SiriusPoint Ltd
For the period ended Sep 30, 2025. Filed Oct 30, 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.
Sep 30, 2025 · Filed Oct 30, 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 2025-06-30; filed 2025-08-04.
0001576018-25-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001576018-25-000044
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 223 previous paragraphs and 227 current paragraphs.
136 unchanged; 76 reworded; 13 added; 9 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 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 (13)
Current report
Sale of Armada
Current report
On September 29, 2025 the Company entered into an agreement to sell its wholly owned subsidiary, ArmadaCorp Capital, LLC (“Armada”), to Ambac Financial Group Inc. for $250 million. SiriusPoint will continue its capacity partnership with Armada until the end of 2030. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and receipt of regulatory approvals. Upon completion of the transaction, the Company is expected to recognize a pre-tax gain of $220 million to $230 million.
Current report
Sale of Arcadian
Current report
On October 3, 2025 the Company entered into an agreement to sell its 49% equity stake in managing general agent, Arcadian Holdings Limited (“Arcadian”), to Lee Equity Partners for total consideration of $139 million, inclusive of a pre-close dividend. The Company has also renewed and extended its capacity agreement with Arcadian until the end of 2031. The transaction is expected to close prior to the end of the first quarter of 2026, subject to regulatory approvals and satisfaction of customary closing conditions. Upon completion of the transaction, the Company is expected to recognize a pre-tax gain of $25 million to $30 million.
Current report
KPI
Current report
The increase in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders was driven by higher net income for the three months ended September 30, 2025, due to the 2024 loss on the settlement of liability classified instruments of $117.3 million, partially offset by lower net investment income.
Current report
The increase in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the nine months ended September 30, 2025 is the result of consistent net income combined with a decrease in shareholders’ equity subsequent to the share repurchases in the fourth quarter of 2024 and first quarter of 2025.
Current report
Services revenues increased to $178.7 million for the nine months ended September 30, 2025 compared to $171.3 million for the nine months ended September 30, 2024 primarily due to growth in IMG’s travel business, offset by the effects of the Arcadian deconsolidation.
Current report
Net services income increased to $10.1 million for the three months ended September 30, 2025 compared to $7.0 million during the three months ended September 30, 2024, primarily driven by growth in IMG’s travel business.
Current report
Gross premiums written in the Reinsurance segment decreased by $4.9 million, or 1.6%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by slight decreases in Aviation and International Credit offset by growth in Bermuda Specialty.
Current report
The decrease in net underwriting results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was the result of a decrease in favorable prior year development of$17.0 million offset by a decrease in catastrophe lossesof $11.3 million .
Current report
Effective September 2025, we became a member of the FHLBNY. As a member, we may borrow through the advance program of the FHLBNY. The FHLBNY advance program provides short- and long-term, fully collateralized loans, called advances, to their members. We have the ability to obtain this funding based on a percentage of the value of our admitted assets in the State of New York, subject to availability of eligible collateral. As of September 30, 2025, there were no outstanding FHLBNY borrowings.
Current report
Restricted cash and cash equivalents and restricted invest ments decreased to $2,297.8 million as of September 30, 2025 from $2,427.6 million as of December 31, 2024.
Removed paragraphs (9)
Previous report
Lloyds Facility
Previous 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.
Previous report
(2)Prior year comparatives represent amounts as of December 31, 2024.
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 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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.
Reworded paragraphs (76)
Previous 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.;
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., such as the federal government shutdown and financial markets’ and business reactions to such events;
Previous 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”).
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, Fitch Ratings (“Fitch”) and Standard & Poor's (“S&P”) and A3 (Stable) from Moody’s Ratings (“Moody’s”).
Previous 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.
Current wording
On March 5, 2025, April 25, 2025 and October 2, 2025, Fitch, AM Best and S&P, respectively, affirmed our ratings and revised our outlook to Positive from Stable. These revisions reflect our improved balance sheet strength, continued underwriting performance improvement and reduced risk profile.
Previous 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:
Current wording
We believe that the following key financial indicators are the most important in evaluating our performance for the three and nine months ended September 30, 2025 and 2024, and as of September 30, 2025 and December 31, 2024:
Previous 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:
Current wording
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and nine months ended September 30, 2025 and 2024 was calculated as follows:
Previous 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.
Current wording
As of September 30, 2025, book value per common share was $17.21, representing an increase of $0.89 per share, or 5.5%, from $16.32 per share as of June 30, 2025. As of September 30, 2025, book value per diluted common share was $16.91, representing an increase of $0.88 per share, or 5.5%, from $16.03 per share as of June 30, 2025. As of September 30, 2025, tangible book value per diluted common share was $15.87, representing an increase of $0.98 per share, or 6.6%, from $14.89 per share as of June 30, 2025.
Previous wording
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 wording
As of September 30, 2025, book value per common share was $17.21, representing an increase of $2.29 per share, or 15.3%, from $14.92 per share as of December 31, 2024. As of September 30, 2025, book value per diluted common share was $16.91, representing an increase of $2.31 per share, or 15.8%, from $14.60 per share as of December 31, 2024. As of September 30, 2025, tangible book value per diluted common share was $15.87, representing an increase of $2.45 per share, or 18.3%, from $13.42 per share as of December 31, 2024.
Previous wording
The increases reflect continued positive underwriting and investment results during the three and six months ended June 30, 2025.
Current wording
The increases reflect continued positive underwriting and investment results during the three and nine months ended September 30, 2025.
Previous wording
Consolidated Results of Operations—Three and six months ended June 30, 2025 and 2024
Current wording
Consolidated Results of Operations—Three and nine months ended September 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 and six months ended June 30, 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 nine months ended September 30, 2025 and 2024:
Previous 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.
Current wording
The key changes in our consolidated results for the three and nine months ended September 30, 2025 compared to the prior year periods are discussed below.
Previous wording
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 wording
The improvement in net underwriting results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily driven by premium growth at a lower attritional loss ratio and a decrease in catastrophe losses of $10.6 million offset by a decrease in favorable prior year development of$21.7 million.
Previous 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.
Current wording
The decrease in net underwriting results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by increased catastrophe losses from the California wildfires, partially offset by a decrease in attritional loss ratio.
Previous 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).
Current wording
(1)Includes $653.5 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of September 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 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.
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 by a $54.0 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 - 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.
Current wording
The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.1 years (December 31, 2024 - 3.1 years). The duration remained consistent from the comparative period due to our efforts 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, 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 six months ended June 30, 2025 and 2024:
Current wording
The following is a summary of the results from investments and cash for the three and nine months ended September 30, 2025 and 2024:
Previous 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:
Current wording
The following is a summary of the results from investments by investment classification for the three and nine months ended September 30, 2025 and 2024:
Previous wording
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 wording
Net investment income and net realized and unrealized investment gains (losses) for the nine months ended September 30, 2025 increased due to losses on strategic investments in 2024 of $56.2 million resulting from the Company’s recurring valuations of its portfolio. Excluding the losses on strategic investments and other items, the primary components of income for the nine months ended September 30, 2025 and September 30, 2024 were $202.1 million and $228.5 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.
Previous 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.
Current wording
For the three months ended September 30, 2025, other revenues primarily consisted of $25.8 million of service fee revenue from MGAs in addition to a non-recurring $11.0 million insurance recovery related to a legacy litigation, compared to$18.2 million of service fee revenue from MGAs for the three months ended September 30, 2024. The increase in service fee revenue for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 is primarily driven by increases in the travel insurance business of International Medical Group, Inc. (“IMG”).
Previous 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.
Current wording
For the nine months ended September 30, 2025, other revenues primarily consisted of $84.1 million of service fee revenue from MGAs in addition to a non-recurring $11.0 million insurance recovery related to a legacy litigation compared to a gain of $95.9 million from the deconsolidation of Arcadian and $69.9 million of service fee revenue from MGAs for the nine months ended September 30, 2024. The increase in service fee revenue for the nine months ended September 30, 2025 compared to the nine months ended September 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 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
Current wording
For the three and nine months ended September 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 loss of$117.3 million and $122.6 million for the three and nine months ended September 30, 2024, respectively, driven by the settlement of the
Previous wording
$(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 wording
Series A preference shares under the CMIG Agreement and the change in fair value of the Merger Warrants primarily driven by changes in our share price.
Previous 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.
Current wording
The increase in net corporate and other expenses for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was primarily driven by increases in service expenses and expenses associated with non-recurring projects.
Previous wording
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 wording
For the three months ended September 30, 2025, services expenses increased to $48.5 million compared to $41.3 million for the three months ended September 30, 2024, primarily driven by increases in expenses proportional to IMG revenue growth.
Previous wording
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 wording
For the nine months ended September 30, 2025 services expenses increased to $141.2 million compared to $135.0 million for the nine months ended September 30, 2024, primarily driven by increases in expenses related to IMG, slightly offset by decreases from the deconsolidation of Arcadian.
Previous 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.
Current wording
Amortization of intangible assets for the three and nine months ended September 30, 2025 was $2.8 million and $8.5 million, respectively (2024 - $3.0 million and $8.9 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 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.
Current wording
Interest expense for the three and nine months ended September 30, 2025 was $21.0 million and $60.2 million, respectively, compared to $13.8 million and $50.0 million for the three and nine months ended September 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 nine months ended September 30, 2025.
Previous wording
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 wording
The foreign exchange losses for the three and nine months ended September 30, 2025 of $2.4 million and $16.9 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 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.
Current wording
The foreign exchange losses of $3.0 million for the three months ended September 30, 2024 were primarily due to $3.7 million of foreign exchange losses from our international operations. The foreign exchange losses of $2.9 million for the nine months ended September 30, 2024 were primarily due to $1.0 million of foreign exchange losses from our international operations.
Previous 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.
Current wording
In addition to the foreign exchange losses noted above, foreign currency losses for the three and nine months ended September 30, 2025 of $0.8 million and $3.0 million, respectively, were recorded as part of 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.
Previous 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.
Current wording
On an aggregate basis, the effects of foreign exchange resulted in charges to net income of $2.6 million and $18.3 million as well as charges (benefits) to comprehensive income of $(3.1) million and $1.9 million for the three and nine months ended September 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
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 wording
The increases in income tax expense for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 were consistent with the increases in pre-tax income.
Previous wording
Segment Results — Three and six months ended June 30, 2025 and 2024
Current wording
Segment Results — Three and nine months ended September 30, 2025 and 2024
Previous 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.
Current wording
Gross premiums written increased by $181.1 million, or 26.2%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Net premiums written increased by $161.3 million, or 32.0%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Net premiums earned increased by $97.2 million, or 17.8%, for the three months ended September 30, 2025 compared to the three months ended September 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 including Life, and continued strategic organic and new program growth in our international P&C business.
Previous 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.
Current wording
The improvement in net underwriting results of $7.1 million was primarily driven by premium growth coupled with a slight improvement in attritional losses as well as decreased catastrophe losses, offset by a decrease in favorable prior year development. Effects of catastrophes were limited for the three months ended September 30, 2025, compared to $10.6 million of catastrophe losses for the three months ended September 30, 2024. For the three months ended September 30, 2025 favorable prior year loss reserve development was $9.1 million primarily driven by favorable development in A&H business due to lower than expected reported attritional losses, compared to $29.7 million for the three months ended September 30, 2024 primarily driven by favorable development within Property business.
Previous wording
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 wording
Services revenues increased to $58.5 million for the three months ended September 30, 2025 compared to $48.1 million for the three months ended September 30, 2024 due to growth in the IMG travel business.
Previous 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.
Current wording
Net services income increased to $10.1 million for the three months ended September 30, 2025 compared to $7.0 million during the three months ended September 30, 2024, primarily driven by growth in IMG’s travel business. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 17.1% for the three months ended September 30, 2025 from 14.1% for the three months ended September 30, 2024 driven by enhanced profitability at both IMG through the travel program as well as Armada.
Previous wording
The following tables set forth the operating segment results and ratios for the six months ended June 30, 2025 and 2024:
Current wording
The following tables set forth the operating segment results and ratios for the nine months ended September 30, 2025 and 2024:
Previous wording
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 wording
Gross premiums written increased by $377.7 million, or 15.6%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Net premiums written increased by $336.0 million, or 18.9%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Net premiums earned increased by $297.4 million, or 18.4%, for the nine months ended September 30, 2025 compared to the nine months ended September 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.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Net investment income and net realized and unrealized investment gains (losses) for the three months ended September 30, 2025 decreased as 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 — wording carried from elsewhere
MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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