SiriusPoint Ltd

Previous wording

The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our unaudited consolidated financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”) and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The terms “we,” “our,” “us” and the “Company,” as used in this report, refer to SiriusPoint Ltd. (“SiriusPoint”) and its directly and indirectly owned subsidiaries as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint exclusive of its subsidiaries.

Current wording

The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our unaudited consolidated financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”) and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The terms “we,” “our,” “us” and the “Company,” as used in this report, refer to SiriusPoint Ltd. (“SiriusPoint”) and its directly and indirectly owned subsidiaries as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint exclusive of its subsidiaries.

Previous wording

The statements in this discussion regarding business outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) and in “Cautionary Note Regarding Forward-Looking Statements” below. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Current wording

The statements in this discussion regarding business outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Risk Factors” of our 2025 Form 10-K and in “Cautionary Note Regarding Forward-Looking Statements” below. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Previous wording

Certain statements in this Form 10-Q may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this discussion, the words “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases are intended to identify forward-looking statements. Specific forward-looking statements in this Form 10-Q include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the current insurtech market trends, our ability to generate shareholder value, and whether we will continue to have momentum in our business in the future.

Current wording

Certain statements contained or incorporated in this Form 10-Q may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals, and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this discussion, the words “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases are intended to identify forward-looking statements.

Previous wording

•the impact of unpredictable catastrophic events, including uncertainties with respect to losses from health pandemics across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility;

Current wording

•the frequency, severity, and development of insured losses, including natural catastrophes, extreme weather events, epidemics, pandemics, man-made events, and other large loss occurrences across many classes of insurance business, along with the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs;

Previous wording

•inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates;

Current wording

•the adequacy, accuracy and development of pricing or loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates;

Previous wording

•technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers;

Current wording

•operational, cybersecurity, and technology-related risks, including system failures, data breaches, ransomware attacks, supply chain compromises of third party service providers, or other business interruption events, including those resulting from a malicious cyber-attack on us or our business partners or service providers;

Previous wording

•the effects of global climate change, including wildfires, and increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas;

Current wording

•the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, heat waves, and increased coastal flooding in many geographic areas;

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., such as the federal government shutdown and financial markets’ and business reactions to such events;

Current wording

•geopolitical uncertainty, including the ongoing conflicts in Europe, South America, and the Middle East;

Previous wording

•risks associated with delegating authority to third party managing general agents (“MGAs”);

Current wording

•the performance of strategic partnerships, joint ventures, delegated underwriting authorities, and other third party relationships, including risks associated with delegating authority to third party managing general agents (“MGAs”);

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•the outcome of legal and regulatory proceedings and regulatory constraints on our business;

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•the outcome of legal and regulatory proceedings;

Previous wording

•reduced returns or losses in SiriusPoint’s investment portfolio;

Current wording

•reduced returns or losses in SiriusPoint’s investment portfolio, including the impact of market volatility, credit events, interest rate movements, inflation, foreign exchange fluctuations, and changes in asset valuations;

Previous wording

•our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced;

Current wording

•our exposure or potential exposure to corporate income tax in Bermuda and the EU, U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced;

Previous wording

•future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; and

Current wording

•future strategic transactions such as acquisitions, dispositions, investments, mergers, or joint ventures;

Previous wording

Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Current wording

Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Previous wording

We are an underwriting first company as we aim to create a business model which is simplified, fully-integrated and globally connected. Distribution relationships are important to us, as we generate premiums from various carefully selected partners, including our consolidated MGAs and non-consolidated MGAs. We seek to apply our underwriting talent, capabilities and proven management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and reactive to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and consistent within our specified risk tolerances and areas of expertise. Our MGA strategy is to partner with high integrity and transparent leaders and teams with deep underwriting expertise and a track record of success. Our partnerships are structured to incentivize all parties to deliver thereby allowing capable teams to do what they do best, while providing complementary services. As of September 30, 2025, we had equity stakes in 20 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes.

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 Reinsurance segment, we provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, we participate in the reinsurance market with a global focus through the broker market distribution channel. We primarily write treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of our business lines. In the United States and Bermuda, our core focus is on distribution, risk and clients located in North America while our international operation is focused primarily on distribution, risks and clients located in Europe. The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis.

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

We have 8,000,000 of Series B preference shares outstanding, par value $0.10, which are listed on the New York Stock Exchange under the symbol “SPNT PB.” Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0%.

Current wording

Redemption of Series B Preference Shares

Previous 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:

Current wording

We believe that the following key financial indicators are the most important in evaluating our performance for thethree months ended March 31, 2026 and 2025, and as of March 31, 2026 and December 31, 2025:

Previous 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:

Current wording

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for thethree months ended March 31, 2026 and 2025 was calculated as follows:

Previous wording

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 wording

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 March 31, 2026, primarily resulting from the gain on the sale of Arcadian Risk Capital Ltd. (“Arcadian”) and increased underwriting income.

Previous 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.

Current wording

As of March 31, 2026, book value per common share was $19.86, representing an increase of $0.46 per share, or 2.4%, from $19.40 per share as of December 31, 2025. As of March 31, 2026, book value per diluted common share was $19.03, representing an increase of $0.42 per share, or 2.3%, from $18.61 per share as of December 31, 2025. As of March 31, 2026, tangible book value per diluted common share was $17.72, representing an increase of $0.10 per share, or 0.6%, from $17.62 per share as of December 31, 2025. The increases reflect continued positive underwriting and investment results during the three months ended March 31, 2026.

Previous wording

Consolidated Results of Operations—Three and nine months ended September 30, 2025 and 2024

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Consolidated Results of Operations—Three months ended March 31, 2026 and 2025

Previous wording

The following table sets forth the key items discussed in the consolidated results of operations section, and the period over period change, for the three and nine months ended September 30, 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 months ended March 31, 2026 and 2025:

Previous 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.

Current wording

The key changes in our consolidated results for the three months ended March 31, 2026 compared to the prior year period are discussed below.

Previous 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.

Current wording

Theimprovement in net underwriting results for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by premium growth at a lower attritional loss ratio and a decrease in catastrophe losses of $62.5 million, partially offset by a decrease in favorable prior year development of$16.3 million.

Previous 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).

Current wording

(1)Includes $621.2 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of March 31, 2026 (December 31, 2025 - $652.8 million).

Previous wording

(2)Primarily consists of cash and fixed income securities such as U.S. Treasuries, money markets funds, and sovereign debt, securing our contractual obligations under certain (re)insurance contracts that we will not be released from until the underlying risks have expired or have been settled.

Current wording

(3)Primarily consists of cash and fixed income securities such as U.S. Treasuries, money markets funds, and sovereign debt, securing our contractual obligations under certain (re)insurance contracts that we will not be released from until the underlying risks have expired or have been settled.

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 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.

Current wording

The decrease in total invested assets and cash was primarily driven by the use of investments to fund the redemption of the Series B preference shares of$203.9 million, as well as to fund the common share repurchases of$21.9 million.

Previous 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.

Current wording

The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.1 years (December 31, 2025 - 3.2 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 March 31, 2026 (December 31, 2025 - “AA-”) with no defaults in the investment portfolio.

Previous 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”).

Current wording

For the three months ended March 31, 2026, other revenues primarily consisted of$25.2 million fromthe gain on the sale of Arcadian and$30.9 million of service fee revenue from MGAs, compared to$31.9 million of service fee revenue from MGAs for the three months ended March 31, 2025. The slight decrease in service fee revenue is primarily driven by the deconsolidation of ArmadaCorp Capital, LLC (“Armada”), partially offset by increases in International Medical Group, Inc. (“IMG”) from continued growth of its travel business and the acquisition of Assist America.

Previous 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.

Current wording

The increase in net corporate and other expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by incr eases in share compensation expense attributable to the recent gains on sales of Armada and Arcadian and expenses associated with non-recurring projects, as well as increases in services expenses.

Previous 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.

Current wording

For the three months ended March 31, 2026, services expenses increased to $46.1 million compared to $43.1 million for thethree months ended March 31, 2025, primarily driven by increases in expenses from IMG from continued growth of its own business and the acquisition of Assist America, partially offset by the deconsolidation of Armada.

Previous 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.

Current wording

Amortization of intangible assets for thethree months ended March 31, 2026 was $2.6 million (2025 - $2.9 million). The change 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

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.

Current wording

Foreign exchange losses were $1.3 million for the three months ended March 31, 2026 compared to foreign exchange gains of $2.2 million for the three months ended March 31, 2025. The change is 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

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.

Current wording

On an aggregate basis, the effects of foreign exchange resulted in charges to net income of $2.3 million as well as charges to comprehensive income of $6.4 million for the three months ended March 31, 2026. The effects of foreign exchange are consistent with the recent market fluctuations in rates and our economic currency hedging strategy.

Previous 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.

Current wording

The increases in income tax expense for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 were consistent with the increases in pre-tax income.

Previous wording

Segment Results — Three and nine months ended September 30, 2025 and 2024

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Segment Results — Three months ended March 31, 2026 and 2025

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 - Insurance & Services and Reinsurance. Collectively, the sum of these two segments constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Current wording

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations. We classify our business into two reportable segments - Insurance & Services and Reinsurance. Collectively, the sum of these two segments constitute “Core” results. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the run off 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 run off business, which represents certain classes of business that we ceased underwriting as part of fundamental changes to our business strategy, including the effect of the restructuring of the underwriting platform announced in 2022 and certain reinsurance contracts that have interest crediting features. Corporate results also 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

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.

Current wording

The improvement in net underwriting results of $42.4 million was primarily driven by decreased catastrophe losses and a lower attritional loss ratio, partially offset by a decrease in favorable prior year development and higher expense ratios. Catastrophe losses were minimal for the three months ended March 31, 2026, compared to $67.9 million, or 10.9 percentage points on the combined ratio, for the three months ended March 31, 2025, primarily from the California wildfires. For the three months ended March 31, 2026, favorable prior year loss reserve development was$32.2 million primarily driven by favorable development in Credit, mainly from better than expected loss experience, as well as favorable development in A&H, due to lower than expected reported attritional losses, compared to $34.3 million for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses. The increased acquisition cost ratio primarily resulted from profit commission accruals related to prior year programs, and the increased other underwriting expense ratio is largely driven by timing items.