97) ("IDD") was implemented in all EEA states by October 1, 2018.
The Solvency II Regulation is implemented in Sweden primarily through the Swedish Insurance Business Act (Sw. försäkringsrörelselag (2010:2043) ) (the "IBA"), the measures set out in the Commission Delegated Regulation (EU) 2015/35 and the Commission Implementing Technical Standards and have direct effect in Sweden.
The Solvency II Regulation is implemented in Sweden primarily through the Swedish Insurance Business Act (Sw. försäkringsrörelselag (2010:2043) ) ("IBA"), the measures set out in the Commission Delegated Regulation (EU) 2015/35 and the Commission Implementing Technical Standards and have direct effect in Sweden.
Regulators require Lloyd's to satisfy an annual solvency test that measures whether Lloyd's has sufficient assets in the aggregate to meet all the outstanding liabilities of its members. The PRA and the FCA can give directions to Lloyd's in order to advance their statutory objectives. The governing body of the Lloyd's market is the Council of Lloyd's (the "Council").
Regulators require Lloyd's to satisfy an annual solvency test that measures whether Lloyd's has sufficient assets in the aggregate to meet all the outstanding liabilities of its members. The PRA and the FCA can give directions to Lloyd's in order to advance their statutory objectives. The governing body of the Lloyd's market is the Council of Lloyd's ("Council").
A company will comply with those economic substance requirements if it (i) is managed and directed in Bermuda; (ii) undertakes “core income generating activities” (as may be prescribed under the ESA) in Bermuda in respect of the relevant activity; (iii) maintains 17 adequate physical presence in Bermuda; (iv) has adequate full time employees in Bermuda with suitable qualifications; and (v) incurs operating expenditure in Bermuda in relation to the relevant activity undertaken by it.
A company will comply with those economic substance requirements if it: (i) is managed and directed in Bermuda; (ii) undertakes “core income generating activities” (as may be prescribed under the ESA) in Bermuda in respect of the relevant activity; (iii) maintains adequate physical presence in Bermuda; (iv) has adequate full-time employees in Bermuda with suitable qualifications; and (v) incurs operating expenditure in Bermuda in relation to the relevant activity undertaken by it.
Economic Substance Act The Economic Substance Act 2018 (as amended) and its related regulations (together, the “ESA”) provides that every Bermuda registered entity other than an entity which is resident for tax purposes in certain jurisdictions outside of Bermuda that carries on as a business engaged in one or more “relevant activities” referred to in the ESA must satisfy economic substance requirements by maintaining a substantial economic presence in Bermuda.
Economic Substance Act The Economic Substance Act 2018 and its related regulations (together, the “ESA”) provides that every Bermuda registered entity other than an entity which is resident for tax purposes in certain jurisdictions outside of Bermuda that carries on as a business engaged in one or more “relevant activities” referred to in the ESA must satisfy economic substance requirements by maintaining a substantial economic presence in Bermuda.
As a result of the indefinite deferral of these taxes, the related deferred tax liability is not taken into account by Swedish regulatory authorities for purposes of calculating Solvency Capital under Swedish insurance regulations. Change of Control The acquisition of a "qualifying holding" directly or indirectly in SiriusPoint International requires approval from the SFSA prior to completion.
As a result of the indefinite deferral of these taxes, the related deferred tax liability is not taken into account by Swedish regulatory authorities for purposes of calculating its Solvency Capital under Swedish insurance regulations. Change of Control The acquisition of a "qualifying holding" directly or indirectly in SiriusPoint International requires approval from the SFSA prior to completion.
SiriusPoint expects cybersecurity risk management, prioritization and reporting to continue to be an area of significant regulatory focus by such regulatory bodies and self-regulatory organizations. European Insurance Regulation Businesses that carry out insurance activities in Europe are subject to extensive insurance laws and regulations, including prudential requirements and requirements relating to the manner in which insurance activities are conducted.
SiriusPoint expects cybersecurity risk management, prioritization, and reporting to continue to be an area of regulatory focus by such regulatory bodies and self-regulatory organizations. European Insurance Regulation Businesses that carry out insurance activities in Europe are subject to extensive insurance laws and regulations, including prudential regulation and requirements relating to the manner in which insurance activities are conducted.
All registered insurers are required to give written notice to the BMA of a change in controller(s) within 45 days of becoming aware of such change. The BMA may object to a controller and require the controller to reduce its shareholdings and direct, among other things, that voting rights attaching to the shares shall not be exercisable.
All registered insurers are required to give written notice to the BMA of a change in controller within 45 days of becoming aware of such change. The BMA may object to a controller and require the controller to reduce its shareholdings and direct, among other things, that voting rights attaching to the shares shall not be exercisable.
State Accreditation and Monitoring All state insurance regulatory bodies with jurisdiction over SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are accredited by the National Association of Insurance Commissioners ("NAIC"). Accredited states generally follow the model laws developed by the NAIC. However, there are jurisdictional differences that require reference to each state's insurance laws.
State Accreditation and Monitoring All state insurance regulatory bodies with jurisdiction over SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are accredited by the National Association of Insurance Commissioners ("NAIC"). Accredited states generally follow the 19 model laws developed by the NAIC. However, there are jurisdictional differences that require reference to each state's insurance laws.
It imposes economic risk-based solvency requirements across all member states. The aim of the Solvency II 22 Regulation is to ensure that insurance and reinsurance undertakings are financially sound and can withstand adverse events in order to protect policyholders and the stability of the financial system as a whole.
It imposes economic risk-based solvency requirements across all member states. The aim of the Solvency II Regulation is to ensure that insurance and reinsurance undertakings are financially sound and can withstand adverse events, all in order to protect policyholders and the stability of the financial system as a whole.
You may also access, free of charge, our reports filed with the SEC (for example, our Annual Report, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K and any amendments to those forms) through the “Investor Relations” portion of our Internet webs ite 28 ( www.siriuspt.com ).
You may also access, free of charge, our reports filed with the SEC (for example, our Annual Report, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K and any amendments to those forms) through the “Investor Relations” portion of our Internet webs ite ( www.siriuspt.com ).
For Property, our property reinsurance underwriters work with leading global brokers as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, underwriting residential, commercial, and industrial risks in the United States, Europe and Asia.
Property - our property reinsurance underwriters work with leading global brokers, as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, through underwriting residential, commercial, and industrial risks in the United States, Europe and Asia.
Many of the provisions of the GDPR have a significant impact on data controllers and processors who are active within the EEA, and those who are located outside it, including SiriusPoint. The penalties for breach of GDPR and IDD are substantial. Sweden Insurance Regulation SiriusPoint International is subject to regulation and supervision by the SFSA.
Many of the provisions of the GDPR have a significant impact on data controllers and processors that are active within the EEA, and those who are located outside it, including SiriusPoint. The penalties for breach of GDPR and IDD are substantial. Sweden Insurance Regulation SiriusPoint International is subject to regulation and supervision by the SFSA.
These ratings reflect the rating agency’s views regarding our balance sheet strength, operating performance, business profile and enterprise risk management. It is not an evaluation directed 12 toward the protection of investors or a recommendation to buy, sell or hold our common shares.
These ratings reflect the rating agency’s views regarding our balance sheet strength, operating performance, business profile and enterprise risk management. It is not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold our common shares.
Total statutory capital consists of the insurer’s paid in share capital, its contributed surplus (sometimes called additional paid in capital) and any other fixed capital designated by the BMA as statutory capital (such as letters of credit). 15 Fit and Proper Controllers The BMA maintains supervision over the controllers (as defined herein) of all Bermuda registered insurers.
Total statutory capital consists of the insurer’s paid in share capital, its contributed surplus (sometimes called additional paid in capital) and any other fixed capital designated by the BMA as statutory capital (such as letters of credit). Fit and Proper Controllers The BMA maintains supervision over the controllers (as defined herein) of all Bermuda registered insurers.
Cyber reporting events are only reportable to the BMA where the event results in a significant adverse impact to the regulated entity’s operations, their policyholders or clients. Personal Information Protection Act The Personal Information Protection Act 2016 (“PIPA”) is the principal Bermuda legislation regulating the right to personal informational privacy.
Cyber reporting events are only reportable to the BMA where the event results in a significant adverse impact to the regulated entity’s operations, their policyholders, or clients. 18 Personal Information Protection Act The Personal Information Protection Act 2016 (“PIPA”) is the principal Bermuda legislation regulating the right to personal informational privacy.
A controller includes (i) the managing director of the registered insurer or its parent company; (ii) the chief executive of the registered insurer or its parent company; (iii) a shareholder controller (as defined below); and (iv) any person in accordance with whose directions or instructions the directors of the registered insurer or of its parent company are accustomed to act.
A “controller” includes: (i) the managing director of the registered insurer or its parent company; (ii) the chief executive of the registered insurer or its parent company; (iii) a shareholder controller (as defined below); and (iv) any person in accordance with whose directions or instructions the directors of the registered insurer or of its parent company are accustomed to act.
In making its determination, the BMA may also give regard to (i) the location where management of the insurer meets to effect policy decisions of the insurer; (ii) the residence of 13 the officers, insurance managers or employees of the insurer; and (iii) the residence of one or more directors of the insurer in Bermuda.
In making its determination, the BMA may also give regard to: (i) the location where management of the insurer meets to effect policy decisions of the insurer; (ii) the residence of the officers, insurance managers or employees of the insurer; and (iii) the residence of one or more directors of the insurer in Bermuda.
Therefore, the Solvency II group requirements are capped at the highest European entity, Sirius Group International S.à r.l. Accordingly, the Swedish Financial Supervisory Authority (the "SFSA") is the group supervisor for the Solvency II group, and the BMA has been designated as the group supervisor for SiriusPoint and subsidiaries.
Therefore, the Solvency II Regulation group requirements are capped at the highest European entity, Sirius Group International S.à r.l. Accordingly, the Swedish Financial Supervisory Authority ("SFSA") is the group supervisor for the Solvency II Regulation group, and the BMA has been designated as the group supervisor for SiriusPoint and subsidiaries.
Regulators and Lloyd's have common objectives in ensuring that the Lloyd's market is appropriately regulated. Lloyd's is required to implement certain rules prescribed by the U.K. Regulators by the powers it has under the Lloyd's Act of 1982 ("Lloyd's Act") relating to the operation of the Lloyd's market. In addition, each year the U.K.
Regulators and Lloyd's have common objectives in ensuring that the Lloyd's market is appropriately regulated. Lloyd's is required to implement certain rules prescribed by the U.K. Regulators by the powers it has under the Lloyd's Act of 1982 ("Lloyd's Act") relating to the operation of the Lloyd's market. Each year, the U.K.
SiriusPoint's U.S.-based insurance and reinsurance subsidiaries, and their respective domiciliary state regulators (the "Domiciliary States") are as follows: • SiriusPoint America Insurance Company (New York State Department of Financial Services (“NYDFS”)); • SiriusPoint Specialty Insurance Corporation (New Hampshire Insurance Department); and • Oakwood Insurance Company (Tennessee Department of Commerce and Insurance).
SiriusPoint's U.S.-based insurance and reinsurance subsidiaries, and their respective domiciliary state regulators ("Domiciliary States") are as follows: • SiriusPoint America Insurance Company (New York State Department of Financial Services (“NYDFS”)); • SiriusPoint Specialty Insurance Corporation (New Hampshire Insurance Department); and • Oakwood Insurance Company (Tennessee Department of Commerce and Insurance).
We have received approval from the BMA to file a consolidated group financial condition report, inclusive of SiriusPoint, SiriusPoint Bermuda and Alstead Re. Minimum Liquidity Ratio The Insurance Act provides a minimum liquidity ratio for general business insurers.
We have received approval from the BMA to file a consolidated group financial condition report, inclusive of SiriusPoint, SiriusPoint Bermuda and Alstead Re. 14 Minimum Liquidity Ratio The Insurance Act provides a minimum liquidity ratio for general business insurers.
Where an insurer fails to meet its MSM or minimum liquidity ratio on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA.
Where an insurer fails to meet its MSM or minimum liquidity ratio on the last day of any financial year, it is prohibited from declaring or paying any dividends 15 during the next financial year without the approval of the BMA.
Windstorm $ 282 $ 113 $ 97 4 % 6 % West Coast U.S. Earthquake 207 84 71 3 % 4 % Northeast U.S. Windstorm 137 62 52 2 % 3 % Europe Windstorm $ 113 $ 57 $ 47 2 % 3 % 1-in-250 year event Southeast U.S.
Windstorm $ 282 $ 113 $ 97 4 % 6 % West Coast U.S. Earthquake 207 84 71 3 % 4 % Northeast U.S. Windstorm 137 62 52 2 % 3 % U.K. & Europe Windstorm $ 113 $ 57 $ 47 2 % 3 % 1-in-250 year event Southeast U.S.
Control may also be deemed to exist upon the possession of the power to direct or cause the direction of the management and policies of any person, whether through ownership of voting securities, by contract or otherwise.
Control may also be deemed to exist upon the possession of the power 20 to direct or cause the direction of the management and policies of any person, whether through ownership of voting securities, by contract or otherwise.
For reinsurance business, we obtain most of our submissions from reinsurance intermediaries (“brokers”) that represent the ceding company. The process of placing a reinsurance program typically begins when a ceding company enlists the aid of a reinsurance intermediary in structuring a reinsurance program.
For reinsurance business, we obtain most of our business from reinsurance intermediaries (“brokers”) that represent the ceding company. The process of placing a reinsurance program typically begins when a ceding company enlists the aid of a reinsurance intermediary in structuring a reinsurance program.
The Cyber Code defines a cyber reporting event as being any act that results in the unauthorized access to, disruption or misuse of the electronic systems or information stored on such systems of a licensed undertaking, including any breach of security leading to the loss or unlawful destruction or unauthorized disclosure of or access to such systems or information, where (i) a cyber reporting event has the likelihood of adversely impacting policyholders or clients; (ii) an insurer has reached a view that there is a likelihood that loss of its system availability will have an adverse impact on its insurance business; (iii) an insurer has reached the view that there is a likelihood that the integrity of its information or data has been compromised and may have an adverse impact on its insurance business; (iv) an insurer has become aware that there is a likelihood that there has been unauthorized access to its information systems whereby such would have an adverse impact on its insurance business; or (v) an event has occurred for which a notice is required to be provided to a regulatory body or governmental agency.
The Cyber Code defines a “cyber reporting event” as any act that results in the unauthorized access to, disruption or misuse of the electronic systems or information stored on such systems of a licensed undertaking, including any breach of security leading to the loss or unlawful destruction or unauthorized disclosure of or access to such systems or information, where: (i) a cyber reporting event has the likelihood of adversely impacting policyholders or clients; (ii) an insurer has reached a view that there is a likelihood that loss of its system availability will have an adverse impact on its insurance business; (iii) an insurer has reached the view that there is a likelihood that the integrity of its information or data has been compromised and may have an adverse impact on its insurance business; (iv) an insurer has become aware that there is a likelihood that there has been unauthorized access to its information systems whereby such would have an adverse impact on its insurance business; or (v) an event has occurred for which a notice is required to be provided to a regulatory body or governmental agency.
Some states have recently enacted new insurance laws that require certain regulated entities to implement and maintain comprehensive information security programs to safeguard the personal information of insureds and enrollees.
Some states have recently enacted new insurance laws that require certain regulated entities to implement and maintain comprehensive information security programs to safeguard the personal information of insureds and 22 enrollees.
As Sweden is a member of the EU, the SFSA supervision of branches is recognized across all locations within the E.U. (apart from customer conduct that is regulated and supervised locally across the EU).
As Sweden is a member of the EU, the SFSA supervision of branches is recognized across all locations within the E.U. (apart from customer conduct that is regulated and 23 supervised locally across the EU).
Investable assets in excess of policyholder liabilities and liquidity needs are available to be invested in equity securities, funds, direct investments and other long-term investments. Our global customer base and footprint requires us to transact in numerous currencies. We utilize third party instruments such as currency forwards or swaps to hedge our net exposure by currency.
Investable assets in excess of policyholder liabilities and liquidity needs are available to be invested in equity securities, funds, direct investments and other long-term investments. Our global customer base and footprint requires us to transact in numerous currencies. We utilize third party instruments such as currency forwards to hedge our net exposure by currency.
As of December 31, 2024, SiriusPoint 's U.S. domiciled subsidiaries exceeded all required RBC regulatory thresholds. The NAIC has a set of financial relationship tests known as the Insurance Regulatory Information System to assist state insurance regulators in monitoring the financial condition of insurance companies and identifying companies that require special regulatory attention operating in their respective states.
As of December 31, 2025 , SiriusPoint 's U.S. domiciled subsidiaries exceeded all required RBC regulatory thresholds. The NAIC has a set of financial relationship tests known as the Insurance Regulatory Information System to assist state insurance regulators in monitoring the financial condition of insurance companies and identifying companies that require special regulatory attention operating in their respective states.
The Solvency II Regulation is categorized into three 'pillars', covering quantitative requirements, such as capital requirements designed to ensure that sufficient and appropriate assets are held to cover insurance liabilities and risk exposure (Pillar 1), qualitative requirements relating to governance and risk-management (Pillar 2), and transparency obligations requiring disclosure of extensive information to supervisors and to the public (Pillar 3).
The Solvency II Regulation is categorized into three pillars, covering quantitative requirements, such as capital requirements designed to ensure that sufficient and appropriate assets are held to cover insurance liabilities and risk exposure (Pillar 1), qualitative requirements relating to governance and risk-management (Pillar 2), and transparency obligations requiring disclosure of extensive information to supervisors and the public (Pillar 3).
This is complemented by a range of statutory instruments on certain subjects, for example the authorization or exemption process. In addition, U.K. companies carrying out insurance activities must comply with general legislation, such as the U.K. Companies Act 2006. Lloyd's regulation As well as regulating insurers and insurance intermediaries, the U.K. Regulators also regulate Lloyd's. The U.K.
This is complemented by a range of statutory instruments on certain subjects, for example the authorization or exemption process. In addition, U.K. companies carrying out insurance activities must comply with general legislation, such as the U.K. Companies Act 2006. Lloyd's regulation In addition to regulating insurers and insurance intermediaries, the U.K. Regulators also regulate Lloyd's. The U.K.
Overall, our investment strategy remains focused on high quality, fixed income instruments with an average credit rating of “AA-”. SiriusPoint's investment objective is to maximize risk-adjusted after tax net investment income while maintaining liquidity, diversification and complying with internal, external risk and capital management requirements in support of meeting policyholder obligations.
Overall, our investment strategy remains focused on high quality, fixed income instruments with an average credit rating of “AA-”. SiriusPoint's investment objective is to maximize risk-adjusted after-tax net investment income while maintaining liquidity, diversification and compliance with internal risk, external risk, and capital management requirements in support of meeting policyholder obligations.
The SFSA has broad supervisory and administrative powers over such matters as licenses, governance and internal control, standards of solvency, investments, methods of accounting, form and content of financial statements, minimum capital and surplus requirements, and annual and other report filings. Non-compliance can be sanctioned by warnings, fees or withdrawal of license.
The SFSA has broad supervisory and administrative powers over such matters as licenses, governance and internal control, standards of solvency, investments, methods of accounting, form and content of financial statements, minimum capital and surplus requirements, and annual and other report filings. Non-compliance can be sanctioned by warnings, fees, or license revocation.
SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are subject to state laws and regulations that require investment portfolio diversification and that dictate the quality, quantity and general types of investments they may hold. Non-compliance may cause non-conforming investments to be non-admitted when measuring statutory surplus and, in some instances, may require divestiture.
SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are subject to state laws and regulations that require investment portfolio diversification that govern the quality, quantity and general types of investments they may hold. Non-compliance may cause non-conforming investments to be non-admitted when measuring statutory surplus and, in some instances, may require divestiture.
This platform is used to calculate individual and aggregate PMLs by combining multiple third-party and proprietary models, actuarial methods, and underwriting judgement. We do not exclusively rely upon catastrophe modeling to measure our exposure to natural catastrophe risk. We monitor gross and net property catastrophe occurrence limits by country and region globally.
This platform is used to calculate individual and aggregate PMLs by combining multiple third-party and proprietary models, actuarial methods, and underwriting judgment. We do not exclusively rely upon catastrophe modeling to measure our exposure to natural catastrophe risk. We monitor gross and net property catastrophe occurrence limits by country and region globally.
If an insurance company has insufficient capital, regulators may act to reduce the amount of insurance it can issue or, in severe situations, assume control of the company. None of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries is currently subject to regulatory scrutiny based on their respective IRIS ratios.
If an insurance company has insufficient capital, regulators may act to reduce the amount of insurance it can issue or, in severe situations, assume control of the company. None of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are currently subject to regulatory scrutiny based on their respective IRIS ratios.
In addition, the California Consumer Privacy Act of 2018 (“CCPA”), which took effect January 1, 2020, and which amended Proposition 24, the California Privacy Rights Act (“CPRA”), added new additional privacy protections beginning January 1, 2023. The CPRA and CCPA require SiriusPoint to comply with obligations to identify and secure personal data, among other requirements.
In addition, the California Consumer Privacy Act of 2018 (“CCPA”), which took effect January 1, 2020, and which amended the California Privacy Rights Act of 2020 (“CPRA”), added new additional privacy protections beginning January 1, 2023. The CPRA and CCPA require SiriusPoint to comply with obligations to identify and secure personal data, among other requirements.
Regulation The business of insurance and reinsurance is regulated in all countries in which we operate, although the degree and type of regulation varies from one jurisdiction to another. As a holding company, SiriusPoint is generally not directly subject to such regulations, but its various insurance and reinsurance operating subsidiaries are subject to regulation.
Regulation The business of insurance and reinsurance is regulated in all countries in which we operate, although the degree and type of regulation vary from one jurisdiction to another. As a holding company, SiriusPoint is generally not directly subject to such regulations, but its various insurance and reinsurance operating subsidiaries are subject to regulation.
SiriusPoint's investment/finance units continually monitor portfolio composition to ensure compliance with the investment rules applicable to each insurance and reinsurance subsidiary. Under the insurance laws of the Domiciliary States, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities.
SiriusPoint's investment/finance units monitor the compliance of the portfolio composition with the investment rules applicable to each insurance and reinsurance subsidiary. Under the insurance laws of the Domiciliary States, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities.
While the federal government does not directly regulate the insurance business, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") made sweeping changes to the regulation of financial services entities, products and markets. The Dodd-Frank Act established the Federal Insurance Office ("FIO") within the Treasury Department to monitor the insurance industry and certain lines of business.
While the federal government does not directly regulate the insurance industry, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") made sweeping changes to the regulation of financial services entities, products and markets. The Dodd-Frank Act established the Federal Insurance Office ("FIO") within the U.S. Treasury Department to monitor the insurance industry and certain lines of business.
In addition, the Designated Insurer is required to file quarterly group financial returns for the Regulatory Group, ensure that the Regulatory Group appoints an individual approved by the BMA to be the group actuary who is qualified to provide an opinion on the insurance group‘s insurance technical provisions and an auditor approved by the BMA to audit the financial statements of the insurance group.
In addition, the Designated Insurer is required to file quarterly group financial returns for the Regulatory Group, and to confirm that the Regulatory Group appoints an individual approved by the BMA to be the group actuary who is qualified to provide an opinion on the insurance group‘s insurance technical provisions, and that the Regulatory Group appoints an auditor approved by the BMA to audit the financial statements of the insurance group.
For example, New York requires financial institutions, including certain of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries, to establish a cybersecurity program with specific technical safeguards and requirements regarding governance, incident planning, data management, system testing and regulator notification.
For example, the State of New York requires financial institutions, including certain of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries, to establish a cybersecurity program with specific technical safeguards and requirements regarding governance, incident planning, data management, system testing and regulator notification.
Prior regulatory consent is required before a person (alone or together with any associates) can acquire direct or indirect control over a U.K. authorized firm, with the same thresholds as Sweden being: 10% or more but less than 20%, 20% or more but less than 30%, 30% or more but less than 50% and 50% or more.
Prior regulatory consent is required before a person (alone or together with any associates) can acquire direct or indirect control over a U.K. authorized firm, with the same thresholds as Sweden, namely: 10% or more, but less than 20%; 20% or more, but less than 30%; 30% or more, but less than 50%; and 50% or more.
Investments We manage our investment portfolio to balance quality, liquidity, and diversification with asset/liability matching and investment return.
Investments We generally manage our investment portfolio to balance quality, liquidity, and diversification with asset/liability matching and investment return.
Any entity that must satisfy economic substance requirements but fails to do so could face automatic disclosure to competent authorities in the E.U. of the information filed by the entity with the Bermuda Registrar of Companies in connection with the economic substance requirements and may also face financial penalties, restriction or regulation of its business activities and/or may be struck off as a registered entity in Bermuda.
Any entity that must satisfy economic substance requirements but fails to do so could face automatic disclosure to competent authorities in the E.U. of the information filed by the entity with the Bermuda Registrar of Companies in connection with the economic substance requirements and may also face financial penalties, restriction or regulation of its business activities and/or may be removed as a registered entity in Bermuda.
For primary insurance business, we enter into agreements with select MGAs, who then market insurance products to brokers and the general public and have underwriting authority on our behalf. We pay certain MGAs profit commissions based upon the underwriting profit of business produced. We have well-defined underwriting standards in place for these MGAs that are closely monitored by our staff.
For primary insurance business, we enter into agreements with select MGAs, who then market insurance products to brokers and the general public and exercise underwriting authority on our behalf. We pay certain MGAs commissions based upon the underwriting profit of the business produced. We have underwriting standards in place for these MGAs that are closely monitored by our staff.
The IDD applies to all distributors of insurance and reinsurance products (including insurers and reinsurers selling directly to customers) and intends to strengthen the regulatory regime applicable to distribution activities through increased transparency, information and conduct requirements. The General Data Protection Regulation (E.U. 2016/679) ("GDPR") became effective on May 25, 2018.
The IDD applies to all distributors of insurance and reinsurance products (including insurers and reinsurers selling directly to customers) and is designed to strengthen the regulatory regime applicable to distribution activities through increased transparency, information, and conduct requirements. The General Data Protection Regulation (E.U. 2016/679) ("GDPR") became effective on May 25, 2018.
We maintain a disciplined underwriting strategy which, while considering overall exposure, focuses on writing more business when market terms and conditions are favorable and reducing business volume when terms and conditions become less favorable. We offer clients a wide range of insurance and reinsurance products across multiple lines of business to satisfy risk management needs.
We maintain a disciplined underwriting strategy which, while considering overall exposure, focuses on writing more business when market terms and conditions are favorable and reducing business volume when terms and conditions become less favorable. We offer clients a wide range of insurance and reinsurance products across multiple lines of business that are available to satisfy certain risk management needs.
Reinsurance Recoverables by Rating As of December 31, 2024, we had loss and loss adjustment expenses recoverable, net of $2.3 billion (December 31, 2023 - $2.3 billion). Because retrocessional reinsurance contracts do not relieve us of our obligation to our insureds, the ability to collect balances due from our reinsurers is important to our financial strength.
Reinsurance Recoverables by Rating As of December 31, 2025, we had loss and loss adjustment expenses recoverable, net of $2.1 billion (December 31, 2024 - $2.3 billion). Because retrocessional reinsurance contracts do not relieve us of our obligation to our insureds, the ability to collect balances due from our reinsurers is important to our financial strength.
The level of the ECA is set to ensure that Lloyd's overall aggregate capital is maintained at a level necessary to retain its desired rating, as 25 well as to meet the requirements of the U.K. Regulators.
The level of the ECA is set to help ensure that Lloyd's overall aggregate capital is maintained at a level necessary to retain its desired rating, as well as to meet the requirements of the U.K. Regulators.
Generally, it is not permitted without a special license granted by the Minister of Finance to insure Bermuda’s domestic risks or risks of persons of, in or based in Bermuda. U.S.
Generally, it is not permitted, without a special license granted by the Minister of Finance, for a company to insure Bermuda’s domestic risks or risks of persons of, in, or based in, Bermuda. U.S.
Insurance Regulation State-Based Regulation SiriusPoint’s U.S.-based insurance and reinsurance operating subsidiaries are subject to regulation and supervision in each of the states where they are domiciled and where they are licensed to conduct business.
Insurance Regulation State-Based Regulation SiriusPoint’s U.S.-based insurance and reinsurance operating subsidiaries are subject to regulation and supervision in each of the states where they are domiciled and where they are licensed or eligible to conduct business.
The ownership assessment also encompasses a suitability assessment of the management of all legal persons' acquiring a qualifying holding in Sirius International. United Kingdom Insurance Regulation The financial services industry in the United Kingdom is currently dual-regulated by the Financial Conduct Authority (the "FCA") and the Prudential Regulation Authority (the "PRA") (collectively, the "U.K. Regulators").
The ownership assessment also encompasses a suitability assessment of the management of all legal persons' acquiring a qualifying holding in SiriusPoint International. 24 United Kingdom Insurance Regulation The financial services industry in the United Kingdom is currently dual-regulated by the Financial Conduct Authority ("FCA") and the Prudential Regulation Authority ("PRA") (collectively, the "U.K. Regulators").
In particular, the Parent Board must: • ensure that the operational and oversight responsibilities of the group are clearly defined and documented and that the reporting of material deficiencies and fraudulent activities are transparent and devoid of conflicts of interest; • establish systems for identifying on a risk-sensitive basis those policies and procedures that must be reviewed annually and those policies and procedures that must be reviewed at other regular intervals; • establish a risk management and internal controls framework and ensure that it is assessed regularly and such assessment is reported to the Parent Board, the chief executive officer and senior executives; • establish and maintain sound accounting and financial reporting procedures and practices for the Regulatory Group; and • establish and keep under review group functions relating to actuarial, compliance, internal audit and risk management functions which must address certain specific requirements as set out in the Group Rules.
In particular, the Parent Board must: • maintain operational and oversight responsibilities of the group that are clearly defined and documented and that are designed to promote the reporting of material deficiencies and fraudulent activities in a manner that is transparent and devoid of undisclosed conflicts of interest; 17 • establish systems for identifying on a risk-sensitive basis those policies and procedures that must be reviewed annually and those policies and procedures that must be reviewed at other regular intervals; • establish a risk management and internal controls framework and confirm that it is assessed regularly and such assessment is reported to the Parent Board, the chief executive officer, and senior executives; • establish and maintain sound accounting and financial reporting procedures and practices for the Regulatory Group; and • establish and keep under review group functions relating to actuarial, compliance, internal audit and risk management functions which must address certain specific requirements as set out in the Group Rules.
The Regulatory Group is also required to maintain available statutory economic capital and surplus in an amount that is at least equal to or exceeds the value of its group ECR provided that the group ECR shall at all times be an amount equal to or exceed the group minimum solvency margin.
The Regulatory Group is also required to maintain available statutory economic capital and surplus in an amount that is at least equal to or exceeds the value of its group ECR, provided that the group ECR shall at all times be an amount equal to or higher than the group minimum solvency margin.
The definition of shareholder controller generally refers to (i) a person who holds 10% or more of the shares carrying rights to vote at a shareholders' meeting of the registered insurer or its parent company, or (ii) a person who is entitled to exercise 10% or more of the voting power at any shareholders' meeting of such registered insurer or its parent company, or (iii) a person who is able to exercise significant influence over the management of the registered insurer or its parent company by virtue of its shareholding or its entitlement to exercise, or control the exercise of, the voting power at any shareholders' meeting.
The definition of “shareholder controller” generally refers to (i) a person who holds 10% or more of the shares carrying rights to vote at a shareholders' meeting of the registered insurer or its parent company, (ii) a person who is entitled to exercise 10% or more of the voting power at any shareholders' meeting of such registered insurer or its parent company, or (iii) a person who is able to exercise significant influence over the management of the registered insurer or its parent company by virtue of its shareholding or its entitlement to exercise, or control the exercise of, the voting power at any shareholders' meeting.
Notification of Material Changes All registered insurers are required to give notice to the BMA of their intention to effect a material change within the meaning of the Insurance Act.
Notification of Material Changes All registered insurers are required to give notice to the BMA of their intention to affect a material change within the meaning of the Insurance Act.
The federal government also has issued certain orders and regulations that require SiriusPoint’s U.S.-based insurance and reinsurance subsidiaries to establish certain internal controls. Most significant of these regulations is the U.S. Treasury Department Office of Foreign Asset Control ("OFAC").
The federal government also has issued certain orders and regulations that require SiriusPoint’s U.S.-based insurance and reinsurance subsidiaries to establish certain internal controls. One of these regulations is the U.S. Treasury Department Office of Foreign Asset Control ("OFAC").
The Lloyd's Act, bylaws, requirements made under bylaws, principles for doing business (‘Principles,’ previously, minimum standards, which were transitioned in 2022 to outcome based principles for doing business), guidance, codes of conduct and bulletins issued by or under the authority of the Council together contain the powers and requirements that apply in respect of businesses operating in the Lloyd's market.
The Lloyd's Act, Bye-laws, requirements made under Bye-laws, principles for doing business (”Principles,” previously, minimum standards, which were transitioned in 2022 to outcome-based principles for doing business), guidance, codes of conduct, and bulletins issued by or under the authority of the Council, together contain the powers and requirements that apply in respect 25 of businesses operating in the Lloyd's market.
January 1, 2025 SiriusPoint Net After-Tax Loss Zone Peak Peril (1) SiriusPoint Gross Loss Net After Reinsurance and Reinstatements Net After- Tax (2) Net After- Tax as % of Total Capital (3) Net After-Tax as % of Common Shareholders’ Equity (3) ($ in millions) 1-in-100 year event Southeast U.S.
January 1, 2026 SiriusPoint Net After-Tax Loss Zone Peak Peril (1) SiriusPoint Gross Loss Net After Reinsurance and Reinstatements Net After- Tax Net After- Tax as % of Total Capital (2) Net After-Tax as % of Common Shareholders’ Equity (2) ($ in millions) 1-in-100 year event Southeast U.S.
We monitor the financial strength and ratings of retrocessionaires on an ongoing basis. Uncollectible amounts historically have not been significant. The following table provides a listing of our loss and loss expenses recoverable, net by the reinsurer’s S&P rating and the percentage of total recoverables as of December 31, 2024.
We monitor the financial strength and ratings of retrocessionaires on an ongoing basis. Uncollectible amounts historically have not been significant. 11 The following table provides a listing of our loss and loss expenses recoverable, net by the reinsurer’s S&P rating and the percentage of total recoverable as of December 31, 2025.
Group Governance The Group Rules require the Board of Directors of SiriusPoint (the "Parent Board") to establish and effectively implement corporate governance policies and procedures, which must be periodically reviewed to ensure they continue to support the overall organizational strategy of the Regulatory Group.
Group Governance The Group Rules require the Board of Directors of SiriusPoint ("Parent Board") to establish and effectively implement corporate governance policies and procedures, which must be periodically reviewed to assess whether they continue to support the overall organizational strategy of the Regulatory Group.
Our insurance and reinsurance opera ting subsidiaries are assigned financial strength ratings as follows: AM Best (1) Fitch (2) S&P (3) Moody’s (4) Rating Outlook Rating Outlook Rating Outlook Rating Outlook SiriusPoint Bermuda "A-" (Excellent) Stable "A–" (Strong) Stable "A–" (Strong) Stable "A3" Stable SiriusPoint International "A-" (Excellent) Stable "A–" (Strong) Stable "A–" (Strong) Stable "A3" Stable SiriusPoint America "A-" (Excellent) Stable "A–" (Strong) Stable "A–" (Strong) Stable "A3" Stable SiriusPoint Specialty Insurance Corporation "A-" (Excellent) Stable N/A N/A "A–" (Strong) Stable "A3" Stable (1) “A–" is the fourth highest of 13 financial strength ratings assigned by AM Best, as last updated April 26, 2024.
Our insurance and reinsurance opera ting subsidiaries are assigned financial strength ratings as follows: AM Best (1) Fitch (2) S&P (3) Moody’s (4) Rating Outlook Rating Outlook Rating Outlook Rating Outlook SiriusPoint Bermuda "A-" (Excellent) Positive "A–" (Strong) Positive "A–" (Strong) Positive "A3" Stable SiriusPoint International "A-" (Excellent) Positive "A–" (Strong) Positive "A–" (Strong) Positive "A3" Stable SiriusPoint America "A-" (Excellent) Positive "A–" (Strong) Positive "A–" (Strong) Positive "A3" Stable SiriusPoint Specialty Insurance Corporation "A-" (Excellent) Positive N/A N/A "A–" (Strong) Positive "A3" Stable (1) “A–" is the fourth highest of 13 financial strength ratings assigned by AM Best, as last updated April 25, 2025.
As group supervisor, the BMA performs a number of supervisory functions including (i) coordinating the gathering and dissemination of information which is of importance for the supervisory task of other competent authorities; (ii) carrying out a supervisory review and assessment of the Regulatory Group; (iii) carrying out an assessment of the Regulatory Group's compliance with the rules on solvency, risk concentration, intra-group transactions and good governance procedures; (iv) planning and coordinating, with other competent authorities, supervisory activities in respect of the Regulatory Group, both as a going concern and in emergency situations; (v) coordinating any enforcement action that may need to be taken against the Regulatory Group or any of its members; and (vi) planning and coordinating meetings of colleges of supervisors (consisting of insurance regulators) in order to facilitate the carrying out of the functions described above. 16 Group Solvency and Group Supervision The current supervision and solvency rules (together, "Group Rules") apply to the Regulatory Group so long as the BMA remains SiriusPoint's group supervisor.
As group supervisor, the BMA performs a number of supervisory functions including: (i) coordinating the gathering and dissemination of information which is of importance for the supervisory task of other competent authorities; (ii) carrying out a supervisory review and assessment of the Regulatory Group; (iii) carrying out an assessment of the Regulatory Group's compliance with the rules on solvency, risk concentration, intra-group transactions and good governance procedures; (iv) planning and coordinating, with other competent authorities, supervisory activities in respect of the Regulatory Group, both as a going concern and in emergency situations; (v) coordinating any enforcement action that may need to be taken against the Regulatory Group or any of its members; and (vi) planning and coordinating meetings of colleges of supervisors (consisting of insurance regulators) in order to facilitate the carrying out of the functions described above.
We offer our partners: primary insurance capacity (paper) enabled by admitted, non-admitted, and international capabilities, coordinated reinsurance with SiriusPoint as a risk-taking carrier, strong distribution relationships in reinsurance and insurance, and robust global license suite and platform, enabling growth and ease-of-business.
We offer our partners: primary insurance capacity (paper) enabled by admitted, non-admitted, and international capabilities, coordinated reinsurance with SiriusPoint as a risk-taking carrier, distribution relationships in insurance and reinsurance, and a robust global license suite and platform, enabling growth and business execution.
We consider both the reinsurance intermediary and the ceding company to be our clients. We believe we have developed strong business relationships over a long period of time with the management of many of our ceding companies and reinsurance intermediaries. We pay ceding companies a ceding commission under most proportional reinsurance treaties and some excess of loss reinsurance treaties.
We consider both the reinsurance intermediary and the ceding company to be our clients. We believe we have developed strong business relationships with the management of many of our ceding companies and reinsurance intermediaries. We pay ceding companies a ceding commission under most proportional reinsurance treaties and some excess of loss reinsurance treaties.
Additionally, our underwriters, actuaries, claims and compliance personnel perform audits of MGAs and certain ceding companies, in products and regions where this is applicable. For Reinsurance, we derive business from a broad spectrum of ceding companies, including national, regional, specialty, and excess and surplus lines writers, both internationally and in the United States.
Additionally, our underwriters, actuaries, claims, and compliance personnel perform audits of MGAs and certain ceding companies, for relevant products and regions. For Reinsurance, we derive business from a broad spectrum of ceding companies, including national, regional, specialty, and excess and surplus lines writers, both internationally and in the United States.
Prudential regulation and supervision of insurance undertakings is carried out by the PRA and the regulation and supervision of conduct matters is carried out by the FCA.
Prudential regulation and supervision of insurance undertakings are carried out by the PRA and the regulation and supervision of conduct matters are carried out by the FCA.
Issues surrounding data security and the safeguarding of consumers' protected information are under increasing regulatory scrutiny by state and federal regulators, particularly in light of the number and severity of recent U.S. companies' data breaches.
Practices involving data security and the safeguarding of consumers' protected information are under increasing regulatory scrutiny by state and federal regulators, particularly in light of the number and severity of recent U.S. companies' data breaches.
Underwriting and Pricing We have an established team of underwriters and actuaries that develop and manage our insurance and reinsurance business. We believe that their experience, industry presence and long-standing relationships allow us to tailor our portfolio to specific market segments.
Underwriting and Pricing We have an established team of underwriters and actuaries that develop and manage our insurance and reinsurance business. We believe that their experience, industry presence, and long-standing relationships allow us some flexibility in tailoring our portfolio to specific market segments.
Similar to the approach taken by Swedish regulatory authorities, most major rating agencies generally take into account the Safety Reserve in SiriusPoint International's regulatory capital when assessing SiriusPoint International and SiriusPoint's financial strength. 23 As of December 31, 2024, SiriusPoint International's Safety Reserve was SEK5.7 billion, or $521.0 million (based on the December 31, 2024 SEK to USD exchange rate).
Similar to the approach taken by Swedish regulatory authorities, most major rating agencies generally take into account the Safety Reserve in SiriusPoint International's regulatory capital when assessing SiriusPoint International and SiriusPoint's financial strength. As of December 31, 2025, SiriusPoint International's Safety Reserve was SEK5.7 billion, or $623.4 million (based on the December 31, 2025 SEK to USD exchange rate).
These laws and regulations are generally designed to protect the interests of policyholders, consumers and claimants, rather than investors. Prudential regulation and supervision focuses on authorization, ownership and control, resourcing and capital adequacy, risk identification and management, and sound governance.
These laws and regulations are generally designed to prioritize the protection of the interests of policyholders, consumers, and claimants, rather than of investors. Prudential regulation and supervision focus on authorization, ownership and control, resourcing and capital adequacy, risk identification and management, and sound governance.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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If such third-party providers experience disruptions or do not perform as anticipated, or we experience problems with a transition to a third-party provider, we may experience operational difficulties, an inability to meet obligations (including, but not limited to, policyholder obligations), a loss of business and increased costs, or suffer other negative consequences, all of which may have a material adverse effect on our business and results of operations.
If such third-party providers experience disruptions or do not perform as anticipated, or we experience problems with a transition to a third-party provider, we may experience operational difficulties, an inability to meet obligations (including, but not limited to, policyholder obligations), a loss of business, increased costs, or suffer other negative consequences, all of which may have a material adverse effect on our business and results of operations.
We use actuarial and computer models, historical reinsurance and insurance industry loss statistics, and management’s experience and judgment to assist in the establishment of appropriate claims and claim expense reserves.
We use actuarial and computer models, historical insurance and reinsurance industry loss statistics, and management’s experience and judgment to assist in the establishment of appropriate claims and claim expense reserves.
Our indebtedness may limit cash flow available to invest in the ongoing needs of our business and may otherwise place us at a competitive disadvantage compared to our competitors. We or our subsidiaries may in the future incur or guarantee additional indebtedness.
Our indebtedness may limit cash flow available to invest in the ongoing needs of our business and may otherwise place us at a competitive disadvantage compared to our competitors. We or our subsidiaries may incur or guarantee additional indebtedness in the future.
We may need to raise additional capital in the future through offerings of debt or equity securities or otherwise to: • fund liquidity needs caused by underwriting or investment losses or for acquisitions or other strategic initiatives; • replace capital lost in the event of significant insurance and reinsurance losses or adverse reserve development; • satisfy letters of credit, guarantee bond requirements or other capital requirements that may be imposed by our clients or by regulators; • fund our informational technology transformation projects and other strategic initiatives; • meet rating agency or regulatory capital requirements; or • respond to competitive pressures.
We may need to raise additional capital in the future through offerings of debt or equity securities or otherwise to: • fund liquidity needs caused by underwriting or investment losses or for acquisitions or other strategic initiatives; • replace capital lost in the event of significant insurance and reinsurance losses or adverse reserve development; • satisfy letters of credit, guarantee bond requirements, or other capital requirements that may be imposed by our clients or regulators; • fund our informational technology transformation projects and other strategic initiatives; • meet rating agency or regulatory capital requirements; or • respond to competitive pressures.
In most of our quota share reinsurance and MGA produced insurance business we do not separately evaluate each of the original individual risks assumed under these reinsurance contracts. We instead evaluate the underwriting processes and environment at the ceding companies and MGAs that we work with to assess the risks associated with their portfolios.
In most of our quota share reinsurance and MGA-produced insurance business, we do not separately evaluate each of the original individual risks assumed under these reinsurance contracts. Instead, we evaluate the underwriting processes and environment at the ceding companies and MGAs that we work with to assess the risks associated with their portfolios.
In addition to the complexity of the laws and regulations themselves, the development of new laws and regulations or changes in application or interpretation of current laws and regulators or conflict between them also increases our legal and regulatory compliance complexity.
In addition to the complexity of the laws and regulations themselves, the development of new laws and regulations, changes in application or interpretation of current laws and regulators, or conflict between them also increases our legal and regulatory compliance complexity.
For example, our bye-laws: • establish a classified Board of Directors; • require advance notice of shareholders’ proposals in connection with annual general meetings; • authorize our board to issue “blank check” preferred shares; • prohibit us from engaging in a business combination with a person who acquires at least 15% of our common shares for a period of three years from the date such person acquired such common shares unless board and shareholder approval is obtained prior to the acquisition; • require that directors only be removed from office for cause by majority shareholder vote; 56 • require a supermajority vote of shareholders to effect certain amendments to our memorandum of association and bye-laws; and • provide a consent right on the part of Daniel S.
For example, our Bye-Laws: • establish a classified Board of Directors; • require advance notice of shareholders’ proposals in connection with annual general meetings; • authorize our board to issue “blank check” preferred shares; • prohibit us from engaging in a business combination with a person who acquires at least 15% of our common shares for a period of three years from the date such person acquired such common shares unless board and shareholder approval is obtained prior to the acquisition; • require that directors only be removed from office for cause by majority shareholder vote; • require a supermajority vote of shareholders to effect certain amendments to our memorandum of association and Bye-Laws; and • provide a consent right on the part of Daniel S.
If at any time it were established that we had been operating as an investment company in violation of the Investment Company Act, there would be a risk, among other material adverse consequences, that we could become subject to monetary penalties or injunctive relief, or both, that we could be unable to enforce contracts with third parties or that third parties could seek to obtain rescission of transactions undertaken during the period in which it was established that we were an unregistered investment company.
If at any time it were established that we had been operating as an investment company in violation of the Investment Company Act, there would be a risk, among other material adverse consequences, that we could become subject to monetary penalties or injunctive relief, or both, that we could be unable to enforce contracts with third parties or that third parties could seek to obtain rescission of transactions undertaken during the period in which it was established that we were an 48 unregistered investment company.
In comparison, under Delaware law such transaction would not be voidable if: • the material facts as to such interested director’s relationship or interests were disclosed or were known to the Board of Directors and the Board of Directors had in good faith authorized the transaction by the affirmative vote of a majority of the disinterested directors; • such material facts were disclosed or were known to the shareholders entitled to vote on such transaction and the transaction were specifically approved in good faith by vote of the majority of shares entitled to vote thereon; or • the transaction were fair as to the corporation as of the time it was authorized, approved or ratified.
In comparison, under Delaware law such transaction would not be voidable if: 53 • the material facts as to such interested director’s relationship or interests were disclosed or were known to the Board of Directors and the Board of Directors had in good faith authorized the transaction by the affirmative vote of a majority of the disinterested directors; • such material facts were disclosed or were known to the shareholders entitled to vote on such transaction and the transaction were specifically approved in good faith by vote of the majority of shares entitled to vote thereon; or • the transaction were fair as to the corporation as of the time it was authorized, approved or ratified.
See “ Risks Relating to Our Business — Our ability to pay dividends may be constrained by our holding company structure and certain regulatory and other factors .” 40 Our operating subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts due on our indebtedness, or to provide us with funds for our payment obligations, whether by dividends, distributions, loans or other payments.
See “ Risks Relating to Our Business — Our ability to pay dividends may be constrained by our holding company structure and certain regulatory and other factors .” Our operating subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts due on our indebtedness, or to provide us with funds for our payment obligations, whether by dividends, distributions, loans or other payments.
If competitive pressures require us to reduce our prices, we would generally expect to 32 reduce our future underwriting activities, resulting in reduced premiums and a reduction in expected earnings. If the insurance industry consolidates further, competition for customers could become more intense and we could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins.
If competitive pressures require us to reduce our prices, we would generally expect to reduce our future underwriting activities, resulting in reduced premiums and a reduction in expected earnings. If the insurance industry consolidates further, competition for customers could become more intense and we could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins.
Utilization of most deferred tax assets is dependent on generating sufficient future taxable income in the appropriate jurisdiction and/or entity and in the appropriate character (e.g. capital vs ordinary). If it is determined that it is more likely than not that sufficient future taxable income will not be generated, we would be required to increase applicable valuation allowance(s).
Utilization of most deferred tax assets is dependent on generating sufficient future taxable income in the appropriate jurisdiction and/or entity and in the appropriate character (e.g., capital vs ordinary). If it is determined that it is more likely than not that sufficient future taxable income will not be generated, we would be required to increase applicable valuation 49 allowance(s).
The insurance and reinsurance industry, including our competitors, customers and insurance and reinsurance brokers, has experienced significant consolidation over the last several years. These consolidated client and competitor enterprises may try to use their enhanced market power to negotiate price reductions for our products and services and/or obtain a larger market share through increased line sizes.
The insurance and reinsurance industry, including our competitors, customers and insurance and reinsurance brokers, has experienced significant consolidation over the last several years. These consolidated client and competitor enterprises may try to use their enhanced market power to negotiate price reductions for our products and services and/or obtain a larger market 32 share through increased line sizes.
We believe that our activities, as currently conducted and as contemplated, will not cause our non-U.S. entities to be treated as engaging in a United States trade or business and consequently will not cause us to be subject to current United States 50 federal income taxation on our net income (except for specific subsidiaries due to their respective operating models).
We believe that our activities, as currently conducted and as contemplated, will not cause our non-U.S. entities to be treated as engaging in a United States trade or business and consequently will not cause us to be subject to current United States federal income taxation on our net income (except for specific subsidiaries due to their respective operating models).
Upon the earlier of the termination of the IMA or end of the initial term, the final incentive fee payable to Third Point will be determined as percentage between 15% and 30% (depending on the cumulative outperformance of TPOC over the term of the IMA) to ensure that the total amount of the incentive fee actually paid reflects the incentive fee payable based on the cumulative outperformance of the TPOC Portfolio during the investment period.
Upon the earlier of the termination of the 2022 IMA or end of the initial term, the final incentive fee payable to Third Point will be determined as percentage between 15% and 30% (depending on the cumulative outperformance of TPOC over the term of the IMA) to ensure that the total amount of the incentive fee actually paid reflects the incentive fee payable based on the cumulative outperformance of the TPOC Portfolio during the investment period.
Pillar One includes exclusions for Regulated Financial Services; therefore we do not anticipate a material impact on insurance and reinsurance groups. In December 2021, the OECD published two global anti-base erosion model rules under Pillar Two (the “GloBE Rules”), which implement a 15% global minimum tax applicable for multinational groups.
Pillar One includes exclusions for Regulated Financial 51 Services; therefore we do not anticipate a material impact on insurance and reinsurance groups. In December 2021, the OECD published two global anti-base erosion model rules under Pillar Two (the “GloBE Rules”), which implement a 15% global minimum tax applicable for multinational groups.
A U.S. shareholder may avoid some of the adverse tax consequences of owning an equity interest in a PFIC by making a qualified electing fund (“QEF”) election. Such an electing U.S. shareholder is likely to recognize income in a taxable year in amounts significantly greater than the distributions received from the Company, if any.
A U.S. shareholder may avoid some of the adverse tax consequences of owning an equity interest in a PFIC by making a qualified electing fund (“QEF”) election. Such an electing U.S. shareholder is likely to recognize income in a 50 taxable year in amounts significantly greater than the distributions received from the Company, if any.
As a result, joint ventures, franchises and investments in which we share ownership or management with third parties subject us to risk and may contribute significantly less than anticipated to our earnings and cash flows. Therefore, our losses from or related to these investments may significantly exceed our invested capital.
As a result, joint ventures, franchises, and other investments in which we share ownership or management with third parties subject us to risk and may contribute significantly less than anticipated to our earnings and cash flows. Therefore, our losses from or related to these investments may significantly exceed our invested capital.
As a result, the insurance and reinsurance business historically has been a cyclical industry characterized by periods of intense price competition due to high levels of available underwriting capacity as well as periods when shortages of capacity 36 have permitted favorable premium levels and changes in terms and conditions.
As a result, the insurance and reinsurance business historically has been a cyclical industry characterized by periods of intense price competition due to high levels of available underwriting capacity as well as periods when shortages of capacity have permitted favorable premium levels and changes in terms and conditions.
As a result, we may be unable to fully execute our insurance and reinsurance strategy of selling lower-volatility business. The effects of cyclicality could significantly and negatively affect our financial condition and results of operations and could limit their comparability from period to period and year over year.
As a result, we may be unable to fully execute our insurance and reinsurance strategy of selling lower-volatility business. The effects of cyclicality could significantly and 36 negatively affect our financial condition and results of operations and could limit their comparability from period to period and year over year.
Since 2017, the member countries of the G20/OECD Inclusive Framework on BEPS have developed a two-pillar approach to address the tax challenges arising from the digitalization of the economy. “Pillar One” addresses nexus and profit allocation 52 challenges, while “Pillar Two” addresses perceived base erosion.
Since 2017, the member countries of the G20/OECD Inclusive Framework on BEPS have developed a two-pillar approach to address the tax challenges arising from the digitalization of the economy. “Pillar One” addresses nexus and profit allocation challenges, while “Pillar Two” addresses perceived base erosion.
More specifically, as we continue to review our insurance and reinsurance underwriting portfolio, we may not renew prior business that we believe may be inconsistent with our strategic plan or risk appetite or we believe will not generate better long-term, rather than short-term, results.
More specifically, as we continue to review our insurance and reinsurance underwriting 30 portfolio, we may not renew prior business that we believe may be inconsistent with our strategic plan or risk appetite or we believe will not generate better long-term, rather than short-term, results.
If this exception were deemed inapplicable to us, we would have to seek to register under the Investment Company Act as an investment company, which, under the Investment Company Act, would require an order from the SEC. Our inability to obtain such an order could have a significant adverse impact on our business.
If this exception were deemed inapplicable to us, we would have to register under the Investment Company Act as an investment company, which, under the Investment Company Act, would require an order from the SEC. Our inability to obtain such an order could have a significant adverse impact on our business.
However, if the Company and Third Point have different valuations in relation to any fiscal period, the valuation shall be determined as the midpoint between the range of valuations determined by the Company and a third party valuation agent mutually agreed between the parties.
However, if the Company and Third Point LLC have different valuations in relation to any fiscal period, the valuation shall be determined as the midpoint between the range of valuations determined by the Company and a third party valuation agent mutually agreed between the parties.
Adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility, as well as idiosyncratic risks of concentrated positions could result in significant losses to the fair value of our investment portfolio.
Adverse changes in interest rates, foreign currency exchange rates, equity markets, 45 debt markets or market volatility, as well as idiosyncratic risks of concentrated positions could result in significant losses to the fair value of our investment portfolio.
However, if, and so long as, the shares of a shareholder are treated as “controlled shares” (as determined pursuant to sections 957 and 958 of the Code of any United States person that owns shares directly or indirectly through non-U.S. entities) and such controlled shares constitute 9.5% or more of the votes conferred by our issued shares, the voting rights with respect to the controlled shares owned by such United States person will be limited, in the aggregate, to a voting power of less than 9.5%, under a formula specified in our bye-laws.
However, if, and so long as, the shares of a shareholder are treated as “controlled shares” (as determined pursuant to sections 957 and 958 of the Code of any U.S. person that owns shares directly or indirectly through non-U.S. entities) and such controlled shares constitute 9.5% or more of the votes conferred by our issued shares, the voting rights with respect to the controlled shares owned by such U.S. person will be limited, in the aggregate, to a voting power of less than 9.5%, under a formula specified in our Bye-Laws.
Additionally, the NAIC has been responsible for establishing certain regulatory and corporate governance requirements, which are intended to result in a group-wide supervision focus and include the Model Insurance Holding Company System Regulatory Act and the Insurance Holding Company System Model Regulation, the Requirements for ERM Report within the Annual Holding Company Registration (i.e., Form F), the Supervisory College, the Risk Management and ORSA Model, the CGAD and the Revisions to Annual Financial Reporting Model Regulation to expand the corporate audit function to provide reasonable assurance of the effectiveness of enterprise risk management, internal controls, and corporate governance.
Additionally, the NAIC has been responsible for establishing certain regulatory and corporate governance requirements, which are intended to result in a group-wide supervision focus and include the Model Insurance Holding Company System Regulatory Act and the Insurance Holding Company System Model Regulation, the Requirements for ERM Report within the Annual Holding Company Registration (i.e., Form F), the Supervisory College, the Risk Management and ORSA Model, the Corporate Governance Annual Disclosure Model and the Revisions to Annual Financial Reporting Model Regulation to expand the corporate audit function to provide reasonable assurance of the effectiveness of enterprise risk management, internal controls, and corporate governance.
In addition, even if we were a creditor of any of our respective subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of such subsidiaries and any indebtedness of such subsidiaries senior to that held by us.
Even if we were a creditor of any of our respective subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of such subsidiaries and any indebtedness of such subsidiaries senior to that held by us.
Third Point LLC’s interest and the interests of its affiliates may at times conflict with our interests, which may potentially adversely affect our investment opportunities and returns. Neither Third Point LLC, nor its principals, including Daniel S.
Third Point LLC’s interest and the interests of its affiliates may at times conflict with our interests, which may potentially adversely affect our investment opportunities and returns. 44 Neither Third Point LLC, nor its principals, including Daniel S.
The involvement of reinsurance brokers subjects us to their credit risk, and the inability to obtain business provided from brokers could adversely affect our business strategy and results of operations. We market our reinsurance worldwide primarily through reinsurance brokers.
The involvement of reinsurance brokers and MGAs subjects us to their credit risk, and the inability to obtain business provided from brokers could adversely affect our business strategy and results of operations. We market our reinsurance worldwide primarily through reinsurance brokers.
Such impacts could include constraints on SiriusPoint's ability to move capital between subsidiaries or requirements that additional capital be 47 provided to subsidiaries in certain jurisdictions, which may adversely impact SiriusPoint's profitability.
Such impacts could include constraints on SiriusPoint's ability to move capital between subsidiaries or requirements that additional capital be provided to subsidiaries in certain jurisdictions, which may adversely impact SiriusPoint's profitability.
Fluctuations result from a variety of factors, including: • the performance of our underwriting segments; 30 • the performance of our investment portfolio; • insurance and reinsurance contract pricing; • our assessment of the quality of available insurance and reinsurance opportunities; • the volume and mix of insurance and reinsurance products we underwrite; • seasonality of the insurance and reinsurance businesses; • loss experience on our insurance and reinsurance liabilities; • low frequency and high severity loss events; • competitiveness in relevant insurance and reinsurance markets; and • our ability to assess and integrate our risk management strategy effectively.
Fluctuations result from a variety of factors, including: • the performance of our underwriting segments; • the performance of our investment portfolio; • insurance and reinsurance contract pricing; • our assessment of the quality of available insurance and reinsurance opportunities; • the volume and mix of insurance and reinsurance products we underwrite; • seasonality and cyclicality of the insurance and reinsurance businesses; • loss experience on our insurance and reinsurance liabilities; • low frequency and high severity loss events; • competitiveness in relevant insurance and reinsurance markets; and • our ability to assess and integrate our risk management strategy effectively.
In addition, under the Bermuda Companies Act 1981, as amended (the “Companies Act”), SiriusPoint and SiriusPoint Bermuda, as Bermuda companies, may not declare or pay a dividend if there are reasonable grounds for believing that the relevant Bermuda company is, or would after the payment be, unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than its liabilities.
In addition, under the Bermuda Companies Act 1981, as amended, SiriusPoint and SiriusPoint Bermuda, as Bermuda companies, may not declare or pay a dividend if there are reasonable grounds for believing that the relevant Bermuda company is, or would after the payment be, unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than its liabilities.
In addition, in the ordinary course of our business we process personal information and personal health information in connection with claims made under our accident and health business, as well as other business lines.
In the ordinary course of our business, we process personal information and personal health information in connection with claims made under our accident and health business, as well as other business lines.
We believe that these changes in climate conditions, when coupled with projected demographic trends in catastrophe-exposed regions, have increased the average economic value of expected losses, increased the number of people exposed per year to natural disasters and in general have exacerbated disaster risk, including risks to infrastructure, global supply chains and agricultural production.
We believe that these changes in climate conditions, when coupled with projected demographic trends in catastrophe-exposed regions, have increased the average economic value of expected losses, increased the number of people exposed per year to natural disasters, and have generally exacerbated disaster risk, including risks to infrastructure, global supply chains, and agricultural production.
Given the inherent uncertainty of models and software, their usefulness as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates including PMLs, and our financial results may be adversely impacted, perhaps significantly.
Given the inherent uncertainty of models and software, their usefulness as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates including Probable Maximum Losses (PMLs), and our financial results may be adversely impacted, perhaps significantly.
Furthermore, venture growth stage companies also typically rely on venture capital and private equity investors, or initial public offerings, or sales for additional capital.
Furthermore, venture growth stage companies also typically rely on venture capital and private equity investors, or 46 initial public offerings, or sales for additional capital.
Because judgments of United States courts are not automatically enforceable in Bermuda, it may be difficult for you to recover against us based upon such judgments. U.S. persons who own our shares may have more difficulty in protecting their interests than U.S. persons who are shareholders of a U.S. corporation.
Because judgments of U.S. courts are not automatically enforceable in Bermuda, it may be difficult for you to recover against us based upon such judgments. U.S. persons who own our shares may have more difficulty in protecting their interests than U.S. persons who are shareholders of a U.S. corporation.
If we do not effectively select, develop, implement and monitor our outsourcing relationships, we may not realize productivity improvements or cost efficiencies and may experience operational difficulties, increased costs and a loss of business that may have an adverse effect upon on our operations or financial condition.
If we do not optimally select, develop, implement, and monitor our outsourcing relationships, we may not realize productivity improvements or cost efficiencies and may experience operational difficulties, increased costs, and a loss of business that may have an adverse effect upon on our operations or financial condition.
Increases in the value and concentration of insured property or insured individuals, the effects of inflation, changes in weather patterns, such as climate change, and increased terrorism could increase the future frequency and/or severity of claims from catastrophic events. Claims from catastrophic events could materially adversely affect our results of operations and financial condition.
Increases in the value and concentration of insured property or insured policyholders, the effects of inflation, changes in weather patterns, such as climate change, and increased terrorism could increase the future frequency and/or severity of claims from catastrophic events. Claims from catastrophic events could materially adversely affect our results of operations and financial condition.
SiriusPoint’s investment portfolio is overseen in accordance with the investment policy and guidelines approved by the Investment Committee of the SiriusPoint board of directors. As of December 31, 2024, SiriusPoint’s investment portfolio consisted of fixed maturity investments, short-term investments, other long-term investments, including hedge funds, private equity funds, and direct investments in equity, and related party investment funds.
SiriusPoint’s investment portfolio is overseen in accordance with the investment policy and guidelines approved by the Investment Committee of the SiriusPoint Board of Directors. As of December 31, 2025, SiriusPoint’s investment portfolio consisted of fixed maturity investments, short-term investments, other long-term investments, including hedge funds, private equity funds, and direct investments in equity, and related party investment funds.
Among the factors that could affect our share price are: • industry or general market conditions; • domestic and international economic factors unrelated to our performance; • changes in our clients’ needs; • new regulatory pronouncements and changes in regulatory guidelines; • lawsuits, enforcement actions and other claims by third parties or governmental authorities; • actual or anticipated fluctuations in our quarterly operating results; • changes in securities analysts' estimates of our financial performance or lack of research and reports by industry analysts; • action by institutional shareholders or other large shareholders, including future sales; • speculation in the press or investment community; • investor perception of us and our industry; • changes in market valuations or earnings of similar companies; • any announcement by us or our competitors of a significant contract, acquisition, strategic transaction or expansion into a new line of business; • our ability to execute on our strategic transformation; • any future sales of our common shares or other securities; and • additions or departures of key personnel.
Among the factors that could affect our share price are: • industry or general market conditions; • domestic and international economic factors unrelated to our performance; • changes in our clients’ needs; • new regulatory pronouncements and changes in regulatory guidelines; • lawsuits, enforcement actions and other claims by third parties or governmental authorities; • actual or anticipated fluctuations in our quarterly operating results; • changes in securities analysts' estimates of our financial performance or lack of research and reports by industry analysts; • action by institutional shareholders or other large shareholders, including future sales; 55 • speculation in the press or investment community; • investor perception of us and our industry; • changes in market valuations or earnings of similar companies; • any announcement by us or our competitors of a significant contract, acquisition, strategic transaction or expansion into a new line of business; any future sales of our common shares or other securities; and • additions or departures of key personnel.
SiriusPoint's activities are subject to extensive regulation under the laws and regulations of the U.S., the U.K., Bermuda, Sweden and the E.U. and its member states and the other jurisdictions in which SiriusPoint operates. SiriusPoint's operations in each of these jurisdictions are subject to varying degrees of regulation and supervision.
SiriusPoint's activities are subject to extensive regulation under the laws and regulations of the U.S., the U.K., Bermuda, Sweden, and the EU and its member states and the other jurisdictions in which SiriusPoint operates. SiriusPoint's operations in each of these jurisdictions are subject to varying degrees of regulation and supervision.
The law in this area has not been well developed and there is a lack of guidance as to the meaning of “primarily and predominantly” under the relevant exception under the Investment Company Act.
The law in this area is not well-developed and there is a lack of guidance as to the meaning of “primarily and predominantly” under the relevant exception under the Investment Company Act.
Climate change risks include risks such as increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas. • Regulatory and Litigation Risks .
Climate change risks include risks such as increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas. • Regulatory and Litigation Risks .
The maintenance of an "A-" or better financial strength rating from AM Best and/or S&P of “A3” or better financial strength rating from Moody’s is particularly important to our operating insurance and reinsurance subsidiaries to bind property and casualty insurance and reinsurance business in most markets.
The maintenance of an "A-" or better financial strength rating from AM Best and/or an “A3” or better financial strength rating from Moody’s is particularly important to our operating insurance and reinsurance subsidiaries in order to bind property and casualty insurance and reinsurance business in most markets.
If one of our non-U.S. entities were deemed to be engaged in a trade or business in the United States (and, if applicable under the Bermuda Treaty, were deemed to be so engaged through a permanent establishment), it would become subject to United States federal income tax on its net income “effectively connected” (or treated as effectively connected) with the U.S. trade or business, and could be subject to the “branch profits” tax on its after tax earnings and profits that are both effectively connected with the U.S. trade or business and deemed repatriated out of the United States.
(and, if applicable under the Bermuda Treaty, were deemed to be so engaged through a permanent establishment), it would become subject to U.S. federal income tax on its net income “effectively connected” (or treated as effectively connected) with the U.S. trade or business, and could be subject to the “branch profits” tax on its after tax earnings and profits that are both effectively connected with the U.S. trade or business and deemed repatriated out of the United States.
As such, we have been advised that there is doubt as to whether: • a holder of our shares would be able to enforce, in the courts of Bermuda, judgments of United States courts against persons who reside in Bermuda based upon the civil liability provisions of the United States federal securities laws; 54 • a holder of our shares would be able to enforce, in the courts of Bermuda, judgments of United States courts based upon the civil liability provisions of the United States federal securities laws; • a holder of our shares would be able to bring an original action in the Bermuda courts to enforce liabilities against us or our directors and officers who reside outside the United States based solely upon United States federal securities laws.
As such, we have been advised that there is doubt as to whether: • a holder of our shares would be able to enforce, in the courts of Bermuda, judgments of U.S. courts against persons who reside in Bermuda based upon the civil liability provisions of the U.S. federal securities laws; • a holder of our shares would be able to enforce, in the courts of Bermuda, judgments of U.S. courts based upon the civil liability provisions of the U.S. federal securities laws; • a holder of our shares would be able to bring an original action in the Bermuda courts to enforce liabilities against us or our directors and officers who reside outside the U.S. based solely upon U.S. federal securities laws.
Our bye-laws include a provision restricting business combinations with interested shareholders consistent with the corresponding Delaware statute. Shareholders’ Suits : The rights of shareholders under Bermuda law are not as extensive as the rights of shareholders in many United States jurisdictions. Class actions and derivative actions are generally not available to shareholders under the laws of Bermuda.
Our Bye-laws include a provision restricting business combinations with interested shareholders consistent with the corresponding Delaware statute. Shareholders’ Suits : The rights of shareholders under Bermuda law are not as extensive as the rights of shareholders in many U.S. jurisdictions. Class actions and derivative actions are generally not available to shareholders under the laws of Bermuda.
PFIC status of the Company would subject a U.S. shareholder to tax on distributions from the Company in advance of when tax would otherwise be imposed, in which case the shareholder’s investment in the Company could be materially adversely affected.
A PFIC classification of the Company would subject a U.S. shareholder to tax on distributions from the Company in advance of when tax would otherwise be imposed, in which case the shareholder’s investment in the Company could be adversely affected.
Furthermore, these models typically rely on either precedent or industry data, both of which may be incomplete or may be subject to errors by employees, failure to document transactions properly, failure to comply with regulatory requirements or information technology failures.
Furthermore, these models typically rely on either precedent or industry data, both of which may be incomplete or may be subject to error, failure to document transactions properly, failure to comply with regulatory requirements, or information technology failures.
However, given the inherent uncertainty of modeling techniques and the application of such techniques, these models and databases may not accurately address a variety of matters impacting our coverages. The construction of these models and the selection of assumptions requires significant actuarial judgement.
However, given the inherent uncertainty of modeling techniques and the application of such techniques, these models and databases may not accurately address a variety of matters impacting our coverages. The construction of these models and the selection of assumptions require significant actuarial judgment.
Our right to receive any assets of any of our respective subsidiaries upon liquidation or reorganization of such subsidiaries, and therefore the rights of the holders of our indebtedness to participate in those assets, will be structurally subordinated to the claims of such subsidiary’s creditors.
In addition, our right to receive assets from any of our subsidiaries upon liquidation or reorganization of such subsidiaries, and therefore the rights of the holders of our indebtedness to participate in those assets, will be structurally subordinated to the claims of that subsidiary’s creditors.
Holders of our shares may have difficulty effecting service of process on us or enforcing judgments against us in the United States. We are incorporated pursuant to the laws of Bermuda and our business is based in Bermuda.
Holders of our shares may have difficulty effecting service of process on us or enforcing judgments against us in the U.S. We are incorporated pursuant to the laws of Bermuda and our business is based in Bermuda.
Further, we have been advised that there is no treaty in effect between the United States and Bermuda providing for the enforcement of judgments of United States courts, and there are grounds upon which Bermuda courts may not enforce judgments of United States courts.
Further, we have been advised that there is no treaty in effect between the U.S. and Bermuda providing for the enforcement of judgments of U.S. courts, and there are grounds upon which Bermuda courts may not enforce judgments of U.S. courts.
Most of our deferred tax assets are determined by reference to applicable corporate income tax rates, in particular in the U.S., Luxembourg and Sweden. Accordingly, in the event of new legislation that reduces any such corporate income tax rates, the carrying value of certain deferred tax assets would decrease.
Most of our deferred tax assets are determined by reference to applicable corporate income tax rates, in particular in the Bermuda, Luxembourg, United Kingdom, and Sweden. Accordingly, in the event of new legislation that reduces any such corporate income tax rates, the carrying value of certain deferred tax assets would decrease.
Accordingly, if our pricing and/or reserving assumptions are incorrect, higher than expected losses could materially adversely affect our financial condition, liquidity or results of operations. The property and casualty insurance and reinsurance industry is highly cyclical, and we expect to continue to experience periods characterized by excess underwriting capacity and unfavorable premium rates.
If our pricing or reserving assumptions prove incorrect, higher than expected losses from these or other casualty risks could materially adversely affect our financial condition, liquidity, or results of operations. The property and casualty insurance and reinsurance industry is highly cyclical, and we expect to continue to experience periods characterized by excess underwriting capacity and unfavorable premium rates.
Over the long-term, global climate change could impair our ability to predict the costs associated with future weather events and could also give rise to new environmental liability claims in the energy, manufacturing and other industries we serve.
Over the long-term, global climate change could impair our ability to accurately predict the costs associated with future weather events and may also lead to new environmental liability claims in the energy, manufacturing, and other industries we serve.
Therefore, our exposure to potential changes in Bermuda law and regulations that may have an adverse impact on our operations, such as the imposition of tax liability, increased regulatory supervision or changes in regulation, could have a material adverse effect on our business.
Therefore, our exposure to potential changes in Bermuda law and regulations that may have an adverse impact on our operations, such as increased regulatory supervision or changes in regulation, could have a material adverse effect on our business.
The imposition of any of these income taxes could materially and adversely affect our results of operations and financial condition. Certain of our intra-group transactions could become subject to the U.S. Base Erosion and Anti-Abuse Minimum Tax (“BEAT”), which could have a material adverse impact on operating results and make it difficult to forecast our effective tax rate.
Any such federal tax liability could materially and adversely affect our results of operations and financial condition. Certain of our intra-group transactions could become subject to the U.S. Base Erosion and Anti-Abuse Minimum Tax (“BEAT”), which could have a material adverse impact on operating results and make it difficult to forecast our effective tax rate.
The IMA provides for the following two forms of compensation to be paid to Third Point LLC and TP GP: • Third Point LLC is entitled to a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses; and • TP GP is entitled to performance compensation amount equal to 15% of outperformance over the benchmark in respect of each sub-account.
The 2022 IMA provides for the following two forms of compensation to be paid to Third Point LLC and TP GP: • Third Point LLC is entitled to a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the T hird Point Optimized Credit portfolio (“TPOC Portfolio”), net of any expenses; and • TP GP is entitled to performance compensation amount equal to 15% of outperformance over the benchmark in respect of each sub-account.
As of December 31, 2024, approximately 21 million common shares were reserved for issuance under our current share incentive plans and in connection with restricted share award agreements entered into between us and certain of our employees and directors. In addition, as of December 31, 2024, there were share options outstanding (subject to vesting) for approximately 2 million common shares.
As of December 31, 2025, approximately 20 million common shares were reserved for issuance under our current share incentive plans and in connection with restricted share award agreements entered into between us and certain of our employees and directors. In addition, as of December 31, 2025, there were share options outstanding for approximately 2 million common shares.
“Controlled shares” include, among other things, all shares that a United States person is deemed to own directly, indirectly or constructively (within the meaning of section 958 of the Code).
“Controlled shares” include, among other things, all shares that a U.S. person is deemed to own directly, indirectly or 54 constructively (within the meaning of section 958 of the Code).
In addition, certain of our directors and officers reside outside the United States, and all or a substantial portion of our assets are located in jurisdictions outside the United States.
In addition, certain of our directors and officers reside outside the U.S., and all or a substantial portion of our assets are located in jurisdictions outside the U.S.
In response to, and in alignment with, the GloBE Rules, the government of Bermuda enacted the Corporate Income Tax Act 2023 (the “Bermuda CIT”) on December 27, 2023. The Bermuda CIT generally will impose a 15% income tax on certain Bermudian entities that are part of large multinational groups effective from January 1, 2025.
In response to, and in alignment with, the GloBE Rules, the government of Bermuda enacted the CIT Act on December 27, 2023. The Bermuda CIT generally imposes a 15% corporate income tax on certain Bermudian entities that are part of large multinational groups effective from January 1, 2025. Several of our entities are in scope of the Bermuda CIT.
TP GP, Third Point LLC and their respective affiliates may engage in other business ventures and investment opportunities that may not be allocated equitably among us and such other business ventures.
Third Point Advisors LLC (“TP GP”), Third Point LLC and their respective affiliates may engage in other business ventures and investment opportunities that may not be allocated equitably among us and such other business ventures.
Our estimates and judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed, as new or improved methodologies are developed, as loss trends and claims inflation impact future payments, or as current laws or interpretations thereof change.
Our estimates and judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed, as new or improved methodologies are developed, as loss trends and claims inflation evolve, or as applicable laws or interpretations change.
In addition, insurance companies that merge may be able to spread their risks across a consolidated, larger capital base so that they require less reinsurance. Reinsurance intermediaries could also continue to consolidate, which may adversely affect our ability to access business and distribute our products. We could also experience more robust competition from larger, better capitalized competitors.
In addition, insurance companies that merge may be able to spread their risks across a consolidated, larger capital base so that they require less reinsurance. Reinsurance intermediaries could also continue to consolidate, which may adversely affect our ability to access business and distribute our products.
Certain jurisdictions do not permit insurance companies to take statutory credit for reinsurance obtained from unlicensed or non-admitted insurers unless appropriate security measures are implemented. Consequently, certain clients require us to obtain a letter of credit or provide other collateral through funds withheld or trust arrangements.
Certain jurisdictions do not permit insurance companies to take statutory credit for reinsurance obtained from unlicensed or non-admitted insurers unless appropriate security measures are in place. Consequently, certain clients require us to obtain letters of credit or to provide other forms of collateral, including funds withheld or trust arrangements.
In our financial forecasting process, we make assumptions about the renewal of certain prior year’s contracts. The insurance and reinsurance industries have historically been cyclical businesses with periods of intense competition, often based on price.
Many of our contracts are written for a one-year term. In our financial forecasting process, we make assumptions about the renewal of certain prior year’s contracts. The insurance and reinsurance industries have historically been cyclical businesses with periods of intense competition, often based on price.
As a result of the concentration of ownership, CM Bermuda, the Loeb Entities and BlackRock, Inc. could exercise influence over matters requiring shareholder approval, including approval of significant corporate transactions, which may reduce the market price of our common shares.
As a result of the concentration of ownership, The Vanguard Group, Inc., the Loeb Entities, Wellington Management Company, LLP and BlackRock, Inc. could exercise influence over matters requiring shareholder approval, including approval of significant corporate transactions, which may reduce the market price of our common shares.
Furthermore, it is possible that these non-claims legal proceedings could result in unexpected outcomes that may materially impact our business or operations. Recent or future U.S. federal or state legislation may impact the private markets and decrease the demand for our property insurance and reinsurance products, which would adversely affect our business and results of operations.
Furthermore, it is possible that these non-claims legal proceedings could result in unexpected outcomes that may materially impact our business or operations. Recent or future U.S. federal or state legislation may impact the private catastrophe risk markets and reduce the demand for our property insurance and reinsurance products.
In addition, issuer credit ratings are used by existing or potential investors to assess the likelihood of repayment on a particular debt issue. Accordingly, the maintenance of an investment grade credit rating (e.g., "BBB-" or better from S&P or Fitch) is important to our ability to raise new debt with acceptable terms.
In addition, issuer credit ratings are used by existing or potential investors to assess the likelihood of repayment on a particular debt issue. Similarly, maintaining investment grade credit rating (e.g., "BBB-" or better from S&P or Fitch) is important to our ability to access the capital markets on acceptable terms.
We are reliant on financial strength and credit ratings, and any downgrade or withdrawal of ratings and/or change in outlook may have a material adverse effect on our business, prospects, financial condition and results from operations. Third-party rating agencies assess and rate the financial strength, including claims-paying ability, of insurers and reinsurers.
We are reliant on financial strength and credit ratings, and any downgrade, withdrawal of ratings, or change in outlook may have a material adverse effect on our business, prospects, financial condition and results from operations. Independent rating agencies assess the financial strength and claims-paying ability of insurers and reinsurers based on criteria established by each agency.
If actual renewals do not meet expectations or if we choose not to write on a renewal basis because of pricing conditions, our premiums written in future years and our future operations would be materially adversely affected.
If actual renewals do not meet expectations, or if we choose not to renew certain contracts because of pricing conditions, our premiums written in future years and our future operations would be materially adversely affected.
This could lead to higher overall losses that we may not be able to recoup, particularly in the current economic and competitive environment, and in light of higher insurance and reinsurance costs.
This could lead to higher overall losses that we may not be able to recoup, especially in light of current economic conditions, competitive pressures, and rising insurance and reinsurance costs.
In the event of an acceleration of amounts due under our debt instruments as a result of an event of default, we may not have sufficient funds and may be unable to arrange for additional financing to repay our indebtedness, and the lenders could seek to enforce security interests in the collateral securing such indebtedness.
In the event of an acceleration of amounts due under our debt instruments as a result of an event of default, we may not have sufficient funds and may be unable to arrange for additional financing to repay our indebtedness, and the lenders could seek to enforce security interests in the collateral securing such indebtedness. 41 We may not have the liquidity or ability to raise the funds necessary to pay the principal or interest on our outstanding debt obligations.
Our foreign operations are also subject to legal, political and operational risks that may be greater than those present in the U.S. As a result, our operations at these foreign locations could be temporarily or permanently disrupted.
Significant changes in foreign exchange rates may adversely affect our results of operations and financial condition. Our foreign operations are also subject to legal, political and operational risks that may be greater than those present in the U.S. As a result, our operations at these foreign locations could be temporarily or permanently disrupted.
Third-party modeling software also does not provide information for all regions or 33 perils for which we write business. Catastrophe modeling is inherently uncertain due to process risk (the probability and magnitude of the underlying event) and parameter risk (the probability of making inaccurate model assumptions).
Third-party modeling software also does not capture all regions or perils for which we write business. In addition, catastrophe models are inherently uncertain due to process risk — the probability and magnitude of the underlying event — and parameter risk — the probability that model assumptions are inaccurate.
If any such agents exceed their authority, engage in fraudulent activities or otherwise fail to comply with applicable laws when conducting business on our behalf, our financial condition and results of operations could be materially adversely affected.
In addition, if any such agents exceed their delegated authority, engage in fraudulent or improper conduct, or otherwise fail to comply with applicable legal or regulatory requirements while conducting business on our behalf, our financial condition and results of operations could be materially adversely affected.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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On a quarterly basis, the Board and the Risk Capital 58 Management Committee discuss the Company’s approach to overseeing cybersecurity threats with the Company’s Chief Information Security Officer (“CISO”) and other members of senior management.
On a quarterly basis, the Board and the Risk Capital Management Committee discuss the Company’s approach to overseeing cybersecurity threats with the Company’s Chief Information Security Officer (“CISO”) and other members of senior management.
Management is responsible for the day-to-day administration of the Company’s risk management program and its cybersecurity policies, processes, and practices. The Company’s cybersecurity policies, standards, processes, and practices 57 are based on the framework established by the National Institute of Standards and Technology, and are integrated into the Company’s overall risk management system and processes.
Management is responsible for the day-to-day administration of the Company’s risk management program and its cybersecurity policies, processes, and practices. The Company’s cybersecurity policies, standards, processes, and practices are based on the framework established by the National Institute of Standards and Technology Cybersecurity Framework (CSF) and are integrated into the Company’s overall risk management system and processes.
The Company conducts periodic tabletop exercises to test these plans and ensure personnel are familiar with their roles in a response scenario. • Third-Party Risk Management: The Company maintains a risk-based approach to identifying and overseeing material cybersecurity threats presented by third parties, including our MGA and TPA partners, that could adversely impact our business in the event of a material cybersecurity incident affecting those third-party systems. • Education and Awareness: The Company conducts regular, mandatory training and simulated phishing campaigns for all levels of employees regarding cybersecurity threats as a means to equip the Company’s employees with effective tools to address cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes, and practices.
The Company conducts periodic tabletop exercises to test these plans and ensure personnel are familiar with their roles in a response scenario. 56 • Third-Party Risk Management: The Company maintains a risk-based approach to identifying and overseeing material cybersecurity threats presented by third parties that could adversely impact our business in the event of a material cybersecurity incident affecting those third-party systems. • Education and Awareness: The Company conducts regular, mandatory training and simulated phishing campaigns for all levels of employees regarding cybersecurity threats as a means to equip the Company’s employees with effective tools to address cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes, and practices.
The Company’s program is comprised of internal resources and external security consultants to provide guidance, oversight and support. • Technical Safeguards: The Company implements technical safeguards through a layered security approach and third-party platforms that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, data loss prevention and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence, as well as outside audits and certifications. • Incident Response and Recovery Planning: The Company’s program includes controls and procedures to properly identify, classify and escalate certain cybersecurity incidents to provide management visibility and obtain direction from management as to the public disclosure and reporting of material incidents in a timely manner.
The Company’s program is comprised of internal resources and external security consultants to provide guidance, oversight and support. • Technical Safeguards: The Company implements technical safeguards through a layered security approach and third-party platforms that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, data loss prevention and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence, as well as outside audits and certifications. • Incident Response and Recovery Planning: The Company’s program includes controls and procedures to properly identify, classify and escalate certain cybersecurity incidents to provide management visibility, as well as to assess the requirement to disclose and report material incidents in a timely manner.
Item 1C. Cybersecurity The Company is subject to several cybersecurity and data privacy laws and regulations promulgated by the BMA, NYDFS, E.U. and U.K. The Company’s risk management program is designed to comply with these laws and regulations. The Board is responsible for overseeing the Company’s risk management program and cybersecurity is a critical element of this program.
Item 1C. Cybersecurity The Company is subject to several cybersecurity and data privacy laws and regulations promulgated by the BMA, NYDFS, FCA, PRA, and SFSA. The Company’s risk management program is designed to support compliance with these laws and regulations. The Board is responsible for overseeing the Company’s risk management program and cybersecurity is a critical element of this program.
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A cyber red team exercise is a simulated attack on an organization's computer systems and network, conducted by a team of security professionals who play the role of attackers (“the red team”). The goal of the red team is to find and exploit vulnerabilities in the organization's defenses like real attackers would.
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This helps the organization to identify and fix weaknesses in their security before they can be exploited by real attackers. A tabletop exercise is a discussion-based simulation where participants walk through a hypothetical scenario, typically related to an emergency or crisis, focused on preparedness and response.

Item 2. Properties

Properties — owned and leased real estate

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Item 2. Properties The Company leases office space in Pembroke, Bermuda where the Company’s principal executive office is located. Additionally, the Company leases office space throughout the United States, Canada, United Kingdom and Europe. We renew and enter into new leases in the ordinary course of business.
Item 2. Properties The Company leases office space in Pembroke, Bermuda where the Company’s principal executive office is located. Additionally, the Company leases office space throughout the United States, United Kingdom and Europe. We renew and enter into new leases in the ordinary course of business.
We believe that our office space is sufficient for us to conduct our operations for the foreseeable future. For further discussion of our leasing commitments at December 31, 2024, refer to Note 21 “Commitments and contingencies” in our audited consolidated financial statements included elsewhere in this Annual Report.
We believe that our office space is sufficient for us to conduct our operations for the foreseeable future. For further discussion of our leasing commitments at December 31, 2025, refer to Note 21 “Commitments and contingencies” in our audited consolidated financial statements included elsewhere in this Annual Report. 57

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations. Item 4. Mine Safety Disclosures Not applicable. 59 PART II
The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations. Item 4. Mine Safety Disclosures Not applicable. 58 PART II

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Item 4. Mine Safety Disclosures 59 PART II 60 Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 60 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 87
Item 4. Mine Safety Disclosures 58 PART II 59 Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 59 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 84

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Performance The following graph compares the cumulative total shareholder return on our common shares as compared to the cumulative total return of (1) S&P 500 Composite Stock Index (“S&P 500”) and (2) the Dow Jones Property & Casualty Insurance Index (“Dow Jones P&C”) for the five year period commencing December 31, 2018 through to December 31, 2024.
Performance The following graph compares the cumulative total shareholder return on our common shares as compared to the cumulative total return of (1) S&P 500 Composite Stock Index (“S&P 500”) and (2) the Dow Jones Property & Casualty Insurance Index (“Dow Jones P&C”) for the five year period commencing December 31, 2020 through to December 31, 2025.
The above graph assumes that the value of the investment was $100 on December 31, 2019. 2.
The above graph assumes that the value of the investment was $100 on December 31, 2020. 2.
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Market Information Our common shares are listed on the NYSE under the symbol “SPNT”. On February 18, 2025, the latest practicable date, there were 278 holders of record of our common shares.
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Market Information Our common shares are listed on the NYSE under the symbol “SPNT”. On February 19, 2026, the latest practicable date, there were 257 holders of record of our common shares.
For further details, see Note 3 “Significant transactions” in our audited consolidated financial statements included elsewhere in this Annual Report. 60 During the year ended December 31, 2023 the Company did not repurchase any of its common shares.
For further details on the repurchase from CM Bermuda, see Note 3 “Significant transactions” in our audited consolidated financial statements included elsewhere in this Annual Report. During the year ended December 31, 2023, the Company did not repurchase any of its common shares. Common shares repurchased by the Company during the period were retired.
Issuer Purchases of Equity Securities During the year ended December 31, 2024, the Company repurchased 54,798,437 of its common shares from CM Bermuda for $776.5 million, including $483.0 million to be paid at the closing of the transaction on or before February 28, 2025.
During the year ended December 31, 2024 the Company repurchased 54,798,437 of its common shares from CM Bermuda for $776.5 million, including $483.0 million paid at the closing of the transaction on February 27, 2025. The share repurchase was accounted for during the year ended December 31, 2024 in 59 accordance with U.S. GAAP.
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December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 t SPNT $ 100.00 $ 90.49 $ 77.28 $ 56.08 $ 110.27 $ 155.80 ■S&P 500 $ 100.00 $ 116.26 $ 147.52 $ 118.84 $ 147.64 $ 182.05 p Dow Jones P&C $ 100.00 $ 100.95 $ 120.18 $ 135.90 $ 151.99 $ 199.76 1.
Added
December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 t SPNT $ 100.00 $ 85.40 $ 61.97 $ 121.85 $ 172.16 $ 229.94 ■S&P 500 $ 100.00 $ 126.89 $ 102.22 $ 126.99 $ 156.59 $ 182.25 p Dow Jones P&C $ 100.00 $ 119.04 $ 134.62 $ 150.56 $ 197.87 $ 213.27 1.
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During the year ended December 31, 2022, the Company repurchased 695,047 of its common shares in the open market for $5.0 million at a weighted average cost, including commissions, of $7.17 per share. Common shares repurchased by the Company during the period were retired.
Added
Issuer Purchases of Equity Securities During the year ended December 31, 2025, the Company repurchased 500,000 of its common shares from Daniel S. Loeb at the public offering price of $14.00 per share.
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On July 31, 2024, the Company’s Board of Directors authorized the Company to repurchase up to an additional $250.0 million of the Company’s common shares, which, together with the amount remaining available under the share repurchase programs previously authorized on May 4, 2016 and February 28, 2018, will allow the Company to repurchase up to $306.3 million of its common shares in the aggregate.
Added
As of December 31, 2025, after including the repurchase during the year ended December 31, 2025 stated above, a maximum value of approximately $174.3 million of common shares may yet be purchased under the share repurchase programs previously authorized on May 4, 2016, February 28, 2018 and July 31, 2024. The share repurchase program does not have an expiration date.
Removed
The share repurchase program does not have an expiration date. On December 18, 2024, the Company’s Board of Directors authorized an additional share repurchase from CM Bermuda under the CMIG Securities Purchase Agreement. As of December 31, 2024 the Company was au thorized to repurchase up to an aggregate of $181.3 million of outstanding common shares under its repurchase program.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Core Results Collectively, the sum of the Company's two segments, Reinsurance and Insurance & Services, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures.
Core Results Collectively, the sum of the Company's two segments, Insurance & Services and Reinsurance, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures.
Claim payments can also be required several months or years after premiums are collected. In addition, as discussed above, SiriusPoint has access to the $400.0 million Facility that provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes.
Claim payments can also be required several months or years after premiums are collected. In addition, as discussed above, SiriusPoint has access to the $400.0 million Facility that provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements.
The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument.
The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument.
Where appropriate to utilize equity method, the Company recognizes its share of the investees’ income in net realized and unrealized investment losses.
Where appropriate to utilize the equity method, the Company recognizes its share of the investees’ income in net realized and unrealized investment losses.
Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and loss adjustment expenses, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings.
Generally, regulatory 74 authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and loss adjustment expenses, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings.
With few exceptions, we are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2020. Change in Tax Laws or Rates In December 2021, the OECD published two global anti-base erosion model rules under Pillar Two (the “GloBE Rules”), which implement a 15% global minimum tax applicable for multinational groups.
With few exceptions, we are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2021. Change in Tax Laws or Rates In December 2021, the OECD published two global anti-base erosion model rules under Pillar Two (the “GloBE Rules”), which implement a 15% global minimum tax applicable for multinational groups.
The determination of premium estimates requires a review of the Company's experience with the ceding companies and MGAs, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the 82 impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company.
The determination of premium estimates requires a review of the Company's experience with the ceding companies and MGAs, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company.
See Note 2 “Significant accounting policies” in our audited consolidated financial statements for additional information on premium revenue recognition. Changes in premium estimates are expected and may result in adjustments in any reporting period. These estimates change over time as additional information regarding the underlying business volume is obtained.
See Note 2 “Significant accounting policies” in our audited consolidated financial statements for additional information on premium revenue recognition. 79 Changes in premium estimates are expected and may result in adjustments in any reporting period. These estimates change over time as additional information regarding the underlying business volume is obtained.
Such measures, including Underlying income, Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio, attritional loss ratio and tangible book value per diluted common share, are referred to as non-GAAP financial measures. These non-GAAP financial measures may be defined or calculated differently by other companies.
Such measures, including Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio, attritional loss ratio and tangible book value per diluted common share, are referred to as non-GAAP financial measures. These non-GAAP financial measures may be defined or calculated differently by other companies.
Cash flows from operations may differ substantially from net income (loss) and may be volatile from period to period depending on the underwriting opportunities available to us and other factors. Due to the nature of our underwriting portfolio, claim payments can be unpredictable and may need to be made within relatively short periods of time.
Cash flows from operations may differ substantially from net income and may be volatile from period to period depending on the underwriting opportunities available to us and other factors. Due to the nature of our underwriting portfolio, claim payments can be unpredictable and may need to be made within relatively short periods of time.
Changes in premium estimates may not result in a direct impact to net income or shareholders’ equity since changes in premium estimates do not necessarily impact the amount of net premiums earned at the time of the premium estimate change and would generally be offset by proportional changes in acquisition costs and net loss and loss adjustment expenses.
Changes in premium estimates may not result in a direct impact to net income or shareholders’ equity since changes in premium estimates do not necessarily impact the amount of net earned premium at the time of the premium estimate change and would generally be offset by proportional changes in acquisition costs and net loss and loss adjustment expenses.
The simulation relies on a significant number of assumptions, such as variation 85 in historical loss development patterns and industry losses for major events, potential mis-estimation of the initial expected loss ratios during the pricing process, and unanticipated inflation.
The simulation relies on a significant number of assumptions, such as variation in historical loss development patterns and industry losses for major events, potential mis-estimation of the initial expected loss ratios during the pricing process, and unanticipated inflation.
Its cash needs primarily consist of the payment of corporate expenses, interest payments on senior and subordinated notes, strategic investment opportunities and dividends to preference shareholders. SiriusPoint may also require cash to fund share repurchases.
Its cash needs primarily consist of the payment of corporate expenses, interest payments on senior and subordinated notes, investment opportunities and dividends to preference shareholders. SiriusPoint may also require cash to fund share repurchases.
We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
We believe it is useful to review Core results as it better reflects how management views the business and reflects our 73 decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Our underwriters and pricing actuaries devote considerable effort to understanding and analyzing a ceding company or MGA’s operations and loss history during the underwriting of the business, using a combination of client and industry statistics.
Our underwriters and pricing actuaries devote considerable effort to understanding and analyzing a ceding company or MGA’s operations and loss history during the 80 underwriting of the business, using a combination of client and industry statistics.
As of December 31, 2024 the carrying value of the 2024 Senior Notes was $394.8 million and reflected as debt in the consolidated balance sheets. 2017 SEK Subordinated Notes On September 22, 2017, we issued floating rate callable subordinated notes denominated in SEK in the amount of SEK 2,750.0 million (or $346.1 million on date of issuance) at a 100% issue price ("2017 SEK Subordinated Notes").
As of December 31, 2025 the carrying value of the 2024 Senior Notes was $396.0 million and reflected as debt in the consolidated balance sheets (December 31, 2024 - $394.8 million). 2017 SEK Subordinated Notes On September 22, 2017, we issued floating rate callable subordinated notes denominated in SEK in the amount of SEK 2,750.0 million (or $346.1 million on date of issuance) at a 100% issue price ("2017 SEK Subordinated Notes").
Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists, under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of December 31, 2024.
Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists, under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of December 31, 2025.
This portion of the collateral is included in debt securities in the consolidated balance sheets and is disclosed as part of restricted investments.
This portion of the collateral is included in debt securities in the consolidated balance sheets and is 77 disclosed as part of restricted investments.
Segment Results — Years ended December 31, 2024 and 2023 The determination of our reportable segments is based on the manner in which management monitors the performance of our operations. We classify our business into two reportable segments - Reinsurance and Insurance & Services. Collectively, the sum of these two segments constitutes “Core” results.
Segment Results — Years ended December 31, 2025 and 2024 The determination of our reportable segments is based on the manner in which management monitors the performance of our operations. We classify our business into two reportable segments - Insurance & Services and Reinsurance. Collectively, the sum of these two segments constitutes “Core” results.
Our debt and equity instruments as of December 31, 2024 and 2023 are summarized below. 78 2024 Senior Notes On April 5, 2024, we issued $400.0 million aggregate principal amount of registered 7.0% Senior Notes due 2029 (the “2024 Senior Notes”) at an issue price of 99.6% for net proceeds of $393.9 million after taking into effect both deferrable and non-deferrable issuance costs.
Our debt and equity instruments as of December 31, 2025 and 2024 are summarized below. 2024 Senior Notes On April 5, 2024, we issued $400.0 million aggregate principal amount of registered 7.0% Senior Notes due 2029 (the “2024 Senior Notes”) at an issue price of 99.6% for net proceeds of $393.9 million after taking into effect both deferrable and non-deferrable issuance costs.
As of December 31, 2024 , the carrying value of the Series B preference shares was $200.0 million and reflected in shareholders’ equity attributable to SiriusPoint shareholders in the consolidated balance sheets. During the year ended December 31, 2024 , the Company declared and paid dividends of $16.0 million to the Series B preference shareholders.
As of December 31, 2025 , the carrying value of the Series B preference shares was $200.0 million and reflected in shareholders’ equity attributable to SiriusPoint shareholders in the consolidated balance sheets. During the year ended December 31, 2025 , the Company declared and paid dividends of $16.0 million to the Series B preference shareholders.
You should read this discussion in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“Annual Report”).
You should read this discussion in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Annual Report”).
Our fiscal year ends December 31 and, unless otherwise noted, references to years are for fiscal years ended December 31. For discussion of our results of operations and changes in financial condition for the year ended December 31, 2023 compared to the year ended December 31, 2022 refer to Part II, Item 7.
Our fiscal year ends December 31 and, unless otherwise noted, references to years are for fiscal years ended December 31. For discussion of our results of operations and changes in financial condition for the year ended December 31, 2024 compared to the year ended December 31, 2023 refer to Part II, Item 7.
These are fixed income investments which are included in debt securities in the table above. 67 Refer to Note 7 “Investments” in our audited consolidated financial statements included elsewhere in this Annual Report for further discussion of these securities.
These are fixed income investments which are included in debt securities in the table above. 65 Refer to Note 7 “Investments” in our audited consolidated financial statements included elsewhere in this Annual Report for further discussion of these securities.
The 2024 Facility also includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the 2024 Facility maturity date.
The Facility includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the Facility maturity date.
See Note 14 “Debt and letter of credit facilities” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the 2024 Senior Notes, 2017 SEK Subordinated Notes, 2016 Senior Notes, and 2015 Senior Notes.
See Note 14 “Debt and letter of credit facilities” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the 2024 Senior Notes and 2017 SEK Subordinated Notes.
Investing Activities Cash flows provided by investing activities for the year ended December 31, 2024 are driven by higher proceeds from sales and maturities of debt securities compared to purchases during the period, primarily to fund financing activities.
Cash flows provided by investing activities for the year ended December 31, 2024 were driven by higher proceeds from sales and maturities of debt securities compared to purchases during the period, primarily to fund financing activities.
The timing of claim payments is subject to significant uncertainty. SiriusPoint maintains a portfolio of marketable investments with varying maturities and a substantial amount of short-term investments to provide adequate liquidity for the payment of claims. We have not taken into account corresponding reinsurance recoverable amounts that would be due to us.
The timing of claim payments is subject to significant uncertainty. We maintain a portfolio of marketable investments with varying maturities and a substantial amount of short-term investments to provide adequate liquidity for the payment of claims. We have not taken into account corresponding reinsurance recoverable amounts that would be due to us.
We are a global underwriter of insurance and reinsurance, domiciled in Bermuda. We have licenses to write property, casualty and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden.
We have licenses to write property, casualty and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden.
Net Corporate and Other Expenses Net corporate and other expenses include services expenses, costs associated with operating as a publicly-traded company, non-underwriting activities, including service fee expenses from our MGA subsidiaries, restructuring charges, and current expected credit losses (“CECL”) from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.
Net Corporate and Other Expenses Net corporate and other expenses include costs associated with operating as a publicly-traded company and non-underwriting activities, including service fee expenses from our MGA subsidiaries and current expected credit losses (“CECL”) from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.
Consistent with accounting guidance, the Company will treat the global minimum tax as an in-period tax charge when incurred in future periods for which no deferred taxes need to be provided. No provision for top-up tax was recorded as of December 31, 2024.
Consistent with accounting 83 guidance, the Company will treat the global minimum tax as an in-period tax charge when incurred in future periods for which no deferred taxes need to be provided. No provision for top-up tax was recorded as of December 31, 2025.
This includes changes in the value of available-for-sale investments held in foreign currencies which are reflected as an increase or decrease to shareholder’s equity and are not included net income. See Note 8 “Total net investment income and net realized and unrealized investment gains (losses)” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.
This includes changes in the value of available-for-sale investments held in foreign currencies which are reflected as an increase or decrease to shareholder’s equity and are not included net income. See Note 8 “Total net investment income and net realized and unrealized investment losses” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.
The average credit rating of our investment portfolio is “AA-” as of December 31, 2024 (December 31, 2023 - “AA”) with no defaults in the investment portfolio. The following table provides a breakdown of structured products between investment and non-investment grade securities as of December 31, 2024 and 2023.
The average credit rating of our investment portfolio is “AA-” as of December 31, 2025 (December 31, 2024 - “AA-”) with no defaults in the investment portfolio. The following table provides a breakdown of structured products between investment and non-investment grade securities as of December 31, 2025 and 2024.
As of December 31, 2024, we have equity stakes in 20 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes.
As of December 31, 2025, we have equity stakes in 18 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes.
We believe the dividend/distribution capacity of SiriusPoint’s subsidiaries, which was approximately $712.7 million as of December 31, 2024, will provide SiriusPoint with sufficient liquidity for the foreseeable future. During the year ended December 31, 2024, SiriusPoint declared and paid dividends of $16.0 million to the Series B preference shareholders (2023 - $16.0 million).
We believe the dividend/distribution capacity of SiriusPoint’s subsidiaries, which was approximately $694.7 million as of December 31, 2025, will provide SiriusPoint with sufficient liquidity for the foreseeable future. During the year ended December 31, 2025, SiriusPoint declared and paid dividends of $16.0 million to the Series B preference shareholders (2024 - $16.0 million).
The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer’s business. The Company’s 2023 filed BSCR ratio was 255%.
The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer’s business. The Company’s 2024 filed BSCR ratio was 228%.
If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement. As of December 31, 2024, the total reserve for unrecognized tax benefits of $0.9 million.
If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement. As of December 31, 2025, the total reserve for unrecognized tax benefits of $0.2 million.
As of December 31, 2024, total cash and cash equivalents and debt securities with a fair value of $1.3 billion were pledged as collateral against the letters of credit issued.
As of December 31, 2025, total cash and cash equivalents and debt securities with a fair value of $1.1 billion were pledged as collateral against the letters of credit issued.
See Note 22 “Statutory requirements” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information. For the year ended December 31, 2024, SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), the immediate wholly-owned subsidiary of SiriusPoint, declared dividends of $804.0 million (2023 - $101.2 million) to SiriusPoint.
See Note 22 “Statutory requirements” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information. For the year ended December 31, 2025, SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), the immediate wholly-owned subsidiary of SiriusPoint, declared dividends of $701.6 million (2024 - $804.0 million) to SiriusPoint.
The OECD guidance does not directly impact Bermuda CIT law or, in turn, the Company’s 70 existing Bermudian DTA. It is possible in the future that the Bermudian government could enact new tax provisions or issue new tax guidance in reaction to the OECD guidance, which could have financial statement effects to the Company.
The OECD guidance does not directly impact Bermuda CIT law or, in turn, our existing Bermudian DTA. It is possible in the future that the Bermudian government could enact new tax provisions or issue new tax guidance in reaction to the OECD guidance, which could have financial statement effects to us.
Further, the Company is currently completing its group BSCR for the year ended December 31, 2024, which must be filed with the BMA on or before May 31, 2025, and the estimated ratio is 223%.
Further, the Company is currently completing its group BSCR for the year ended December 31, 2025, which must be filed with the BMA on or before May 31, 2026, and the estimated ratio is 247%.
Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available.
Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available. 82 As of December 31, 2025, the Company’s strategic investments totaled $102.2 million .
Debt Covenants As of December 31, 2024, SiriusPoint was in compliance with all of the covenants under the 2024 Senior Notes and 2017 SEK Subordinated Notes. 79 Series A Preference Shares Pursuant to the CMIG Series A and Repurchase Agreement, the Company settled all Series A Preference Shares held by CM Bermuda during the year ended December 31, 2024.
Debt Covenants As of December 31, 2025, SiriusPoint was in compliance with all of the covenants under the 2024 Senior Notes and 2017 SEK Subordinated Notes. 76 Series A Preference Shares The Company settled all Series A Preference Shares held by CM Bermuda during the year ended December 31, 2024.
The following table details our prior year loss reserve development of liability for net unpaid claims and claim expenses for the years ended December 31, 2024 and 2023: 2024 2023 Unfavorable (favorable) development Unfavorable (favorable) development ($ in millions) Reinsurance $ (75.0) $ (140.8) Insurance & Services (25.7) (26.6) Corporate (7.2) (6.8) Total net favorable development $ (107.9) $ (174.2) 84 Loss and loss adjustment expense development - 2024 The $107.9 million net decrease in prior years’ reserves for the year ended December 31, 2024 was driven by: • $75.0 million of net favorable prior year reserve development in the Reinsurance segment primarily driven by favorable development in Property and Specialty, mainly from reserve releases relating to prior year’s catastrophe events; • $25.7 million of net favorable prior year reserve development in the Insurance & Services segment mainly in A&H due to lower than expected reported attritional losses; and • $7.2 million of net favorable prior year reserve development in Corporate mainly due to lower than expected reported attritional losses.
The following table details our prior year loss reserve development of liability for net unpaid claims and claim expenses for the years ended December 31, 2025 and 2024 : 2025 2024 Unfavorable (favorable) development Unfavorable (favorable) development ($ in millions) Insurance & Services $ (32.1) $ (25.7) Reinsurance (40.1) (75.0) Corporate (1.6) (7.2) Total net favorable development $ (73.8) $ (107.9) Loss and loss adjustment expense development - 2025 The $73.8 million net decrease in prior years’ reserves for the year ended December 31, 2025 was driven by: • $32.1 million of net favorable prior year reserve development in the Insurance & Services segment mainly in A&H due to lower than expected reported attritional losses; • $40.1 million of net favorable prior year reserve development in the Reinsurance segment primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events; and • $1.6 million of net favorable prior year reserve development in Corporate based on the observed loss experience within Corporate during the year.
Corporate results include all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 (the “Restructuring Plan”) and certain reinsurance contracts that have interest crediting features.
Corporate results include all runoff business, which represents certain classes of business and products that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 (the “Restructuring Plan”).
(3) We have estimated balances based on the projected payout pattern of the underlying subject business ceded to our counterparties with funds held provisions. (4) See Note 21 to our audited consolidated financial statements included elsewhere in this Annual Report for detailed information on our leases.
(3) We have estimated balances based on the projected payout pattern of the underlying subject business ceded to our counterparties with funds held provisions. (4) See Note 21 to our audited consolidated financial statements included elsewhere in this Annual Report for detailed information on our leases. (5) We have future binding commitments to fund certain other long-term investments.
Financing Activities Cash flows used in financing activities for the year ended December 31, 2024 primarily consisted of a $517.9 million payment for the redemption of debt, a $299.7 million payment for share repurchases, $99.2 million related to the settlement of the Series A Preference shares and Merger Warrants, and $94.4 million for net payments deposit liability contracts, partially offset by $393.9 million of proceeds from the issuance of debt and $18.4 million of proceeds from the exercise of options.
Cash flows used in financing activities for the year ended December 31, 2024 primarily consisted of a $517.9 million payment for the redemption of debt, a $299.7 million payment for share repurchases, $99.2 million related to the settlement of the Series A Preference shares and Merger Warrants, and $94.4 million for net payments deposit liability contracts, partially offset by $393.9 million of proceeds from the issuance of debt and $18.4 million of proceeds from the exercise of options. 78 Financial Condition As of December 31, 2025, total shareholders’ equity was $2,470.9 million compared to $1,938.8 million as of December 31, 2024.
The following tables set forth the operating segment results, and the year over year changes, for the years ended December 31, 2024 and 2023: 2024 Reinsurance Insurance & Services Core Eliminations (2) Corporate Segment Measure Reclass Total ($ in millions) Gross premiums written $ 1,335.6 $ 1,840.8 $ 3,176.4 $ — $ 68.2 $ — $ 3,244.6 Net premiums written 1,104.7 1,236.2 2,340.9 — 11.2 — 2,352.1 Net premiums earned 1,045.1 1,154.0 2,199.1 — 144.4 — 2,343.5 Loss and loss adjustment expenses incurred, net 554.3 714.1 1,268.4 (5.5) 105.6 — 1,368.5 Acquisition costs, net 279.9 284.7 564.6 (121.4) 73.7 — 516.9 Other underwriting expenses 86.1 80.0 166.1 — 15.6 — 181.7 Underwriting income (loss) 124.8 75.2 200.0 126.9 (50.5) — 276.4 Services revenues — 222.9 222.9 (132.8) — (90.1) — Services expenses — 176.2 176.2 — — (176.2) — Net services fee income — 46.7 46.7 (132.8) — 86.1 — Services noncontrolling income — (2.1) (2.1) — — 2.1 — Net services income — 44.6 44.6 (132.8) — 88.2 — Segment income (loss) $ 124.8 $ 119.8 $ 244.6 $ (5.9) $ (50.5) $ 88.2 $ 276.4 Attritional losses $ 579.8 $ 734.5 $ 1,314.3 $ (5.5) $ 112.8 $ — $ 1,421.6 Catastrophe losses 49.5 5.3 54.8 — — — 54.8 Prior year loss reserve development (75.0) (25.7) (100.7) — (7.2) — (107.9) Loss and loss adjustment expenses incurred, net $ 554.3 $ 714.1 $ 1,268.4 $ (5.5) $ 105.6 $ — $ 1,368.5 Underwriting Ratios: (1) Attritional loss ratio 55.5 % 63.6 % 59.8 % 60.7 % Catastrophe loss ratio 4.7 % 0.5 % 2.5 % 2.3 % Prior year loss development ratio (7.2) % (2.2) % (4.6) % (4.6) % Loss ratio 53.0 % 61.9 % 57.7 % 58.4 % Acquisition cost ratio 26.8 % 24.7 % 25.7 % 22.1 % Other underwriting expenses ratio 8.2 % 6.9 % 7.6 % 7.8 % Combined ratio 88.0 % 93.5 % 91.0 % 88.3 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. 69 2024 Insurance & Services Reinsurance Core Eliminations (2) Corporate Segment Measure Reclass Total ($ in millions) Gross written premium $ 1,840.8 $ 1,335.6 $ 3,176.4 $ — $ 68.2 $ — $ 3,244.6 Net written premium 1,236.2 1,104.7 2,340.9 — 11.2 — 2,352.1 Net earned premium 1,154.0 1,045.1 2,199.1 — 144.4 — 2,343.5 Loss and loss adjustment expenses incurred, net 714.1 554.3 1,268.4 (5.5) 105.6 — 1,368.5 Acquisition costs, net 284.7 279.9 564.6 (121.4) 73.7 — 516.9 Other underwriting expenses 80.0 86.1 166.1 — 15.6 — 181.7 Underwriting income (loss) 75.2 124.8 200.0 126.9 (50.5) — 276.4 Services revenues 222.9 — 222.9 (132.8) — (90.1) — Services expenses 176.2 — 176.2 — — (176.2) — Net services fee income 46.7 — 46.7 (132.8) — 86.1 — Services noncontrolling income (2.1) — (2.1) — — 2.1 — Net services income 44.6 — 44.6 (132.8) — 88.2 — Segment income (loss) $ 119.8 $ 124.8 $ 244.6 $ (5.9) $ (50.5) $ 88.2 $ 276.4 Attritional losses $ 734.5 $ 579.8 $ 1,314.3 $ (5.5) $ 112.8 $ — $ 1,421.6 Catastrophe losses 5.3 49.5 54.8 — — — 54.8 Prior year loss reserve development (25.7) (75.0) (100.7) — (7.2) — (107.9) Loss and loss adjustment expenses incurred, net $ 714.1 $ 554.3 $ 1,268.4 $ (5.5) $ 105.6 $ — $ 1,368.5 Underwriting Ratios: (1) Attritional loss ratio 63.6 % 55.5 % 59.8 % 60.7 % Catastrophe loss ratio 0.5 % 4.7 % 2.5 % 2.3 % Prior year loss development ratio (2.2) % (7.2) % (4.6) % (4.6) % Loss ratio 61.9 % 53.0 % 57.7 % 58.4 % Acquisition cost ratio 24.7 % 26.8 % 25.7 % 22.1 % Other underwriting expenses ratio 6.9 % 8.2 % 7.6 % 7.8 % Combined ratio 93.5 % 88.0 % 91.0 % 88.3 % (1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
For the year ended December 31, 2024, net services fee income decreased to $46.7 million from $49.7 million for the year ended December 31, 2023 also driven by the deconsolidation of Arcadian, partially offset by higher fee income from IMG.
For the year ended December 31, 2025, net services fee income decreased to $41.8 million from $46.7 million for the year ended December 31, 2024 also driven by the deconsolidation of Arcadian and Armada, partially offset by higher fee income from IMG.
Operating, investing and financing cash flows for the years ended December 31, 2024 and 2023 were as follows: 2024 2023 ($ in millions) Net cash provided by operating activities $ 74.7 $ 581.3 Net cash provided by (used in) investing activities 343.6 (332.2) Net cash used in financing activities (625.0) (61.5) Net increase (decrease) in cash, cash equivalents and restricted cash (206.7) 187.6 Cash, cash equivalents and restricted cash at beginning of year 1,101.3 913.7 Cash, cash equivalents and restricted cash at end of year $ 894.6 $ 1,101.3 Operating Activities Cash flows provided by operating activities can fluctuate due to timing differences between the collection of premiums and reinsurance recoverables and the payment of losses and loss expenses, and the payment of premiums to reinsurers.
Operating, investing and financing cash flows for the years ended December 31, 2025 and 2024 were as follows: 2025 2024 ($ in millions) Net cash provided by operating activities $ 102.4 $ 74.7 Net cash provided by investing activities 424.2 343.6 Net cash used in financing activities (518.8) (625.0) Net increase (decrease) in cash, cash equivalents and restricted cash 7.8 (206.7) Cash, cash equivalents and restricted cash at beginning of year 894.6 1,101.3 Cash, cash equivalents and restricted cash at end of year $ 902.4 $ 894.6 Operating Activities Cash flows provided by operating activities can fluctuate due to timing differences between the collection of premiums and reinsurance recoverable and the payment of losses and loss expenses, and the payment of premiums to reinsurers.
Subject to customary conditions precedent upon any Company borrowing request, the 2024 Facility provides access to loans for working capital and general corporate purposes, as well as letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and also for general corporate purposes. As of December 31, 2024, there were no outstanding borrowings under the 2024 Facility.
Subject to customary conditions precedent upon any borrowing request, the Facility provides access to loans for working capital and general corporate purposes, as well as letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes.
The following table summarizes premium estimates and related commissions and expenses by segment as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Premium Estimates Commission Estimate Amount Included in Insurance and Reinsurance Balances Receivable, Net Premium Estimates Commission Estimate Amount Included in Insurance and Reinsurance Balances Receivable, Net ($ in millions) Reinsurance $ 861.0 $ (190.3) $ 670.7 $ 923.4 $ (215.1) $ 708.3 Insurance & Services 672.5 (169.0) 503.5 619.2 (104.4) 514.8 Corporate 153.8 (104.6) 49.2 9.8 (4.7) 5.1 Total $ 1,687.3 $ (463.9) $ 1,223.4 $ 1,552.4 $ (324.2) $ 1,228.2 Risk Transfer Determining whether or not a reinsurance contract meets the condition for risk transfer requires judgment.
The following table summarizes premium estimates and related commissions and expenses by segment as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Premium Estimates Commission Estimate Amount Included in Insurance and Reinsurance Balances Receivable, Net Premium Estimates Commission Estimate Amount Included in Insurance and Reinsurance Balances Receivable, Net ($ in millions) Insurance & Services $ 712.1 $ (148.5) $ 563.6 $ 672.5 $ (169.0) $ 503.5 Reinsurance 1,104.4 (238.2) 866.2 861.0 (190.3) 670.7 Corporate 64.4 (1.3) 63.1 153.8 (104.6) 49.2 Total $ 1,880.9 $ (388.0) $ 1,492.9 $ 1,687.3 $ (463.9) $ 1,223.4 Risk Transfer Determining whether or not a reinsurance contract meets the condition for risk transfer requires judgment.
See Note 6 “Fair value measurements” to our audited consolidated financial statements for additional information on the framework for measuring fair value established by U.S.
See Note 6 “Fair value measurements” to our audited consolidated financial statements for additional information on the framework for measuring fair value established by U.S. GAAP disclosure requirements related to investments measured using NAV.
Consolidated Results of Operations — Years ended December 31, 2024 and 2023 The following table sets forth the key items discussed in the consolidated results of operations section, which includes the results from the Company’s reportable segments and Corporate, and the year over year changes, for the years ended December 31, 2024 and 2023: 2024 2023 Change ($ in millions) Total underwriting income $ 276.4 $ 375.9 $ (99.5) Net investment income and net realized and unrealized investment gains 224.6 272.7 (48.1) Other revenues 184.2 97.8 86.4 Loss on settlement and change in fair value of liability-classified capital instruments (148.5) (59.4) (89.1) Net corporate and other expenses (232.1) (258.2) 26.1 Intangible asset amortization (11.9) (11.1) (0.8) Interest expense (69.6) (64.1) (5.5) Foreign exchange gains (losses) 10.0 (34.9) 44.9 Income tax (expense) benefit (30.7) 45.0 (75.7) Net income $ 202.4 $ 363.7 $ (161.3) The key changes in our consolidated results for the year ended December 31, 2024 compared to the prior year are discussed below.
Consolidated Results of Operations — Years ended December 31, 2025 and 2024 The following table sets forth the key items discussed in the consolidated results of operations section, which includes the results from the Company’s reportable segments and Corporate, and the year over year changes, for the years ended December 31, 2025 and 2024: 2025 2024 Change ($ in millions) Total underwriting income $ 302.8 $ 276.4 $ 26.4 Net investment income and net realized and unrealized investment losses 271.9 224.6 47.3 Other revenues 339.4 184.2 155.2 Loss on settlement and change in fair value of liability-classified capital instruments — (148.5) 148.5 Net corporate and other expenses (257.0) (232.1) (24.9) Intangible asset amortization (10.9) (11.9) 1.0 Interest expense (79.7) (69.6) (10.1) Foreign exchange gains (losses) (25.2) 10.0 (35.2) Income tax expense (81.2) (30.7) (50.5) Net income $ 460.1 $ 202.4 $ 257.7 The key changes in our consolidated results for the year ended December 31, 2025 compared to the prior year are discussed below.
Our approach is to be nimble and reactive to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and consistent within our specified risk tolerances and areas of expertise.
Our approach is to be nimble and attuned to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and focused on our specified risk tolerances and areas of expertise. Distribution relationships are particularly important to us.
Core Underwriting Results We generated underwriting income of $200.0 million and a combined ratio of 91.0% for the year ended December 31, 2024 , compared to underwriting income of $250.2 million and a combined ratio of 89.1% for the year ended December 31, 2023.
Core Underwriting Results We generated underwriting income of $214.3 million and a combined ratio of 91.7% for the year ended December 31, 2025, compared to underwriting income of $200.0 million and a combined ratio of 91.0% for the year ended December 31, 2024.
Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.
Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, as well as services expenses which include direct expenses related to consolidated MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs.
The determination of risk transfer is critical to recognizing premiums written and is based, in part, on the use of actuarial pricing models and assumptions and evaluating contractual features that could impact the determination of whether a contract meets risk transfer.
The determination of risk transfer is critical to recognizing premiums written and is based, in part, on the use of actuarial pricing models and assumptions and evaluating contractual features that could impact the determination of whether a contract meets risk transfer. If we determine that a reinsurance contract does not transfer sufficient risk, we record under the deposit accounting method.
The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 ($ in millions, except share and per share amounts) Common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,737.4 $ 2,313.9 Intangible assets 140.8 152.7 Tangible common shareholders' equity attributable to SiriusPoint common shareholders $ 1,596.6 $ 2,161.2 Common shares outstanding 116,429,057 168,120,022 Effect of dilutive stock options, restricted share units and warrants 2,559,359 5,193,920 Book value per diluted common share denominator 118,988,416 173,313,942 Book value per common share $ 14.92 $ 13.76 Book value per diluted common share $ 14.60 $ 13.35 Tangible book value per diluted common share $ 13.42 $ 12.47 Liquidity and Capital Resources Liquidity Requirements Liquidity is a measure of a company’s ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations.
The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 ($ in millions, except share and per share amounts) Common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,269.8 $ 1,737.4 Intangible assets 121.2 140.8 Tangible common shareholders' equity attributable to SiriusPoint common shareholders $ 2,148.6 $ 1,596.6 Common shares outstanding 116,989,799 116,429,057 Effect of dilutive stock options, restricted share units and warrants 4,983,345 2,559,359 Book value per diluted common share denominator 121,973,144 118,988,416 Book value per common share $ 19.40 $ 14.92 Book value per diluted common share $ 18.61 $ 14.60 Tangible book value per diluted common share $ 17.62 $ 13.42 Liquidity and Capital Resources Liquidity Requirements Liquidity is a measure of a company’s ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations.
Foreign exchange (gains) losses exclude investment generated net realized and unrealized investment gains (losses) as addressed in Investment Results above. The foreign exchange gains of $10.0 million for the year ended December 31, 2024 were primarily due to the impact of certain foreign exchange exposures related to our underwriting activities, partially offset by the impact of our currency hedges.
The foreign exchange gains of $10.0 million for the year ended December 31, 2024 were primarily due to the impact of certain foreign exchange exposures related to our underwriting activities, partially offset by the impact of our currency hedges. Additional foreign currency gains (losses) were recorded as part of the investments results.
“Business” for additional information. 61 Products & Services Reinsurance Segment In our Reinsurance segment, we provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, we participate in the reinsurance market with a global focus through the broker market distribution channel.
Reinsurance Segment In our Reinsurance segment, we provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles. We participate in the reinsurance market with a global focus through the broker market distribution channel.
Sources of Liquidity Our operating subsidiaries sources of liquidity have primarily consisted of net premiums written, reinsurance recoveries, investment income and proceeds from sales of or dividends or distributions attributable to investments. Other potential sources of liquidity include borrowings under our credit facilities and issuances of securities.
Sources of Liquidity Our operating subsidiaries sources of liquidity have primarily consisted of net written premium, reinsurance recoveries, investment income and proceeds from sales of or dividends or distributions attributable to investments.
Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.
See “Non-GAAP Financial Measures” for an explanation and reconciliation. 65 As of December 31, 2024 , book value per common share was $14.92, representing an increase of $1.16 per share, or 8.4%, from $13.76 as of December 31, 2023.
See “Non-GAAP Financial Measures” for an explanation and reconciliation. 63 As of December 31, 2025, book value per common share was $19.40, representing an increase of $4.48 per share, or 30.0%, from $14.92 as of December 31, 2024.
We also have investment stakes in 7 other entities where we have no underwriting relationship. The investment interests in the non-consolidated entities are included in strategic investments within Other long term investments on the consolidated balance sheet.
The investment interests in the non-consolidated entities are included in strategic investments within Other long term investments on the consolidated balance sheet.
The Company has 8,000,000 of Series B preference shares outstanding, par value $0.10. Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum.
Series B Preference Shares We have 8,000,000 of Series B preference shares outstanding, par value $0.10, which are listed on the New York Stock Exchange under the symbol “SPNT PB”. Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum.
The following is a summary of the results from investments by investment classification for the years ended December 31, 2024 and 2023: 2024 2023 ($ in millions) Debt securities, available for sale $ 270.5 $ 181.6 Debt securities, trading 9.2 66.1 Short-term investments 10.0 29.3 Other long-term investments (72.2) (20.1) Derivative instruments (2.0) 4.8 Net realized and unrealized investment gains (losses) from related party investment funds 9.7 (1.0) Net investment income and realized and unrealized investment gains (losses) before other investment expenses and investment income on cash and cash equivalents 225.2 260.7 Investment expenses (29.9) (16.1) Net investment income on cash and cash equivalents 29.3 28.1 Total net investment income and realized and unrealized investment gains (losses) $ 224.6 $ 272.7 68 Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million.
The following is a summary of the results from investments by investment classification for the years ended December 31, 2025 and 2024: 2025 2024 ($ in millions) Debt securities, available for sale $ 253.5 $ 270.5 Debt securities, trading 9.5 9.2 Short-term investments 1.6 10.0 Other long-term investments (4.3) (62.5) Derivative instruments (0.2) (2.0) Net investment income and realized and unrealized investment gains (losses) before other investment expenses and investment income (loss) on cash and cash equivalents 260.1 225.2 Investment expenses (19.4) (29.9) Net investment income on cash and cash equivalents 31.2 29.3 Net investment income and net realized and unrealized investment losses $ 271.9 $ 224.6 66 Net investment income and net realized and unrealized investment losses for the year ended December 31, 2025 increased compared to the year ended December 31, 2024 primarily driven by losses on Other long-term investments in 2024 of $66.3 million resulting from recurring valuations of our portfolio.
The following table sets forth underwriting results and ratios, and the year over year changes for the Reinsurance segment for the years ended December 31, 2024 and 2023: 2024 2023 Change ($ in millions) Gross premiums written $ 1,335.6 $ 1,271.0 $ 64.6 Net premiums written 1,104.7 1,061.0 43.7 Net premiums earned 1,045.1 1,031.4 13.7 Loss and loss adjustment expenses incurred, net 554.3 490.3 64.0 Acquisition costs, net 279.9 252.2 27.7 Other underwriting expenses 86.1 82.7 3.4 Underwriting income 124.8 206.2 (81.4) Services revenues — (1.1) 1.1 Net services loss — (1.1) 1.1 Segment income $ 124.8 $ 205.1 $ (80.3) Underwriting Ratios: (1) Loss ratio 53.0 % 47.5 % 5.5 % Acquisition cost ratio 26.8 % 24.5 % 2.3 % Other underwriting expenses ratio 8.2 % 8.0 % 0.2 % Combined ratio 88.0 % 80.0 % 8.0 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
The following table sets forth underwriting results and ratios, and the year over year changes for the Reinsurance segment for the years ended December 31, 2025 and 2024: 2025 2024 Change ($ in millions) Gross written premium $ 1,375.0 $ 1,335.6 $ 39.4 Net written premium 1,127.4 1,104.7 22.7 Net earned premium 1,109.9 1,045.1 64.8 Loss and loss adjustment expenses incurred, net 656.2 554.3 101.9 Acquisition costs, net 277.9 279.9 (2.0) Other underwriting expenses 85.3 86.1 (0.8) Underwriting income $ 90.5 $ 124.8 $ (34.3) Underwriting Ratios: (1) Loss ratio 59.1 % 53.0 % 6.1 % Acquisition cost ratio 25.0 % 26.8 % (1.8) % Other underwriting expenses ratio 7.7 % 8.2 % (0.5) % Combined ratio 91.8 % 88.0 % 3.8 % (1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
December 31, 2024 December 31, 2023 Investment Grade (1) Non-investment Grade (2) Investment Grade (1) Non-investment Grade (2) ($ in millions) ($ in millions) Asset-backed securities $ 719.4 $ 33.7 $ 697.9 $ 17.6 Collateralized loan obligations 447.5 2.2 421.8 — Total asset-backed securities 1,166.9 35.9 1,119.7 17.6 Agency residential mortgage-backed securities 852.2 — 803.0 — Non-agency residential mortgage-backed securities 159.1 11.2 144.7 12.3 Total residential mortgage-backed securities 1,011.3 11.2 947.7 12.3 Agency commercial mortgage-backed securities 48.6 — 73.5 — Non-agency commercial mortgage-backed securities 226.8 0.9 197.9 0.5 Total commercial mortgage-backed securities 275.4 0.9 271.4 0.5 Total mortgage-backed securities 1,286.7 12.1 1,219.1 12.8 Total asset and mortgage-backed securities $ 2,453.6 $ 48.0 $ 2,338.8 $ 30.4 (1) Investment grade securities are considered rated BBB or higher.
December 31, 2025 December 31, 2024 Investment Grade (1) Non-investment Grade (2) Investment Grade (1) Non-investment Grade (2) ($ in millions) ($ in millions) Asset-backed securities $ 583.5 $ 18.9 $ 719.4 $ 33.7 Collateralized loan obligations 324.6 — 447.5 2.2 Total asset-backed securities 908.1 18.9 1,166.9 35.9 Agency residential mortgage-backed securities 799.2 — 852.2 — Non-agency residential mortgage-backed securities 186.7 22.2 159.1 11.2 Total residential mortgage-backed securities 985.9 22.2 1,011.3 11.2 Agency commercial mortgage-backed securities 48.1 — 48.6 — Non-agency commercial mortgage-backed securities 215.2 0.5 226.8 0.9 Total commercial mortgage-backed securities 263.3 0.5 275.4 0.9 Total mortgage-backed securities 1,249.2 22.7 1,286.7 12.1 Total asset and mortgage-backed securities $ 2,157.3 $ 41.6 $ 2,453.6 $ 48.0 (1) Investment grade securities are considered rated BBB or higher.
Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty, mainly from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.
Net favorable prior year loss reserve development was $40.1 million for the year ended December 31, 2025, primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, compared to $75.0 million for the year ended December 31, 2024, primarily driven by favorable development in Property and Other Specialties, mainly from reserve releases relating to prior year’s catastrophe events.
Core income - consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance. Core combined ratio - calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned.
Core combined ratio - calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned.
The jurisdictions in which our subsidiaries and branches are subject to tax are Belgium, Bermuda, Canada, Germany, Luxembourg, Sweden, Switzerland, the United Kingdom, and the United States.
Income Taxes We have subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which our subsidiaries and branches are subject to tax are Bermuda, Belgium, Canada, Luxembourg, Sweden, Switzerland, the United Kingdom, and the United States.
The decrease was primarily due to a decrease in investments securing reinsurance contracts and letters of credit. 80 For additional information on restricted cash, cash equivalents and investments, see Note 5 “Cash, cash equivalents, restricted cash and restricted investments” in our consolidated financial statements included elsewhere in this Annual Report.
For additional information on restricted cash, cash equivalents and investments, see Note 5 “Cash, cash equivalents, restricted cash and restricted investments” in our consolidated financial statements included elsewhere in this Annual Report.
In addition, as of December 31, 2024, the Company was in compliance with all of the covenants under the 2024 Facility. Financing We expect that our cash and cash equivalents on the balance sheet and cash flow from operations will provide us with the financial flexibility to execute our strategic objectives.
As of December 31, 2025 , there were no outstanding FHLBNY borrowings. Financing We expect that our cash and cash equivalents on the balance sheet and cash flow from operations will provide us with the financial flexibility to execute our strategic objectives.
If we determine that a reinsurance contract does not transfer sufficient risk, we record under the deposit accounting method. 83 Loss and Loss Adjustment Expense Reserves Loss and Loss Adjustment Expense Reserves by Reportable Segment The following table summarize loss and loss adjustment expenses reserves net of reinsurance recoveries separated between (i) case reserves for claims reported ("Case") and (ii) incurred but not reported ("IBNR") reserves for losses that have occurred but for which claims have not yet been reported and for expected future development on case reserves as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Case IBNR Total (1) Case IBNR Total (1) ($ in millions) Reinsurance $ 425.0 $ 1,246.9 $ 1,671.9 $ 440.4 $ 1,385.7 $ 1,826.1 Insurance & Services 109.2 883.3 992.5 212.9 852.3 1,065.2 Corporate 264.1 410.1 674.2 156.0 265.7 421.7 Total $ 798.3 $ 2,540.3 $ 3,338.6 $ 809.3 $ 2,503.7 $ 3,313.0 (1) Excludes deferred gains on retroactive reinsurance contracts.
Loss and Loss Adjustment Expense Reserves Loss and Loss Adjustment Expense Reserves by Reportable Segment The following table summarizes loss and loss adjustment expenses reserves net of reinsurance recoveries separated between (i) case reserves for claims reported ("Case") and (ii) incurred but not reported ("IBNR") reserves for losses that have occurred but for which claims have not yet been reported and for expected future development on case reserves as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Case IBNR Total (1) Case IBNR Total (1) ($ in millions) Insurance & Services $ 203.9 $ 1,120.1 $ 1,324.0 $ 109.2 $ 883.3 $ 992.5 Reinsurance 530.3 1,299.2 1,829.5 425.0 1,246.9 1,671.9 Corporate 284.7 242.0 526.7 264.1 410.1 674.2 Total $ 1,018.9 $ 2,661.3 $ 3,680.2 $ 798.3 $ 2,540.3 $ 3,338.6 (1) Excludes deferred gains on retroactive reinsurance contracts.
The increase in service fee revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 is primarily driven by increases in the travel insurance business of International Medical Group, Inc. (“IMG”).
The increase in service fee revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024 is primarily driven by increases in IMG’s travel insurance business, partially offset by the deconsolidation of Arcadian and Armada.
As of December 31, 2024, we consolidated three MGAs in our financial statements: ArmadaCorp Capital, LLC (“Armada”), Alta Signa Holdings (“Alta Signa”) and IMG. We provide underwriting capacity in the form of insurance or reinsurance to 10 non-consolidated entities in addition to the three consolidated MGAs.
As of December 31, 2025, we consolidated two MGAs in our financial statements: Alta Signa Holdings (“Alta Signa”) and IMG. We provide underwriting capacity in the form of insurance or reinsurance to 9 non-consolidated entities in addition to the two consolidated MGAs. We also have investment stakes in 7 other entities where we have no underwriting relationship.
In addition, we are benefiting from MGAs seeking carrier partners with limited channel conflict, meaningful levels of capitalization and appetite for risk retention, and a focus on distribution via the program space. Reinsurance Reinsurance markets continue to benefit from the positive primary insurance environment across most insurance lines, although at moderating levels.
In addition, we are benefiting from MGAs seeking carrier partners with limited channel conflict, meaningful levels of capitalization and appetite for risk retention, and a focus on distribution via the program space. Reinsurance Reinsurance markets are generally experiencing a declining rate environment, due in part to over-supply and recent strong financial performance across the sector.
“Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, for the year ended December 31. 2023, which was filed with the SEC on February 29, 2024 . Overview Our Company was formed following a merger between Sirius International Insurance Group, Ltd. and Third Point Reinsurance Ltd. on February 26, 2021.
“Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, for the year ended December 31. 2024, which was filed with the SEC on February 21, 2025 . Overview We are a global underwriter of insurance and reinsurance, domiciled in Bermuda.
Investment Results The following is a summary of the results from investments and cash for the years ended December 31, 2024 and 2023: 2024 2023 ($ in millions) Gross investment income $ 333.5 $ 299.8 Change in fair value of trading portfolio (1) (65.4) 30.7 Net realized investment losses (23.3) (40.7) Net realized and unrealized investment gains (losses) from related party investment funds 9.7 (1.0) Investment results 254.5 288.8 Investment expenses (29.9) (16.1) Total net investment income and realized and unrealized investment gains (losses) $ 224.6 $ 272.7 (1) Trading portfolio is inclusive of all non-AFS designated investments in the investment portfolio.
Investment Results The following is a summary of the results from investments and cash for the years ended December 31, 2025 and 2024: 2025 2024 ($ in millions) Gross investment income $ 294.2 $ 333.5 Change in fair value of non-AFS designated investments (1) 20.2 (55.7) Net realized investment losses (23.1) (23.3) Investment results 291.3 254.5 Investment expenses (19.4) (29.9) Net investment income and net realized and unrealized investment losses $ 271.9 $ 224.6 (1) Non-AFS designated investments include short-term investments, other long-term investments, and debt securities, trading.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

6 edited+1 added−3 removed5 unchanged
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Our consolidated balance sheets include a substantial amount of assets and liabilities whose fair values are subject to market risk. The term market risk refers to the risk of loss arising from adverse changes in interest rates, credit spreads, equity 87 markets prices, and other relevant market rates and prices.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Our consolidated balance sheets include a substantial amount of assets and liabilities whose fair values are subject to market risk. The term market risk refers to the risk of loss arising from adverse changes in interest rates, credit spreads, equity markets prices, and other relevant market rates and prices.
Financial Statements and Supplementary Data See our consolidated financial statements and notes thereto and required financial statement schedules commencing on page F-1. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Not applicable.
Financial Statements and Supplementary Data See our consolidated financial statements and notes thereto and required financial statement schedules commencing on page F-1. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Not applicable. 85
The following table summarizes the estimated effects of a hypothetical 10% increase and decrease in the value of the U.S. dollar against select foreign currencies would have had on the carrying value of our net assets as of December 31, 2024: 10% increase 10% decrease ($ in millions) Swedish Krona to U.S. dollar $ (1.6) $ 1.6 Euro to U.S. dollar 7.8 (7.8) British Pound to U.S. dollar (1.1) 1.1 Canadian Dollar to U.S. dollar (2.8) 2.8 Australian Dollar to U.S. dollar $ (0.2) $ 0.2 Item 8.
The following table, presented net of currency hedges, summarizes the estimated effects of a hypothetical 10% increase and decrease in the value of the U.S. dollar against select foreign currencies would have had on the carrying value of our net assets as of December 31, 2025: 10% increase 10% decrease ($ in millions) Swedish Krona to U.S. dollar $ (3.5) $ 3.5 Euro to U.S. dollar (1.3) 1.3 British Pound to U.S. dollar (1.0) 1.0 Canadian Dollar to U.S. dollar 3.2 (3.2) Australian Dollar to U.S. dollar $ 0.8 $ (0.8) Item 8.
Non-U.S. dollar denominated foreign revenues and expenses are valued using average exchange rates over the period. Foreign currency exchange-rate risk is the risk that we will incur losses on a U.S. dollar basis due to adverse changes in foreign currency exchange rates.
Foreign currency exchange-rate risk is the risk that we will incur losses on a U.S. dollar basis due to adverse changes in foreign currency exchange rates. We aim to mitigate foreign currency exchange risk through the use of foreign currency forwards.
The following table summarizes the estimated effects of hypothetical increases and decreases in market interest rates on our debt securities as of December 31, 2024: Fair value Assumed change in interest rate Estimated fair value after change in interest rate Pre-tax increase (decrease) in carrying value ($ in millions) Debt securities $ 5,293.2 300 bp decrease $ 5,674.4 $ 381.2 200 bp decrease 5,542.2 249.0 100 bp decrease 5,410.1 116.9 50 bp decrease 5,344.1 50.9 50 bp increase 5,197.4 (95.8) 100 bp increase 5,116.7 (176.5) 200 bp increase 4,955.5 (337.7) 300 bp increase $ 4,794.3 $ (498.9) The magnitude of the fair value decrease in rising rates scenarios may be more significant than the fair value increase in comparable falling rates scenarios.
We manage the interest rate risk associated with our portfolio of fixed income investments by matching assets backing reserves with that of our economic liabilities, in addition to monitoring the average yield of investment-grade corporate securities; U.S. government and agency securities; foreign government, agency and provincial obligations; preferred stocks; asset-backed and mortgage-backed securities; and municipal obligations. 84 The following table summarizes the estimated effects of hypothetical increases and decreases in market interest rates on our debt securities as of December 31, 2025: Fair value Assumed change in interest rate Estimated fair value after change in interest rate Pre-tax increase (decrease) in carrying value ($ in millions) Debt securities $ 5,258.9 300 bp decrease $ 5,691.7 $ 432.8 200 bp decrease 5,547.2 288.3 100 bp decrease 5,402.5 143.6 50 bp decrease 5,330.2 71.3 50 bp increase 5,172.9 (86.0) 100 bp increase 5,086.7 (172.2) 200 bp increase 4,910.3 (348.6) 300 bp increase $ 4,728.8 $ (530.1) The magnitude of the fair value decrease in rising rates scenarios may be more significant than the fair value increase in comparable falling rates scenarios.
Assuming a hypothetical 10% and 30% increase or decrease in the value of our investments in related party investment funds as of December 31, 2024 , the carrying value of these investments would have increased or decreased by approximately $11.7 million and $35.0 million, pre-tax, respectively. 88 Foreign Currency Exchange Risk In the ordinary course of business, we hold non-U.S. dollar denominated assets and liabilities, which are valued using period-end exchange rates.
Foreign Currency Exchange Risk In the ordinary course of business, we hold non-U.S. dollar denominated assets and liabilities, which are valued using period-end exchange rates. Non-U.S. dollar denominated foreign revenues and expenses are valued using average exchange rates over the period.
Removed
We manage the interest rate risk associated with our portfolio of fixed income investments by matching asset backing reserves with that of our economic liabilities, in addition to monitoring the average of investment-grade corporate securities; U.S. government and agency securities; foreign government, agency and provincial obligations; preferred stocks; asset-backed and mortgage-backed securities; and municipal obligations.
Added
Refer to Note 9 “Derivatives” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on foreign currency hedging.
Removed
Investment in Related Party Investment Funds The carrying values of our investments in Related Party Investment Funds are valued at fair value. We have elected the practical expedient for fair value for these investments which is estimated based on our share of the net asset value of the respective limited partnership, as provided by the independent fund administrator.
Removed
Market prices of the underlying investment securities, in general, are subject to fluctuations.

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