SiriusPoint Ltd
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 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-Q
Period ended 2026-03-31; filed 2026-05-07.
0001576018-26-000065
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001576018-26-000085
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 193 previous paragraphs and 218 current paragraphs.
142 unchanged; 46 reworded; 24 added; 4 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 16 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 (24)
Current report
Acquisition of World Nomads
Current report
On February 12, 2026, we, through our subsidiary, Sirius International UK Holdings II Ltd (“SIUK II”), 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 half of 2026, and a final closing is expected to occur in the second half of 2027, subject to the satisfaction of other customary closing conditions.
Current report
The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended June 30, 2026 was primarily driven by increased common shareholders’ equity compared to the prior period reflecting continuous positive underwriting and investment results.
Current report
As of June 30, 2026, book value per common share was $19.61, representing a decrease of $0.25 per share, or 1.3%, from $19.86 per share as of March 31, 2026. As of June 30, 2026, book value per diluted common share was $19.30, representing an increase of $0.27 per share, or 1.4%, from $19.03 per share as of March 31, 2026. As of June 30, 2026, tangible book value per diluted common share was $17.98, representing an increase of $0.26 per share, or 1.5%, from $17.72 per share as of March 31, 2026.
Current report
The increases reflect the continued positive underwriting and investment results during the three and six months ended June 30, 2026.
Current report
Thedecrease in net underwriting results for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily a result of earned premium growing at a slower pace than written due to a shift in our business mix, and higher acquisition costs, partially offset by a lower attritional loss ratio and increased favorable prior year loss reserve development.
Current report
Theimprovement in net underwriting results for thesix months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by a decrease in catastrophe losses as the prior period included losses from the California wildfires, partially offset by higher expenses. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Current report
The decrease in net investment income for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 is primarily driven by sales of investments in the TPOC Portfolio as compared to the prior period, combined with higher expenses related to incentive compensation award outperformance.
Current report
The decrease in underwriting income of $12.6 million was primarily driven by decreased earned premiums and higher acquisition costs, partially offset by increased favorable prior year loss reserve development. For the three months ended June 30, 2026, favorable prior year loss reserve development was $16.7 million compared to $13.8 million for the three months ended June 30, 2025, primarily driven by favorable development in A&H and Property.
Current report
Core Premium Volume
Current report
Gross written premium increased by $65.3 million, or 3.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Net written premium decreased by $45.5 million, or 3.1%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Net earned premium increased by $5.7 million, or 0.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increases in gross written premium and net earned premium were driven by our Insurance & Services segment, primarily driven by new program growth, mainly in General Liability, as well as continued organic growth in existing programs and growth in A&H, partially offset by decreases in our Reinsurance segment, mainly in Casualty, Property Catastrophe, and Other Specialties. The decrease in net written premium was primarily driven by the decreases in our Reinsurance segment and the ceded premium related to the inception of an aggregate reinsurance program in 2026.
Current report
Core Underwriting Results
Current report
The improvement in underwriting income of $29.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by decreased catastrophe losses, partially offset by higher acquisition costs and other underwriting expense. Catastrophe losses were $6.7 million, or 0.5 percentage points on the combined ratio, for the six months ended June 30, 2026 compared to $67.4 million, or 5.3 percentage points on the combined ratio, for the six months ended June 30, 2025, primarily driven by the California wildfires in the prior period. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Current report
Core Services Results
Current report
Gross written premium increased by $84.2 million, or 15.0%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by new program growth, mainly in General Liability, as well as continued growth in London MGAs.
Current report
Gross written premium increased by$133.7 million, or 11.2%, for thesix months ended June 30, 2026 compared to thesix months ended June 30, 2025, primarily driven by new program growth, mainly in General Liability, as well as continued organic growth in existing programs and growth in North America A&H.
Current report
Gross written premium generated by the consolidated MGAs in the aggregate decreased by $10.7 million, or 15.0%, to $60.8 million for the three months ended June 30, 2026 compared to $71.5 million for the three months ended June 30, 2025.
Current report
Gross written premium generated by the consolidated MGAs in the aggregate decreased by $47.7 million, or 28.3%, to $120.3 million for the six months ended June 30, 2026 compared to $168.0 million for the six months ended June 30, 2025.
Current report
The decreases for the three and six months ended June 30, 2026 primarily resulted from the deconsolidation of Armada in the fourth quarter of 2025.
Current report
Thedecrease in underwriting income of $4.1 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily a result of earned premium growing at a slower pace than written due to a shift in our business mix, as well as expenses related to incentive compensation award outperformance.
Current report
The improvement in underwriting income of $5.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by increased favorable prior year loss reserve development, partially offset by increased expenses. For the six months ended June 30, 2026, favorable prior year loss reserve development was $31.2 million compared to $12.2 million for the six months ended June 30, 2025, primarily driven by favorable development in A&H. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Current report
The decrease in services revenues of $6.8 million and net services income of $9.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 were primarily due to the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in the IMG travel business and the acquisition of Assist America.
Current report
Gross written premium in the Reinsurance segment decreased by $68.4 million, or 9.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by deliberate reductions in Casualty, rate and exposure reductions in Property Catastrophe, and reductions in Other Specialties.
Current report
The decrease in net underwriting income for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by decreased net earned premiums in Casualty and Property Catastrophe and higher acquisition costs in Property and Other Specialties, partially offset by a lower attritional loss ratio.
Removed paragraphs (4)
Previous report
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 report
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.
Previous report
Gross written premium increased by $49.5 million, or 7.8%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by growth in A&H, General Liability, and Surety.
Previous report
Theimprovement in underwriting income of$10.0 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by a lower attritional loss ratio and increased favorable prior year loss reserve develo pment, partially offset by increased expense ratios. For the three months ended March 31, 2026, favorable prior year loss reserve develo pment was $15.1 million compared to $2.5 million for the three months ended March 31, 2025, primarily driven by increases 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.
Reworded paragraphs (46)
Previous wording
On February 26, 2026, we redeemed all 8,000,000 of our issued and outstanding 8.0% Series B preference shares for a redemption price of $25.00 per share, plus $0.49, which reflects unpaid, accrued cumulative dividends, to, but excluding, February 26, 2026, for an aggregate redemption price of $203.9 million. We delisted the Series B preference shares from the New York Stock Exchange and deregistered the Series B preference shares under the Securities Exchange Act of 1934. The redemption helps 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.
Current wording
February 26, 2026, for an aggregate redemption price of $203.9 million. We delisted the Series B preference shares from the New York Stock Exchange and deregistered the Series B preference shares under the Securities Exchange Act of 1934. The redemption helps 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.
Previous 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:
Current wording
We believe that the following key financial indicators are the most important in evaluating our performance for thethree and six months ended June 30, 2026 and 2025, and as of June 30, 2026 and December 31, 2025:
Previous 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:
Current wording
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for thethree and six months ended June 30, 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 March 31, 2026, primarily resulting from the gain on the sale of Arcadian Risk Capital Ltd. (“Arcadian”) and increased underwriting income.
Current wording
The increase in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the six months ended June 30, 2026 was driven by higher net income, primarily resulting from the gain on the sale of Arcadian Risk Capital Ltd. (“Arcadian”) in the first quarter of 2026, as well as a reduced impact from foreign exchange compared to the prior period, partially offset by increased common shareholders’ equity compared to the prior period, reflecting continuous positive underwriting and investment results.
Previous 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.
Current wording
As of June 30, 2026, book value per common share was $19.61, representing an increase of $0.21 per share, or 1.1%, from $19.40 per share as of December 31, 2025. As of June 30, 2026, book value per diluted common share was $19.30, representing an increase of $0.69 per share, or 3.7%, from $18.61 per share as of December 31, 2025. As of June 30, 2026, tangible book value per diluted common share was $17.98, representing an increase of $0.36 per share, or 2.0%, from $17.62 per share as of December 31, 2025.
Previous wording
Consolidated Results of Operations—Three months ended March 31, 2026 and 2025
Current wording
Consolidated Results of Operations—Three and six months ended June 30, 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 months ended March 31, 2026 and 2025:
Current wording
The following table sets forth the key items discussed in the consolidated results of operations section, and the period over period change, for the three and six months ended June 30, 2026 and 2025:
Previous 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.
Current wording
The key changes in our consolidated results for the three and six months ended June 30, 2026 compared to the prior year periods are discussed below.
Previous 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).
Current wording
(1)Includes $193.4 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of June 30, 2026 (December 31, 2025 - $652.8 million).
Previous wording
(2)Includes $77.5 million of strategic investments as of March 31, 2026 (December 31, 2025 - $102.2 million).
Current wording
(2)Includes $62.5 million of strategic investments as of June 30, 2026 (December 31, 2025 - $102.2 million).
Previous 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.
Current wording
The decrease in total invested assets and cash was primarily driven by the use of cash and investments to fund the redemption of the Series B preference shares of $203.9 million and the common share repurchases of $73.3 million.
Previous wording
Net investment income for the three months ended March 31, 2026 and 2025 consisted of the following:
Current wording
Net investment income for the three and six months ended June 30, 2026 and 2025 consisted of the following:
Previous wording
Net investment gains (losses) for the three months ended March 31, 2026 and 2025 consisted of the following:
Current wording
Net investment gains (losses) for the three and six months ended June 30, 2026 and 2025 consisted of the following:
Previous wording
The decrease in net investment income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily the result of lower yields in the current period. The increase in net investment gains (losses) for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to gains on private equity funds classified in Other long-term investments.
Current wording
The increase in net investment gains (losses) for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily due to gains from fair value changes in the Company's investments managed by related parties, which are included in Other long-term investments. The six months ended June 30, 2026 also includes gains on private equity funds, also classified in Other long-term investments, when compared to the six months ended June 30, 2025.
Previous 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.
Current wording
For the three months ended June 30, 2026, other revenues primarily consisted of $29.6 million of service fee revenue from MGAs, compared to $26.4 million of service fee revenue from MGAs for the three months ended June 30, 2025. The increase in service fee revenue is primarily driven by increases in International Medical Group, Inc. (“IMG”) from continued growth of its travel business and the acquisition of Assist America, partially offset by the deconsolidation of ArmadaCorp Capital, LLC (“Armada”).
Previous 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.
Current wording
The increase in net corporate and other expenses for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by increases in expenses related to incentive compensation award outperformance attributable to the recent gains on sales of Armada and Arcadian and expenses associated with non-recurring projects. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, services expenses remained stable at $49.6 million.
Previous 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.
Current wording
Amortization of intangible assets for thethree and six months ended June 30, 2026 was $2.4 million and $5.0 million (2025 - $2.8 million and $5.7 million, respectively). The changes in amortization are due to the use of amortization patterns which are based on the period over which they are expected to generate future net cash inflows from the use of the underlying intangible assets.
Previous wording
Interest expense for the three months ended March 31, 2026 was $16.8 million compared to $18.1 million for thethree months ended March 31, 2025. Thedecrease was primarily driven by decreases in funds withheld interest on loss portfolio transfers.
Current wording
Interest expense for the three and six months ended June 30, 2026 was $18.7 million and $35.5 million, respectively, compared to $21.1 million and $39.2 million for the three and six months ended June 30, 2025. The decrease was primarily driven by decreases in funds withheld interest on loss portfolio transfers.
Previous 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.
Current wording
Foreign exchange (gains) losses were $(1.8) million and $(0.5) million for the three months and six months ended June 30, 2026, respectively, compared to $16.7 million and $14.5 million for the three months and six months ended June 30, 2025, respectively. The foreign exchange losses in prior year were primarily driven by the impact of certain foreign exchange exposures related to underwriting activities from our international operations, 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 $2.3 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.
Current wording
On an aggregate basis, the effects of foreign exchange resulted in benefits (charges) to net income of $1.1 million and $(1.2) million, as well as benefits (charges) to comprehensive income of $1.1 million and $(5.3) million for the three and six months ended June 30, 2026, respectively. 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 months ended March 31, 2026 compared to the three months ended March 31, 2025 were consistent with the increases in pre-tax income.
Current wording
The increases in income tax expense for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 were consistent with the increases in pre-tax income.
Previous wording
Segment Results — Three months ended March 31, 2026 and 2025
Current wording
Segment Results — Three and six months ended June 30, 2026 and 2025
Previous wording
Gross written premium increased by $13.9 million, or 1.4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Net written premium decreased by $55.2 million, or 7.3%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Net earned premium increased by $12.5 million, or 2.0%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increases ingross written premium and net earned premium were driven by our Insurance & Services segment, including growth in A&H, General Liability, and Surety, partially offset by decreases in our Reinsurance segment, primarily in Property Catastrophe, Bermuda and London Specialty, and New York Casualty. The decrease in net written premium was primarily driven by the decreases in our Reinsurance segment and the ceded premium related to the inception of an aggregate reinsurance program in the current quarter, as well as a large one-time assumed reinsurance contract with a single MGA in our Surety business in the first quarter of 2025.
Current wording
Gross written premium increased by $51.4 million, or 5.5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Net written premium increased by $9.7 million, or 1.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Net earned premium decreased by $6.8 million, or 1.1%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increases in written premium were driven by our Insurance & Services segment, including new program growth, mainly in General Liability, as well as continued growth in London MGAs, partially offset by decreases in our Reinsurance segment, primarily in Casualty and Property Catastrophe. The decrease in net earned premium was primarily a result of earned premium growing at a slower pace than written due to a shift in our business mix, as well as a reduction in net earned premium related to the inception of an aggregate reinsurance program in 2026.
Previous wording
Gross written premium by the consolidated MGAs in the aggregate decreased by $37.1 million, or 38.4%, to $59.4 million for the three months ended March 31, 2026 compared to $96.5 million for the three months ended March 31, 2025, primarily resulting from the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in IMG, including the acquisition of Assist America.
Current wording
Services revenues increased to $59.4 million for the three months ended June 30, 2026 compared to $58.1 million for the three months ended June 30, 2025 primarily driven by growth in the IMG travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada in the fourth quarter of 2025.
Previous wording
Net services income decreased to$8.4 million for the three months ended March 31, 2026 compared to$18.9 million during the three months ended March 31, 2025, also due to the deconsolidation of Armada, partially offset by growth in IMG and the acquisition of Assist America. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 14.6% for the three months ended March 31, 2026 from 13.8% for the three months ended March 31, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Current wording
Net services income increased to $9.9 million for the three months ended June 30, 2026 compared to$8.7 million during the three months ended June 30, 2025, also driven by growth in IMG and the acquisition of Assist America, partially offset by the deconsolidation of Armada. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 16.5% for the three months ended June 30, 2026 from 13.5% for the three months ended June 30, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Previous wording
Services revenues decreased to$54.0 million for the three months ended March 31, 2026 compared to$62.1 million for the three months ended March 31, 2025 primarily due to the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in the IMG travel business and the acquisition of Assist America.
Current wording
Services revenues decreased to $113.4 million for the six months ended June 30, 2026 compared to $120.2 million for the six months ended June 30, 2025 primarily due to the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in the IMG travel business and the acquisition of Assist America.
Previous wording
The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the period over period changes, for the three months ended March 31, 2026 and 2025:
Current wording
The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the period over period changes, for the three and six months ended June 30, 2026 and 2025:
Previous wording
Book value for the consolidated MGAs was $106.4 million as of March 31, 2026, compared to $80.3 million as of December 31, 2025. The increase in book value from December 31, 2025 was a result of the acquisition of Assist America, which was effective as of January 1, 2026.
Current wording
Book value for the consolidated MGAs was $110.7 million as of June 30, 2026, compared to $80.3 million as of December 31, 2025. The increase in book value from December 31, 2025 was a result of the acquisition of Assist America, which was effective as of January 1, 2026.
Previous wording
The decreases in services revenues of $8.1 million and net services income of $10.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 were primarily due to the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in the IMG travel business and the acquisition of Assist America.
Current wording
The increase in services revenues of $1.3 million and net services income of $1.2 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 were primarily driven by growth in the IMG travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada in the fourth quarter of 2025.
Previous wording
The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis. The following table sets forth underwriting results and ratios and the period over period changes for the Reinsurance segment for the three months ended March 31, 2026 and 2025:
Current wording
The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis. The following table sets forth underwriting results and ratios and the period over period changes for the Reinsurance segment for the three and six months ended June 30, 2026 and 2025:
Previous wording
Gross written premium in the Reinsurance segment decreased by $35.6 million, or 10.0%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by decreases in Property Catastrophe, Bermuda and London Specialty, and New York Casualty.
Current wording
Gross written premium in the Reinsurance segment decreased by $32.8 million, or 8.9%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by deliberate reductions in Casualty and rate and exposure reductions in Property Catastrophe.
Previous wording
Theincrease in net underwriting income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by the decrease in catastrophe losses and a lower attritional loss ratio, partially offset by decreased favorable prior year development. Catastrophe losses were minimal for thethree months ended March 31, 2026, compared to$63.1 million, or 21.8 percentage points on the combined ratio, forthe three months ended March 31, 2025, primarily from the California wildfires. Favorable prior year development was$17.1 million for the three months ended March 31, 2026, primarily in Credit due tobetter than expected loss experience, compared to $31.8 million for the three months ended March 31, 2025, primarily in Property due to reserve releases relating to prior year’s catastrophe events.
Current wording
The increase in net underwriting results for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, was primarily driven by decreased catastrophe losses, as the six months ended June 30, 2025 included losses of $62.6 million, or 11.1 percentage points on the combined ratio, primarily from the California wildfires. This was partially offset by lower favorable prior year loss reserve development of$17.7 million for thesix months ended June 30, 2026, compared to$35.9 million for thesix months ended June 30, 2025, mainly from reserve releases in Property relating to prior year’s catastrophe events.
Previous 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. The following table sets forth underwriting results and the period over period changes for the three months ended March 31, 2026 and 2025:
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. The following table sets forth underwriting results and the period over period changes for the three and six months ended June 30, 2026 and 2025:
Previous wording
Minimal premium volume for the three months ended March 31, 2026 reflects the expiration and non-renewal of the classes of business that we no longer actively underwrite. The increase in the underwriting loss for the three months ended March 31, 2026 compared the three months ended March 31, 2025 was driven by adverse prior year loss reserve development of $14.3 million primarily from one large claim settlement related to a claim that had previously been denied in a line of business that has not been written since 2023.
Current wording
Minimal premium volume for the three and six months ended June 30, 2026 reflect the expiration and non-renewal of the classes of business that we no longer actively underwrite. The increase in the underwriting loss for the six months ended June 30, 2026 compared the six months ended June 30, 2025 was primarily driven by adverse prior year loss reserve development of $16.0 million, mainly from one large claim settlement.
Previous wording
Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes goodwill and intangible assets. Management believes that effects of goodwill and intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns.
Current wording
Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes goodwill and intangible assets. Management believes that effects of goodwill and intangible assets make book value comparisons to less acquisitive peer companies less meaningful.
Previous wording
We are subject to regulations and other constraints that affect our ability to pay dividends. During the three months ended March 31, 2026, SiriusPoint paid dividends of$2.6 million to the Series B preference shareh olders (2025 - $4.0 million). The Series B preference shares were fully redeemed on February 26, 2026. See Note 14 “Shareholders' equity” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q for further discussion on the redemption. During the three months ended March 31, 2026, SiriusPoint did not pay any dividends to its common shareholders.
Current wording
We are subject to regulations and other constraints that affect our ability to pay dividends. During both the three and six months ended June 30, 2026, SiriusPoint paid dividends of $2.6 million to the Series B preference shareh olders as the Series B preference shares were fully redeemed on February 26, 2026 (2025 - $4.0 million and $8.0 million, respectively). See Note 14 “Shareholders' equity” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q for further discussion on the redemption. During the three and six months ended June 30, 2026, SiriusPoint did not pay any dividends to its common shareholders.
Previous wording
For the three months ended March 31, 2026, SiriusPoint did not receive distributions from SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), its immediate wholly-owned subsidiary (2025 - $425.0 million). We believe the dividend/distribution capacity of SiriusPoint’s subsidiaries, which was approximately $694.7 million as of December 31, 2025, provides SiriusPoint with sufficient liquidity for the foreseeable future. For a further discussion of the various restrictions on SiriusPoint Bermuda’s ability to pay dividends, see Part I, Item 1 “Business - Regulation” in our 2025 Form 10-K.
Current wording
For the three and six months ended June 30, 2026, SiriusPoint received distributions of $45.0 million from SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), its immediate wholly-owned subsidiary (2025 - $10.0 million and $435.0 million, respectively). We believe the dividend/distribution capacity of SiriusPoint’s subsidiaries, which was approximately $694.7 million as of December 31, 2025, provides SiriusPoint with sufficient liquidity for the foreseeable future. For a further discussion of the various restrictions on SiriusPoint Bermuda’s ability to pay dividends, see Part I, Item 1 “Business - Regulation” in our 2025 Form 10-K.
Previous wording
In addition to the regulatory and other contractual constraints to paying dividends, we manage the capital of the group and each of our operating subsidiaries to support our current ratings from AM Best, Fitch, S&P and Moody’s. This could further reduce the ability and amount of dividends that could be paid from subsidiaries to SiriusPoint. In addition, the Company annually files the prescribed form of capital and solvency return, which comprises the insurer’s Bermuda Solvency Capital Requirement (“BSCR”) model. The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer’s business. We are currently completing our group BSCR for the year ended December 31, 2025, which must be filed with the BMA on or before May 31, 2026. Our estimated 2025 BSCR ratio is 256%. The Company is also currently completing its first quarter 2026 Bermuda Quarterly Financial Return, with an estimated ratio of 242%.
Current wording
In addition to the regulatory and other contractual constraints to paying dividends, we manage the capital of the group and each of our operating subsidiaries to support our current ratings from AM Best, Fitch, S&P and Moody’s. This could further reduce the ability and amount of dividends that could be paid from subsidiaries to SiriusPoint. In addition, the Company annually files the prescribed form of capital and solvency return, which comprises the insurer’s Bermuda Solvency Capital Requirement (“BSCR”) model. The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer’s business. Our filed 2025 BSCR ratio is 256%. The Company is also currently completing its second quarter 2026 Bermuda Quarterly Financial Return, with an estimated ratio of 239%.
Previous wording
As of March 31, 2026, letters of credit in the amount of $854.9 million had been issued by the Company to various insurance and reinsurance counterparties. Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers, and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements and a minimum rating from rating agencies. Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of March 31, 2026.
Current wording
As of June 30, 2026, letters of credit in the amount of $810.0 million had been issued by the Company to various insurance and reinsurance counterparties. Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers, and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements and a minimum rating from rating agencies. Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of June 30, 2026.
Previous wording
Under the cash secured letter of credit facilities, we provide collateral that consists of cash and cash equivalents and debt securities. As of March 31, 2026, total cash and cash equivalents and debt securities with a fair value of $959.6 million were pledged as collateral against the letters of credit issued.
Current wording
Under the cash secured letter of credit facilities, we provide collateral that consists of cash and cash equivalents and debt securities. As of June 30, 2026, total cash and cash equivalents and debt securities with a fair value of $879.4 million were pledged as collateral against the letters of credit issued.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
On February 26, 2026, we redeemed all 8,000,000 of our issued and outstanding 8.0% Series B preference shares for a redemption price of $25.00 per share, plus $0.49, which reflects unpaid, accrued cumulative dividends, to, but excluding,
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, other revenues primarily consisted of $25.2 million fromthe gain on the sale of Arcadian and $60.5 million of service fee revenue from MGAs, compared to$58.3 million of service fee revenue from MGAs for thesix months ended June 30, 2025. The increase in service fee revenue is primarily driven by increases in IMG from continued growth of its travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada.
Current report — wording carried from elsewhere
The increase in net corporate and other expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by increases in expenses related to incentive compensation award outperformance 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. For the six months ended June 30, 2026, services expenses increased to $95.7 million compared to $92.7 million for the six months ended June 30, 2025, primarily driven by increases in expenses from IMG from continued growth of its travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada.
Current report — wording carried from elsewhere
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
Current report — wording carried from elsewhere
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
Current report — wording carried from elsewhere
Net services income decreased to $18.3 million for the six months ended June 30, 2026 from $27.6 million for the six months ended June 30, 2025 also driven by the deconsolidation of Armada, partially offset by growth in IMG and the acquisition of Assist America. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 15.6% for the six months ended June 30, 2026 compared to 13.6% for the six months ended June 30, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.