SiriusPoint Ltd
For the period ended Mar 31, 2025. Filed May 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 2025
SPNT$26.33+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001576018-24-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0001576018-25-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 245 previous paragraphs and 193 current paragraphs.
112 unchanged; 66 reworded; 14 added; 57 removed; 10 previous and 1 current paragraphs rearranged.
Tables are not compared: 17 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
•global economic uncertainty caused by the imposition and/or announcement of tariffs imposed on the import of certain goods into the U.S. from various countries which may have unpredictable consequences including, but not limited to, inflation or trade wars, potential impact on the Company’s credit and mortgage business and potential increase in credit spreads which could impact the Company’s short-term capital and liquidity;
Current report
Products & Services
Current report
During the three months ended March 31, 2025, AM Best and Fitch affirmed our ratings and revised our outlook to Positive from Stable. These revisions reflect our improved balance sheet strength and continued underwriting performance improvement.
Current report
The decrease in net underwriting results for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by increased catastrophe losses from the California wildfires, partially offset by increased favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, and in A&H, due to lower than expected reported attritional losses.
Current report
The decrease in total invested assets and cash was primarily driven by the use of $483.0 million of investments to fund the share repurchase from CM Bermuda Limited (“CM Bermuda”) under a securities purchase agreement entered into in
Current report
Net investment income and net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024 were mainly driven by interest income of $63.4 million and $76.9 million, respectively, on our debt securities and short-term investments. The decrease is driven by a lower asset base after executing various share repurchase transactions in 2024 and 2025.
Current report
For the three months ended March 31, 2025, we did not incur a loss on settlement and change in fair value of liability classified instruments as all instruments were previously settled or exercised, compared to a loss of $15.9 million for the three months ended March 31, 2024 due to the change in fair value of the Merger Warrants primarily driven by the increase in our share price.
Current report
The increase in income tax expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 despite the decrease in pre-tax income is a result of higher income in higher taxed jurisdictions. Further, as of January 1, 2025, a 15% corporate income tax is applied to the Company’s Bermuda operations as a result of the enactment of the Corporate Income Tax Act 2023.
Current report
Gross premiums written increased by $109.2 million, or 12.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Net premiums written increased by $124.8 million, or 19.9%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Net premiums earned increased by $108.0 million, or 20.9%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.
Current report
The decrease in net underwriting results for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by increased catastrophe losses of $63.1 million or 21.8 percentage points on the combined ratio, primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. This was partially offset by increased favorable prior year development of $31.8 million for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, compared to $10.3 million for the three months ended March 31, 2024 primarily driven by decreased ultimate losses inthe Credit reinsurance portfolio.
Current report
Gross premiums written increased by $110.8 million, or 21.1%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily driven by growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.
Current report
The changes in premium volume for the three months ended March 31, 2025 are primarily driven by the decreases in business from specific workers’ compensation and cyber programs that were placed in runoff in the first quarter of 2024 and are expected to have limited volume in 2025.
Current report
The decrease in underwriting income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 is primarily the result of decreased underwriting activity following the runoff existing portfolios.
Current report
Cash flows used in financing activities for the three months ended March 31, 2025 primarily consisted of $490.8 million in payments for share repurchases. Cash flows provided by financing activities for the three months ended March 31, 2024 primarily consisted of $15.6 million of proceeds from the exercise of options, partially offset by $4.0 million for cash dividends paid to preference shareholders and $3.0 million for payments on deposit liability contracts.
Removed paragraphs (57)
Previous report
•the Company’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and
Previous report
Products and Services
Previous report
We continue to reposition our investment portfolio to better align with our underwriting strategy. The increase in interest rates provided an opportunity to rotate the portfolio and capture yield. The repositioning lowers our volatility, while taking
Previous report
advantage of opportunities to improve risk-adjusted returns across asset classes.
Previous report
CM Bermuda Settlement and Share Repurchase
Previous report
On August 1, 2024, we entered into a Confidential Settlement and Mutual Release Agreement (the “Settlement Agreement”), and concurrently therewith, a Share Repurchase Agreement (the “Share Repurchase Agreement” and, together with the Settlement Agreement, collectively, the “CMIG Agreement”), in each case, with CM Bermuda Limited (the “Seller”) and CMIG International Holding Pte. Ltd.
Previous report
We paid the Seller a total consideration of $261.3 million upon the closing of the transactions under the CMIG Agreement. Pursuant to the Settlement Agreement, we paid the Seller for full satisfaction and discharge of all obligations and all other claims of any nature related to our Series A Preference Shares held by the Seller and the related Certificate of Designation of Series A Preference Shares of our Company. Pursuant to the Share Repurchase Agreement, we repurchased 9,077,705 of our issued and outstanding common shares held by the Seller for approximately $125.0 million, which were cancelled and retired.
Previous report
On April 30, 2024, SiriusPoint America Insurance Company (“SiriusPoint America”), a subsidiary of SiriusPoint Ltd., entered into the Master Agreement, dated as of April 30, 2024, made by and between SiriusPoint America and Clarendon National Insurance Company (“Clarendon National”), an insurer domiciled in Texas and an affiliate of Enstar Group Limited, a Bermuda exempted company (“Enstar”).
Previous report
Pursuant to the Master Agreement, at the closing of the transactions contemplated therein, among other documents, (a) SiriusPoint America and Clarendon National will enter into a Loss Portfolio Transfer Reinsurance Agreement (the “LPT Agreement”), pursuant to which SiriusPoint America will cede and Clarendon National will assume 100% of the net liability with respect to certain workers’ compensation insurance exposures of SiriusPoint America (the “Subject Business”) on a funds withheld basis, subject to the terms and conditions of the LPT Agreement including an aggregate limit; (b) SiriusPoint America and an affiliate of Clarendon National (the “Administrator”) will enter into an Administrative Services Agreement concerning the Administrator’s authority and responsibility for certain administrative services related to the Subject Business, including claims handling; and (c) Enstar shall issue a Parental Guarantee in favor of SiriusPoint America guaranteeing Clarendon National’s obligations under the LPT Agreement. In certain circumstances and in lieu of the guarantee obligations provided thereunder, Clarendon National may post letters of credit as collateral securing Clarendon National’s reinsurance obligations with respect to the Subject Business. Immediately prior to the effective date of the LPT Agreement, SiriusPoint will be commuting certain ceded workers’ compensation reinsurance contracts, and the liabilities related to those commuted contracts will be included in the Subject Business.
Previous report
This transaction covers approximately $400 million of SiriusPoint reserves, including liabilities to be commuted, valued as of December 31, 2023 and the reinsurance premium. The aggregate limit under the LPT Agreement is 150% of the premium paid less certain adjustments for paid losses in the interim period prior to the effective date of the contract. The Master Agreement and the LPT Agreement include customary representations and warranties, indemnification obligations, covenants and termination rights of the parties.
Previous report
We received the appropriate regulatory approvals and the transaction closed on October 1, 2024. The financial impacts of the transaction will be included in our fourth quarter results, and we expect to recognize a loss of approximately $22.0 million.
Previous report
Debt Refinancing
Previous report
In April 2024, we issued $400.0 million aggregate principal amount of 7.0% Senior Notes due 2029 (the “2024 Senior Notes”). Interest is payable on the 2024 Senior Notes semi-annually in arrears. The 2024 Senior Notes were issued pursuant to a Senior Indenture, dated as of April 5, 2024, between our Company and The Bank of New York Mellon, as trustee, and supplemented by a First Supplemental Indenture thereto with The Bank of New York Mellon, as trustee. In April 2024, we amended our 4.6% 2016 Senior Notes pursuant to a Fourth Supplemental Indenture thereto with The Bank of New York Mellon, as trustee, and following such amendments we completed the redemption of all remaining outstanding $400.0 million aggregate principal amount of our 2016 Senior Notes. We also redeemed all $115.0 million aggregate principal amount of our 2015 Senior Notes in April 2024. We used certain of the proceeds from the 2024 Senior Notes, together with available cash, to fund the purchase of validly tendered 2016 Senior Notes and the redemptions of the 2016 Senior Notes and the 2015 Senior Notes.
Previous report
On March 19, 2024, Moody’s assigned our operating companies a new financial strength rating of A3, or stable.
Previous report
The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders was driven by lower net income for the three months ended September 30, 2024, primarily as a result of the loss from the settlement of the Series A Preference shares under the CMIG Agreement.
Previous report
The improvement in net underwriting results for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily driven by increased favorable prior year loss reserve development and a more favorable commission ratio. For the three months ended September 30, 2024, favorable prior year loss reserve development was $30.6 million from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H due to lower than expected reported attritional losses, compared to $24.7 million for the three months ended September 30, 2023 driven by reserving analyses performed in connection with the March 2, 2023 loss portfolio transfer transaction (“2023 LPT”).
Previous report
The decrease in net underwriting results for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily driven by lower favorable prior year loss reserve development. Favorable prior year loss reserve development for the nine months ended September 30, 2023 included $122.2 million driven by reserving analyses performed in connection with the 2023 LPT. Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $19.8 million primarily resulting from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H and our runoff business due to lower than expected reported attritional losses. This increase was partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services.
Previous report
Total net investment income and realized and unrealized investment gains for the three months ended September 30, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $81.5 million. Increased investment income is primarily due to increased interest rates and our rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio.
Previous report
Total net investment income and realized and unrealized investment gains (losses) for the nine months ended September 30, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $228.5 million, partially offset by unrealized losses on other long-term investments of $45.8 million. Increased investment income is primarily due to increased interest rates and our rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.
Previous report
Total net investment income and realized and unrealized investment gains (losses)forthe three months ended September 30, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $71.0 million driven by dividend and interest income primarily on U.S. treasury bill and corporate debt positions.
Previous report
Total net investment income and realized and unrealized investment gains for the nine months ended September 30, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $208.5 million. Increased dividend and investment income was due to the ongoing re-positioning of the portfolio to focus on investing in high grade fixed income securities.
Previous report
Loss on settlement and change in fair value of liability classified instruments for the three months ended September 30, 2024 was $117.3 million compared to $0.3 million for the three months ended September 30, 2023. The loss for the three months ended September 30, 2024 included a loss of $90.7 million from the settlement of the Series A preference shares under the CMIG Agreement and a loss of $26.7 million from the change in fair value of our Merger Warrants, mainly driven by the increase in our share price.
Previous report
Loss on settlement and change in fair value of liability classified instruments for the nine months ended September 30, 2024 was $122.6 million compared to $44.4 million for the nine months ended September 30, 2023. The loss for the nine months ended September 30, 2024 included a loss of $90.7 million from the settlement of the Series A preference shares under the CMIG Agreement and a loss of $28.7 million from the change in fair value of our Merger Warrants, mainly driven by the increase in our share price.
Previous report
The decrease in Net corporate and other expenses for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily driven by restructuring charges of $23.8 million, which include severance-related charges, incurred during the nine months ended September 30, 2023. This decrease was partially offset by increased severance and compensation related expenses associated with management changes, consulting fees related to nonrecurring projects and increased regulatory fees as we grow our Lloyds business, incurred during the nine months ended September 30, 2024.
Previous report
For the three months ended September 30, 2024 services expenses decreased to $41.3 million compared to $48.7 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024 services expenses decreased to $135.0 million compared to $144.2 million for the nine months ended September 30, 2023. The decreases were primarily driven by the deconsolidation of Arcadian in the second quarter of 2024 and Banyan in the fourth quarter of 2023.
Previous report
$5.9 million for the three months ended September 30, 2024 compared to $8.5 million for the three months ended September 30, 2023.
Previous report
Interest expense for the nine months ended September 30, 2024 was $50.0 million compared to $44.3 million for the nine months ended September 30, 2023. The increase was primarily due to higher expenses on external debt instruments and the debt refinancing, as well as higher expense on the 2023 LPT, which was $20.1 million for the nine months ended September 30, 2024 compared to $8.5 million for the nine months ended September 30, 2023. The increase was partially offset by a gain on the commutation of a deposit accounted contract.
Previous report
The decrease in income tax expense for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 is driven by a decrease in pre-tax income in taxable jurisdictions.
Previous report
Gross premiums written decreased by $35.0 million, or 4.8%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Net premiums written decreased by $30.0 million, or 5.6%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Net premiums earned decreased by $29.0 million, or 5.0%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The decreases in premium volume were primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier. These decreases were partially offset by increases in Reinsurance from Property and International Specialty and increases from Insurance & Services from strategic organic and new program growth.
Previous report
Core Premium Volume
Previous report
Gross premiums written decreased by $177.0 million, or 6.8%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Net premiums written decreased by $104.8 million, or 5.6%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Net premiums earned decreased by $104.7 million, or 6.1%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, with the most significant offset being strategic organic and new program growth within Insurance & Services.
Previous report
Core Underwriting Results
Previous report
The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development. Favorable prior year loss reserve development for the nine months ended September 30, 2023 included $102.4 million driven by reserving analyses performed in connection with the 2023 LPT. Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $27.7 million primarily driven by favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H due to lower than expected reported attritional losses, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services.
Previous report
Core Services Results
Previous report
Services revenues decreased to $171.3 million for the nine months ended September 30, 2024 compared to $181.8 million for the nine months ended September 30, 2023 primarily due to the deconsolidation of Arcadian.
Previous report
Net services fee income decreased to $36.3 million for the nine months ended September 30, 2024 from $37.6 million for the nine months ended September 30, 2023 also driven by the deconsolidation of Arcadian. Service margin, which is calculated as net service fee income as a percentage of services revenues, increased to 21.2% for the nine months ended September 30, 2024 compared to 20.7% for the nine months ended September 30, 2023.
Previous report
We generated net services income of $34.2 million for the nine months ended September 30, 2024, compared to $31.9 million for the nine months ended September 30, 2023, primarily driven by higher margins from IMG.
Previous report
Gross premiums written in the Reinsurance segment increased by $49.1 million, or 18.5%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily driven increases in Bermuda and New York Property and International Specialty, partially offset by lower premiums written in New York Casualty.
Previous report
The increase in net underwriting results for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily driven by lower attritional losses and favorable commission ratio, partially offset by higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended
Previous report
September 30, 2024, were $11.3 million or 4.2 percentage points on the combined ratio, including $10.0 million from Hurricane Helene, compared to $6.8 million or 2.6 percentage points on the combined ratio for the three months ended September 30, 2023, which includes losses of $3.8 million from the Hawaii wildfires and $3.3 million from Hurricane Idalia.
Showing the first 40 of 57 passages. Open the source sections for the rest.
Reworded paragraphs (66)
Previous wording
Certain statements in this Form 10-Q may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this discussion, the words “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases are intended to identify forward-looking statements. Specific forward-looking statements in this Form 10-Q include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value, whether we will continue to have momentum in our business in the future, and the financial impacts of the transactions contemplated by the Master Agreement (the “Master Agreement”), dated as of April 30, 2024, by and between SiriusPoint America Insurance Company and Clarendon National Insurance Company, and the Loss Portfolio Transfer Reinsurance Agreement (the “LPT Agreement”).
Current wording
Certain statements in this Form 10-Q may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this discussion, the words “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases are intended to identify forward-looking statements. Specific forward-looking statements in this Form 10-Q include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the current insurtech market trends, our ability to generate shareholder value, and whether we will continue to have momentum in our business in the future.
Previous wording
•our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business;
Current wording
•our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business;
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•the impact of unpredictable catastrophic events such as uncertainties with respect to COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility;
Current wording
•the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility;
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•the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas;
Current wording
•the effects of global climate change, including wildfires, and increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas;
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•geopolitical uncertainty, including the impact of the U.S. November 2024 presidential and congressional elections, and ongoing conflicts in Europe and the Middle East;
Current wording
•geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.;
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•our exposure or potential exposure to corporate income tax in Bermuda and the EU, U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced;
Current wording
•our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced;
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•risks associated with delegating authority to third party managing general agents, managing general underwriters and/or program administrators (“MGAs”);
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•risks associated with delegating authority to third party managing general agents (“MGAs”);
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•future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures;
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•future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; and
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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. Our operating companies have a financial strength rating of A- (Stable) from AM Best, Standard & Poor's (“S&P”) and Fitch Ratings (“Fitch”) and A3 (Stable) from Moody’s Ratings (“Moody’s”).
Current wording
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. Our operating companies have a financial strength rating of A- (Positive) from AM Best and Fitch Ratings (“Fitch”), A- (Stable) from Standard & Poor's (“S&P”), and A3 (Stable) from Moody’s Ratings (“Moody’s”).
Previous wording
We are an underwriting first company as we aim to create a business model which is simplified, fully-integrated and globally connected. Distribution relationships are important to us, as we generate premiums from various sources, including our consolidated MGAs and non-consolidated MGAs. We seek to apply our underwriting talent, capabilities and proven management expertise to underwrite a profitable book of business and identify new opportunities to create value. 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 MGA strategy is to partner with high integrity and transparent leaders and teams with deep underwriting expertise and a track record of success. Our partnerships are structured to incentivize all parties to deliver thereby allowing capable teams to do what they do best, while providing complementary services. As of September 30, 2024, we had equity stakes in 22 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business.
Current wording
We are an underwriting first company as we aim to create a business model which is simplified, fully-integrated and globally connected. Distribution relationships are important to us, as we generate premiums from various carefully selected partners, including our consolidated MGAs and non-consolidated MGAs. We seek to apply our underwriting talent, capabilities and proven management expertise to underwrite a profitable book of business and identify new opportunities to create value. 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 MGA strategy is to partner with high integrity and transparent leaders and teams with deep underwriting expertise and a track record of success. Our partnerships are structured to incentivize all parties to deliver thereby allowing capable teams to do what they do best, while providing complementary services. As of March 31, 2025, we had 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.
Previous wording
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. We primarily write treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of our business lines. In the United States and Bermuda, our core focus is on distribution, risk and clients located in North America, while our international operation is focused primarily on distribution, risks and clients located in Europe.
Current wording
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. We primarily write treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of our business lines. In the United States and Bermuda, our core focus is on distribution, risk and clients located in North America while our international operation is focused primarily on distribution, risks and clients located in Europe. The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis.
Previous wording
In our Insurance & Services segment, we predominantly provide insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties. Insurance & Services revenue allows us to diversify our traditional reinsurance portfolio and generally has lower capital requirements. In addition, service fees from MGAs and their insurance provided are generally not as prone to the volatile underwriting cycle that is common in reinsurance marketplace. The Insurance & Services segment provides coverage in Accident & Health (“A&H”), Property & Casualty, and Specialty.
Current wording
In our Insurance & Services segment, we predominantly provide insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties. Insurance & Services revenue allows us to diversify our traditional reinsurance portfolio and generally has lower capital requirements. In addition, service fees from MGAs and their insurance provided are generally not as prone to the volatile underwriting cycle that is common in reinsurance marketplace. The Insurance & Services segment provides coverage in Accident & Health (“A&H”), Property & Casualty, and Other Specialties.
Previous wording
Our investment objective is to optimize risk-adjusted after-tax net investment income while (1) maintaining a high quality, diversified investment portfolio, (2) maintaining adequate liquidity, and (3) complying with the regulatory, rating agency, and internal risk and capital management requirements, all in support of the company goal of meeting policyholder obligations.
Current wording
We manage our investment portfolio to balance quality, liquidity, and diversification with asset/liability matching and investment return. Our investment objective is to optimize risk-adjusted net investment income after tax while (1) maintaining a high quality, diversified investment portfolio, (2) maintaining adequate liquidity, and (3) complying with the regulatory, rating agency, and internal risk and capital management requirements, all in support of the company goal of meeting policyholder obligations.
Previous wording
We believe that the following key financial indicators are the most important in evaluating our performance:
Current wording
We believe that the following key financial indicators are the most important in evaluating our performance for the three months ended March 31, 2025 and 2024:
Previous wording
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and nine months ended September 30, 2024 and 2023 was calculated as follows:
Current wording
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended March 31, 2025 and 2024 was calculated as follows:
Previous wording
The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the nine months ended September 30, 2024 was driven by lower net income relative to common shareholder’s equity in the period as the Company’s equity has grown each quarter since the beginning of 2023.
Current wording
The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders was driven by lower net income for the three months ended March 31, 2025, primarily driven by lower underwriting income mainly resulting from the California wildfire losses incurred in the current period, as well as lower net investment income due to a lower asset base as we returned approximately $1.0 billion of capital since March 31, 2024.
Previous wording
As of September 30, 2024, book value per common share was $15.41, representing an increase of $0.73 per share, or 5.0%, from $14.68 per share as of June 30, 2024. As of September 30, 2024, book value per diluted common share was $14.73, representing an increase of $0.42 per share, or 2.9%, from $14.31 per share as of June 30, 2024. As of September 30, 2024, tangible book value per diluted common share was $13.88, representing an increase of $0.41 per share, or 3.0%, from $13.47 per share as of June 30, 2024.
Current wording
As of March 31, 2025, book value per common share was $15.73, representing an increase of $0.81 per share, or 5.4%, from $14.92 per share as of December 31, 2024. As of March 31, 2025, book value per diluted common share was $15.37, representing an increase of $0.77 per share, or 5.3%, from $14.60 per share as of December 31, 2024. As of March 31, 2025, tangible book value per diluted common share was $14.21, representing an increase of $0.79 per share, or 5.9%, from $13.42 per share as of December 31, 2024. The increases reflect continued positive underwriting and investment results during the three months ended March 31, 2025.
Previous wording
Consolidated Results of Operations—Three and nine months ended September 30, 2024 and 2023
Current wording
Consolidated Results of Operations—Three months ended March 31, 2025 and 2024
Previous wording
The following table sets forth the key items discussed in the consolidated results of operations section, and the period over period change, for the three and nine months ended September 30, 2024 and 2023:
Current wording
The following table sets forth the key items discussed in the consolidated results of operations section, and the period over period change, for the three months ended March 31, 2025 and 2024:
Previous wording
The key changes in our consolidated results for the three and nine months ended September 30, 2024 compared to the prior year periods are discussed below.
Current wording
The key changes in our consolidated results for the three months ended March 31, 2025 compared to the prior year period are discussed below.
Previous wording
(1)Includes $612.1 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of September 30, 2024 (December 31, 2023 - $562.0 million).
Current wording
(1)Includes $618.7 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of March 31, 2025 (December 31, 2024 - $595.8 million).
Previous wording
The decrease in total invested assets and cash was primarily driven by the use of funds to support the Series A Preference Shares settlement and share repurchase under the CMIG Agreement for $261.3 million, the redemption of $115.0 million of outstanding debt and the commutation of a deposit accounted contract of $98.2 million resulting in the return of funds to the cedant. This decrease is partially offset by a $90.4 million gain on the AFS portfolio, primarily driven by changes in the Federal Reserve’s monetary policies and the impact to the fair value of our fixed income portfolio.
Current wording
December 2024, partially offset by a $32.7 million gain on the AFS portfolio, primarily driven by changes in the Federal Reserve’s monetary policies, and reinvestment of cash generated from investment income and underwriting operations.
Previous wording
The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.0 years (December 31, 2023 - 2.8 years). The increase from the comparative period is due to our effort to match our asset duration with economic liabilities in the current interest rate environment. The average credit rating of our investment portfolio is AA as of September 30, 2024 (December 31, 2023 - AA) with no defaults in the investment portfolio.
Current wording
The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3 years (December 31, 2024 - 2.8 years). The increase from the comparative period is due to our effort to match our asset duration with economic liabilities in the current interest rate environment. The average credit rating of our investment portfolio is “AA-” as of March 31, 2025 (December 31, 2024 - “AA-”) with no defaults in the investment portfolio.
Previous wording
The following is a summary of the results from investments and cash for the three and nine months ended September 30, 2024 and 2023:
Current wording
The following is a summary of the results from investments and cash for the three months ended March 31, 2025 and 2024:
Previous wording
The following is a summary of the results from investments by investment classification for the three and nine months ended September 30, 2024 and 2023:
Current wording
The following is a summary of the results from investments by investment classification for the three months ended March 31, 2025 and 2024:
Previous wording
For the three months ended September 30, 2024, other revenues primarily consisted of $18.2 million of service fee revenue from MGAs compared to $20.3 million of service fee revenue from MGAs for the three months ended September 30, 2023. The decrease in service fee revenue for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 is primarily driven by the deconsolidation of Arcadian Risk Capital Ltd. (“Arcadian”), partially offset by increases in the travel insurance business of International Medical Group, Inc. (“IMG”). Effective June 30, 2024, we deconsolidated Arcadian when our management and Arcadian consented to certain amendments to the shareholders’
Current wording
For the three months ended March 31, 2025, other revenues primarily consisted of $31.9 million of service fee revenue from MGAs compared to $28.7 million of service fee revenue from MGAs for the three months ended March 31, 2024. The increase in service fee revenue for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 is primarily driven by increases in the travel insurance business of International Medical Group, Inc. (“IMG”).
Previous wording
Net corporate and other expenses include costs associated with operating as a publicly-traded company and non-underwriting activities, including services expenses from our MGA subsidiaries, restructuring charges, and current expected credit losses from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.
Current wording
Net corporate and other expenses include costs associated with operating as a publicly-traded company and non-underwriting activities, including services expenses from our MGA subsidiaries, and current expected credit losses from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.
Previous wording
The decrease in Net corporate and other expenses for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily driven by restructuring charges of $5.1 million, which include severance-related charges, incurred during the three months ended September 30, 2023.
Current wording
The increase in net corporate and other expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by fees associated with nonrecurring projects.
Previous wording
Amortization of intangible assets for the three and nine months ended September 30, 2024 was $3.0 million and $8.9 million, respectively (2023 - $2.9 million and $8.2 million, respectively). The slight increases in amortization were due to the use of amortization patterns which are based on the period over which they are expected to generate future net cash inflows from the use of the underlying intangible assets.
Current wording
Amortization of intangible assets for the three months ended March 31, 2025 was $2.9 million (2024 - $2.9 million). The amortization patterns are based on the period over which they are expected to generate future net cash inflows from the use of the underlying intangible assets.
Previous wording
Interest expense and finance costs are related to interest due on our senior and subordinated notes, as well as interest associated with certain reinsurance contracts.
Current wording
Interest expense and finance costs are related to interest due on our senior and subordinated notes, as well as interest associated with certain reinsurance contracts. Interest expense for the three months ended March 31, 2025 was $18.1 million compared to $20.5 million for the three months ended March 31, 2024. The decrease was primarily driven by lower funds withheld interest on the loss portfolio transfer entered into with Pallas Reinsurance Company Ltd. in 2023 (the “2023 LPT”) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, partially offset by funds withheld interest on the loss portfolio transfer with Clarendon National Insurance Company which was completed in October 2024 (the “2024 LPT”).
Previous wording
The foreign exchange gains of $1.8 million for the three months ended September 30, 2023 were primarily due to $2.5 million of foreign exchange gains from our international operations. The foreign exchange losses of $15.7 million for the nine months ended September 30, 2023 were primarily due to $14.0 million of foreign exchange losses from our international operations.
Current wording
The foreign exchange gains for the three months ended March 31, 2025 of $2.2 million were primarily driven by 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 $3.7 million for the three months ended March 31, 2024 were primarily due to $5.8 million of foreign exchange gains from our international operations.
Previous wording
Additional foreign currency gains (losses) were recorded as part of the investments results. See Note 8 “Total net investment income and net realized and unrealized investment gains (losses)” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.
Current wording
Additional foreign currency gains (losses) were recorded as part of the investments results. See Note 7 “Total net investment income and net realized and unrealized investment gains” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.
Previous wording
On an aggregate basis, the effects of foreign exchange resulted in charges to net income of $4.5 million and $0.7 million as well as charges to comprehensive income of $5.2 million and $2.9 million for the three and nine months ended September 30, 2024, respectively.
Current wording
On an aggregate basis, the effects of foreign exchange resulted in gains to net income of $0.8 million, as well as charges to comprehensive income of $2.2 million, for the three months ended March 31, 2025.
Previous wording
Segment Results — Three and nine months ended September 30, 2024 and 2023
Current wording
Segment Results — Three months ended March 31, 2025 and 2024
Previous wording
The improvement in net underwriting results of $20.0 million was primarily driven by increased favorable prior year loss reserve development and a more favorable commission ratio, partially offset by higher catastrophe losses. For the three months ended September 30, 2024 favorable prior year loss reserve development was $29.7 million from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H due to lower than expected reported attritional losses, compared to $12.6 million for the three months ended September 30, 2023 driven by reserving analyses performed in connection with the 2023 LPT. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended September 30, 2024, were $10.6 million or 1.9 percentage points on the combined ratio, including $10.0 million from Hurricane Helene, compared to $6.7 million or 1.2 percentage points on the combined ratio, for the three months ended September 30, 2023, which includes losses of $3.8 million from the Hawaii wildfires and $3.3 million from Hurricane Idalia.
Current wording
The decrease in net underwriting results of $15.8 million was primarily driven by increased catastrophe losses, partially offset by increased favorable development and lower attritional losses. Catastrophe losses were $67.9 million, or 10.9 percentage points on the combined ratio, for the three months ended March 31, 2025 primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. For the three months ended March 31, 2025 favorable prior year loss reserve development was $34.3 million primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses, compared to $8.0 million for the three months ended March 31, 2024 driven by decreased ultimate losses inthe Credit reinsurance portfolio.
Previous wording
Services revenues decreased to $48.1 million for the three months ended September 30, 2024 compared to $58.6 million for the three months ended September 30, 2023, primarily due to the deconsolidation of Arcadian, partially offset by higher services revenues in IMG from increased demand for its travel products and services.
Current wording
Services revenues decreased to $62.1 million for the three months ended March 31, 2025 compared to $65.8 million for the three months ended March 31, 2024, primarily due to the deconsolidation of Arcadian, partially offset by higher services revenues in IMG from increased demand for its travel products and services.
Previous wording
Net services fee income was $6.8 million for the three months ended September 30, 2024 compared to $9.9 million for the three months ended September 30, 2023, also driven by the deconsolidation of Arcadian. Service margin, which is calculated as Net service fee income as a percentage of services revenues, decreased to 14.1% for the three months ended September 30, 2024 from 16.9% for the three months ended September 30, 2023.
Current wording
Net services fee income and net services income remained stable for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 30.6% for the three months ended March 31, 2025 from 30.1% for the three months ended March 31, 2024.
Previous wording
The Reinsurance segment predominantly underwriters Casualty, Property and Specialty lines of business on a worldwide basis. The following table sets forth underwriting results and ratios, and the period over period changes for the Reinsurance segment, for the three and nine months ended September 30, 2024 and 2023:
Current wording
The Reinsurance segment predominantly underwriters Casualty, Property and Other Specialties lines of business on a worldwide basis. The following table sets forth underwriting results and ratios, and the period over period changes for the Reinsurance segment, for the three months ended March 31, 2025 and 2024:
Previous wording
Gross premiums written in the Reinsurance segment increased by $4.1 million, or 0.4%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily driven by increases in International Specialty, partially offset by lower premiums written in New York Casualty and Bermuda Specialty.
Current wording
Gross premiums written in the Reinsurance segment decreased by $1.6 million, or 0.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily driven by reduced premiums written in Casualty reflecting underwriting actions to improve profitability, partially offset by increased reinstatement premiums of $8.9 million related to Property Catastrophe business.
Previous wording
Through the Insurance & Services segment, we underwrite primary insurance in a number of sectors. With deep expertise and global reach, we offer innovative insurance solutions to meet the changing risk circumstances of our clients every day. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Specialty.
Current wording
Through the Insurance & Services segment, we underwrite primary insurance in a number of sectors. With deep expertise and global reach, we offer innovative insurance solutions to meet the changing risk circumstances of our clients every day. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Other Specialties.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
This increase was partially offset by a decrease in services expenses of $43.1 million for the three months ended March 31, 2025 compared to $46.0 million for the three months ended March 31, 2024, primarily driven by the deconsolidation of Arcadian Risk Capital Ltd. (“Arcadian”). Effective June 30, 2024, we deconsolidated Arcadian when our management and Arcadian consented to certain amendments to the shareholders’ agreement and termination of the unsecured promissory note which resulted in our Company ceasing to have control over Arcadian.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
The Reinsurance segment predominantly underwrites Casualty, Property and Specialty lines of business on a worldwide basis.
Previous report — wording carried elsewhere
As of September 30, 2024, book value per common share was $15.41, representing an increase of $1.65 per share, or 12.0%, from $13.76 per share as of December 31, 2023. As of September 30, 2024, book value per diluted common share was $14.73, representing an increase of $1.38 per share, or 10.3%, from $13.35 per share as of December 31, 2023. As of September 30, 2024, tangible book value per diluted common share was $13.88, representing an increase of $1.41 per share, or 11.3%, from $12.47 per share as of December 31, 2023.
Previous report — wording carried elsewhere
The increases reflect continued positive underwriting and investment results during the three and nine months ended September 30, 2024, and the impact of the share repurchase in the period.
Previous report — wording carried elsewhere
agreement and termination of the unsecured promissory note which resulted in our Company ceasing to have control over Arcadian.
Previous report — wording carried elsewhere
For the nine months ended September 30, 2024, other revenues primarily consisted of a gain of $95.9 million from the deconsolidation of Arcadian and $69.9 million of service fee revenue from MGAs, compared to $72.2 million of service fee revenue from MGAs for the nine months ended September 30, 2023. The decrease in service fee revenue for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 is primarily driven by the deconsolidation of Arcadian, partially offset by increases in IMG’s travel insurance business.
Previous report — wording carried elsewhere
Interest expense for the three months ended September 30, 2024 was $13.8 million compared to $19.8 million for the three months ended September 30, 2023. The decrease was primarily driven by lower funds withheld interest on the 2023 LPT of
Previous report — wording carried elsewhere
The foreign exchange losses for the three and nine months ended September 30, 2024 of $3.0 million and $2.9 million, respectively, were primarily driven by the impact of certain foreign exchange exposures related to our underwriting activities, partially offset by the impact of our currency hedges.
Previous report — wording carried elsewhere
The following tables set forth the operating segment results and ratios for the nine months ended September 30, 2024 and 2023:
Previous report — wording carried elsewhere
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
Previous report — wording carried elsewhere
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.