SiriusPoint Ltd
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
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-K
Period ended 2024-12-31; filed 2025-02-21.
0001576018-25-000010
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-24.
0001576018-26-000032
Item 7. 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 278 previous paragraphs and 263 current paragraphs.
153 unchanged; 71 reworded; 35 added; 52 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 18 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 (35)
Current report
Distribution relationships are particularly important to us. A majority of our premium is produced via MGAs, including both our consolidated MGAs and non-consolidated MGAs. We seek to create capacity partnerships with MGAs that have high integrity and transparent leaders, and teams with deep underwriting expertise and track records of success, and no longer take capital positions in those business partners. Our partnerships are focused on underwriting in concentrated, niche businesses that often offer new exposure to our portfolio, while we provide guidance and oversight. We launched 16 new strategic partnerships with various program administrators during 2025, which underwrite across many business lines, including, but not limited to, Casualty, Property, A&H, and Other Specialties.
Current report
Sale and Deconsolidation of Armada
Current report
On September 29, 2025, we entered into an agreement to sell our wholly owned subsidiary, Armada, to Ambac Financial Group Inc., an unrelated party, for $250 million. The transaction closed on October 31, 2025. We will continue our underwriting capacity partnership with Armada until the end of 2030.
Current report
Effective November 1, 2025, we deconsolidated Armada when the transaction closed following the satisfaction of customary closing conditions. Accordingly, we deconsolidated and removed the carrying value of Armada’s assets of $36.4 million and liabilities of $22.6 million from our consolidated balance sheet as of December 31, 2025, and recognized a gain of $222.4 million in our consolidated income statement for the year ended December 31, 2025.
Current report
Sale of Arcadian
Current report
On October 3, 2025, we entered into an agreement to sell our 49% equity stake in Arcadian to Lee Equity Partners for total consideration of $140.4 million, inclusive of a pre-close dividend. We also renewed and extended our capacity agreement with Arcadian until the end of 2031. On January 30, 2026, the transaction closed following the satisfaction of customary closing conditions. In the first quarter of 2026, we will recognize a pre-tax gain of approximately $25.0 million.
Current report
Acquisition of Assist America
Current report
On December 31, 2025, we, through our wholly owned subsidiaries, entered into an agreement to acquire Assist America, a leading provider of global emergency travel assistance services. Assist America primarily sells its services to insurance companies as part of their corporate benefit plan products. It provides reliable global emergency assistance to over 40 million members across Asia, the Middle East and North America. The acquisition will significantly bolster our third-party medical and travel assistance revenue, increase scale in the U.S., and expand our coverage to Asia and the Middle East.
Current report
The total deal consideration is estimated as $42.5 million, which comprises cash and other contingent value components, and the estimated identifiable net assets acquired were $22.8 million. Pursuant to the agreement, our control of Assist America is effective as of January 1, 2026. As such, we will consolidate Assist America in our consolidated financial statements in the first quarter of 2026.
Current report
On January 29, 2026, we announced that we will redeem all 8,000,000 of our issued and outstanding 8.0% Series B preference shares on February 26, 2026 (the “Redemption Date”). The redemption price payable on the Redemption Date is $25.00 per share, plus $0.49, which reflects unpaid, accrued cumulative dividends, to, but excluding, the Redemption Date, without interest (the “Redemption Price”). Following the redemption, no Series B preference shares will remain outstanding and all rights with respect to such Series B preference shares will cease and terminate, except for the right to receive the Redemption Price. Upon completion of the redemption, we intend to delist the Series B preference shares from the New York Stock Exchange and deregister the Series B preference shares under the Securities Exchange Act of 1934.
Current report
The redemption will help to simplify and optimize our capital structure and financial leverage, while also eliminating the cost of capital and related cash servicing associated with the Series B preference shares. After the redemption, our capital position will remain at or above operating target levels.
Current report
Acquisition of World Nomads
Current report
On February 12, 2026, Sirius International UK Holdings II Ltd (“SIUK II”), a subsidiary of our Company, entered into a purchase agreement with nib Travel Pty Ltd., an Australian proprietary limited company (“nib”), in which SIUK II or its subsidiaries will purchase equity interests and assets comprising the World Nomads travel insurance business currently operated by nib (collectively, “World Nomads”). An initial closing on the majority of the World Nomads business is expected to occur in the second or third quarter of 2026, and a final closing is expected to occur in the second half of 2027, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.
Current report
Reinsurance markets are generally experiencing a declining rate environment, due in part to over-supply and recent strong financial performance across the sector. Property catastrophe reinsurance is experiencing significant risk-adjusted rate decreases globally, while US casualty has remained more stable. Specialty lines are generally experiencing rate decreases, except for aviation due to recent frequency of severe global aviation losses.
Current report
We aim to be a top performing underwriter, with a portfolio of specialty lines, that targets a 12-15% return on equity across the pricing cycle and a business mix intended to produce a lower volatility of results. We strive to maintain relentless focus on underwriting and a disciplined approach to strategic capital deployment. Our business benefits from a global multi-channel distribution network, providing dynamic opportunities for profitable growth. Our business model is diversified as we continue to benefit from three sources of earnings; (i) underwriting results where we bear insurance risk; (ii) services fee income from MGAs we consolidate; and (iii) investment results.
Current report
The decrease in total invested assets and cash as of December 31, 2025 was primarily driven by the use of $483.0 million of investments to fund a share repurchase from CM Bermuda Limited (“CM Bermuda”) under a securities purchase agreement entered into in December 2024, partially offset by the receipt of funds from the sale of Armada of $224.9 million, as well as a $60.1 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 report
(1)Non-AFS designated investments include short-term investments, other long-term investments, and debt securities, trading.
Current report
Net investment income and net realized and unrealized investment losses for the year ended December 31, 2025 increased compared to the year ended December 31, 2024 primarily driven by losses on Other long-term investments in 2024 of $66.3 million resulting from recurring valuations of our portfolio. This was partially offset by a decrease in income from our debt securities and short-term investments to $264.6 million for the year ended December 31, 2025 compared to $289.7 million for the year ended December 31, 2024 due to the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.
Current report
The increase in net corporate and other expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily driven by increases in expenses associated with strategic transactions and projects, as well as an increase in service expenses.
Current report
Service fee expense increased to $182.6 million for the year ended December 31, 2025, compared to$176.2 million for the year ended December 31, 2024, primarily driven by increases in expenses related to IMG, slightly offset by decreases from the deconsolidation of Arcadian and Armada.
Current report
Interest expense for the year ended December 31, 2025 was $79.7 million, including $47.9 million associated with debt obligations and $30.7 million of funds withheld interest from loss portfolio transfers, compared to$69.6 million for the year ended December 31, 2024, including $48.1 million associated with debt obligations and $29.5 million of funds withheld interest from loss portfolio transfers, which was partially offset by a gain on the commutation of a deposit accounted contract.
Current report
Gross written premium increased by$512.1 million, or 16.1%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. Net written premium increased by$436.7 million, or 18.7%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. Net earned premium increased by$392.4 million, or 17.8%, for the year ended December 31, 2025 compared to the year ended December 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, specifically London MGAs.
Current report
Services revenue was $224.4 million for the year ended December 31, 2025 compared to $222.9 million for the year ended December 31, 2024. The increase was driven by the continued growth of IMG’s travel business, partially offset by the deconsolidation of Arcadian and Armada, as their services revenue is included through the dates of deconsolidation.
Current report
Gross written premium in the Insurance & Services segment increased by $472.7 million, or 25.7%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily driven by Accident & Health, expansion of
Current report
Surety within our Other Specialties business line, and continued strategic organic and new program growth in our international business, specifically London MGAs.
Current report
The increase in services revenue of $1.5 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 was driven by the continued growth of IMG’s travel business, partially offset by the deconsolidation of Arcadian and Armada, as their services revenue is included through the dates of deconsolidation above.
Current report
New York Casualty, Credit within Other Specialties, and New York Property, partially offset by decreases in Bermuda Property, due to underlying rate decreases and growth reductions, and in Aviation.
Current report
The changes in premium volume for the year ended December 31, 2025 compared to the year ended December 31, 2024 were 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 have limited volume in 2025. Gross premium volume decreases were partially offset by premiums from a fronting agreement during the year ended December 31, 2025.
Current report
The decrease in underwriting loss for the year ended December 31, 2025 compared to the year ended December 31, 2024 was further driven by favorable prior year loss reserve development based on the observed loss experience within Corporate during the year.
Current report
On January 29, 2026, the Company announced that it will redeem all 8,000,000 of its issued and outstanding Series B preference shares on February 26, 2026. For further details, see Note 23 “Subsequent events” in our audited consolidated financial statements included elsewhere in this Annual Report.
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, which provides short-term 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 December 31, 2025, there were no outstanding FHLBNY borrowings.
Current report
On or about January 5, 2026, the Company offered the remaining holders of its Series A Preference Shares the opportunity to convert their shares into common equity. As of December 31, 2025, there were approximately 10,000 remaining Series A Preference Shares. The offer is intended to further simplify SiriusPoint’s capital structure. Participation is voluntary and subject to specified terms. The conversion could affect the liquidity and market value of the remaining Series A Preference Shares and may dilute existing common shareholders through the issuance of additional shares.
Current report
On January 29, 2026, we announced that we will redeem all 8,000,000 of our issued and outstanding Series B preference shares on February 26, 2026.
Current report
•$1.6 million of net favorable prior year reserve development in Corporate based on the observed loss experience within Corporate during the year.
Current report
•$75.0 million of netfavorable prior year reserve development in the Reinsurance segment primarily driven by favorable development in Property and Other Specialties, mainly from reserve releases relating to prior year’s catastrophe events; and
Removed paragraphs (52)
Previous report
CM Bermuda Series A Preference Shares 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 Series A and Repurchase Agreement”), in each case, with CM Bermuda and CMIG International Holding Pte. Ltd.
Previous report
We paid CM Bermuda a total consideration of $261.3 million upon the closing of the transactions under the CMIG Series A and Repurchase Agreement. Pursuant to the Settlement Agreement, we paid CM Bermuda for full satisfaction and discharge of all obligations and all other claims of any nature related to our Series A Preference Shares held by CM Bermuda and the related Certificate of Designation of Series A Preference Shares of our Company, and recorded a loss of $90.7 million in our consolidated income statement. All Series A Preference shares held by CM Bermuda were cancelled and retired at the closing of the transaction. Pursuant to the Share Repurchase Agreement, we repurchased 9,077,705 of our issued and outstanding common shares held by CM Bermuda for approximately $125.0 million, which were cancelled and retired at the closing of the transaction.
Previous report
CM Bermuda Merger Warrant Settlement and Share Repurchase
Previous report
On December 30, 2024, we entered into a Securities Purchase Agreement (the “CMIG Securities Purchase Agreement”) with CM Bermuda. The CMIG Securities Purchase Agreement provides that, subject to the satisfaction or waiver of certain customary conditions set forth therein, we will repurchase all common shares and all warrants to purchase common shares held by CM Bermuda.
Previous report
Upon the terms and subject to the conditions in the CMIG Securities Purchase Agreement, we will repurchase 20,991,337 warrants at $3.56 per warrant and 45,720,732 common shares at $14.25 per common share. The aggregate amount payable by the Company under the CMIG Securities Purchase Agreement will be approximately $733.0 million, including certain costs and expenses. Following the closing, CM Bermuda will have no remaining ownership interest in SiriusPoint. The common shares will be purchased into treasury and the warrants will be cancelled. The CMIG Securities Purchase Agreement contains customary representations, warranties and covenants of the parties. Consummation of the transactions contemplated by the
Previous report
CMIG Securities Purchase Agreement is subject only to the representations and warranties of each party being true and correct as of the closing date.
Previous report
The closing is expected to be completed on or before February 28, 2025. The CMIG Securities Purchase Agreement contemplates that payment thereunder be made in two tranches. The first payment of $250.0 million was made concurrently with the execution of the CMIG Securities Purchase Agreement. At the closing, we will pay an additional $483.0 million to CM Bermuda. Pursuant to the CMIG Securities Purchase Agreement, we recorded a loss of $25.9 million in our consolidated income statement, which includes $6.8 million of CM Bermuda’s costs and expenses.
Previous report
In connection with the transactions contemplated by the CMIG Securities Purchase Agreement, the parties have agreed that, effective and contingent upon the closing, CM Bermuda’s appointed board representative, Meng Tee Saw, will resign from the Board and each committee of the Board of which he is a member; and we and CM Bermuda will terminate that certain Investor Rights Agreement, dated as of February 26, 2021, by and between SiriusPoint and CM Bermuda (the “IRA”). CM Bermuda has similarly placed an executed resignation letter and IRA termination agreement into escrow. Via the termination of the IRA, CM Bermuda will no longer have observer rights on the Board.
Previous report
Workers’ Compensation Loss Portfolio Transfer
Previous report
On April 30, 2024, SiriusPoint America Insurance Company (“SiriusPoint America”), a subsidiary of the Company, 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”). The Company received the appropriate regulatory approvals and the transaction closed on October 1, 2024.
Previous report
Pursuant to the Master Agreement, on the closing of the transactions contemplated therein, among other documents, (a) SiriusPoint America and Clarendon National entered into a Loss Portfolio Transfer Reinsurance Agreement (the “2024 LPT”), pursuant to which SiriusPoint America cedes and Clarendon National assumes 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 2024 LPT including an aggregate limit; (b) SiriusPoint America and an affiliate of Clarendon National (the “Administrator”) entered 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 issued a Parental Guarantee in favor of SiriusPoint America guaranteeing Clarendon National’s obligations under the 2024 LPT. 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 2024 LPT, SiriusPoint commuted certain ceded workers’ compensation reinsurance contracts, and the liabilities related to those commuted contracts are included in the Subject Business.
Previous report
The transaction price of approximately $400 million covered SiriusPoint loss and unearned premium reserves, including commuted liabilities, and the reinsurance premium as of the December 31, 2023 valuation date. The subject loss reserves are now included in Loss and loss adjustment expenses recoverable in the Company’s consolidated balance sheets. Following the commutation of certain liabilities, the Company recognized a loss of $20.1 million at the effective date of October 1, 2024. The agreement between SiriusPoint America and Clarendon National is on a funds withheld basis, and the funds held liability (including reinsurance premium) of $297.2 million as of December 31, 2024 is included within Reinsurance balances payable in the Company’s consolidated balance sheets. The aggregate limit under the 2024 LPT is 150% of the premium paid.
Previous report
Debt Restructuring
Previous report
On April 5, 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 an indenture, dated as of April 5, 2024, between us and The Bank of New York Mellon, as trustee. We used certain of the proceeds from the 2024 Senior Notes, together with available cash, to fund a tender offer for our 2016 Senior Notes and subsequent redemptions of the then-outstanding amounts of the 2016 Senior Notes and the 2015 Senior Notes. We repurchased and redeemed the full outstanding amount of $400.0 million aggregate principal amount of our 2016 Senior Notes. We redeemed the full outstanding amount of $115.0 million aggregate principal amount of our 2015 Senior Notes.
Previous report
Reinsurance markets continue to benefit from the positive primary insurance environment across most insurance lines, although at moderating levels. While primary insurance companies, especially those in the U.S. homeowners market, have been materially affected by another year of elevated levels of catastrophe losses, the property reinsurance market has performed well, resulting in materially improved returns on capital in reinsurance. This is due to reinsurers re-evaluating their positions in property, reducing aggregates and focusing on higher excess reinsurance moving away from primary exposures. A combination of increased pricing for catastrophe exposed business, a tightening of contractual terms and conditions, and a focus on higher excess business has resulted in a bifurcation of performance of primary carrier catastrophe exposed business versus catastrophe reinsurance. However, the recent fires in Southern California are expected to impact the reinsurance market, specifically the property catastrophe line of business. In a span of five months, the U.S. property insurance and reinsurance markets experienced two major hurricanes, Helene and Milton, and what may prove to be the costliest fire in recent history. The heightened frequency and severity of catastrophic events in the U.S. and globally, with recent events in Canada, Europe, the Middle East, and other parts of the world, continue to financially burden the property insurance industry globally and amplify the potential impacts of climate change on catastrophic loss activity.
Previous report
Outside of property, in the casualty and specialty reinsurance markets, rate momentum and performance for most lines remains strong, albeit reduced rate of increase. Ceding commissions on proportional business have stabilized and reduced for some casualty product lines, such as public directors & officers and commercial auto. The MGA market continues to show significant growth in casualty and specialty program reinsurance business fueled, in part, by fronting carrier growth. These programs and fronting carriers rely heavily on proportional reinsurance support as a primary source of underwriting capital.
Previous report
We are an underwriting-first company as we aim to create a business model which is simplified, fully-integrated and globally connected. Our business model is diversified and differentiated compared to a traditional P&C insurer given we have three uncorrelated sources of earnings; (i) underwriting results where we bear insurance risk; (ii) services fee income from MGAs we consolidate; and (iii) investment results. We took decisive actions on our strategic priorities during 2024 to reduce volatility and increase profitability. Our underwriting results benefited from portfolio refinement, improving our mix of business, and reducing historical volatility from our property reinsurance business, resulting in our ninth straight quarter of underwriting profit. We de-risked our investment portfolio resulting in materially improved and reduced volatility investment returns. We simplified our capital structure through a $400 million debt refinancing and increased share repurchase authorization for a full repurchase of all CM Bermuda common shares.
Previous report
Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. See “Segment Results” below for additional information.
Previous report
Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage point on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.
Previous report
The decrease in total invested assets and cash as of December 31, 2024 was primarily driven by the use of funds to support the CMIG Series A and Repurchase Agreement for $261.3 million, the first payment under the CMIG Securities Purchase Agreement of $250.0 million, the redemption of $115.0 million of outstanding debt and the commutation of a deposit accounted contract of $100.8 million resulting in the return of funds to the cedant, partially offset by gains on the AFS portfolio.
Previous report
(1)Trading portfolio is inclusive of all non-AFS designated investments in the investment portfolio.
Previous report
Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the 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. Our net investment income growth was partially offset by an increase in the allocation of incentive compensation expenses resulting from the investment portfolio’s outperformance relative to targets. 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) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.
Previous report
The decrease in net corporate and other expenses for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by restructuring charges of $30.0 million, which include severance-related charges, incurred during the year ended December 31, 2023. In addition, the Company incurred $7.9 million of costs associated with the 2023 LPT and a standstill agreement with an investor in the year ended December 31, 2023. This decrease was partially offset by 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 year ended December 31, 2024.
Previous report
Service fee expense decreased to$176.2 million for the year ended December 31, 2024, compared to $187.8 millionfor the year ended December 31, 2023. The decrease was primarily driven by the deconsolidation of Arcadian in the second quarter of 2024 and Banyan in the fourth quarter of 2023, partially offset by increases in IMG.
Previous report
Interest expense for the year ended December 31, 2024 was $69.6 million compared to $64.1 millionfor the year ended December 31, 2023. The increase was primarily due increased funds held interest expense, as well as higher expenses on external debt instruments and the debt refinancing completed during the year, partially offset by a gain on the commutation of a deposit accounted contract.
Previous report
Funds held interest expense included $25.5 million from the 2023 LPT and $4.0 million from the 2024 LPT for the year ended December 31, 2024, compared to $16.2 million from the 2023 LPT for the year ended December 31, 2023, as the 2023 LPT closed on June 30, 2023 and only included two quarters of expense. See Note 3 “Significant transactions” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the 2024 LPT and 2023 LPT.
Previous report
The foreign exchange losses of $34.9 million for the year ended December 31, 2023 were primarily due to$34.4 million of foreign exchange losses from our international operations. These amounts were primarily unrealized and resulted from the effects of revaluing net insurance liabilities settled in foreign currencies.
Previous report
Gross premiums written decreased by $134.3 million, or 4.1%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. Net premiums written decreased by $2.8 million, or 0.1%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, for the year ended December 31, 2024 compared to the year ended December 31, 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
Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.
Previous report
For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.
Previous report
Services revenue was $222.9 million for the year ended December 31, 2024 compared to $237.5 million for the year ended December 31, 2023. The decrease was primarily due to the deconsolidation of Arcadian, partially offset by increased services revenue from IMG due to continued demand for travel insurance products and services.
Previous report
We generated net services income of $44.6 million for the year ended December 31, 2024 compared to $41.2 million for the year ended December 31, 2023 primarily due to higher margins achieved by IMG.
Previous report
For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.
Previous report
Gross premiums written in the Insurance & Services segment decreased by $198.9 million, or 9.8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023, 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, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.
Previous report
The decrease in services revenue of $15.7 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily due to the deconsolidation of Arcadian, partially offset by increased services revenue from IMG due to continued demand for travel insurance products and services. Services noncontrolling income also decreased for the year ended December 31, 2024 compared to the year ended December 31, 2023 due to the deconsolidation of Arcadian, which resulted in an increase in net services income of $2.3 million.
Previous report
The increase in underwriting loss for the year ended December 31, 2024 compared to the year ended December 31, 2023 is primarily driven by increased attritional losses from themovement 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, as well as increased commissions on a sliding scale commission contract that experienced favorable development duringthe year ended December 31, 2024, partially offset by lower catastrophe losses.
Previous report
As of December 31, 2024, there were no outstanding borrowings under the 2024 Facility. In addition, as of December 31, 2024, the Company was in compliance with all of the covenants under the 2024 Facility.
Previous report
2016 Senior Notes
Showing the first 40 of 52 passages. Open the source sections for the rest.
Reworded paragraphs (71)
Previous wording
Our Company was formed following a merger between Sirius International Insurance Group, Ltd. and Third Point Reinsurance Ltd. on February 26, 2021. 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.
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.
Previous wording
We are an underwriting company first 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 December 31, 2024, we had equity stakes in 20 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business. Refer to Part I. Item 1. “Business” for additional information.
Current wording
We aim to drive excellence as a best-in-class underwriter, with a diverse and low-volatility portfolio of specialty lines. We seek to apply our underwriting talent, capabilities and management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and attuned to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and focused on our specified risk tolerances and areas of expertise.
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 the 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 the reinsurance marketplace. The Insurance & Services segment provides coverage in Accident & Health (“A&H”), Property & Casualty, and Other Specialties.
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. 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.
Previous wording
The majority of insurance lines we underwrite continue to show rate improvement, albeit at reduced rate of increase. Although some lines, such as directors & officers and direct aviation, are experiencing rate declines, we believe rate is still outpacing loss cost in most lines of business. In select lines, such as commercial auto, significant rate increases continue due to continued poor prior years’ experience exacerbated by the impacts of social inflation. We continue to see strong growth in the program business, with momentum for new MGAs, largely in U.K and E.U. property, casualty and both short and long-tail specialty lines. This momentum is partially driven by continued growth in the program sector from underwriting talent migration from insurance carriers to MGAs. In addition, we are benefiting from MGAs seeking carrier partners with limited channel conflict, meaningful levels of capitalization and appetite for risk retention, and a focus on distribution via the program space.
Current wording
The majority of insurance lines we underwrite continue to show rate improvement, albeit reduced rates of increase. Although some lines, such as property, directors & officers, and select sectors of marine, energy, and credit are experiencing rate declines, we believe rate is still outpacing loss cost in many lines of business. Though pricing in global insurance markets is generally softening with rates coming off their peaks in most products, select lines are experiencing significant rate increases, such as commercial auto, where significant rate increases continue due to continued poor industry loss experience, further exacerbated by the impacts of social inflation, as well as aviation, which is seeing significant rate increases from the recent frequency of severe global aviation losses. We continue to see strong growth in the program business, from growth of existing MGAs and the addition of new MGAs, largely in North America and the U.K, in casualty, property and both short and long tail specialty lines. This momentum is partially driven by continued growth in the program sector from underwriting talent migration from insurance carriers to MGAs, as well as the continued shift of business from the admitted market to the E&S market. In addition, we are benefiting from MGAs seeking carrier partners with limited channel conflict, meaningful levels of capitalization and appetite for risk retention, and a focus on distribution via the program space.
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 as of and for the years ended December 31, 2025 and 2024:
Previous wording
(1) Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Results” below and Note 4 “Segment reporting” in our audited consolidated financial statements included elsewhere in this Annual Report. Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures”.
Current wording
(1) Core combined ratio, Core underwriting income, and Core net services income are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Results” below and Note 4 “Segment reporting” in our audited consolidated financial statements included elsewhere in this Annual Report. Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures”.
Previous wording
The decrease in return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the year ended December 31, 2024 compared to the year ended December 31, 2023 was driven by lower net income as the year ended December 31, 2024 included nonrecurring costs associated with the Series A Preference Share and Merger Warrant settlements and share repurchase from CMIG, compared to the year ended December 31, 2023 which included favorable development linked to the 2023 LPT.
Current wording
The increase in return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the year ended December 31, 2025 compared to the year ended December 31, 2024 was driven by higher net income during the year ended December 31, 2025, which included a gain of $222.4 million from the sale of Armada, as well as higher underwriting and investment income. The year ended December 31, 2024 also included nonrecurring costs associated with the settlement of the Series A Preference Shares and Merger Warrants.
Previous wording
As of December 31, 2024, book value per common share was $14.92, representing an increase of $1.16 per share, or 8.4%, from $13.76 as of December 31, 2023. As of December 31, 2024, book value per diluted common share was $14.60, representing an increase of $1.25 per share, or 9.4%, from $13.35 as of December 31, 2023. As of December 31, 2024, tangible book value per diluted common share was $13.42, representing an increase of $0.95 per share, or 7.6%, from $12.47 as of December 31, 2023. The increases reflect continued positive underwriting and investment results during the year ended December 31, 2024, and the impact of the share repurchases in the year.
Current wording
As of December 31, 2025, book value per common share was $19.40, representing an increase of $4.48 per share, or 30.0%, from $14.92 as of December 31, 2024. As of December 31, 2025, book value per diluted common share was $18.61, representing an increase of $4.01 per share, or 27.5%, from $14.60 as of December 31, 2024. As of December 31, 2025, tangible book value per diluted common share was $17.62, representing an increase of $4.20 per share, or 31.3%, from $13.42 as of December 31, 2024. The increases reflect continued positive underwriting and investment results, as well as the gain from the sale of Armada, during the year ended December 31, 2025.
Previous wording
The decreasein net underwriting income for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by lower favorable prior year loss reserve development, as the year ended December 31, 2023 included$127.8 million driven by reserving analyses performed in connection with the 2023 LPT.
Current wording
The improvement in net underwriting income for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily driven by premium growth combined with an improvement in attritional loss ratio, partially offset by decreased favorable prior year loss reserve development and increased catastrophe losses.
Previous wording
The following is a summary of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of December 31, 2024 and 2023:
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 December 31, 2025 and 2024:
Previous wording
(1)Includes$595.8 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of December 31, 2024 (December 31, 2023 - $562.0 million).
Current wording
(1)Includes$652.8 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of December 31, 2025 (December 31, 2024 - $595.8 million).
Previous wording
The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.1 years (December 31, 2023 - 2.8). The increase from the prior year is due to our effort to lock-in yields on longer-duration investment products in the current interest rate environment. The average credit rating of our investment portfolio is “AA-” as of December 31, 2024 (December 31, 2023 - “AA”) with no defaults in the investment portfolio.
Current wording
The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.2 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 December 31, 2025 (December 31, 2024 - “AA-”) with no defaults in the investment portfolio.
Previous wording
For the year ended December 31, 2024, Other revenues primarily consisted of a gain of $95.9 million from the deconsolidation of Arcadian Risk Capital Ltd. (“Arcadian”) and $90.1 million of service fee revenue from MGAs, compared to $87.9 million of service fee revenue from MGAs and a gain of $4.5 million from the sale of renewal rights of our environmental business for the year ended December 31, 2023. The increase in service fee revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 is primarily driven by increases in the travel insurance business of International Medical Group, Inc. (“IMG”). 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 year ended December 31, 2025 Other revenues primarily consisted of a gain of $222.4 million from the sale of Armada and $107.4 million of service fee revenue from MGAs, compared to a gain of $95.9 million from the deconsolidation of Arcadian and $90.1 million of service fee revenue from MGAs, for the year ended December 31, 2024. The increase in service fee revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024 is primarily driven by increases in IMG’s travel insurance business, partially offset by the deconsolidation of Arcadian and Armada.
Previous wording
Loss on settlement and change in fair value of liability classified instruments for the year ended December 31, 2024 was $148.5 million compared to $59.4 million for the year ended December 31, 2023. The loss for the year ended December 31, 2024 included a loss of $90.7 million from the settlement of the Series A Preference Shares under the CMIG Series A and Repurchase Agreement and $25.9 million from the settlement of the Merger Warrants under the CMIG Securities Purchase Agreement, which includes $6.8 million of CM Bermuda’s costs and expenses. The loss for the year ended December 31, 2023 was driven by the change in the fair value of the liability-classified capital instruments due to the increases in the Company’s common share price.
Current wording
For the year ended December 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. For the year ended December 31, 2024, our loss on settlement and change in fair value of liability classified instruments of $148.5 million was driven by the losses from settlements with CM Bermuda, including $90.7 million from the settlement of the Series A Preference Shares and $25.9 million from the settlement of the Merger Warrants.
Previous wording
Net corporate and other expenses include services expenses, costs associated with operating as a publicly-traded company, non-underwriting activities, including service fee expenses from our MGA subsidiaries, restructuring charges, and current expected credit losses (“CECL”) from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.
Current wording
Net corporate and other expenses include costs associated with operating as a publicly-traded company and non-underwriting activities, including service fee expenses from our MGA subsidiaries and current expected credit losses (“CECL”) from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.
Previous wording
Amortization of intangible assets for the year ended December 31, 2024 was$11.9 million (2023 - $11.1 million). 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 year ended December 31, 2025 was$10.9 million (2024 - $11.9 million). 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
Additional foreign currency gains (losses) were recorded as part of the investments results. This includes changes in the value of available-for-sale investments held in foreign currencies which are reflected as an increase or decrease to shareholder’s equity and are not included net income. See Note 8 “Total net investment income and net realized and unrealized investment gains (losses)” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.
Current wording
Additional foreign currency gains (losses) were recorded as part of the investments results. This includes changes in the value of available-for-sale investments held in foreign currencies which are reflected as an increase or decrease to shareholder’s equity and are not included net income. See Note 8 “Total net investment income and net realized and unrealized investment losses” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.
Previous wording
On an aggregate basis including foreign currency gains (losses) from investments, the effects of foreign exchange resulted in an increase to net income of $14.6 million and comprehensive income of $13.0 million for the year ended December 31, 2024.
Current wording
On an aggregate basis including foreign currency gains (losses) from investments, the effects of foreign exchange resulted in a decrease to net income of $25.1 million and comprehensive income of $22.5 million for the year ended December 31, 2025. The effects of foreign exchange are consistent with the recent market fluctuations with a weakening U.S. Dollar offset by our economic currency hedging strategy.
Previous wording
Income tax expense is $30.7 million for the year ended December 31, 2024, primarily driven by income in taxable jurisdictions, compared to income tax benefit of $45.0 million for the year ended December 31, 2023, driven by a one-time tax benefit attributable to the enactment of the Bermuda CIT during the year ended December 31, 2023.
Current wording
Income tax expense is $81.2 million for the year ended December 31, 2025, compared to $30.7 million for the year ended December 31, 2024, primarily driven by increases in income in taxable jurisdictions, as well as the taxable gain on the sale of Armada.
Previous wording
In January 2025, the OECD released administrative guidance including new provisions that are relevant to the GMT calculation taking into account the ETA component of the Bermudian DTA. If this guidance is enacted into legislation by participating OECD member countries, this ETA component generally will be disregarded solely for GMT calculation purposes starting in 2027. The OECD guidance does not directly impact Bermuda CIT law or, in turn, the Company’s existing Bermudian DTA. It is possible in the future that the Bermudian government could enact new tax provisions or issue new tax guidance in reaction to the OECD guidance, which could have financial statement effects to the Company.
Current wording
In January 2025, the OECD released administrative guidance including new provisions that are relevant to the GMT calculation taking into account the ETA component of the Bermudian DTA. If this guidance is enacted into legislation by participating OECD member countries, this ETA component generally will be disregarded solely for GMT calculation purposes starting in 2027. The OECD guidance does not directly impact Bermuda CIT law or, in turn, our existing Bermudian DTA. It is possible in the future that the Bermudian government could enact new tax provisions or issue new tax guidance in reaction to the OECD guidance, which could have financial statement effects to us.
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 constitutes “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 constitutes “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
Corporate results include all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 (the “Restructuring Plan”) and certain reinsurance contracts that have interest crediting features. Corporate results include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers’ compensation and cyber programs which we no longer write.
Current wording
Corporate results include all runoff business, which represents certain classes of business and products that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 (the “Restructuring Plan”). Corporate results include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers’ compensation and cyber programs which we no longer write.
Previous wording
We generated underwriting income of $200.0 million and a combined ratio of 91.0% for the year ended December 31, 2024, compared to underwriting income of $250.2 million and a combined ratio of 89.1% for the year ended December 31, 2023. The decrease in net underwriting income was primarily driven by lower favorable prior year loss reserve development, as the year ended December 31, 2023 included$104.8 million driven by reserving analyses performed in connection with the 2023 LPT.
Current wording
We generated underwriting income of $214.3 million and a combined ratio of 91.7% for the year ended December 31, 2025, compared to underwriting income of $200.0 million and a combined ratio of 91.0% for the year ended December 31, 2024. The improvement in net underwriting income was primarily driven by premium growth combined with an improvement in attritional loss ratio, partially offset by decreased favorable prior year loss reserve development and increased catastrophe losses. The improved attritional ratio resulted in additional income of $20.7 million for the year ended December 31, 2025. This was partially offset by a $28.5 million decrease in favorable prior year loss reserve development, as well as a $19.6 million increase in catastrophe losses, primarily driven by the California wildfires.
Previous wording
For the year ended December 31, 2024, net services fee income decreased to $46.7 million from $49.7 million for the year ended December 31, 2023 also driven by the deconsolidation of Arcadian, partially offset by higher fee income from IMG. Service margin, which is calculated as net services fee income as a percentage of services revenues, remained stable at 21.0% for the year ended December 31, 2024 compared to 20.9% for the year ended December 31, 2023.
Current wording
For the year ended December 31, 2025, net services fee income decreased to $41.8 million from $46.7 million for the year ended December 31, 2024 also driven by the deconsolidation of Arcadian and Armada, partially offset by higher fee income from IMG. Service margin, which is calculated as net services fee income as a percentage of services revenues, decreased slightly to 18.6% for the year ended December 31, 2025 compared to 21.0% for the year ended December 31, 2024.
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
In our Insurance & Services segment, we underwrite primary insurance in several sectors globally. We offer insurance solutions to meet the changing risk circumstances of our clients. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Other Specialties.
Previous wording
As of December 31, 2024, we have equity stakes in 20 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes. As of December 31, 2024, we consolidated three MGAs in our financial statements: ArmadaCorp Capital, LLC (“Armada”), Alta Signa Holdings (“Alta Signa”) and IMG. We provide underwriting capacity in the form of insurance or reinsurance to 10 non-consolidated entities in addition to the three consolidated MGAs. We also have investment stakes in 7 other entities where we have no underwriting relationship. The investment interests in the non-consolidated entities are included in strategic investments within Other long term investments on the consolidated balance sheet.
Current wording
As of December 31, 2025, we have equity stakes in 18 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes. As of December 31, 2025, we consolidated two MGAs in our financial statements: Alta Signa Holdings (“Alta Signa”) and IMG. We provide underwriting capacity in the form of insurance or reinsurance to 9 non-consolidated entities in addition to the two consolidated MGAs. We also have investment stakes in 7 other entities where we have no underwriting relationship. The investment interests in the non-consolidated entities are included in strategic investments within Other long term investments on the consolidated balance sheet.
Previous wording
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Current wording
(1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
Previous wording
We deconsolidated Banyan as of October 31, 2023 when we sold our ownership shares. However, we executed a three-year extension of the commercial relationship with Banyan, extending our partnership. We also deconsolidated Arcadian as of June 30, 2024 as a result of no longer having a controlling interest. The results of operations of Arcadian are included in our consolidated financial statements through June 30, 2024. There has been no change to our underwriting relationship with Arcadian.
Current wording
We deconsolidated Arcadian as of June 30, 2024 as a result of no longer having a controlling interest. The results of operations of Arcadian are included in our consolidated financial statements through June 30, 2024. We renewed and extended our capacity agreement with Arcadian until the end of 2031. We also deconsolidated Armada as of November 1, 2025 upon the sale to Ambac Financial Group Inc. The results of operations of Armada are included in our consolidated financial statements through October 31, 2025. We will continue our underwriting capacity partnership with Armada until the end of 2030.
Previous wording
Gross premiums written generated by the consolidated MGAs in the aggregate decreased by $422.2 million, or 61.8%, to $260.9 million for the year ended December 31, 2024 compared to $683.1 million for the year ended December 31, 2023, primarily driven by the deconsolidation of Banyan and Arcadian, as well as lower premiums from Armada.
Current wording
Gross written premium generated by the consolidated MGAs in the aggregate increased by $49.1 million, or 18.8%, to $310.0 million for the year ended December 31, 2025 compared to $260.9 million for the year ended December 31, 2024, primarily driven by the continued growth of IMG, partially offset by the deconsolidation of Arcadian and Armada as their gross written premium is included through the dates of deconsolidation above.
Previous wording
Book value for the consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian.
Current wording
Book value for the consolidated MGAs was $80.3 million as of December 31, 2025, compared to $90.1 million at December 31, 2024. The change is primarily driven by the deconsolidation of Armada.
Previous wording
The increase in underwriting income of $31.2 million for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.
Current wording
The increase in underwriting income of $48.6 million for the year ended December 31, 2025, compared to the year ended December 31, 2024, was primarily driven by premium growth combined with an improved attritional loss ratio.
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 year over year changes for the Reinsurance segment for the years ended December 31, 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 year over year changes for the Reinsurance segment for the years ended December 31, 2025 and 2024:
Previous wording
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Current wording
(1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
Previous wording
Gross premiums written in the Reinsurance segment increased by $64.6 million, or 5.1%, for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.
Current wording
Gross written premium in the Reinsurance segment increased by $39.4 million, or 2.9%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily driven by new business and organic growth in London and
Previous wording
The decrease in net underwriting results for the year ended December 31, 2024 compared to the year ended December 31, 2023, was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty, mainly from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.
Current wording
The decrease in net underwriting results for the year ended December 31, 2025 compared to the year ended December 31, 2024, was primarily driven by increased catastrophe losses and decreased favorable prior year development. Catastrophe losses were $67.1 million, or 6.0 percentage points on the combined ratio, for the year ended December 31, 2025, primarily from the California wildfires, compared to $49.5 million, or 4.7 percentage points on the combined ratio, for the year ended December 31, 2024 primarily from Hurricanes Milton and Helene. Net favorable prior year loss reserve development was $40.1 million for the year ended December 31, 2025, primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, compared to $75.0 million for the year ended December 31, 2024, primarily driven by favorable development in Property and Other Specialties, mainly from reserve releases relating to prior year’s catastrophe events.
Previous wording
We have included certain financial measures that are not calculated under standards or rules that comprise U.S. GAAP. Such measures, including Underlying income, Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio, attritional loss ratio and tangible book value per diluted common share, are referred to as non-GAAP financial measures. These non-GAAP financial measures may be defined or calculated differently by other companies. We believe these measures allow for a more complete understanding of our underlying business. These measures are used by management to monitor our results and should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Reconciliations of non-GAAP measures to the most comparable U.S. GAAP measures are included below.
Current wording
We have included certain financial measures that are not calculated under standards or rules that comprise U.S. GAAP. Such measures, including Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio, attritional loss ratio and tangible book value per diluted common share, are referred to as non-GAAP financial measures. These non-GAAP financial measures may be defined or calculated differently by other companies. We believe these measures allow for a more complete understanding of our underlying business. These measures are used by management to monitor our results and should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Reconciliations of non-GAAP measures to the most comparable U.S. GAAP measures are included below.
Previous wording
Collectively, the sum of the Company's two segments, Reinsurance and Insurance & Services, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. 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
Collectively, the sum of the Company's two segments, Insurance & Services and Reinsurance, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. 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
Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.
Current wording
Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, as well as services expenses which include direct expenses related to consolidated MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.
Previous wording
See Note 4 “Segment reporting” to our audited consolidated financial statements for additional information and a calculation of Core results.
Current wording
See Note 4 “Segment reporting” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information and a calculation of Core results.
Showing the first 40 of 71 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Redemption of Series B Preference Shares
Current report — wording carried from elsewhere
The foreign exchange losses of $25.2 million for the year ended December 31, 2025 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
See Note 14 “Debt and letter of credit facilities” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the 2024 Senior Notes and 2017 SEK Subordinated Notes.
Current report — wording carried from elsewhere
•$25.7 million of netfavorable prior year reserve development in the Insurance & Services segment mainly in A&H due to lower than expected reported attritional losses;
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
On December 19, 2024, we amended and restated our existing senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A. and entered into a 4-year, $400.0 million senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent.
Previous report — wording carried elsewhere
Pursuant to the CMIG Series A and Repurchase Agreement, the Company settled all Series A Preference Shares held by CM Bermuda during the year ended December 31, 2024.