SiriusPoint Ltd
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 4, 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 2025-03-31; filed 2025-05-05.
0001576018-25-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0001576018-25-000033
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 193 previous paragraphs and 223 current paragraphs.
131 unchanged; 56 reworded; 29 added; 5 removed; 1 previous and 7 current paragraphs rearranged.
Tables are not compared: 15 previous and 17 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 (29)
Current report
Lloyds Facility
Current report
On June 6, 2025, Sirius International Corporate Member Limited (the “Borrower”), a subsidiary of SiriusPoint Ltd., entered into a $35.0 million Tier 1 Funds at Lloyds Facility Agreement (the “Facility”) with Lloyds Bank PLC, as the administrative agent, the lenders party thereto from time to time and the Company. The Facility will mature on December 31, 2026, subject to an option, after satisfaction of certain conditions including consent of such extending lenders, for the Borrower to request an extension of the maturity date of the Facility for an additional 12 months. The Facility provides collateral in the form of Funds at Lloyd’s of London to support and stand as security for the general business of Lloyd’s of London Syndicate 1945, an affiliate of the Borrower.
Current 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 June 30, 2025, primarily driven by the non-recurring gain of $95.9 million as a result of the deconsolidation of Arcadian Risk Capital Ltd. (“Arcadian”) which was offset by losses on the strategic and other investment portfolio of $52.9 million which also occurred during the second quarter of 2024.
Current report
The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the six months ended June 30, 2025 was driven by lower net income for the six months ended June 30, 2025 mainly resulting from the California wildfire losses incurred, as well as the inclusion of a $95.9 million as a result of the deconsolidation of Arcadian in the prior period. This was partially offset by losses on the strategic and other investment portfolio of $52.8 million in the six months ended June 30, 2024. This was also offset due to a decrease in equity for the six months ended June 30, 2025 as we completed various share repurchases throughout 2024.
Current report
The improvement in net underwriting results for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily driven by premium growth and adecreasein catastrophe losses of$6.1 million.
Current report
Net investment income and net realized and unrealized investment gains (losses) for the three months ended June 30, 2025 increased due to losses on strategic investments in the three months ended June 30, 2024 of $40.6 million resulting from the Company’s recurring valuations of its portfolio. Excluding the losses on strategic investments, the primary components of income for the three months ended June 30, 2025 and June 30, 2024 were $62.4 million and $70.1 million, respectively, on our debt securities and short-term investments. The year over year decrease is a result of the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.
Current report
Net investment income and net realized and unrealized investment gains (losses) for the six months ended June 30, 2025 increased due to losses on strategic investments in the first half of 2024 of $40.6 million resulting from the Company’s recurring valuations of its portfolio. Excluding the losses on strategic investments the primary components of income for the six months ended June 30, 2025 and June 30, 2024 were $125.8 million and $147.0 million, respectively, on our debt securities and short-term investments. The year over year decrease is a result of the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.
Current report
$(5.3) million for the three and six months ended June 30, 2024, respectively, due to the change in fair value of the Merger Warrants and Series A Preference Shares primarily driven by changes in our share price.
Current report
For the three months ended June 30, 2025, services expenses increased to $49.6 million compared to $47.7 million for the three months ended June 30, 2024, primarily driven by increases in expenses proportional to IMG revenue growth, partially offset by decreases from the deconsolidation of Arcadian.
Current report
For the six months ended June 30, 2025 services expenses decreased to $92.7 million compared to $93.7 million for the six months ended June 30, 2024, primarily driven by decreases from the deconsolidation of Arcadian partially offset by increases in expenses related to IMG.
Current report
The decreases in income tax expense for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 were driven by a decrease in pre-tax income in taxable jurisdictions.
Current report
The improvement in net underwriting results of $30.7 million was primarily driven by decreased catastrophe losses as well as increased favorable prior year loss reserve development. Effects of catastrophes were limited for the three months ended June
Current report
Services revenues increased to $58.1 million for the three months ended June 30, 2025 compared to $57.4 million for the three months ended June 30, 2024 due to growth in the IMG travel business offset by the deconsolidation of Arcadian after the second quarter of 2024. Excluding Arcadian, service revenues were $51.3 million for the three months ended June 30, 2024.
Current report
Core Premium Volume
Current report
Gross premiums written increased by $196.6 million, or 11.4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Net premiums written increased by $174.7 million, or 13.7%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Net premiums earned increased by $200.2 million, or 18.7%, for the six months ended June 30, 2025 compared to the six months ended June 30, 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, continued strategic organic and new program growth in our international business.
Current report
Core Underwriting Results
Current report
The improvement in net underwriting results of $14.9 millionfor the six months ended June 30, 2025 in comparison to the six months ended June 30, 2024 was primarily driven by premium growth combined with improved attritional loss and acquisition cost ratios. The improved attritional and acquisition cost ratios resulted in an additional income of $21.6 million for the six months ended June 30, 2025 while there was a $35.2 million increase in favorable prior year loss reserve development, offset by$61.8 million increase in catastrophe losses driven by the California wildfires.
Current report
Core Services Results
Current report
Net services fee income decreased to $27.5 million for the six months ended June 30, 2025 from $29.5 million for the six months ended June 30, 2024 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 22.9% for the six months ended June 30, 2025 compared to 23.9% for the six months ended June 30, 2024.
Current report
We generated net services income of $27.6 million for the six months ended June 30, 2025, compared to $27.2 million for the six months ended June 30, 2024, primarily driven by growth in IMG’s travel business and offset by the deconsolidation of Arcadian, which generated net services income of $5.2 million for the six months ended June 30, 2024.
Current report
Gross premiums written increased by $70.2 million, or 14.3%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily driven by expansion of Surety within our Other Specialties business line, growth across A&H, and continued strategic organic and new program growth in our international business, specifically London MGAs.
Current report
Gross premiums written increased by $181.0 million, or 17.8%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily driven by expansion of Surety within our Other Specialties business line, growth across A&H, and continued strategic organic and new program growth in our international business, specifically London MGAs.
Current report
Gross premiums written generated by the consolidated MGAs in the aggregate decreased by $163.9 million, or 49.3%, to $168.0 million for the six months ended June 30, 2025 compared to $331.9 million for the six months ended June 30, 2024, primarily resulting from the deconsolidation of Arcadian.
Current report
The improvement in underwriting income of $43.3 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily driven by growth combined with an improving attritional loss ratio as well as net favorable prior year loss reserve development of $12.2 million for the six months ended June 30, 2025, mainly in A&H, compared to net adverse prior year loss reserve development of $3.7 million for the six months ended June 30, 2024.
Current report
The increase in services revenues of $0.7 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to growth in the IMG travel business offset by the deconsolidation of Arcadian after the second quarter of 2024. Excluding Arcadian, service revenues increased by $6.8 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Current report
Gross premiums written in the Reinsurance segment increased by $17.2 million, or 4.9%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily driven by increased premiums written in credit within the Other Specialties book of business.
Current report
The increase in net underwriting results for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was the result of premium growth, lower acquisition costs as well as a decrease in catastrophe losses of$3.5 million.
Current report
The decrease in underwriting income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily driven by an increase in estimated losses for the six months ended June 30, 2025.
Current report
Restricted cash and cash equivalents and restricted investments remained at $2,427.5 million as of June 30, 2025 compared to $2,427.6 million as of December 31, 2024.
Removed paragraphs (5)
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 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 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.
Previous 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.
Previous 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.
Previous report
Restricted cash and cash equivalents and restricted investments decreased by $32.0 million, or 1.3%, to $2,395.6 million as of March 31, 2025 from $2,427.6 million as of December 31, 2024. The decrease was primarily due to a decrease in investments securing reinsurance contracts and letters of credit.
Reworded paragraphs (56)
Previous 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;
Current wording
•the impact of unpredictable catastrophic events, including uncertainties with respect to losses from health pandemics 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;
Previous wording
•geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.;
Current wording
•geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the uncertainty from policies under the current presidential administration in the U.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 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.
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 June 30, 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, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes.
Previous wording
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 wording
On March 5, 2025 and April 25, 2025, Fitch and AM Best, respectively, affirmed our ratings and revised our outlook to Positive from Stable. These revisions reflect our improved balance sheet strength and continued underwriting performance improvement.
Previous 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:
Current wording
We believe that the following key financial indicators are the most important in evaluating our performance for the three and six months ended June 30, 2025 and 2024:
Previous 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:
Current wording
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and six months ended June 30, 2025 and 2024 was calculated as follows:
Previous 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.
Current wording
As of June 30, 2025, book value per common share was $16.32, representing an increase of $0.59 per share, or 3.8%, from $15.73 per share as of March 31, 2025. As of June 30, 2025, book value per diluted common share was $16.03, representing an increase of $0.66 per share, or 4.3%, from $15.37 per share as of March 31, 2025. As of June 30, 2025, tangible book value per diluted common share was $14.89, representing an increase of $0.68 per share, or 4.8%, from $14.21 per share as of March 31, 2025.
Previous wording
Consolidated Results of Operations—Three months ended March 31, 2025 and 2024
Current wording
Consolidated Results of Operations—Three and six months ended June 30, 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 months ended March 31, 2025 and 2024:
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 and six months ended June 30, 2025 and 2024:
Previous 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.
Current wording
The key changes in our consolidated results for the three and six months ended June 30, 2025 compared to the prior year periods are discussed below.
Previous wording
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 wording
The decrease in net underwriting results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily driven by increased catastrophe losses from the California wildfires, partially offset by a decrease in attritional loss ratio.
Previous wording
The following is a summary of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2025 and December 31, 2024:
Current wording
The following table presents the carrying value of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of June 30, 2025 and December 31, 2024:
Previous 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).
Current wording
(1)Includes $631.7 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of June 30, 2025 (December 31, 2024 - $595.8 million).
Previous wording
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 wording
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 December 2024, partially offset bya $51.8 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 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.
Current wording
The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3 years (December 31, 2024 - 3.1 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 June 30, 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 months ended March 31, 2025 and 2024:
Current wording
The following is a summary of the results from investments and cash for the three and six months ended June 30, 2025 and 2024:
Previous wording
The following is a summary of the results from investments by investment classification for the three months ended March 31, 2025 and 2024:
Current wording
The following is a summary of the results from investments by investment classification for the three and six months ended June 30, 2025 and 2024:
Previous wording
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.
Current wording
For the three months ended June 30, 2025, other revenues primarily consisted of $26.4 million of service fee revenue from MGAs, compared to a gain of $95.9 million from the deconsolidation of Arcadian and $23.0 million of service fee revenue from MGAs for the three months ended June 30, 2024. 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. The increase in service fee revenue for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 is primarily driven by increases in the travel insurance business of International Medical Group, Inc. (“IMG”), partially offset by a decrease from the deconsolidation of Arcadian.
Previous 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”).
Current wording
For the six months ended June 30, 2025, other revenues primarily consisted of $58.3 million of service fee revenue from MGAs, compared to a gain of $95.9 million from the deconsolidation of Arcadian and $51.7 million of service fee revenue from MGAs for the six months ended June 30, 2024. The increase in service fee revenue for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 is primarily driven by increases in IMG’s travel insurance business, partially offset by a decrease from the deconsolidation of Arcadian.
Previous wording
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 wording
For the three and six months ended June 30, 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 gain (loss) of $10.6 million and
Previous 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.
Current wording
The increase in net corporate and other expenses for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was primarily driven by professional fees associated with non-recurring projects.
Previous 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.
Current wording
Amortization of intangible assets for the three and six months ended June 30, 2025 was $2.8 million and $5.7 million, respectively (2024 - $3.0 million and $5.9 million, respectively). The changes in amortization are 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.
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. 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”).
Current wording
Interest expense for the three and six months ended June 30, 2025 was $21.1 million and $39.2 million, respectively, compared to $15.7 million and $36.2 million for the three and six months ended June 30, 2024. The increases were primarily driven by funds withheld interest on the loss portfolio transfer with Clarendon National Insurance Company which was completed in October 2024 (the “2024 LPT”) and included in the three and six months ended June 30, 2025, as well as a gain on the commutation of a deposit accounted contract in the three and six months ended June 30, 2024.
Previous 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.
Current wording
The foreign exchange losses of $3.6 million for the three months ended June 30, 2024 were primarily due to $3.1 million of foreign exchange losses from our international operations. The foreign exchange gains of $0.1 million for the six months ended June 30, 2024 were primarily due to $2.7 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 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.
Current wording
In addition to the foreign exchange losses noted above, foreign currency gains for the three and six months ended June 30, 2025 of $6.4 million and $2.9 million, respectively, were recorded as part of investments results. See Note 7 “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.
Previous 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.
Current wording
On an aggregate basis, the effects of foreign exchange resulted in charges to net income of $15.0 million and $19.7 million as well as charges to comprehensive income of $7.1 million and $14.8 million for the three and six months ended June 30, 2025, respectively. The effects of foreign exchange are consistent with the recent market fluctuations in rates and the Company’s economic currency hedging strategy.
Previous wording
Segment Results — Three months ended March 31, 2025 and 2024
Current wording
Segment Results — Three and six months ended June 30, 2025 and 2024
Previous wording
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 constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. 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.
Current wording
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 constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. 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.
Previous wording
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 wording
Gross premiums written increased by $87.4 million, or 10.4%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Net premiums written increased by $49.9 million, or 7.7%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Net premiums earned increased by $92.2 million, or 16.7%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including expansion of Surety within our Other Specialties business line, growth across A&H, and continued strategic organic and new program growth in our international P&C business.
Previous 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.
Current wording
30, 2025, compared to $5.6 million of catastrophe losses for the three months ended June 30, 2024. For the three months ended June 30, 2025 favorable prior year loss reserve development was $13.8 million primarily driven by favorable development in Property and A&H businesses due to lower than expected reported attritional losses, compared to $4.9 million for the three months ended June 30, 2024 primarily driven by favorable development within A&H.
Previous 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.
Current wording
Net services fee income and net services income remained stable forthe three months ended June 30, 2025 compared to the three months ended June 30, 2024. Service margin, which is calculated as Net service fee income as a percentage of services revenues, decreased to 14.7% for the three months ended June 30, 2025 from 16.9% for the three months ended June 30, 2024.
Previous 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.
Current wording
Services revenues decreased to $120.2 million for the six months ended June 30, 2025 compared to $123.2 million for the six months ended June 30, 2024 primarily due to the deconsolidation of Arcadian offset by growth in IMG’s travel business.
Previous wording
The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the period over period changes, for the three months ended March 31, 2025 and 2024:
Current wording
The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the period over period changes, for the three and six months ended June 30, 2025 and 2024:
Previous wording
Gross premiums written by the consolidated MGAs in the aggregate decreased by $59.6 million, or 38.2%, to $96.5 million for the three months ended March 31, 2025 compared to $156.1 million for the three months ended March 31, 2024, primarily resulting from the deconsolidation of Arcadian. Excluding Arcadian, gross premiums written by the consolidated MGAs increased by $27.5 million, or 39.8% from increases at both IMG and Armada.
Current wording
Gross premiums written by the consolidated MGAs in the aggregate decreased by $104.3 million, or 59.3%, to $71.5 million for the three months ended June 30, 2025 compared to $175.8 million for the three months ended June 30, 2024, primarily resulting from the deconsolidation of Arcadian. Excluding Arcadian, gross premiums written by the consolidated MGAs were flat year over year.
Previous wording
Book value for the consolidated MGAs was $83.2 million as of March 31, 2025, compared to $90.1 million as of December 31, 2024.
Current wording
Book value for the consolidated MGAs was $83.2 million as of June 30, 2025, compared to $90.1 million as of December 31, 2024. The reduction in book value from December 31, 2024 was the result of the intercompany dividends to support the Company’s share repurchases, offset by income in the current period.
Previous wording
The improvement in underwriting income of $15.7 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by our decreased loss ratio mainly from lower attritional losses, as well as net favorable prior year loss reserve development of $2.5 million for the three months ended March 31, 2025, mainly in A&H, compared to net adverse prior year loss reserve development of $2.3 million for the three months ended March 31, 2024.
Current wording
The improvement in underwriting income of $27.6 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily driven by a lower attritional loss ratio, as well as net favorable prior year loss reserve development of $9.7 million for the three months ended June 30, 2025, mainly in A&H, compared to net adverse prior year loss reserve development of $1.4 million for the three months ended June 30, 2024.
Previous wording
The decrease in services revenues of $3.7 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was driven by the deconsolidation of Arcadian. Excluding Arcadian, services revenue increased by $5.7 million primarily driven by IMG from increased demand for its travel products and services.
Current wording
The decrease in services revenues of $3.0 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to the deconsolidation of Arcadian offset by growth in IMG’s travel business. Excluding Arcadian, service revenues increased by $11.5 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Previous wording
Net services income remained stable for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Current wording
Net services income remained stable for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, primarily driven by growth in IMG’s travel business and offset by the deconsolidation of Arcadian.
Previous 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:
Current wording
The Reinsurance segment predominantly underwrites 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 and six months ended June 30, 2025 and 2024:
Previous 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.
Current wording
Gross premiums written in the Reinsurance segment increased by $15.6 million, or 2.2%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily driven by reduced premiums written in Casualty reflecting a reallocation of capital to support growth of underwriting margins, partially offset by increased reinstatement premiums of $8.9 million related to Property Catastrophe business.
Showing the first 40 of 56 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
As of June 30, 2025, book value per common share was $16.32, representing an increase of $1.40 per share, or 9.4%, from $14.92 per share as of December 31, 2024. As of June 30, 2025, book value per diluted common share was $16.03, representing an increase of $1.43 per share, or 9.8%, from $14.60 per share as of December 31, 2024. As of June 30, 2025, tangible book value per diluted common share was $14.89, representing an increase of $1.47 per share, or 11.0%, from $13.42 per share as of December 31, 2024.
Current report — wording carried from elsewhere
The increases reflect continued positive underwriting and investment results during the three and six months ended June 30, 2025.
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
The foreign exchange losses for the three and six months ended June 30, 2025 of $16.7 million and $14.5 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.
Current report — wording carried from elsewhere
The following tables set forth the operating segment results and ratios for the six months ended June 30, 2025 and 2024:
Current report — wording carried from 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.
Current report — wording carried from 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.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.