SiriusPoint Ltd
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 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 2026-06-30; filed 2026-07-29.
0001576018-26-000085
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001576018-26-000100
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 218 previous paragraphs and 218 current paragraphs.
139 unchanged; 70 reworded; 8 added; 8 removed; 1 previous and 1 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 (8)
Current report
On September 30, 2026, the Company, through its wholly owned subsidiaries, completed the acquisition of equity interests and assets comprising the World Nomads travel insurance business operated by nib Travel Pty Ltd. (collectively, “World Nomads”) for $48.0 million in cash. World Nomads became a consolidated subsidiary of the Company as of acquisition date. The Company recognized goodwill of $27.5 million within the Insurance & Services segment, primarily attributable to the Company's travel insurance distribution capabilities and expected synergies resulting from the acquisition of World Nomads.
Current report
Theimprovement in net underwriting results for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily a result of lower attritional loss ratios and increased favorable prior year loss reserve development, partially offset by higher acquisition cost and other underwriting expense ratios.
Current report
The decrease in net investment gains (losses) for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily related to realized losses on sales of TPOC and other AFS debt securities, slightly offset by higher gains on sales of other long-term investments.
Current report
Amortization of intangible assets for thethree and nine months ended September 30, 2026 was $2.5 million and $7.5 million (2025 - $2.8 million and $8.5 million, respectively). The decrease in amortization is primarily driven by changes to the Company’s intangible asset balance as a result of recent acquisitions and dispositions.
Current report
Services revenues increased to $61.5 million for the three months ended September 30, 2026 compared to $58.5 million for the three months ended September 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.
Current report
Gross written premium increased by $111.0 million, or 19.8%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by growth in Surety business as well as an increase in premium estimate in Professional Liability business, slightly offset by the exit of an International A&H program. The Professional Liability premium estimate change was largely offset by corresponding loss and acquisition costs, with no significant impact on underwriting income.
Current report
Thedecrease in underwriting income of $4.7 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily a result of higher acquisition and other underwriting expense ratios, slightly offset by lower attritional loss ratios.
Current report
Gross written premium in the Reinsurance segment increased by $8.0 million, or 2.6%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by increases in certain Other Specialties lines, specifically Property and Marine & Energy.
Removed paragraphs (8)
Previous 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.
Previous report
The increases reflect the continued positive underwriting and investment results during the three and six months ended June 30, 2026.
Previous 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.
Previous report
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 report
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 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.
Previous 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.
Previous report
Core income - consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.
Reworded paragraphs (70)
Previous wording
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. As of June 30, 2026, we had equity stakes in 16 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes.
Current wording
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. As of September 30, 2026, we had equity stakes in 15 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.
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,
Current 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
Previous 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.
Current wording
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 and six months ended June 30, 2026 and 2025, and as of June 30, 2026 and December 31, 2025:
Current wording
We believe that the following key performance indicators are important in evaluating our performance for thethree and nine months ended September 30, 2026 and 2025, and as of September 30, 2026 and December 31, 2025:
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 unaudited consolidated financial statements included elsewhere in this Form 10-Q. 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 underwriting income, Core net services 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 unaudited consolidated financial statements included elsewhere in this Form 10-Q. Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures.”
Previous 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:
Current wording
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for thethree and nine months ended September 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 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.
Current wording
The increase in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the nine months ended September 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 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 wording
As of September 30, 2026, book value per common share was $19.37, representing a decrease of $0.24 per share, or 1.2%, from $19.61 per share as of June 30, 2026. As of September 30, 2026, book value per diluted common share was $19.05, representing a decrease of $0.25 per share, or 1.3%, from $19.30 per share as of June 30, 2026. As of September 30, 2026, tangible book value per diluted common share was $17.30, representing a decrease of $0.68 per share, or 3.8%, from $17.98 per share as of June 30, 2026.
Previous 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.
Current wording
As of September 30, 2026, book value per common share was $19.37, representing a decrease of $0.03 per share, or 0.2%, from $19.40 per share as of December 31, 2025. As of September 30, 2026, book value per diluted common share was $19.05, representing an increase of $0.44 per share, or 2.4%, from $18.61 per share as of December 31, 2025. As of September 30, 2026, tangible book value per diluted common share was $17.30, representing a decrease of $0.32 per share, or 1.8%, from $17.62 per share as of December 31, 2025.
Previous wording
Consolidated Results of Operations—Three and six months ended June 30, 2026 and 2025
Current wording
Consolidated Results of Operations—Three and nine months ended September 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 and six months ended June 30, 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 nine months ended September 30, 2026 and 2025:
Previous 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.
Current wording
The key changes in our consolidated results for the three and nine months ended September 30, 2026 compared to the prior year periods are discussed below.
Previous wording
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 wording
Theimprovement in net underwriting results for thenine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by lower attritional loss ratios as well as a decrease in catastrophe losses as the prior period included losses from the California wildfires. This improvement was 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.
Previous 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).
Current wording
(1)Includes $98.8 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of September 30, 2026 (December 31, 2025 - $652.8 million).
Previous wording
(2)Includes $62.5 million of strategic investments as of June 30, 2026 (December 31, 2025 - $102.2 million).
Current wording
(2)Includes $60.4 million of strategic investments as of September 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 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.
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 $100.6 million.
Previous 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 June 30, 2026 (December 31, 2025 - “AA-”) with no defaults in the investment portfolio.
Current wording
The average duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.4 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 September 30, 2026 (December 31, 2025 - “AA-”) with no defaults in the investment portfolio.
Previous wording
Net investment income for the three and six months ended June 30, 2026 and 2025 consisted of the following:
Current wording
Net investment income for the three and nine months ended September 30, 2026 and 2025 consisted of the following:
Previous wording
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 wording
The decrease in net investment income for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 is primarily driven by lower yields on cash and short-term investments, as well as portfolio repositioning.
Previous wording
Net investment gains (losses) for the three and six months ended June 30, 2026 and 2025 consisted of the following:
Current wording
Net investment gains (losses) for the three and nine months ended September 30, 2026 and 2025 consisted of the following:
Previous 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.
Current wording
The increase in net investment gains (losses) for the nine months ended September 30, 2026 compared to the nine months ended September 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, partially offset by the reversal of inception to date unrealized gains. The nine months ended September 30, 2026 also includes realized gains, and related reversals of inception to date unrealized gains, on private equity funds, also classified in Other long-term investments, when compared to the nine months ended September 30, 2025.
Previous 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”).
Current wording
For the three months ended September 30, 2026, other revenues primarily consisted of $30.3 million of service fee revenue from MGAs, compared to $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 for the three months ended September 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
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 wording
For the nine months ended September 30, 2026, other revenues primarily consisted of $25.2 million from the gain on the sale of Arcadian and $90.8 million of service fee revenue from MGAs, compared to $84.1 million of service fee revenue from MGAs in addition to a non-recurring $11.0 million insurance recovery related to a legacy litigation for the nine months ended September 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.
Previous 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.
Current wording
The increase in net corporate and other expenses for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily driven by increases in expenses related to incentive compensation award outperformance and expenses associated with non-recurring projects. For the three months ended September 30, 2026, services expenses increased to $49.4 million compared to $48.5 million for the three months ended September 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.
Previous wording
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 wording
The increase in net corporate and other expenses for the nine months ended September 30, 2026 compared to the nine months ended September 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 nine months ended September 30, 2026, services expenses increased to $145.1 million compared to $141.2 million for the nine months ended September 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.
Previous 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.
Current wording
Interest expense for the three and nine months ended September 30, 2026 was $18.4 million and $53.9 million, respectively, compared to $21.0 million and $60.2 million for the three and nine months ended September 30, 2025. The decrease is primarily driven by decreases in funds withheld interest on loss portfolio transfers.
Previous 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.
Current wording
Foreign exchange losses were $3.2 million and $2.7 million for the three months and nine months ended September 30, 2026, respectively, compared to $2.4 million and $16.9 million for the three months and nine months ended September 30, 2025, respectively. The foreign exchange losses for the current and prior periods were primarily driven by the impact of certain foreign exchange exposures related to our underwriting activities, partially offset by the impact of our currency hedges.
Previous wording
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.
Current wording
On an aggregate basis, the effects of foreign exchange resulted in charges to net income of $4.5 million and $5.7 million, as well as charges to comprehensive income of $0.7 million and $6.0 million for the three and nine months ended September 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 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.
Current wording
Income tax expense for the three months ended September 30, 2026 decreased compared to the three months ended September 30, 2025 primarily due to decreases in pre-tax income. The increases in income tax expense for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 is consistent with the increases in pre-tax income.
Previous wording
Segment Results — Three and six months ended June 30, 2026 and 2025
Current wording
Segment Results — Three and nine months ended September 30, 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 run off 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 they reflect 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
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.
Current wording
Gross written premium increased by $119.0 million, or 13.7%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Net written premium increased by $13.8 million, or 2.1%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Net earned premium increased by $121.3 million, or 18.9%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increases in written premium were driven by our Insurance & Services segment, including growth in Surety business as well as an increase in our estimated premium for Professional Liability business, slightly offset by the exit of an International A&H program. The increase in net earned premium was primarily related to increases in our estimate of the earned premium in Professional Liability and A&H businesses. The Professional Liability and A&H premium estimate changes were largely offset by corresponding loss and acquisition costs, with no significant impact on underwriting income.
Previous wording
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 wording
The improvement in underwriting income of $6.3 million was primarily driven by lower attritional loss ratios and increased favorable prior year loss reserve development, slightly offset by higher expense ratios. For the three months ended September 30, 2026, favorable prior year loss reserve development was $18.3 million primarily driven by favorable prior year loss reserve development on Property and A&H business, compared to $9.1 million for the three months ended September 30, 2025, which was primarily driven by favorable development in A&H business.
Previous 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.
Current wording
Net services income increased to $11.9 million for the three months ended September 30, 2026 compared to $10.1 million during the three months ended September 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 19.7% for the three months ended September 30, 2026 from 16.3% for the three months ended September 30, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Previous wording
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 wording
Gross written premium increased by $184.3 million, or 6.6%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. Net written premium decreased by $31.7 million, or 1.5%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. Net earned premium increased by $127.0 million, or 6.6%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increases in gross written premium and net earned premium were driven by our Insurance & Services segment, primarily driven by an increase in premium estimates on Professional Liability and A&H businesses, new program growth, mainly in General Liability, as well as continued organic growth in existing programs and growth in A&H. The Professional Liability and A&H premium estimate changes were largely offset by corresponding loss and acquisition costs, with no significant impact on underwriting income. The premium increases in Insurance & Services were 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.
Previous wording
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 wording
The improvement in underwriting income of $36.1 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by increased favorable prior year reserve development and decreased catastrophe losses, partially offset by higher acquisition costs and other underwriting expense. Catastrophe losses were $6.7 million, or 0.3 percentage points on the combined ratio, for the nine months ended September 30, 2026 compared to $67.4 million, or 3.5 percentage points on the combined ratio, for the nine months ended September 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.
Previous 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.
Current wording
Services revenues decreased to $174.9 million for the nine months ended September 30, 2026 compared to $178.7 million for the nine months ended September 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
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.
Current wording
Net services income decreased to $30.2 million for the nine months ended September 30, 2026 from $37.7 million for the nine months ended September 30, 2025. The decrease in net service income from the prior period is 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 17.0% for the nine months ended September 30, 2026 compared to 14.6% for the nine months ended September 30, 2025, when adjusted to exclude Armada, which is driven by the acquisition of Assist America.
Previous wording
As of June 30, 2026, we have equity stakes in 16 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 June 30, 2026, we consolidated two MGAs in our financial statements: Alta Signa Holdings (“Alta Signa”) and IMG. Effective November 1, 2025, we deconsolidated Armada upon the sale to Ambac Financial Group Inc. We will continue our underwriting capacity partnership with Armada until the end of 2030. We provide underwriting capacity in the form of insurance or reinsurance to 8 non-consolidated entities in addition to the two consolidated MGAs. We also have investment stakes in 6 other entities where we have no underwriting relationships. 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 September 30, 2026, we have equity stakes in 15 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 September 30, 2026, we consolidated two MGAs in our financial statements: Alta Signa Holdings (“Alta Signa”) and IMG. Effective November 1, 2025, we deconsolidated Armada upon the sale to Octave Specialty Group, Inc (formerly known as Ambac Financial Group, Inc.) . We will continue our underwriting capacity partnership with Armada until the end of 2030. We provide underwriting capacity in the form of insurance or reinsurance to 6 non-consolidated entities in addition to the two consolidated MGAs. We also have investment stakes in 7 other entities where we have no underwriting relationships. 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
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:
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 Insurance & Services segment for the three and nine months ended September 30, 2026 and 2025:
Showing the first 40 of 70 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The decreases were primarily due to the accumulated other comprehensive loss from unrealized losses from AFS debt securities during the three and nine months ended September 30, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.