# SiriusPoint (SPNT) 10-Q SEC filing - Q3 FY2024

- Filed: Oct 31, 2024
- Fiscal quarter: Q3 FY2024
- Calendar quarter: Q3 2024
- Accession: 0001576018-24-000054
- OpenCapital page: https://www.opencapital.sh/filings/0001576018-24-000054
- Markdown URL: https://www.opencapital.sh/filings/0001576018-24-000054.md
- Official SEC filing index: https://www.sec.gov/Archives/edgar/data/1576018/0001576018-24-000054-index.htm

## Filing documents

- [10-Q (spnt-20240930.htm)](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/spnt-20240930.htm)
- [EX-4.6 FORM OF MASTER AGREEMENT (projectzen-lptretroagreeme.htm)](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/projectzen-lptretroagreeme.htm)
- [EX-31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER (exhibit31193024.htm)](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit31193024.htm)
- [EX-31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER (exhibit31293024.htm)](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit31293024.htm)
- [EX-32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER (exhibit32193024.htm)](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit32193024.htm)
- [EX-32.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER (exhibit32293024.htm)](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit32293024.htm)

---

## 10-Q

SEC source: [spnt-20240930.htm](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/spnt-20240930.htm)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from to

### Commission File Number 001-36052

SIRIUSPOINT LTD.

(Exact name of registrant as specified in its charter)

Bermuda 98-1599372

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

Point Building

3 Waterloo Lane

Pembroke HM 08, Bermuda

+1 441 542-3300

(Address of Principal Executive Offices) (Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registered

Common Shares, $0.10 par value SPNT New York Stock Exchange

8.00% Resettable Fixed Rate Preference Shares,    Series B, $0.10 par value,    $25.00 liquidation preference per share SPNT PB New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes    ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐

As of October 25, 2024, the registrant had 161,866,867 common shares issued and outstanding.

### SiriusPoint Ltd.

### INDEX

Page

[PART I](#i321c1b0c9ef343c0967b5f65fee16faa_13). FINANCIAL INFORMATION [1](#i321c1b0c9ef343c0967b5f65fee16faa_13)

[Item 1.](#i321c1b0c9ef343c0967b5f65fee16faa_16) Financial Statements [1](#i321c1b0c9ef343c0967b5f65fee16faa_16)

[Consolidated Balance Sheets](#i321c1b0c9ef343c0967b5f65fee16faa_19) as of September 30, 2024 (unaudited) and December 31, 2023 [1](#i321c1b0c9ef343c0967b5f65fee16faa_19)

[Consolidated Statements of Income](#i321c1b0c9ef343c0967b5f65fee16faa_25) for the three and nine months ended September 30, 2024 and 2023 (unaudited) [2](#i321c1b0c9ef343c0967b5f65fee16faa_25)

[Consolidated Statements of Comprehensive Income](#i321c1b0c9ef343c0967b5f65fee16faa_28) for the three and nine months ended September 30, 2024 and 2023 (unaudited) [3](#i321c1b0c9ef343c0967b5f65fee16faa_28)

[Consolidated Statements of Shareholders' Equity](#i321c1b0c9ef343c0967b5f65fee16faa_31) for the three and nine months ended September 30, 2024 and 2023 (unaudited) [4](#i321c1b0c9ef343c0967b5f65fee16faa_31)

[Consolidated Statements of Cash Flows](#i321c1b0c9ef343c0967b5f65fee16faa_34) for the three and nine months ended September 30, 2024 and 2023 (unaudited) [5](#i321c1b0c9ef343c0967b5f65fee16faa_34)

[Notes to the Consolidated Financial Statements](#i321c1b0c9ef343c0967b5f65fee16faa_40)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_43) 1. Organization [6](#i321c1b0c9ef343c0967b5f65fee16faa_43)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_46) 2. Significant accounting policies [6](#i321c1b0c9ef343c0967b5f65fee16faa_46)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_52) 3. Significant transactions [7](#i321c1b0c9ef343c0967b5f65fee16faa_52)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_55) 4. Segment reporting [8](#i321c1b0c9ef343c0967b5f65fee16faa_55)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_61) 5. Cash, cash equivalents, restricted cash and restricted investments [14](#i321c1b0c9ef343c0967b5f65fee16faa_61)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_64) 6. Fair value measurements [14](#i321c1b0c9ef343c0967b5f65fee16faa_64)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_67) 7. Investments [20](#i321c1b0c9ef343c0967b5f65fee16faa_67)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_73) 8. Total net investment income and net realized and unrealized investment gains (losses) [26](#i321c1b0c9ef343c0967b5f65fee16faa_73)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_76) 9. Derivatives [28](#i321c1b0c9ef343c0967b5f65fee16faa_76)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_79) 10. Variable and voting interest entities [29](#i321c1b0c9ef343c0967b5f65fee16faa_79)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_85) 11. Loss and loss adjustment expense reserves [32](#i321c1b0c9ef343c0967b5f65fee16faa_85)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_91) 12. Allowance for expected credit losses [32](#i321c1b0c9ef343c0967b5f65fee16faa_91)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_97) 13. Debt and letter of credit facilities [33](#i321c1b0c9ef343c0967b5f65fee16faa_97)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_100) 14. Income taxes [34](#i321c1b0c9ef343c0967b5f65fee16faa_100)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_106) 15. Shareholders' equity [35](#i321c1b0c9ef343c0967b5f65fee16faa_106)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_118) 16. Earnings per share available to SiriusPoint common shareholders [37](#i321c1b0c9ef343c0967b5f65fee16faa_118)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_124) 17. Related party transactions [37](#i321c1b0c9ef343c0967b5f65fee16faa_124)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_127) 18. Commitments and contingencies [39](#i321c1b0c9ef343c0967b5f65fee16faa_127)

[Note](#i321c1b0c9ef343c0967b5f65fee16faa_136) 19. Subsequent events [41](#i321c1b0c9ef343c0967b5f65fee16faa_136)

[Item 2.](#i321c1b0c9ef343c0967b5f65fee16faa_142)Management’s Discussion and Analysis of Financial Condition and Results of Operations [42](#i321c1b0c9ef343c0967b5f65fee16faa_142)

[Item 3.](#i321c1b0c9ef343c0967b5f65fee16faa_199)Quantitative and Qualitative Disclosures About Market Risk [67](#i321c1b0c9ef343c0967b5f65fee16faa_199)

[Item 4.](#i321c1b0c9ef343c0967b5f65fee16faa_205)Controls and Procedures [68](#i321c1b0c9ef343c0967b5f65fee16faa_205)

[PART II. OTHER INFORMATION](#i321c1b0c9ef343c0967b5f65fee16faa_208) [68](#i321c1b0c9ef343c0967b5f65fee16faa_211)

[Item](#i321c1b0c9ef343c0967b5f65fee16faa_211)1. Legal Proceedings [68](#i321c1b0c9ef343c0967b5f65fee16faa_211)

[Item](#i321c1b0c9ef343c0967b5f65fee16faa_214)1A. Risk Factors [69](#i321c1b0c9ef343c0967b5f65fee16faa_214)

[Item](#i321c1b0c9ef343c0967b5f65fee16faa_217)2. Unregistered Sales of Equity Securities and Use of Proceeds [71](#i321c1b0c9ef343c0967b5f65fee16faa_217)

[Item](#i321c1b0c9ef343c0967b5f65fee16faa_220)3. Defaults Upon Senior Securities [71](#i321c1b0c9ef343c0967b5f65fee16faa_220)

[Item](#i321c1b0c9ef343c0967b5f65fee16faa_223)4. Mine Safety Disclosures [71](#i321c1b0c9ef343c0967b5f65fee16faa_223)

[Item](#i321c1b0c9ef343c0967b5f65fee16faa_226)5. Other Information [71](#i321c1b0c9ef343c0967b5f65fee16faa_226)

[Item](#i321c1b0c9ef343c0967b5f65fee16faa_229)6. Exhibits [72](#i321c1b0c9ef343c0967b5f65fee16faa_229)

PART I - Financial Information

## ITEM 1. Financial Statements

SIRIUSPOINT LTD.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of September 30, 2024 and December 31, 2023

(expressed in millions of U.S. dollars, except per share and share amounts)

1

SIRIUSPOINT LTD.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the three and nine months ended September 30, 2024 and 2023

(expressed in millions of U.S. dollars, except per share and share amounts)

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Revenues |  |  |  |  |
| Net premiums earned | $568.9 | $613.0 | $1,753.2 | $1,848.2 |
| Net investment income | 77.7 | 75.1 | 234.7 | 205.3 |
| Net realized and unrealized investment gains (losses) | 6.9 | (7.1) | (48.0) | 2.4 |
| Net realized and unrealized investment gains from related party investment funds | 7.9 | 0.1 | 8.9 | — |
| Net investment income and net realized and unrealized investment gains (losses) | 92.5 | 68.1 | 195.6 | 207.7 |
| Other revenues | 18.1 | 21.8 | 164.8 | 80.0 |
| Loss on settlement and change in fair value of liability-classified capital instruments | (117.3) | (0.3) | (122.6) | (44.4) |
| Total revenues | 562.2 | 702.6 | 1,991.0 | 2,091.5 |
| Expenses |  |  |  |  |
| Loss and loss adjustment expenses incurred, net | 317.5 | 373.1 | 999.4 | 1,015.9 |
| Acquisition costs, net | 117.5 | 129.5 | 382.3 | 361.0 |
| Other underwriting expenses | 44.9 | 36.6 | 127.8 | 132.1 |
| Net corporate and other expenses | 51.4 | 63.4 | 174.0 | 193.7 |
| Intangible asset amortization | 3.0 | 2.9 | 8.9 | 8.2 |
| Interest expense | 13.8 | 19.8 | 50.0 | 44.3 |
| Foreign exchange (gains) losses | 3.0 | (1.8) | 2.9 | 15.7 |
| Total expenses | 551.1 | 623.5 | 1,745.3 | 1,770.9 |
| Income before income tax expense | 11.1 | 79.1 | 245.7 | 320.6 |
| Income tax expense | (2.4) | (15.3) | (26.3) | (56.6) |
| Net income | 8.7 | 63.8 | 219.4 | 264.0 |
| Net income attributable to noncontrolling interests | (0.2) | (2.3) | (2.2) | (6.7) |
| Net income available to SiriusPoint | 8.5 | 61.5 | 217.2 | 257.3 |
| Dividends on Series B preference shares | (4.0) | (4.0) | (12.0) | (12.0) |
| Net income available to SiriusPoint common shareholders | $4.5 | $57.5 | $205.2 | $245.3 |
| Earnings per share available to SiriusPoint common shareholders |  |  |  |  |
| Basic earnings per share available to SiriusPoint common shareholders | $0.03 | $0.33 | $1.15 | $1.40 |
| Diluted earnings per share available to SiriusPoint common shareholders | $0.03 | $0.32 | $1.11 | $1.36 |
| Weighted average number of common shares used in the determination of earnings per share |  |  |  |  |
| Basic | 165,659,401 | 163,738,528 | 168,275,970 | 162,233,695 |
| Diluted | 172,803,298 | 168,516,508 | 174,261,326 | 166,920,744 |
| The accompanying Notes to the Consolidated Financial Statements arean integral part of the Consolidated Financial Statements. |  |  |  |  |

SIRIUSPOINT LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the three and nine months ended September 30, 2024 and 2023

(expressed in millions of U.S. dollars)

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Comprehensive income |  |  |  |  |
| Net income | $8.7 | $63.8 | $219.4 | $264.0 |
| Other comprehensive income (loss), net of tax |  |  |  |  |
| Change in foreign currency translation adjustment | 0.4 | (1.1) | (1.5) | 0.1 |
| Unrealized gains (losses) from debt securities held as available for sale investments | 112.2 | (56.2) | 90.4 | (89.9) |
| Reclassifications from accumulated other comprehensive loss | (3.1) | (2.2) | (10.5) | (0.6) |
| Total other comprehensive income (loss) | 109.5 | (59.5) | 78.4 | (90.4) |
| Comprehensive income | 118.2 | 4.3 | 297.8 | 173.6 |
| Net income attributable to noncontrolling interests | (0.2) | (2.3) | (2.2) | (6.7) |
| Comprehensive income available to SiriusPoint | $118.0 | $2.0 | $295.6 | $166.9 |
| The accompanying Notes to the Consolidated Financial Statements arean integral part of the Consolidated Financial Statements. |  |  |  |  |

SIRIUSPOINT LTD.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

For the three and nine months ended September 30, 2024 and 2023

(expressed in millions of U.S. dollars)

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Series B preference shares |  |  |  |  |
| Balance, beginning of period | $200.0 | $200.0 | $200.0 | $200.0 |
| Issuance of preference shares, net | — | — | — | — |
| Balance, end of period | 200.0 | 200.0 | 200.0 | 200.0 |
| Common shares |  |  |  |  |
| Balance, beginning of period | 17.1 | 16.3 | 16.8 | 16.2 |
| Issuance of common shares, net | — | — | 0.1 | 0.1 |
| Exercise of options | — | 0.2 | 0.2 | 0.2 |
| Common shares repurchased and retired | (0.9) | — | (0.9) | — |
| Balance, end of period | 16.2 | 16.5 | 16.2 | 16.5 |
| Additional paid-in capital |  |  |  |  |
| Balance, beginning of period | 1,713.3 | 1,645.6 | 1,693.0 | 1,641.3 |
| Issuance of common shares, net | — | — | — | 0.1 |
| Share compensation | 4.3 | 3.2 | 8.4 | 6.6 |
| Exercise of options | 2.2 | 12.6 | 18.4 | 14.6 |
| Common shares repurchased and retired | (128.8) | — | (128.8) | — |
| Change in ownership interest in subsidiary | — | — | — | (1.2) |
| Balance, end of period | 1,591.0 | 1,661.4 | 1,591.0 | 1,661.4 |
| Retained earnings |  |  |  |  |
| Balance, beginning of period | 801.7 | 450.0 | 601.0 | 262.2 |
| Net income | 8.7 | 63.8 | 219.4 | 264.0 |
| Net income attributable to noncontrolling interests | (0.2) | (2.3) | (2.2) | (6.7) |
| Dividends on preference shares | (4.0) | (4.0) | (12.0) | (12.0) |
| Balance, end of period | 806.2 | 507.5 | 806.2 | 507.5 |
| Accumulated other comprehensive income (loss), net of tax |  |  |  |  |
| Balance, beginning of period | (28.0) | (75.9) | 3.1 | (45.0) |
| Change in foreign currency translation adjustment |  |  |  |  |
| Balance, beginning of period | (6.0) | (4.0) | (4.1) | (5.2) |
| Change in foreign currency translation adjustment | 0.4 | (1.1) | (1.5) | 0.1 |
| Balance, end of period | (5.6) | (5.1) | (5.6) | (5.1) |
| Unrealized gains (losses) from debt securities held as available for sale investments |  |  |  |  |
| Balance, beginning of period | (22.0) | (71.9) | 7.2 | (39.8) |
| Unrealized gains (losses) from debt securities held as available for sale investments | 112.2 | (56.2) | 90.4 | (89.9) |
| Reclassifications from accumulated other comprehensive loss | (3.1) | (2.2) | (10.5) | (0.6) |
| Balance, end of period | 87.1 | (130.3) | 87.1 | (130.3) |
| Balance, end of period | 81.5 | (135.4) | 81.5 | (135.4) |
| Shareholders’ equity attributable to SiriusPoint shareholders | 2,694.9 | 2,250.0 | 2,694.9 | 2,250.0 |
| Noncontrolling interests | 1.6 | 15.4 | 1.6 | 15.4 |
| Total shareholders’ equity | $2,696.5 | $2,265.4 | $2,696.5 | $2,265.4 |
| The accompanying Notes to the Consolidated Financial Statements arean integral part of the Consolidated Financial Statements. |  |  |  |  |

SIRIUSPOINT LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the nine months ended September 30, 2024 and 2023

(expressed in millions of U.S. dollars)

| Line item | 2024 | 2023 |
| --- | --- | --- |
| Operating activities |  |  |
| Net income | $219.4 | $264.0 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| Share compensation | 15.9 | 15.7 |
| Net realized and unrealized loss on investments and derivatives | 48.0 | 1.8 |
| Net realized and unrealized gain on investment in related party investment funds | (8.9) | — |
| Change in fair value of liability-classified capital instruments | 31.9 | 44.4 |
| Amortization of premium and accretion of discount, net | (49.8) | (57.5) |
| Amortization of intangible assets | 8.9 | 8.2 |
| Other items, net | (26.3) | (9.5) |
| Changes in assets and liabilities: |  |  |
| Insurance and reinsurance balances receivable, net | (102.8) | (174.8) |
| Deferred acquisition costs, net | (21.1) | (38.1) |
| Unearned premium reserves, net of unearned premiums ceded | 38.7 | 125.8 |
| Loss and loss adjustment expense reserves, net of loss and loss adjustment expenses recoverable | 190.4 | (757.9) |
| Deferred tax asset/liability | 0.8 | 41.1 |
| Other assets | (127.1) | (33.3) |
| Interest and dividends receivable | (7.1) | (14.4) |
| Deferred gain on retroactive reinsurance | (6.2) | 25.8 |
| Reinsurance balances payable | (227.1) | 919.8 |
| Accounts payable, accrued expenses and other liabilities | (10.6) | 6.8 |
| Net cash provided by (used in) operating activities | (33.0) | 367.9 |
| Investing activities |  |  |
| Purchases of debt securities, available-for-sale | (1,893.1) | (2,793.3) |
| Purchases of short-term investments | (375.7) | (1,150.8) |
| Purchases of other investments | (25.8) | (7.6) |
| Proceeds from sales and maturities of debt securities, available-for-sale | 1,365.7 | 929.0 |
| Proceeds from sales and maturities of debt securities, trading and short-term investments | 1,009.3 | 2,525.5 |
| Proceeds from sales and maturities of other investments | 51.4 | 79.4 |
| Change in due to/from brokers, net | 8.6 | 22.5 |
| Net cash provided by (used in) investing activities | 140.4 | (395.3) |
| Financing activities |  |  |
| Payment of redemption of debt | (517.9) | — |
| Proceeds from issuance of debt, net of costs | 393.9 | — |
| Purchases of SiriusPoint common shares under share repurchase program | (129.7) | — |
| Net payments on deposit liability contracts | (98.2) | (7.6) |
| Settlement of liability-classified capital instruments | (40.8) | (38.5) |
| Net proceeds from exercise of options | 18.5 | 10.4 |
| Cash dividends paid to preference shareholders | (12.0) | (12.0) |
| Taxes paid on withholding shares | (7.5) | (9.2) |
| Repayment of loans under an agreement to repurchase | — | (18.0) |
| Change in total noncontrolling interests, net | 0.2 | (0.2) |
| Net cash used in financing activities | (393.5) | (75.1) |
| Net decrease in cash, cash equivalents and restricted cash | (286.1) | (102.5) |
| Cash, cash equivalents and restricted cash at beginning of period | 1,101.3 | 913.7 |
| Cash, cash equivalents and restricted cash at end of period | $815.2 | $811.2 |
| The accompanying Notes to the Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. |  |  |

SiriusPoint Ltd.

Notes to the Consolidated Financial Statements (UNAUDITED)

(Expressed in U.S. Dollars)

1. Organization

SiriusPoint Ltd. (together with its consolidated subsidiaries, “SiriusPoint” or the “Company”) was incorporated under the laws of Bermuda on October 6, 2011. Through its subsidiaries, the Company is a provider of global multi-line reinsurance and insurance products and services.

These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In addition, the year-end consolidated balance sheet was derived from audited financial statements. It does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q (“Form 10-Q”) should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with the U.S. Securities and Exchange Commission on February 29, 2024.

In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated.

The results for the nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full calendar year.

Tabular amounts are in U.S. Dollars in millions, except share amounts, unless otherwise noted.

2. Significant accounting policies

There have been no material changes to the Company’s significant accounting policies as described in its 2023 Form 10-K.

Recently issued accounting standards

Issued and effective as of September 30, 2024

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). The amendment clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. This pronouncement did not have a material impact on the Company’s consolidated financial statements.

Issued but not yet effective as of September 30, 2024

Accounting pronouncements issued during the three and nine months ended September 30, 2024 were either not relevant to the Company or did not impact the Company’s consolidated financial statements.

Reclassifications

Certain comparative figures have been reclassified to conform to the current year presentation.

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3. Significant transactions

CM Bermuda Settlement and Share Repurchase

On August 1, 2024, the Company entered into a Confidential Settlement and Mutual Release Agreement (the “Settlement Agreement”), and concurrently therewith, a Share Repurchase Agreement (the “Share Repurchase Agreement” and, together with the Settlement Agreement, collectively, the “CMIG Agreement”), in each case, with CM Bermuda Limited (the “Seller”) and CMIG International Holding Pte. Ltd.

The Company paid the Seller a total consideration of $261.3 million upon the closing of the transactions under the CMIG Agreement. Pursuant to the Settlement Agreement, the Company paid the Seller for full satisfaction and discharge of all obligations and all other claims of any nature related to the Company’s Series A Preference Shares held by the Seller and the related Certificate of Designation of Series A Preference Shares of the Company, and recorded a loss of $90.7 million in Loss on settlement and change in fair value of liability classified instruments in the Company’s consolidated income statement. Pursuant to the Share Repurchase Agreement, the Company repurchased 9,077,705 of the Company’s issued and outstanding common shares held by the Seller for $125.0 million, which had a repurchase date fair value of $129.7 million. The repurchased shares were cancelled and retired.

Workers’ Compensation Loss Portfolio Transfer

On April 30, 2024, SiriusPoint America Insurance Company (“SiriusPoint America”), a subsidiary of SiriusPoint Ltd., entered into a Master Agreement (the “Master Agreement”), dated as of April 30, 2024, made by and between SiriusPoint America and Clarendon National Insurance Company (“Clarendon National”), an insurer domiciled in Texas and an affiliate of Enstar Group Limited, a Bermuda exempted company (“Enstar”).

Pursuant to the Master Agreement, at the closing of the transactions contemplated therein, among other documents, (a) SiriusPoint America and Clarendon National will enter into a Loss Portfolio Transfer Reinsurance Agreement (the “LPT Agreement”), pursuant to which SiriusPoint America will cede and Clarendon National will assume 100% of the net liability with respect to certain workers’ compensation insurance exposures of SiriusPoint America (the “Subject Business”) on a funds withheld basis, subject to the terms and conditions of the LPT Agreement including an aggregate limit; (b) SiriusPoint America and an affiliate of Clarendon National (the “Administrator”) will enter into an Administrative Services Agreement concerning the Administrator’s authority and responsibility for certain administrative services related to the Subject Business, including claims handling; and (c) Enstar shall issue a Parental Guarantee in favor of SiriusPoint America guaranteeing Clarendon National’s obligations under the LPT Agreement. In certain circumstances and in lieu of the guarantee obligations provided thereunder, Clarendon National may post letters of credit as collateral securing Clarendon National’s reinsurance obligations with respect to the Subject Business. Immediately prior to the effective date of the LPT Agreement, SiriusPoint will be commuting certain ceded workers’ compensation reinsurance contracts, and the liabilities related to those commuted contracts will be included in the Subject Business.

This transaction covers approximately $400 million of SiriusPoint reserves, including liabilities to be commuted, valued as of December 31, 2023 and the reinsurance premium. The aggregate limit under the LPT Agreement is 150% of the premium paid less certain adjustments for paid losses in the interim period prior to the effective date of the contract. The Master Agreement and the LPT Agreement include customary representations and warranties, indemnification obligations, covenants and termination rights of the parties.

The Company received the appropriate regulatory approvals and the transaction closed on October 1, 2024. The financial impacts of the transaction will be included in the Company’s fourth quarter results, and SiriusPoint America expects to recognize a loss of approximately $22.0 million.

SiriusPoint International Loss Portfolio Transfer

On March 2, 2023, the Company agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction (“2023 LPT”), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The transaction covered loss reserves ceded initially estimated at $1.3 billion as of the valuation date of September 30, 2022, which were reduced to $905.6 million as of June 30, 2023 at closing, as a result of paid losses and favorable prior accident year reserve development recognized during the interim period, and included in Loss and loss adjustment expenses recoverable in the Company’s consolidated balance sheets. As of September 30, 2024, the Company recorded funds held payable of $593.4 million in Reinsurance balances payable and reinsurance recoverable of $626.5 million, and the Company’s estimate of deferred gain is $21.7 million. The

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2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of roll forward reserves at the inception of the contract.

4. Segment reporting

The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments: Reinsurance and Insurance & Services. The Company’s segments each have managers who are responsible for the overall profitability of their segments and who are directly accountable to the Company’s chief operating decision maker, the Chief Executive Officer ("CEO"). The CEO assesses segment operating performance, allocates capital, and makes resource allocation decisions based on Segment income (loss). The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments.

Reinsurance

In the Reinsurance segment, the Company provides reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, the Company participates in the reinsurance market with a global focus through the broker market distribution channel. The Company primarily writes treaty reinsurance, on both a proportional and excess of loss basis, and provides facultative reinsurance in some of its business lines. In the United States and Bermuda, the Company’s core focus is on distribution, risk and clients located in North America, while our international operation is focused primarily on distribution, risks and clients located in Europe.

The Reinsurance segment predominantly underwrites Casualty, Property and Specialty lines of business on a worldwide basis.

Casualty – the Company provides reinsurance to casualty insurers who underwrite a diverse range of casualty classes. The Company works with clients all over the world, including multi-national, nationwide and regional carriers, as well as risk retention groups and captives. The Company also partners with managing general agents (“MGAs”) and sponsor cover holders. The Company’s underwriting focus is on proportional transactions covering all major commercial casualty lines, as well professional liability with an emphasis on specialty niche classes of business, including personal lines.

Property – the Company works with leading global brokers as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, underwriting residential, commercial, and industrial risks in the United States, Europe and Asia. The Company’s property reinsurance offering includes: property catastrophe protection, risk excess of loss, cannabis - pro rata, building risk and structured property specifically in the United States. In 2023, as part of its international reorganization, the Company significantly reduced its international property catastrophe premiums written, with reinsurance protection purchased at similar costs but with lower attachment points to further protect the balance sheet.

Specialty - the Company’s business encompasses a broad range of worldwide reinsurance coverages, including proportional and excess of loss, treaty and facultative. Specialty business lines in the Reinsurance segment include Aviation & Space, Marine & Energy and Credit.

Insurance & Services

Through the Insurance & Services segment, the Company underwrites primary insurance in a number of sectors. The Insurance & Services segment includes Accident & Health, Casualty, and Specialty.

Accident and Health (“A&H”) – the Company provides flexible insurance products to meet the risk management needs of diverse populations in select markets. This includes employer groups, associations, affinity groups, higher education and other niche markets. The Company also owns 100% of International Medical Group, Inc. (“IMG”) and ArmadaCorp Capital, LLC (“Armada”), who receive fees for services provided within Insurance & Services and to third parties. IMG offers a full line of international medical insurance products, trip cancellation programs, medical management services and 24/7 emergency medical and travel assistance. Armada operates as a supplemental medical insurance MGA.

Property & Casualty - the Company is a leading carrier for program administrators and MGAs. The majority of its insurance business is written through partners in the property and casualty space, covering professional liability, workers’ compensation, and commercial auto lines in Bermuda, London, Europe, North America and round the world.

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Specialty - the Company’s business encompasses a broad range of worldwide insurance coverages. Specialty business lines in the Insurance & Services segment include Aviation & Space, Marine & Energy, Credit and Mortgage.

Management uses segment income (loss) as the primary basis for assessing segment performance. Segment income (loss) is comprised of two components, underwriting income (loss) and net services income (loss). The Company calculates underwriting income (loss) by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned. Net services income (loss) consists of services revenues (fee for service revenue), services expenses, and services non-controlling (income) loss. This definition of segment income (loss) aligns with how business performance is managed and monitored. We continue to evaluate our segments as our business evolves and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the consolidated statements of income. These items are reconciled to the consolidated presentation in the segment measure reclass column below. Included in Insurance & Services segment income (loss) are services noncontrolling loss (income) attributable to minority shareholders on non-wholly-owned subsidiaries. In addition, services revenues and services expenses are reconciled to other revenues and net corporate and other expenses, respectively.

Segment results are shown prior to corporate eliminations. Corporate eliminations are included in the elimination column below as necessary to reconcile to underwriting income (loss), net services income (loss), and segment income (loss) to the consolidated statements of income.

Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 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 the Company no longer writes. In addition, revenue and expenses managed at the corporate level, including realized gains (losses), other investment income, including gains (losses) from strategic investments, net realized and unrealized investment gains (losses) from related party investment funds, non services-related other revenues, non services-related net corporate and other expenses, intangible asset amortization, interest expense, foreign exchange (gains) losses and income tax (expense) benefit are reported within Corporate. The CEO does not manage segment results or allocate resources to segments when considering these items and they are therefore excluded from our definition of segment income (loss).

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The following is a summary of the Company’s operating segment results for the three and nine months ended September 30, 2024 and 2023:

_Three months ended September 30, 2024_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $314.5 | $376.0 | $690.5 | — | $23.5 | — | $714.0 |
| Net premiums written | 268.3 | 235.3 | 503.6 | — | 0.6 | — | 504.2 |
| Net premiums earned | 269.4 | 276.9 | 546.3 | — | 22.6 | — | 568.9 |
| Loss and loss adjustment expenses incurred, net | 137.6 | 170.1 | 307.7 | (1.4) | 11.2 | — | 317.5 |
| Acquisition costs, net | 69.8 | 65.9 | 135.7 | (24.1) | 5.9 | — | 117.5 |
| Other underwriting expenses | 20.4 | 20.0 | 40.4 | — | 4.5 | — | 44.9 |
| Underwriting income | 41.6 | 20.9 | 62.5 | 25.5 | 1.0 | — | 89.0 |
| Services revenues | — | 48.1 | 48.1 | (29.9) | — | (18.2) | — |
| Services expenses | — | 41.3 | 41.3 | — | — | (41.3) | — |
| Net services fee income | — | 6.8 | 6.8 | (29.9) | — | 23.1 | — |
| Services noncontrolling loss | — | 0.2 | 0.2 | — | — | (0.2) | — |
| Net services income | — | 7.0 | 7.0 | (29.9) | — | 22.9 | — |
| Segment income | 41.6 | 27.9 | 69.5 | (4.4) | 1.0 | 22.9 | 89.0 |
| Net investment income |  |  |  |  | 77.7 | — | 77.7 |
| Net realized and unrealized investment gains |  |  |  |  | 6.9 | — | 6.9 |
| Net realized and unrealized investment gains from related party investment funds |  |  |  |  | 7.9 | — | 7.9 |
| Other revenues |  |  |  |  | (0.1) | 18.2 | 18.1 |
| Loss on settlement and change in fair value of liability-classified capital instruments |  |  |  |  | (117.3) | — | (117.3) |
| Net corporate and other expenses |  |  |  |  | (10.1) | (41.3) | (51.4) |
| Intangible asset amortization |  |  |  |  | (3.0) | — | (3.0) |
| Interest expense |  |  |  |  | (13.8) | — | (13.8) |
| Foreign exchange losses |  |  |  |  | (3.0) | — | (3.0) |
| Income (loss) before income tax expense | $41.6 | $27.9 | 69.5 | (4.4) | (53.8) | (0.2) | 11.1 |
| Income tax expense |  |  | — | — | (2.4) | — | (2.4) |
| Net income (loss) |  |  | 69.5 | (4.4) | (56.2) | (0.2) | 8.7 |
| Net (income) loss attributable to noncontrolling interest |  |  | — | — | (0.4) | 0.2 | (0.2) |
| Net income (loss) available to SiriusPoint |  |  | $69.5 | $(4.4) | $(56.6) | — | $8.5 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 51.1% | 61.4% | 56.3% |  |  |  | 55.8% |
| Acquisition cost ratio | 25.9% | 23.8% | 24.8% |  |  |  | 20.7% |
| Other underwriting expenses ratio | 7.6% | 7.2% | 7.4% |  |  |  | 7.9% |
| Combined ratio | 84.6% | 92.4% | 88.5% |  |  |  | 84.4% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

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_Three months ended September 30, 2023_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $265.4 | $460.1 | $725.5 | — | $33.3 | — | $758.8 |
| Net premiums written | 243.2 | 290.4 | 533.6 | — | 32.4 | — | 566.0 |
| Net premiums earned | 256.9 | 318.4 | 575.3 | — | 37.7 | — | 613.0 |
| Loss and loss adjustment expenses incurred, net | 136.2 | 219.6 | 355.8 | (1.2) | 18.5 | — | 373.1 |
| Acquisition costs, net | 69.4 | 76.3 | 145.7 | (37.2) | 21.0 | — | 129.5 |
| Other underwriting expenses | 14.4 | 16.9 | 31.3 | — | 5.3 | — | 36.6 |
| Underwriting income (loss) | 36.9 | 5.6 | 42.5 | 38.4 | (7.1) | — | 73.8 |
| Services revenues | (0.2) | 58.8 | 58.6 | (38.3) | — | (20.3) | — |
| Services expenses | — | 48.7 | 48.7 | — | — | (48.7) | — |
| Net services fee income (loss) | (0.2) | 10.1 | 9.9 | (38.3) | — | 28.4 | — |
| Services noncontrolling income | — | (2.4) | (2.4) | — | — | 2.4 | — |
| Net services income (loss) | (0.2) | 7.7 | 7.5 | (38.3) | — | 30.8 | — |
| Segment income (loss) | 36.7 | 13.3 | 50.0 | 0.1 | (7.1) | 30.8 | 73.8 |
| Net investment income |  |  |  |  | 75.1 | — | 75.1 |
| Net realized and unrealized investment losses |  |  |  |  | (7.1) | — | (7.1) |
| Net realized and unrealized investment gains from related party investment funds |  |  |  |  | 0.1 | — | 0.1 |
| Other revenues |  |  |  |  | 1.5 | 20.3 | 21.8 |
| Loss on settlement and change in fair value of liability-classified capital instruments |  |  |  |  | (0.3) | — | (0.3) |
| Net corporate and other expenses |  |  |  |  | (14.7) | (48.7) | (63.4) |
| Intangible asset amortization |  |  |  |  | (2.9) | — | (2.9) |
| Interest expense |  |  |  |  | (19.8) | — | (19.8) |
| Foreign exchange gains |  |  |  |  | 1.8 | — | 1.8 |
| Income before income tax expense | $36.7 | $13.3 | 50.0 | 0.1 | 26.6 | 2.4 | 79.1 |
| Income tax expense |  |  | — | — | (15.3) | — | (15.3) |
| Net income |  |  | 50.0 | 0.1 | 11.3 | 2.4 | 63.8 |
| Net (income) loss attributable to noncontrolling interests |  |  | — | — | 0.1 | (2.4) | (2.3) |
| Net income available to SiriusPoint |  |  | $50.0 | $0.1 | $11.4 | — | $61.5 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 53.0% | 69.0% | 61.8% |  |  |  | 60.9% |
| Acquisition cost ratio | 27.0% | 24.0% | 25.3% |  |  |  | 21.1% |
| Other underwriting expenses ratio | 5.6% | 5.3% | 5.4% |  |  |  | 6.0% |
| Combined ratio | 85.6% | 98.3% | 92.5% |  |  |  | 88.0% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

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_Nine months ended September 30, 2024_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $1,023.4 | $1,390.5 | $2,413.9 | — | $71.2 | — | $2,485.1 |
| Net premiums written | 867.2 | 913.5 | 1,780.7 | — | 6.4 | — | 1,787.1 |
| Net premiums earned | 779.2 | 838.3 | 1,617.5 | — | 135.7 | — | 1,753.2 |
| Loss and loss adjustment expenses incurred, net | 406.0 | 538.8 | 944.8 | (4.1) | 58.7 | — | 999.4 |
| Acquisition costs, net | 206.8 | 206.9 | 413.7 | (93.8) | 62.4 | — | 382.3 |
| Other underwriting expenses | 59.9 | 55.4 | 115.3 | — | 12.5 | — | 127.8 |
| Underwriting income | 106.5 | 37.2 | 143.7 | 97.9 | 2.1 | — | 243.7 |
| Services revenues | — | 171.3 | 171.3 | (101.4) | — | (69.9) | — |
| Services expenses | — | 135.0 | 135.0 | — | — | (135.0) | — |
| Net services fee income | — | 36.3 | 36.3 | (101.4) | — | 65.1 | — |
| Services noncontrolling income | — | (2.1) | (2.1) | — | — | 2.1 | — |
| Net services income | — | 34.2 | 34.2 | (101.4) | — | 67.2 | — |
| Segment income | 106.5 | 71.4 | 177.9 | (3.5) | 2.1 | 67.2 | 243.7 |
| Net investment income |  |  |  |  | 234.7 | — | 234.7 |
| Net realized and unrealized investment losses |  |  |  |  | (48.0) | — | (48.0) |
| Net realized and unrealized investment gains from related party investment funds |  |  |  |  | 8.9 | — | 8.9 |
| Other revenues |  |  |  |  | 94.9 | 69.9 | 164.8 |
| Loss on settlement and change in fair value of liability-classified capital instruments |  |  |  |  | (122.6) | — | (122.6) |
| Net corporate and other expenses |  |  |  |  | (39.0) | (135.0) | (174.0) |
| Intangible asset amortization |  |  |  |  | (8.9) | — | (8.9) |
| Interest expense |  |  |  |  | (50.0) | — | (50.0) |
| Foreign exchange losses |  |  |  |  | (2.9) | — | (2.9) |
| Income before income tax expense | $106.5 | $71.4 | 177.9 | (3.5) | 69.2 | 2.1 | 245.7 |
| Income tax expense |  |  | — | — | (26.3) | — | (26.3) |
| Net income |  |  | 177.9 | (3.5) | 42.9 | 2.1 | 219.4 |
| Net income attributable to noncontrolling interests |  |  | — | — | (0.1) | (2.1) | (2.2) |
| Net income available to SiriusPoint |  |  | $177.9 | $(3.5) | $42.8 | — | $217.2 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 52.1% | 64.3% | 58.4% |  |  |  | 57.0% |
| Acquisition cost ratio | 26.5% | 24.7% | 25.6% |  |  |  | 21.8% |
| Other underwriting expenses ratio | 7.7% | 6.6% | 7.1% |  |  |  | 7.3% |
| Combined ratio | 86.3% | 95.6% | 91.1% |  |  |  | 86.1% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

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_Nine months ended September 30, 2023_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $1,019.3 | $1,571.6 | $2,590.9 | — | $120.9 | — | $2,711.8 |
| Net premiums written | 866.1 | 1,019.4 | 1,885.5 | — | 97.8 | — | 1,983.3 |
| Net premiums earned | 788.2 | 934.0 | 1,722.2 | — | 126.0 | — | 1,848.2 |
| Loss and loss adjustment expenses incurred, net | 368.5 | 608.8 | 977.3 | (4.0) | 42.6 | — | 1,015.9 |
| Acquisition costs, net | 186.7 | 228.7 | 415.4 | (105.6) | 51.2 | — | 361.0 |
| Other underwriting expenses | 54.6 | 61.7 | 116.3 | — | 15.8 | — | 132.1 |
| Underwriting income | 178.4 | 34.8 | 213.2 | 109.6 | 16.4 | — | 339.2 |
| Services revenues | (2.8) | 184.6 | 181.8 | (109.6) | — | (72.2) | — |
| Services expenses | — | 144.2 | 144.2 | — | — | (144.2) | — |
| Net services fee income (loss) | (2.8) | 40.4 | 37.6 | (109.6) | — | 72.0 | — |
| Services noncontrolling income | — | (5.7) | (5.7) | — | — | 5.7 | — |
| Net services income (loss) | (2.8) | 34.7 | 31.9 | (109.6) | — | 77.7 | — |
| Segment income | 175.6 | 69.5 | 245.1 | — | 16.4 | 77.7 | 339.2 |
| Net investment income |  |  |  |  | 205.3 | — | 205.3 |
| Net realized and unrealized investment gains |  |  |  |  | 2.4 | — | 2.4 |
| Other revenues |  |  |  |  | 7.8 | 72.2 | 80.0 |
| Loss on settlement and change in fair value of liability-classified capital instruments |  |  |  |  | (44.4) | — | (44.4) |
| Net corporate and other expenses |  |  |  |  | (49.5) | (144.2) | (193.7) |
| Intangible asset amortization |  |  |  |  | (8.2) | — | (8.2) |
| Interest expense |  |  |  |  | (44.3) | — | (44.3) |
| Foreign exchange losses |  |  |  |  | (15.7) | — | (15.7) |
| Income before income tax expense | $175.6 | $69.5 | 245.1 | — | 69.8 | 5.7 | 320.6 |
| Income tax expense |  |  | — | — | (56.6) | — | (56.6) |
| Net income |  |  | 245.1 | — | 13.2 | 5.7 | 264.0 |
| Net income attributable to noncontrolling interests |  |  | — | — | (1.0) | (5.7) | (6.7) |
| Net income available to SiriusPoint |  |  | $245.1 | — | $12.2 | — | $257.3 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 46.8% | 65.2% | 56.7% |  |  |  | 55.0% |
| Acquisition cost ratio | 23.7% | 24.5% | 24.1% |  |  |  | 19.5% |
| Other underwriting expenses ratio | 6.9% | 6.6% | 6.8% |  |  |  | 7.1% |
| Combined ratio | 77.4% | 96.3% | 87.6% |  |  |  | 81.6% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

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5. Cash, cash equivalents, restricted cash and restricted investments

The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of September 30, 2024 and December 31, 2023:

| Line item | September 30,2024 | December 31,2023 |
| --- | --- | --- |
| Cash and cash equivalents | $640.7 | $969.2 |
| Restricted cash securing letter of credit facilities (1) | 27.7 | 56.9 |
| Restricted cash securing reinsurance contracts (2) | 124.1 | 52.7 |
| Restricted cash held by managing general underwriters | 22.7 | 22.5 |
| Total cash, cash equivalents and restricted cash (3) | 815.2 | 1,101.3 |
| Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4) | 2,307.4 | 2,668.0 |
| Total cash, cash equivalents, restricted cash and restricted investments | $3,122.6 | $3,769.3 |

(1) Restricted cash and restricted investments securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of its obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years.

(2) Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities, short-term investments and limited partnership interests in Third Point Enhanced LP. The time period for which the Company expects these trust accounts to be in place varies from contract to contract but can last several years.

(3) Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows.

(4) Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses.

6. Fair value measurements

U.S. GAAP disclosure requirements establish a framework for measuring fair value, including a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy of inputs is summarized below:

- Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date.
- Level 2 – Observable inputs to the valuation methodology other than unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include, but are not limited to, prices quoted for similar assets or liabilities in active markets/exchanges, prices quoted for identical or similar assets or liabilities in markets that are not active and fair values determined through the use of models or other valuation methodologies.
- Level 3 – Inputs are based all or in part on significant unobservable inputs for the investment, and include situations where there is little, if any, market activity for the investment. The inputs applied in the determination of fair value require significant management judgment and estimation.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources other than those of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and considers factors specific to the investment.

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The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of September 30, 2024 and December 31, 2023:

_September 30, 2024

- (Level 1)
- (Level 2)
- (Level 3)_

| Line item | Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Total |
| --- | --- | --- | --- | --- |
| Assets |  |  |  |  |
| Asset-backed securities | — | $1,164.7 | — | $1,164.7 |
| Residential mortgage-backed securities | — | 1,054.2 | — | 1,054.2 |
| Commercial mortgage-backed securities | — | 251.6 | — | 251.6 |
| Corporate debt securities | — | 1,892.2 | — | 1,892.2 |
| U.S. government and government agency | 1,024.4 | — | — | 1,024.4 |
| Non-U.S. government and government agency | — | 24.7 | — | 24.7 |
| Total debt securities, available for sale | 1,024.4 | 4,387.4 | — | 5,411.8 |
| Asset-backed securities | — | 102.9 | — | 102.9 |
| Residential mortgage-backed securities | — | 53.1 | — | 53.1 |
| Commercial mortgage-backed securities | — | 59.1 | — | 59.1 |
| Corporate debt securities | — | 10.3 | — | 10.3 |
| U.S. government and government agency | 4.3 | — | — | 4.3 |
| Non-U.S. government and government agency | — | 3.4 | — | 3.4 |
| Total debt securities, trading | 4.3 | 228.8 | — | 233.1 |
| Short-term investments | 8.4 | 44.0 | — | 52.4 |
| Other long-term investments | 0.3 | 2.5 | 117.5 | 120.3 |
| Derivative assets | — | — | 1.5 | 1.5 |
|  | $1,037.4 | $4,662.7 | $119.0 | 5,819.1 |
| Cost and equity method investments |  |  |  | 72.0 |
| Investments in funds valued at NAV |  |  |  | 158.3 |
| Total assets |  |  |  | $6,049.4 |
| Liabilities |  |  |  |  |
| Liability-classified capital instruments | — | — | $58.4 | $58.4 |
| Derivative liabilities | — | — | 9.8 | 9.8 |
| Total liabilities | — | — | $68.2 | $68.2 |

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_December 31, 2023

- (Level 1)
- (Level 2)
- (Level 3)_

| Line item | Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Total |
| --- | --- | --- | --- | --- |
| Assets |  |  |  |  |
| Asset-backed securities | — | $880.7 | — | $880.7 |
| Residential mortgage-backed securities | — | 902.8 | — | 902.8 |
| Commercial mortgage-backed securities | — | 204.1 | — | 204.1 |
| Corporate debt securities | — | 1,573.1 | — | 1,573.1 |
| U.S. government and government agency | 1,132.6 | 4.1 | — | 1,136.7 |
| Non-U.S. government and government agency | — | 58.0 | — | 58.0 |
| Total debt securities, available for sale | 1,132.6 | 3,622.8 | — | 4,755.4 |
| Asset-backed securities | — | 256.6 | — | 256.6 |
| Residential mortgage-backed securities | — | 57.2 | — | 57.2 |
| Commercial mortgage-backed securities | — | 67.8 | — | 67.8 |
| Corporate debt securities | — | 45.2 | — | 45.2 |
| U.S. Government and government agency | 98.1 | — | — | 98.1 |
| Non-U.S. government and government agency | — | 10.0 | — | 10.0 |
| Total debt securities, trading | 98.1 | 436.8 | — | 534.9 |
| Short-term investments | 321.9 | 49.7 | — | 371.6 |
| Other long-term investments | 1.6 | — | 169.7 | 171.3 |
| Derivative assets | — | — | 15.7 | 15.7 |
|  | $1,554.2 | $4,109.3 | $185.4 | 5,848.9 |
| Cost and equity method investments |  |  |  | 80.1 |
| Investments in funds valued at NAV |  |  |  | 164.3 |
| Total assets |  |  |  | $6,093.3 |
| Liabilities |  |  |  |  |
| Liability-classified capital instruments | — | — | $67.3 | $67.3 |
| Derivative liabilities | — | — | 6.4 | 6.4 |
| Total liabilities | — | — | $73.7 | $73.7 |

During the nine months ended September 30, 2024, the Company did not reclassify its assets or liabilities between Levels 2 and 3 (December 31, 2023 - no reclassifications).

Valuation techniques

The Company uses independent pricing services to assist in determining fair values for its investments. For investments in active markets, the Company uses the quoted market prices provided by independent pricing services to determine fair value. In circumstances where quoted market prices are unavailable or are not considered reasonable, the Company estimates the fair value using industry standard pricing models and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, prepayment speeds, reference data including research publications, and other relevant inputs. Given that many debt securities do not trade on a daily basis, the independent pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable debt securities vary by asset type and take into account market convention.

The techniques and inputs specific to asset classes within the Company’s debt securities and short-term investments for Level 2 securities that use observable inputs are as follows:

Asset-backed and mortgage-backed securities

The fair value of mortgage and asset-backed securities is primarily priced by independent pricing services using a pricing

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model that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including issuer, vintage, loan type, collateral attributes, prepayment speeds, default rates, recovery rates, cash flow stress testing, credit quality ratings and market research publications.

Corporate debt securities

Corporate debt securities consist primarily of investment-grade debt of a wide variety of U.S. and non-U.S. corporate issuers and industries. The corporate fixed maturity investments are primarily priced by independent pricing services. When evaluating these securities, the independent pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The independent pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk.

U.S. government and government agency

U.S. government and government agency securities consist primarily of debt securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. Fixed maturity investments included in U.S. government and government agency securities are primarily priced by independent pricing services. When evaluating these securities, the independent pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

Non-U.S. government and government agency

Non-U.S. government and government agency securities consist of debt securities issued by non-U.S. governments and their agencies along with supranational organizations (also known as sovereign debt securities). Securities held in these sectors are primarily priced by independent pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The independent pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the independent pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

U.S. states, municipalities, and political subdivisions

The U.S. states, municipalities and political subdivisions portfolio contains debt securities issued by U.S. domiciled state and municipal entities. These securities are generally priced by independent pricing services using the techniques for U.S. government and government agency securities.

Preferred stocks

The fair value of preferred stocks is generally priced by independent pricing services using an evaluated pricing model that calculates the appropriate spread over a comparable security for each issue. Key inputs include exchange prices (underlying and common stock of same issuer), benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications.

Short-term investments

Short-term investments consist of U.S. treasury bills, certificates of deposit and other securities, which, at the time of purchase, mature within a period of greater than three months but less than one year. These investments are generally priced

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by independent pricing services using the techniques described for U.S. government and government agency securities and Corporate debt securities described above.

Investments measured using Net Asset Value

The Company values its investments in limited partnerships, including its investments in related party investment funds, at fair value. The Company has elected the practical expedient for fair value for these investments which is estimated based on the Company’s share of the net asset value (“NAV”) of the limited partnerships, as provided by the independent fund administrator, as the Company believes it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents the Company’s proportionate interest in the members’ equity of the limited partnerships.

The fair value of the Company's investments in certain hedge funds and certain private equity funds are also determined using NAV. The hedge fund's administrator provides quarterly updates of fair value in the form of the Company's proportional interest in the underlying fund's NAV, which is deemed to approximate fair value, generally with a three month delay in valuation. The private equity funds provide monthly, quarterly, or semi-annual partnership capital statements primarily with a one or three month delay which are used as a basis for valuation. These private equity investments vary in investment strategies and are not actively traded in any open markets. Due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company's reporting date. This includes utilizing preliminary estimates reported by its fund managers and using other information that is available to the Company with respect to the underlying investments, as necessary.

In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a monthly, quarterly and annual basis, to assess the quality of the information provided by the investment manager and fund administrator underlying the preparation of the NAV. These procedures include, but are not limited to, regular review and discussion of the fund’s performance with the investment manager.

These investments are included in investment in funds valued at NAV and excluded from the presentation of investments categorized by the level of the fair value hierarchy.

Level 3 Investments

Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable assumptions reflect the Company's assumptions, that market participants would use in valuing the investment. Generally, certain securities may start out as Level 3 when they are originally issued but as observable inputs become available in the market, they may be reclassified to Level 2.

The Company employs a number of procedures to assess the reasonableness of the fair value measurements for its other long-term investments, including obtaining and reviewing the audited annual financial statements of hedge funds and private equity funds and periodically discussing each fund's pricing with the fund manager. However, since the fund managers do not provide sufficient information to evaluate the pricing inputs and methods for each underlying investment, the inputs are considered to be unobservable.

The fair values of the Company's investments in private equity securities, private debt instruments, certain private equity funds, and certain hedge funds have been classified as Level 3 measurements. Private equity securities and private debt instruments are initially valued based on transaction price and their valuation is subsequently estimated based on available evidence such as a market transaction in similar instruments and other financial information for the issuer.

For strategic investments carried at fair value, management either engages a third-party valuation specialist to assist in determination of the fair value based on commonly accepted valuation methods (i.e., income approach, market approach) as of the valuation date or performs valuation internally. In addition, investors fair value analyses prepared by third party valuation specialists working with strategic investment operating management are referenced where available. Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available.

See Note 9 for additional information on the fair values of derivative financial instruments used for both risk management

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and investment purposes.

Underwriting-related derivatives

Underwriting-related derivatives include reinsurance contracts that are accounted for as derivatives. These derivative contracts are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3.

The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the three and nine months ended September 30, 2024 and 2023:

| Line item | July 1,2024 | Transfers in to (out of) Level 3 | Purchases | Sales & Settlements | Realized and Unrealized Gains (Losses)(1) | September 30,2024 |
| --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |
| Other long-term investments | $119.6 | — | $1.1 | — | $(3.2) | $117.5 |
| Derivative assets | 7.3 | — | — | — | (5.8) | 1.5 |
| Total assets | $126.9 | — | $1.1 | — | $(9.0) | $119.0 |
| Liabilities |  |  |  |  |  |  |
| Liability-classified capital instruments | $(72.6) | — | — | $131.5 | $(117.3) | $(58.4) |
| Derivative liabilities | (18.7) | — | — | — | 8.9 | (9.8) |
| Total liabilities | $(91.3) | — | — | $131.5 | $(108.4) | $(68.2) |
|  | January 1,2024 | Transfers in to (out of) Level 3 | Purchases | Sales & Settlements | Realized and Unrealized Gains (Losses)(1) | September 30,2024 |
| Assets |  |  |  |  |  |  |
| Other long-term investments | $169.7 | — | $1.1 | — | $(53.3) | $117.5 |
| Derivative assets | 15.7 | — | — | (5.0) | (9.2) | 1.5 |
| Total assets | $185.4 | — | $1.1 | $(5.0) | $(62.5) | $119.0 |
| Liabilities |  |  |  |  |  |  |
| Liability-classified capital instruments | $(67.3) | — | — | $131.5 | $(122.6) | $(58.4) |
| Derivative liabilities | (6.4) | — | — | 1.1 | (4.5) | (9.8) |
| Total liabilities | $(73.7) | — | — | $132.6 | $(127.1) | $(68.2) |

(1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains in the consolidated statements of income. Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other underwriting expenses, net of foreign exchange (gains) losses, in the consolidated statements of income. Realized and unrealized gains (losses) on liability-classified capital instruments are included in loss on settlement and change in fair value of liability-classified capital instruments, in the consolidated statements of income.

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| Line item | July 1,2023 | Transfers in to (out of) Level 3 | Purchases | Sales & Settlements | Realized and Unrealized Gains (Losses)(1) | September 30,2023 |
| --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |
| Other long-term investments | $235.0 | $(25.3) | — | $(14.4) | $(13.6) | $181.7 |
| Derivative assets | 4.1 | — | 4.1 | (5.2) | 2.5 | 5.5 |
| Total assets | $239.1 | $(25.3) | $4.1 | $(19.6) | $(11.1) | $187.2 |
| Liabilities |  |  |  |  |  |  |
| Liability-classified capital instruments | $(65.4) | — | — | $3.8 | $(0.4) | $(62.0) |
| Derivative liabilities | (26.6) | — | (14.3) | 11.6 | (6.2) | (35.5) |
| Total liabilities | $(92.0) | — | $(14.3) | $15.4 | $(6.6) | $(97.5) |
|  | January 1,2023 | Transfers in to (out of) Level 3 | Purchases | Sales | Realized and Unrealized Gains (Losses) (1) | September 30,2023 |
| Assets |  |  |  |  |  |  |
| Preferred stocks | $3.2 | — | — | $(2.3) | $(0.9) | — |
| Other long-term investments | 227.3 | (25.3) | 6.6 | (14.7) | (12.2) | 181.7 |
| Derivative assets | 9.5 | — | 2.8 | (13.7) | 6.9 | 5.5 |
| Total assets | $240.0 | $(25.3) | $9.4 | $(30.7) | $(6.2) | $187.2 |
| Liabilities |  |  |  |  |  |  |
| Liability-classified capital instruments | $(21.4) | — | — | $3.8 | $(44.4) | $(62.0) |
| Derivative liabilities | (8.6) | — | (8.5) | 13.1 | (31.5) | (35.5) |
| Total liabilities | $(30.0) | — | $(8.5) | $16.9 | $(75.9) | $(97.5) |

(1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains in the consolidated statements of income. Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other underwriting expenses, net of foreign exchange (gains) losses, in the consolidated statements of income. Realized and unrealized gains (losses) on liability-classified capital instruments are included in loss on settlement and change in fair value of liability-classified capital instruments, in the consolidated statements of income.

For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred out of Level 3 at the beginning of the period.

The following table includes financial instruments for which the carrying value differs from the estimated fair values as of September 30, 2024 and December 31, 2023. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements.

| Line item | September 30, 2024 / Fair Value | September 30, 2024 / Carrying Value | December 31, 2023 / Fair Value | December 31, 2023 / Carrying Value |
| --- | --- | --- | --- | --- |
| 2024 Senior Notes | $420.4 | $394.5 | $ n/a | $ n/a |
| 2017 SEK Subordinated Notes | 249.0 | 266.0 | 206.6 | 267.9 |
| 2016 Senior Notes | — | — | 370.0 | 403.5 |
| 2015 Senior Notes | — | — | 115.2 | 114.8 |
| Series B preference shares | $201.4 | $200.0 | $197.4 | $200.0 |

7. Investments

The Company’s invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes debt securities available for sale, debt securities held for trading, short-term investments, and other long-term investments which are classified as trading securities with the exception of debt securities held as available for sale. Realized investment gains and losses on debt securities are reported in pre-tax revenues. Unrealized investment gains and losses on debt securities are reported based on classification. Trading securities flow

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through pre-tax revenues, whereas securities classified as available for sale (“AFS”) flow through other comprehensive income.

For debt securities classified as AFS for which a decline in the fair value between the amortized cost is due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding impact to the consolidated statements of income. The allowance is limited to the difference between amortized cost and fair value. A credit loss impairment assessment is performed on securities using both quantitative and qualitative factors. Qualitative factors include significant declines in fair value below amortized cost. Additionally, a qualitative assessment is also performed over debt securities to evaluate potential credit losses. Examples of qualitative indicators include issuer credit downgrades as well as changes to credit spreads.

Declines in fair value related to a debt security that do not relate to a credit loss are recorded as a component of accumulated other comprehensive income.

Debt securities

The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency  
losses, and fair value of the Company's debt securities as of September 30, 2024 and December 31, 2023:

| Line item | September 30, 2024 / Cost oramortizedcost | September 30, 2024 / Grossunrealizedgains | September 30, 2024 / Grossunrealizedlosses | September 30, 2024 / Net foreigncurrency losses | Fair value |
| --- | --- | --- | --- | --- | --- |
| Debt securities, available for sale |  |  |  |  |  |
| Asset-backed securities | $1,152.7 | $16.4 | $(4.4) | — | $1,164.7 |
| Residential mortgage-backed securities | 1,028.8 | 29.6 | (4.2) | — | 1,054.2 |
| Commercial mortgage-backed securities | 246.6 | 5.5 | (0.5) | — | 251.6 |
| Corporate debt securities | 1,854.6 | 39.9 | (1.2) | (1.1) | 1,892.2 |
| U.S. government and government agency | 1,009.0 | 16.5 | (1.1) | — | 1,024.4 |
| Non-U.S. government and government agency | 24.6 | 0.3 | — | (0.2) | 24.7 |
| Total debt securities, available for sale (1) | $5,316.3 | $108.2 | $(11.4) | $(1.3) | $5,411.8 |
| Debt securities, trading |  |  |  |  |  |
| Asset-backed securities | $104.9 | $0.3 | $(2.3) | — | $102.9 |
| Residential mortgage-backed securities | 58.8 | 0.2 | (5.9) | — | 53.1 |
| Commercial mortgage-backed securities | 64.2 | 0.5 | (5.6) | — | 59.1 |
| Corporate debt securities | 14.5 | — | (4.2) | — | 10.3 |
| U.S. government and government agency | 4.5 | — | (0.2) | — | 4.3 |
| Non-U.S. government and government agency | 3.4 | — | — | — | 3.4 |
| Total debt securities, trading | $250.3 | $1.0 | $(18.2) | — | $233.1 |

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_December 31, 2023_

| Line item | Cost oramortizedcost | Grossunrealizedgains | Grossunrealizedlosses | Net foreign currency gains (losses) | Fair value |
| --- | --- | --- | --- | --- | --- |
| Debt securities, available for sale |  |  |  |  |  |
| Asset-backed securities | $882.2 | $7.8 | $(9.3) | — | $880.7 |
| Residential mortgage-backed securities | 903.0 | 15.8 | (16.0) | — | 902.8 |
| Commercial mortgage-backed securities | 204.0 | 1.6 | (1.5) | — | 204.1 |
| Corporate debt securities | 1,569.6 | 12.0 | (7.5) | (1.0) | 1,573.1 |
| U.S. government and government agency | 1,137.8 | 5.5 | (6.6) | — | 1,136.7 |
| Non-U.S. government and government agency | 58.0 | 0.2 | (0.3) | 0.1 | 58.0 |
| Total debt securities, available for sale (1) | $4,754.6 | $42.9 | $(41.2) | $(0.9) | $4,755.4 |
| Debt securities, trading |  |  |  |  |  |
| Asset-backed securities | $261.1 | $0.6 | $(5.1) | — | $256.6 |
| Residential mortgage-backed securities | 67.0 | — | (9.8) | — | 57.2 |
| Commercial mortgage-backed securities | 76.7 | 0.1 | (9.0) | — | 67.8 |
| Corporate debt securities | 52.2 | — | (7.0) | — | 45.2 |
| U.S. government and government agency | 100.8 | — | (2.7) | — | 98.1 |
| Non-U.S. government and government agency | 10.3 | — | (0.3) | — | 10.0 |
| Total debt securities, trading | $568.1 | $0.7 | $(33.9) | — | $534.9 |

(1) As of September 30, 2024 and December 31, 2023, the Company did not record an allowance for credit losses on the AFS portfolio.

As of September 30, 2024, 560 unique debt securities classified as AFS were in a gross unrealized loss position for greater than 12 months (December 31, 2023 - 718 unique debt securities). Refer to the tables below for the Company’s breakdown of AFS debt securities in a gross unrealized loss position as of September 30, 2024 and December 31, 2023.

| Line item | September 30, 2024 | September 30, 2024 | September 30, 2024 | September 30, 2024 | September 30, 2024 | September 30, 2024 | September 30, 2024 | September 30, 2024 | September 30, 2024 | September 30, 2024 |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12 Months or Less |  |  |  | Greater than 12 Months |  |  |  | Total |  |  |  |
|  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  |
| Debt securities, available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset-backed securities | $ | $115.6 | $ | $(1.7) | $ | $29.6 | $ | $(2.7) | $ | $145.2 | $ | $(4.4) |
| Residential mortgage-backed securities | 14.6 |  | (0.2) |  | 236.7 |  | (4.0) |  | 251.3 |  | (4.2) |  |
| Commercial mortgage-backed securities | 1.8 |  | (0.1) |  | 8.7 |  | (0.4) |  | 10.5 |  | (0.5) |  |
| Corporate debt securities | 96.4 |  | (0.7) |  | 56.0 |  | (0.5) |  | 152.4 |  | (1.2) |  |
| U.S. government and government agency | 101.7 |  | (0.3) |  | 89.1 |  | (0.8) |  | 190.8 |  | (1.1) |  |
| Non-U.S. government and government agency | — |  | — |  | 12.0 |  | — |  | 12.0 |  | — |  |
| Total debt securities, available for sale | $ | $330.1 | $ | $(3.0) | $ | $432.1 | $ | $(8.4) | $ | $762.2 | $ | $(11.4) |

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| Line item | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12 Months or Less |  |  |  | Greater than 12 Months |  |  |  | Total |  |  |  |
|  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  |
| Debt securities, available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset-backed securities | $ | $307.2 | $ | $(8.5) | $ | $17.8 | $ | $(0.8) | $ | $325.0 | $ | $(9.3) |
| Residential mortgage-backed securities | 298.9 |  | (9.8) |  | 134.3 |  | (6.2) |  | 433.2 |  | (16.0) |  |
| Commercial mortgage-backed securities | 87.7 |  | (0.9) |  | 28.9 |  | (0.6) |  | 116.6 |  | (1.5) |  |
| Corporate debt securities | 593.1 |  | (4.0) |  | 191.1 |  | (3.5) |  | 784.2 |  | (7.5) |  |
| U.S. government and government agency | 370.7 |  | (2.6) |  | 209.9 |  | (4.0) |  | 580.6 |  | (6.6) |  |
| Non-U.S. government and government agency | 18.6 |  | (0.1) |  | 10.0 |  | (0.2) |  | 28.6 |  | (0.3) |  |
| Total debt securities, available for sale | $ | $1,676.2 | $ | $(25.9) | $ | $592.0 | $ | $(15.3) | $ | $2,268.2 | $ | $(41.2) |

The weighted average duration of the Company's debt securities, net of short positions in U.S. treasuries, as of September 30, 2024 was approximately 3.0 years, including short-term investments (December 31, 2023 - approximately 2.8 years).

The following table provides the cost or amortized cost and fair value of the Company's debt securities bifurcated into debt securities held for trading and AFS as of September 30, 2024 and December 31, 2023 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.

| Line item | September 30, 2024 / Debt securities, AFS / Cost oramortized cost | September 30, 2024 / Debt securities, AFS / Fair value | September 30, 2024 / Debt securities, trading / Cost oramortized cost | September 30, 2024 / Debt securities, trading / Fair value | December 31, 2023 / Debt securities, AFS / Cost oramortized cost | December 31, 2023 / Debt securities, AFS / Fair value | December 31, 2023 / Debt securities, trading / Cost oramortized cost | December 31, 2023 / Debt securities, trading / Fair value |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Due in one year or less | $257.4 | $257.5 | $3.9 | $3.8 | $358.6 | $357.2 | $80.2 | $79.7 |
| Due after one year through five years | 1,988.3 | 2,018.8 | 6.9 | 6.6 | 2,221.0 | 2,219.8 | 37.2 | 34.5 |
| Due after five years through ten years | 574.8 | 595.2 | 0.4 | 0.4 | 183.3 | 188.5 | 19.4 | 18.0 |
| Due after ten years | 67.7 | 69.7 | 11.2 | 7.4 | 2.5 | 2.3 | 26.6 | 21.3 |
| Mortgage-backed and asset-backed securities | 2,428.1 | 2,470.6 | 227.9 | 214.9 | 1,989.2 | 1,987.6 | 404.7 | 381.4 |
| Total debt securities | $5,316.3 | $5,411.8 | $250.3 | $233.1 | $4,754.6 | $4,755.4 | $568.1 | $534.9 |

The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of September 30, 2024 and December 31, 2023. Credit ratings are assigned based on ratings provided by nationally recognized statistical rating organizations.

| Line item | September 30, 2024 / Debt securities, AFS | September 30, 2024 / Debt securities, trading | December 31, 2023 / Debt securities, AFS | December 31, 2023 / Debt securities, trading |
| --- | --- | --- | --- | --- |
| AAA | $839.3 | $113.7 | $730.4 | $248.4 |
| AA | 2,484.0 | 54.8 | 2,334.4 | 177.0 |
| A | 1,410.3 | 17.1 | 1,122.1 | 28.9 |
| BBB | 567.9 | 38.0 | 515.5 | 71.7 |
| Other | 110.3 | 9.5 | 53.0 | 8.9 |
| Total debt securities | $5,411.8 | $233.1 | $4,755.4 | $534.9 |

As of September 30, 2024, the above totals included $182.6 million of sub-prime securities. Of this total, $116.6 million are rated AAA, $32.2 million are rated AA, $9.1 million are rated A, $21.0 million are rated BBB and $3.7 million are unrated. As of December 31, 2023, the above totals included $185.1 million of sub-prime securities. Of this total, $117.5 million were rated AAA, $37.7 million were rated AA, $12.3 million were rated A, $13.3 million were rated BBB and $4.3 million were unrated.

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Other long-term investments

The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains, and fair values of the Company’s other long-term investments as of September 30, 2024 and December 31, 2023 were as follows:

| September 30, 2024 | Cost oramortizedcost | Grossunrealizedgains | Grossunrealizedlosses | Net foreigncurrencygains | Fair value |
| --- | --- | --- | --- | --- | --- |
| Other long-term investments | $329.8 | $17.8 | $(114.4) | $2.9 | $236.1 |
| December 31, 2023 |  |  |  |  |  |
| Other long-term investments | $358.1 | $20.0 | $(70.6) | $2.6 | $310.1 |

The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. The carrying value of other long-term investments as of September 30, 2024 and December 31, 2023:

| Line item | September 30, 2024 | December 31, 2023 |
| --- | --- | --- |
| Hedge funds and private equity funds (1) | $65.0 | $74.5 |
| Strategic investments (2) | 147.4 | 203.9 |
| Other investments (2) | 23.7 | 31.7 |
| Total other long-term investments | $236.1 | $310.1 |

(1) Includes $43.7 million of investments carried at NAV (December 31, 2023 - $58.7 million) and no investments classified as Level 3 (December 31, 2023 - no investments classified as Level 3) within the fair value hierarchy.

(2) As of September 30, 2024, the Company had $7.3 million of unfunded commitments relating to these investments (December 31, 2023 - $14.7 million).

The Company’s other long-term investments may be accounted for under either the equity method (“equity method investments”) or the fair value option (“equity method eligible unconsolidated entities”). The following table presents the components of other long-term investments as of September 30, 2024 and December 31, 2023:

| Line item | September 30, 2024 | December 31, 2023 |
| --- | --- | --- |
| Equity method eligible unconsolidated entities, using the fair value option | $98.7 | $139.2 |
| Equity method investments | 25.9 | 37.0 |
| Other unconsolidated investments, at fair value (1) | 65.4 | 90.8 |
| Other unconsolidated investments, at cost (2) | 46.1 | 43.1 |
| Total other long-term investments | $236.1 | $310.1 |

(1) Includes other long-term investments that are not equity method eligible and are measured at fair value.

(2) The Company has elected to apply the cost adjusted for market observable events impairment measurement alternative to investments that do not meet the criteria to be accounted for under the equity method, in which the investment is measured at cost and remeasured to fair value when impaired or upon observable transaction prices.

Equity method eligible unconsolidated entities, using the fair value option, exclude the Company’s investment in Third Point Enhanced LP (“TP Enhanced Fund”), Third Point Venture Offshore Fund I LP (“TP Venture Fund”), Third Point Venture Offshore Fund II LP (“TP Venture Fund II”), collectively, the “Related Party Investment Funds.” Refer to “Investments in related party investment funds” discussed below.

Investments in related party investment funds

The following table provides the fair value of the Company's investments in related party investment funds as of September 30, 2024 and December 31, 2023:

| Line item | September 30, 2024 | December 31, 2023 |
| --- | --- | --- |
| Third Point Enhanced LP | $87.0 | $77.5 |
| Third Point Venture Offshore Fund I LP | 23.8 | 25.0 |
| Third Point Venture Offshore Fund II LP | 3.7 | 3.1 |
| Investments in related party investment funds, at fair value | $114.5 | $105.6 |

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Investment in Third Point Enhanced LP

On February 23, 2022, the Company entered into the Fourth Amended and Restated Exempted Limited Partnership Agreement of Third Point Enhanced LP with Third Point Advisors LLC (“TP GP”) and the other parties thereto (the “2022 LPA”). In accordance with the 2022 LPA, TP GP services as the general partner of the TP Enhanced Fund. For further details with respect to the 2022 LPA, please refer to Note 8 “Investments” of Part II, Item 8. “Financial Statements and Supplementary Data” included in the 2023 Form 10-K.

The TP Enhanced Fund investment strategy, as implemented by Third Point LLC, is intended to achieve superior risk-adjusted returns by deploying capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies. Third Point LLC identifies investment opportunities via a bottom-up, value-oriented approach to single security analysis supplemented by a top-down view of portfolio and risk management. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures.

As of September 30, 2024, the Company had no unfunded commitments related to TP Enhanced Fund. As of September 30, 2024, the Company hold interests of approximately 89.2% of the net asset value of TP Enhanced Fund.

Investment in Third Point Venture Offshore Fund I LP

On March 1, 2021, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement (“2021 Venture LPA”) of TP Venture Fund which became effective on March 1, 2021. In accordance with the 2021 Venture LPA, Third Point Venture GP LLC (“TP Venture GP”) serves as the general partner of TP Venture Fund.

The TP Venture Fund investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due to the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments.

As of September 30, 2024, the Company had $9.3 million of unfunded commitments related to TP Venture Fund. As of September 30, 2024, the Company holds interests of approximately 16.8% of the net asset value of TP Venture Fund.

Investment in Third Point Venture Offshore Fund II LP

On June 30, 2022, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement (“2022 Venture II LPA”) of TP Venture Fund II. In accordance with the 2022 Venture II LPA, Third Point Venture GP II LLC (“TP Venture GP II”) serves as the general partner of TP Venture Fund II.

The TP Venture Fund II investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments.

As of September 30, 2024, the Company had $20.8 million of unfunded commitments related to TP Venture Fund II. As of September 30, 2024, the Company holds interests of approximately 17.8% of the net asset value of TP Venture Fund II.

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8. Total net investment income and net realized and unrealized investment gains (losses)

Net investment income and net realized and unrealized investment gains (losses) for the three and nine months ended September 30, 2024 and 2023 consisted of the following:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Debt securities, available for sale | $71.6 | $54.0 | $196.9 | $137.6 |
| Debt securities, trading | 8.1 | 9.4 | 22.5 | 49.0 |
| Short-term investments | 1.8 | 7.6 | 9.1 | 21.9 |
| Other long-term investments | (0.8) | (5.7) | (50.0) | (5.1) |
| Derivative instruments | 3.7 | 0.8 | 5.4 | 4.3 |
| Net realized and unrealized investment gains from related party investment funds | 7.9 | 0.1 | 8.9 | — |
| Net investment income and net realized and unrealized investment gains (losses) before other investment expenses and investment income on cash and cash equivalents | 92.3 | 66.2 | 192.8 | 207.7 |
| Investment expenses | (7.4) | (4.0) | (18.9) | (14.5) |
| Net investment income on cash and cash equivalents | 7.6 | 5.9 | 21.7 | 14.5 |
| Total net investment income and net realized and unrealized gains (losses) on investments | $92.5 | $68.1 | $195.6 | $207.7 |

Net realized and unrealized gains (losses) on investments

Net realized and unrealized investment gains (losses) for the three and nine months ended September 30, 2024 and 2023 consisted of the following:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Gross realized gains | $17.6 | $16.5 | $27.0 | $41.4 |
| Gross realized losses | (10.0) | (12.4) | (42.7) | (73.7) |
| Net realized gains (losses) on investments | 7.6 | 4.1 | (15.7) | (32.3) |
| Net unrealized gains (losses) on investments | (0.7) | (11.2) | (32.3) | 34.7 |
| Net realized and unrealized gains (losses) on investments (1)(2) | $6.9 | $(7.1) | $(48.0) | $2.4 |

(1) Excludes realized and unrealized gains on the Company’s investments in related party investment funds and unrealized gains (losses) from available for sale investments, net of tax.

(2) Includes net realized and unrealized gains (losses) of $0.2 million and $(32.8) million from related party investments included in other-long term investments for the three and nine months ended September 30, 2024, respectively (2023 - $(7.3) million and $(10.0) million, respectively).

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Net realized investment gains (losses)

Net realized investment gains (losses) for the three and nine months ended September 30, 2024 and 2023 consisted of the following:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Debt securities, available for sale | $(3.0) | $(2.2) | $(10.4) | $(0.6) |
| Debt securities, trading | (0.7) | (1.1) | (7.8) | (41.0) |
| Short-term investments | — | — | 0.7 | (1.4) |
| Derivative instruments | 4.9 | — | 4.9 | — |
| Other long-term investments | 5.2 | 9.6 | (4.9) | 8.5 |
| Net investment income (loss) on cash and cash equivalents | 1.2 | (2.2) | 1.8 | 2.2 |
| Net realized investment gains (losses) | $7.6 | $4.1 | $(15.7) | $(32.3) |

Net realized investment gains (losses) on Other long-term investments for the three and nine months ended September 30, 2024 and 2023 consisted of the following:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | September 30, 2023 |
| --- | --- | --- | --- | --- |
| Hedge funds and private equity funds | $5.2 | $6.7 | $4.9 | $5.7 |
| Strategic investments | — | 2.9 | (9.8) | 2.8 |
| Net realized investment gains (losses) on Other long-term investments | $5.2 | $9.6 | $(4.9) | $8.5 |

Net unrealized investment gains (losses)

Net unrealized investment gains (losses) for the three and nine months ended September 30, 2024 and 2023 consisted of the following:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Debt securities, trading | $6.0 | $0.2 | $15.7 | $52.1 |
| Short-term investments | 0.3 | 0.1 | (0.7) | 0.8 |
| Derivative instruments | (1.2) | 0.8 | 0.2 | 4.3 |
| Other long-term investments | (6.5) | (16.0) | (45.8) | (23.8) |
| Net investment income (loss) on cash and cash equivalents | 0.7 | 3.7 | (1.7) | 1.3 |
| Net unrealized investment gains (losses) | $(0.7) | $(11.2) | $(32.3) | $34.7 |

Net unrealized investment losses on Other long-term investments for the three and nine months ended September 30, 2024 and 2023 consisted of the following:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | September 30, 2023 |
| --- | --- | --- | --- | --- |
| Hedge funds and private equity funds | $(3.1) | $4.1 | $0.5 | $4.1 |
| Strategic investments | (3.3) | (20.1) | (35.4) | (27.9) |
| Other investments | (0.1) | — | (10.9) | — |
| Net unrealized investment losses on Other long-term investments | $(6.5) | $(16.0) | $(45.8) | $(23.8) |

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The following table summarizes the amount of total losses included in earnings attributable to unrealized investment losses – Level 3 investments for the three and nine months ended September 30, 2024 and 2023:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Debt securities, trading | — | — | — | $(0.8) |
| Other long-term investments | (2.7) | (8.0) | (46.3) | (10.8) |
| Total unrealized investment losses – Level 3 investments | $(2.7) | $(8.0) | $(46.3) | $(11.6) |

9. Derivatives

The Company holds derivatives for both risk management and investment purposes.

Foreign currency exchange rate derivatives

The Company executes foreign currency forwards, swaps, and futures to manage foreign currency exposure. The foreign currency exchange rate derivatives are not designated or accounted for under hedge accounting. The fair value of the swaps and forwards are estimated using a single broker quote, and accordingly, are classified as a Level 3 measurement. The fair value of the futures is widely available and have quoted prices in active markets, and accordingly, were classified as a Level 1 measurement. As of September 30, 2024, the Company pledged no securities collateral associated with the foreign currency derivatives (December 31, 2023 - $42.2 million). These securities are included in debt securities, available for sale, in the Company’s consolidated balance sheets.

Weather derivatives

The Company holds assets and assumes liabilities related to weather and weather contingent risk management products. Weather and weather contingent derivative contracts are entered into with the objective of generating profits in normal climatic conditions. Accordingly, the Company’s weather and weather contingent derivatives are not designed to meet the criteria for hedge accounting under U.S. GAAP. The Company receives payment of premium at the contract inception in exchange for bearing the risk of variations in a quantifiable weather index. Management uses available market data and internal pricing models based upon consistent statistical methodologies to estimate the fair value. Because of the significance of the unobservable inputs used to estimate the fair value of the Company's weather risk contracts, the fair value measurements of the contracts are deemed to be Level 3 measurements in the fair value hierarchy as of September 30, 2024. The Company does not provide or hold any collateral associated with the weather derivatives.

Credit default swap

Credit default swaps protect the buyer against the loss of principal on one or more underlying bonds, loans, or mortgages in the event the issuer suffers a credit event. The Company provides its client with protection against financial non-performance of a subsidiary. The fair value of the swap is estimated using a single broker quote, and accordingly, is classified as a Level 3 measurement. As of September 30, 2024, the Company has no pledges in securities collateral associated with the credit default swap (December 31, 2023 - $22.3 million). These securities are included in debt securities, available for sale, in the Company’s consolidated balance sheets.

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The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments within the Company's consolidated balance sheets as of September 30, 2024 and December 31, 2023:

| Derivatives not designated as hedging instruments | September 30, 2024 / Derivative assetsat fair value(1) | September 30, 2024 / Derivative liabilitiesat fair value(2) | September 30, 2024 / Notional Value | December 31, 2023 / Derivative assetsat fair value(1) | December 31, 2023 / Derivative liabilitiesat fair value(2) | December 31, 2023 / Notional Value |
| --- | --- | --- | --- | --- | --- | --- |
| Foreign currency forwards | $1.4 | $1.7 | $912.5 | $12.0 | — | $585.3 |
| Weather derivatives | — | 3.0 | 8.7 | 0.2 | 1.0 | 30.6 |
| Interest rate swaps | 0.1 | — | 53.4 | 3.4 | 1.7 | 62.7 |
| Credit default swap | — | — | 30.0 | 0.1 | — | 30.0 |
| Reinsurance contracts accounted for as derivatives | — | $5.1 | $100.1 | — | $3.7 | $97.4 |

(1) Derivative assets are classified within Other assets in the Company’s consolidated balance sheets.

(2) Derivative liabilities are classified within Accounts payable, accrued expenses and other liabilities in the Company’s consolidated balance sheets.

The following table summarizes information on the classification and net impact on earnings, recognized in the Company’s consolidated statements of income relating to derivatives during the three and nine months ended September 30, 2024 and 2023:

| Derivatives not designated as hedging instruments | Classification of gains (losses) recognized in earnings | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- | --- |
| Foreign currency forwards | Foreign exchange (gains) losses | $(22.2) | $(0.9) | $(33.7) | $(15.8) |
| Weather derivatives | Other revenues | (0.1) | (1.7) | (1.9) | 1.3 |
| Foreign currency swaps | Foreign exchange (gains) losses | — | (0.3) | — | (13.9) |
| Interest rate swaps | Net realized and unrealized investment gains (losses) | 0.9 | 0.8 | 2.6 | 4.3 |
| Reinsurance contracts accounted for as derivatives | Other revenues | $0.4 | — | $0.7 | — |

10. Variable and voting interest entities

The Company consolidates the results of operations and financial position of every voting interest entity ("VOE") in which it has a controlling financial interest and variable interest entities (“VIE”) in which it is considered to be the primary beneficiary in accordance with guidance in ASC 810, Consolidation. The consolidation assessment, including the determination as to whether an entity qualifies as a VOE or VIE, depends on the facts and circumstances surrounding each entity.

Consolidated variable interest entities

Alstead Re

Alstead Reinsurance Ltd. (“Alstead Re”) is considered a VIE and the Company has concluded that it is the primary beneficiary of Alstead Re because the Company can exercise control over the activities that most significantly impact the economic performance of Alstead Re. As a result, the Company has consolidated the results of Alstead Re in its consolidated financial statements. As of September 30, 2024, Alstead Re’s assets and liabilities included in the Company’s consolidated balance sheets were $7.0 million and $1.3 million, respectively (December 31, 2023 - $14.5 million and $9.2 million, respectively).

Arcadian

Prior to June 30, 2024, Arcadian Risk Capital Ltd. (“Arcadian”) was considered a VIE and the Company concluded that it was the primary beneficiary of Arcadian because the Company could exercise control over the activities that most significantly impacted the economic performance of Arcadian. As a result, the Company consolidated the results of Arcadian in its consolidated financial statements.

Effective June 30, 2024, the Company deconsolidated Arcadian when the Company’s management and Arcadian consented to certain amendments to the shareholders’ agreement and termination of the unsecured promissory note which resulted in the Company ceasing to have control over Arcadian. Accordingly, the Company deconsolidated and removed the carrying value

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of Arcadian's assets of $177.4 million and liabilities of $143.2 million and the carrying value of the noncontrolling interest of $17.5 million attributed to Arcadian from its consolidated balance sheet on June 30, 2024. A gain of $95.9 million was recognized by the Company as a result of deconsolidation, which was recorded in Other revenues in the Company’s consolidated income statement in the second quarter of 2024. On June 30, 2024, the Company accounted for its retained equity investment in Arcadian under the equity method of accounting and recorded its noncontrolling interest in Arcadian at an estimated fair value of approximately $115.0 million, which was determined by an independent valuation specialist, in Other assets in the Company’s consolidated balance sheets. During the three months ended September 30, 2024, the Company recorded its share of net income in Other revenues in its consolidated income statement. The Company’s ownership in Arcadian remained 49% as of September 30, 2024.

Banyan

In January 2023, Banyan Risk Ltd. (“Banyan”) completed a recapitalization in which the Company’s ownership decreased from 100% to 49%. After the recapitalization, Banyan was considered a VIE and the Company was its primary beneficiary as it could exercise control over the activities that most significantly impacted the economic performance of Banyan. The Company consolidated the results of Banyan in its consolidated financial statements through September 30, 2023. In October 2023, the Company sold the remainder of its ownership to Banyan and deconsolidated upon sale effective October 1, 2023.

Consolidated voting interest entities

Alta Signa

Alta Signa Holdings (“Alta Signa”) is considered a VOE and the Company holds a majority of the voting interests through its seats on Alta Signa’s board of directors. As a result, the Company has consolidated the results of Alta Signa in its consolidated financial statements.  The Company’s ownership in Alta Signa as of September 30, 2024 was 75.1%. As of September 30, 2024, Alta Signa’s assets and liabilities, before intercompany eliminations, included in the Company’s consolidated balance sheets were $2.0 million and $0.8 million, respectively (December 31, 2023 - $2.8 million and $0.8 million, respectively).

Noncontrolling interests

Noncontrolling interests represent the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. The following table is a reconciliation of the beginning and ending carrying amount of noncontrolling interests for the three and nine months ended September 30, 2024 and 2023:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Balance, beginning of period | $1.4 | $12.9 | $16.7 | $7.9 |
| Net income attributable to noncontrolling interests | 0.2 | 2.3 | 2.2 | 6.7 |
| Contributions (redemptions) | — | 0.2 | 0.2 | 0.8 |
| Derecognition of noncontrolling interest (1) | — | — | (17.5) | — |
| Balance, end of period | $1.6 | $15.4 | $1.6 | $15.4 |

(1) See above for additional information on the derecognition of noncontrolling interest in Arcadian.

Non-consolidated variable interest entities

The Company is a passive investor in certain third-party-managed hedge and private equity funds, some of which are VIEs. The Company is not involved in the design or establishment of these VIEs, nor does it actively participate in the management of the VIEs. The exposure to loss from these investments is limited to the carrying value of the investments at the balance sheet date.

The Company calculates maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where the Company has also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. The Company does not have any VIEs that it sponsors nor any VIEs where it has recourse to it or has provided a guarantee to the VIE interest holders.

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The following table presents total assets of unconsolidated VIEs in which the Company holds a variable interest, as well as the maximum exposure to loss associated with these VIEs as of September 30, 2024 and December 31, 2023:

| September 30, 2024 | Total VIE Assets | Maximum Exposure to Loss / On-Balance Sheet | Maximum Exposure to Loss / Off-Balance Sheet | Maximum Exposure to Loss / Total |
| --- | --- | --- | --- | --- |
| Other long-term investments (1) | $142.4 | $95.0 | $112.7 | $207.7 |
| December 31, 2023 |  |  |  |  |
| Other long-term investments (1) | $189.8 | $126.2 | $5.7 | $131.9 |

(1) Excludes the Company’s investments in Related Party Investment Funds which are also VIEs and are discussed separately below.

Third Point Enhanced LP

As of September 30, 2024, the Company and TP GP hold interests of approximately 89.2% and 10.8%, respectively, of the net asset value of TP Enhanced Fund. As a result, both entities hold significant financial interests in TP Enhanced Fund. However, TP GP controls all of the investment decision-making authority and the Company does not have the power to direct the activities which most significantly impact the economic performance of TP Enhanced Fund. As a result, the Company is not considered the primary beneficiary and does not consolidate TP Enhanced Fund. The Company’s maximum exposure to loss corresponds to the value of its investments in the TP Enhanced Fund. See Note 7 for additional information on the Company’s investment in the TP Enhanced Fund.

Investment in Third Point Venture Offshore Fund I LP

TP Venture GP controls all of the investment decision-making authority of the TP Venture Fund. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund. The Company’s maximum exposure to loss corresponds to the value of its investment in the TP Venture Fund. See Note 7 for additional information on the Company’s investment in the TP Venture Fund.

Investment in Third Point Venture Offshore Fund II LP

TP Venture GP II controls all of the investment decision-making authority of the TP Venture Fund II. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund II. The Company’s maximum exposure to loss corresponds to the value of its investment in TP Venture Fund II. See Note 7 for additional information on the Company’s investment in TP Venture Fund II.

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11. Loss and loss adjustment expense reserves

The following table represents the activity in the loss and loss adjustment expense reserves for the nine months ended September 30, 2024 and 2023:

| Line item | September 30, 2024 | September 30, 2023 |
| --- | --- | --- |
| Gross reserves for loss and loss adjustment expenses, beginning of period | $5,608.1 | $5,268.7 |
| Less: loss and loss adjustment expenses recoverable, beginning of period | (2,295.1) | (1,376.2) |
| Less: deferred gains (charges) on retroactive reinsurance contracts | 27.5 | (1.0) |
| Net reserves for loss and loss adjustment expenses, beginning of period | 3,340.5 | 3,891.5 |
| Net reserves for loss and loss adjustment expenses transferred (1) | — | (860.6) |
| Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: |  |  |
| Current year | 1,070.0 | 1,179.0 |
| Prior years | (70.6) | (163.1) |
| Total incurred loss and loss adjustment expenses | 999.4 | 1,015.9 |
| Net loss and loss adjustment expenses paid in respect of losses occurring in: |  |  |
| Current year | (159.0) | (161.7) |
| Prior years | (659.5) | (709.7) |
| Total net paid losses | (818.5) | (871.4) |
| Foreign currency translation | 3.6 | (15.6) |
| Net reserves for loss and loss adjustment expenses, end of period | 3,525.0 | 3,159.8 |
| Plus: loss and loss adjustment expenses recoverable, end of period | 2,198.7 | 2,314.2 |
| Plus: deferred (gains) charges on retroactive reinsurance (2) | (21.6) | (25.2) |
| Gross reserves for loss and loss adjustment expenses, end of period | $5,702.1 | $5,448.8 |

(1) Net reserves for loss and loss adjustment expenses transferred represents the transfer of reserves under the 2023 LPT

(2) Deferred charges on retroactive reinsurance are recorded in Other assets on the Company’s consolidated balance sheets. Deferred gains on retroactive reinsurance are presented as a separate line item on the Company’s consolidated balance sheets.

The Company's prior year reserve development arises from changes to estimates of losses and loss adjustment expenses related to loss events that occurred in previous calendar years.

For the nine months ended September 30, 2024, the Company recorded $70.6 million of net favorable prior year loss reserve development primarily resulting from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H and the runoff business due to lower than expected reported attritional losses.

For the nine months ended September 30, 2023, the Company recorded $163.1 million of favorable net prior year loss reserve development primarily resulting from management reflecting the continued favorable reported loss emergence through September 30, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, which represents $122.2 million of the favorable loss reserve development.

12. Allowance for expected credit losses

The Company is exposed to credit losses through sales of its insurance and reinsurance products and services. The financial assets in scope of the current expected credit losses impairment model primarily include the Company’s insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable. The Company pools these amounts by counterparty credit rating and applies a credit default rate that is determined based on the studies published by the rating agencies (e.g., AM Best, Standard & Poor's (“S&P”), Fitch Ratings, Demotech). In circumstances where ratings are unavailable, the Company applies an internally developed default rate based on historical experience, reference data including research publications, and other relevant inputs.

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The Company's assets in scope of the current expected credit loss assessment as of September 30, 2024 and December 31, 2023 are as follows:

| Line item | September 30, 2024 | December 31, 2023 |
| --- | --- | --- |
| Insurance and reinsurance balances receivable, net | $2,069.1 | $1,966.3 |
| Loss and loss adjustment expenses recoverable, net | 2,198.7 | 2,295.1 |
| Other assets (1) | 104.2 | 76.8 |
| Total assets in scope | $4,372.0 | $4,338.2 |

(1) Relates to MGA trade receivables (included in Other assets in the Company’s consolidated balance sheets), loans receivables (included in Other long-term investments in the Company’s consolidated balance sheets) and interest and dividend receivables.

The Company’s allowance for expected credit losses was $28.4 million as of September 30, 2024 (December 31, 2023 - $28.8 million). For the three and nine months ended September 30, 2024, the Company recorded current expected credit gains of $nil and $0.4 million, respectively (2023 - none and none, respectively). Changes to the current expected credit losses are included in net corporate and other expenses in the consolidated statements of income.

The Company monitors counterparty credit ratings and macroeconomic conditions, and considers the most current ratings from credit rating agencies to determine the allowance each quarter. As of September 30, 2024, approximately 66% of the total gross assets in scope were balances with counterparties rated by major credit rating agencies and, of the total rated, 84% were rated A- or better.    

13. Debt and letter of credit facilities

Debt obligations

The following table represents a summary of the Company’s debt obligations on its consolidated balance sheets as of September 30, 2024 and December 31, 2023:

| Line item | September 30, 2024 / Amount | September 30, 2024 / Effective rate (1) | December 31, 2023 / Amount | December 31, 2023 / Effective rate (1) |
| --- | --- | --- | --- | --- |
| 2024 Senior Notes, at face value | $400.0 | 7.4% | n/a | n/a |
| Unamortized discount and issuance costs | (5.5) |  | n/a |  |
| 2024 Senior Notes, carrying value | 394.5 |  | n/a |  |
| 2017 SEK Subordinated Notes, at face value | 271.4 | 8.1% | 273.6 | 7.7% |
| Unamortized discount | (5.4) |  | (5.7) |  |
| 2017 SEK Subordinated Notes, carrying value | 266.0 |  | 267.9 |  |
| 2016 Senior Notes, at face value | — | — | 400.0 | 4.6% |
| Unamortized premium | — |  | 3.5 |  |
| 2016 Senior Notes, carrying value | — |  | 403.5 |  |
| 2015 Senior Notes, at face value | — | — | 115.0 | 7.0% |
| Unamortized issuance costs | — |  | (0.2) |  |
| 2015 Senior Notes, carrying value | — |  | 114.8 |  |
| Total debt | $660.5 |  | $786.2 |  |

(1) Effective rate considers the effect of the debt issuance costs, discount, and premium.

In April 2024, the Company issued $400.0 million aggregate principal amount of its 7.0% Senior Notes due 2029 (the “2024 Senior Notes”). Interest is payable on the 2024 Senior Notes semi-annually in arrears on April 5 and October 5 of each year, commencing on October 5, 2024. The 2024 Senior Notes were issued pursuant to a Senior Indenture, dated as of April 5, 2024, between the Company and The Bank of New York Mellon, as trustee, and supplemented by a First Supplemental Indenture thereto with The Bank of New York Mellon, as trustee. The 2024 Senior Notes were offered and sold pursuant to the shelf registration statement on Form S-3 (File No. 333-255917), filed with the U.S. Securities and Exchange Commission (the “Commission”) on May 7, 2021, and a prospectus supplement related to the 2024 Senior Notes dated March 27, 2024 (filed with the Commission pursuant to Rule 424(b)(2) under the Securities Act of 1933).

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In April 2024, the Company amended its 4.6% 2016 Senior Notes pursuant to a Fourth Supplemental Indenture thereto with The Bank of New York Mellon, as trustee, and following such amendments the Company completed the redemption of all remaining outstanding $400.0 million aggregate principal amount of its 2016 Senior Notes. The Company also redeemed all $115.0 million aggregate principal amount of its 2015 Senior Notes in April 2024. The Company used certain of the proceeds from the 2024 Senior Notes, together with available cash, to fund the purchase of validly tendered 2016 Senior Notes and the redemptions of the 2016 Senior Notes and the 2015 Senior Notes.

The Company was in compliance with all debt covenants as of and for the periods ended September 30, 2024 and December 31, 2023.

Standby letter of credit facilities

As of September 30, 2024, the Company had entered into the following letter of credit facilities:

| Line item | Letters of Credit / Committed Capacity | Letters of Credit / Issued | Collateral / Cash and Cash Equivalents | Collateral / Debt securities |
| --- | --- | --- | --- | --- |
| Committed - Secured letters of credit facilities | $355.0 | $271.2 | $14.6 | $238.5 |
| Uncommitted - Secured letters of credit facilities | n/a | 934.3 | 13.1 | 1,103.4 |
|  |  | $1,205.5 | $27.7 | $1,341.9 |

The Company’s secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. The above referenced facilities are subject to various affirmative, negative and financial covenants that the Company considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. See Note 5 for additional information.

Interest expense

For the three and nine months ended September 30, 2024 total interest expense includes $12.4 million and $36.2 million, respectively, associated with debt obligations (2023 - $11.3 million and $33.3 million, respectively) and $5.9 million and $20.1 million, respectively, of funds withheld interest from the 2023 LPT (2023 - $8.5 million and $8.5 million, respectively), as well as income associated with reinsurance contracts and a gain on the commutation of a deposit accounted contract. See Note 3 “Significant transactions” for further discussion on the 2023 LPT.

Revolving credit facility

In addition to the letter of credit facilities above, the Company entered into a three-year, $300.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, effective February 26, 2021, which was renewed in February 2024 for one year. The Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. Loans and letters of credit under the Facility will become available, subject to customary conditions precedent. As of September 30, 2024, there were no outstanding borrowings under the Facility.

14. Income taxes

The Company provides income tax expense or benefit based upon pre-tax income or loss reported in the consolidated statements of income and the provisions of currently enacted tax laws. Under current Bermuda law, the Company and its Bermuda-domiciled subsidiaries are not subject to income taxes imposed by the government of Bermuda. Starting in 2025, a 15% corporate income tax is expected to apply to the Company’s Bermuda operations as a result of the enactment of the Corporate Income Tax Act 2023 (the “Bermuda CIT”). The Bermuda CIT legislation includes specific provisions intended to administer a fair and equitable transition into the new tax system, referred to as the economic transition adjustment (“ETA”) and opening tax loss carryforward (“OTLC”). The Company expects that SiriusPoint Ltd. and at least one of its major subsidiaries organized and operating in Bermuda will be subject to these provisions. The Company expects its in-scope entities will incur increased tax expense in Bermuda beginning in 2025.

The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which the Company's subsidiaries and branches are subject to tax are Belgium, Bermuda, Canada, Germany, Gibraltar, Hong Kong (China), Luxembourg, Singapore, Sweden, Switzerland, the United Kingdom, and the United States.

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For the three and nine months ended September 30, 2024, the Company recorded income tax expense of $2.4 million and $26.3 million, respectively (2023 - $15.3 million and $56.6 million, respectively) on pre-tax income of $11.1 million and $245.7 million, respectively (2023 - $79.1 million and $320.6 million, respectively). The effective tax rates for the three and nine months ended September 30, 2024 were 21.6% and 10.7%, respectively. The difference between the effective tax rates on income from continuing operations and the Bermuda statutory tax rate of 0.0% is primarily because of income recognized in jurisdictions with higher tax rates than Bermuda, and adjustments pursuant to applicable U.S. GAAP guidance on interim period financial reporting of taxes, which are based on the annual estimated effective tax rate.

In arriving at the estimated annual effective tax rate for the nine months ended September 30, 2024 and 2023, the Company took into consideration all year-to-date income and expense items including the change in unrealized investment gains (losses) and realized investment gains (losses) and such items on a forecasted basis for the remainder of each year.

In December 2021, the OECD published two global anti-base erosion model rules under Pillar Two (the “GloBE Rules”), which implement a 15% global minimum tax applicable for multinational groups. The first GloBE Rule is the income inclusion rule (“IIR”), which imposes “top-up” tax on a parent entity in respect of the income of a subsidiary that is taxed at less than 15%. The second GloBE Rule is the “undertaxed payments” rule, which denies deductions or requires an equivalent adjustment to the extent the income of an affiliate is taxed at less than 15%. On January 1, 2024, the GloBE Rules went into effect in the EU, including a minimum top-up tax rate of 15% for multinational companies, with many EU member states enacting corollary legislation as part of their respective domestic tax laws. The Company will continue to monitor how the relevant countries have enacted Pillar Two. Pillar Two is not expected to have a material impact to the current year financial statements.

Uncertain tax positions

Recognition of the benefit of a given tax position is based upon whether a company determines that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. In evaluating the more likely than not recognition threshold, the Company must presume that the tax position will be subject to examination by a taxing authority with full knowledge of all relevant information. If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement.

The total reserve for unrecognized tax benefits is $2.3 million as of September 30, 2024, which did not materially change compared to December 31, 2023. If the Company determines in the future that its reserves for unrecognized tax benefits on permanent differences and interest and penalties are not needed, the reversal of $1.6 million of such reserves as of September 30, 2024 would be recorded as an income tax benefit and would impact the effective tax rate. The remaining balance is accrued interest and penalties.

15. Shareholders' equity

Common shares

The following table presents a summary of the common shares issued and outstanding as of and for the nine months ended September 30, 2024 and 2023:

| Line item | 2024 | 2023 |
| --- | --- | --- |
| Common shares issued and outstanding, beginning of period | 168,120,022 | 162,177,653 |
| Issuance of common shares, net of forfeitures and shares withheld | 789,339 | 1,172,575 |
| Issuance of common shares upon exercise of options | 2,035,211 | 200,000 |
| Shares repurchased (1) | (9,077,705) | — |
| Issuance of common shares upon exercise of warrants | — | 1,517,873 |
| Common shares issued and outstanding, end of period | 161,866,867 | 165,068,101 |

(1) For further details on the repurchase, see discussion on the CMIG Agreement in Note 3 “Significant transactions”.

The Company’s authorized share capital consists of 300,000,000 common shares with a par value of $0.10 each. During the nine months ended September 30, 2024 and 2023, the Company did not pay any dividends to its common shareholders.

Preference shares

The Company’s authorized share capital also consists of 30,000,000 preference shares with a par value of $0.10 each.

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Series B preference shares

The Series B preference shares are listed on the New York Stock Exchange under the symbol “SPNT PB”. The Company has 8,000,000 of Series B preference shares outstanding, par value $0.10. Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum. The preference shareholders have no voting rights with respect to the Series B preference shares unless dividends have not been paid for six dividend periods, whether or not consecutive, in which case the holders of the Series B preference shares will have the right to elect two directors.

The dividend rate will reset on each five-year anniversary of issuance at a rate equal to the five-year U.S. treasury rate at such time plus 7.298%. The Series B preference shares are perpetual and have no fixed maturity date. The Series B preference shares provide for redemption rights by the Company (i) in whole, or in part, on each five-year anniversary of issuance at 100%, (ii) in whole, but not in part, (a) upon certain rating agency events, at 102%, (b) upon certain capital disqualification events, at 100%, and (c) upon certain tax events, at 100%.

During the three and nine months ended September 30, 2024, the Company declared and paid dividends of $4.0 million and $12.0 million, respectively, to the Series B preference shareholders (2023 - $4.0 million and $12.0 million, respectively). The Company has declared and paid dividends to the Series B preference shareholders every quarter beginning June 30, 2021.

Share repurchases

On July 31, 2024, the Company’s Board of Directors authorized the Company to repurchase up to an additional $250.0 million of the Company’s common shares, which, together with the amount remaining available under the share repurchase programs previously authorized on May 4, 2016 and February 28, 2018, will allow the Company to repurchase up to $306.3 million of its common shares in the aggregate. The share repurchase program does not have an expiration date.

Under the share repurchase program, the Company may repurchase its common stock from time to time, in amounts, at prices and at times the Company deems appropriate in its sole discretion, subject to market conditions and other considerations. The share repurchases may be effected through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades and accelerated share repurchase programs, including in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, or any combination of such methods.

During the three and nine months ended September 30, 2024, the Company repurchased 9,077,705 of its common shares from CM Bermuda Ltd. For further details, see Note 3 “Significant transactions”. Common shares repurchased by the Company during the period were cancelled and retired.

As of September 30, 2024, a maximum value of approximately $181.3 million of common shares and warrants may yet be purchased under the program.

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16. Earnings per share available to SiriusPoint common shareholders

The following sets forth the computation of basic and diluted earnings per share available to SiriusPoint common shareholders for the three and nine months ended September 30, 2024 and 2023:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Weighted-average number of common shares outstanding: |  |  |  |  |
| Basic number of common shares outstanding | 165,659,401 | 163,738,528 | 168,275,970 | 162,233,695 |
| Dilutive effect of options | 1,028,706 | 768,241 | 1,049,764 | 524,398 |
| Dilutive effect of warrants | 4,478,382 | 1,026,591 | 2,954,436 | 1,045,214 |
| Dilutive effect of restricted share awards and units | 1,636,809 | 2,983,148 | 1,981,156 | 3,117,437 |
| Diluted number of common shares outstanding | 172,803,298 | 168,516,508 | 174,261,326 | 166,920,744 |
| Basic earnings per common share: |  |  |  |  |
| Net income available to SiriusPoint common shareholders | $4.5 | $57.5 | $205.2 | $245.3 |
| Net income allocated to SiriusPoint participating shareholders | (0.1) | (4.0) | (11.2) | (17.8) |
| Net income allocated to SiriusPoint common shareholders | $4.4 | $53.5 | $194.0 | $227.5 |
| Basic earnings per share available to SiriusPoint common shareholders | $0.03 | $0.33 | $1.15 | $1.40 |
| Diluted earnings per common share: |  |  |  |  |
| Net income available to SiriusPoint common shareholders | $4.5 | $57.5 | $205.2 | $245.3 |
| Net income allocated to SiriusPoint participating shareholders | (0.1) | (4.0) | (11.2) | (17.8) |
| Net income allocated to SiriusPoint common shareholders | $4.4 | $53.5 | $194.0 | $227.5 |
| Diluted earnings per share available to SiriusPoint common shareholders | $0.03 | $0.32 | $1.11 | $1.36 |

For the three and nine months ended September 30, 2024, anti-dilutive restricted share units of 17,208 and 18,165, respectively, were excluded from the computation of diluted earnings per share attributable to SiriusPoint common shareholders. For the three and nine months ended September 30, 2023, anti-dilutive options of 525,718 and 2,767,880, respectively, warrants of 27,097,859 and 27,097,859, respectively, and restricted share units of 60,887 and 112,304, respectively, were excluded from the computation of diluted earnings per share attributable to SiriusPoint common shareholders.

17. Related party transactions

In addition to the transactions disclosed in Notes 7 and 10 to these consolidated financial statements, the following transactions are classified as related party transactions, as the counterparties have either a direct or indirect shareholding in the Company or the Company has an investment in such counterparty.

(Re)insurance contracts

During the three and nine months ended September 30, 2024, insurance and reinsurance contracts with certain of the Company’s insurance and MGA related parties resulted in gross premiums written of $35.5 million and $90.8 million, respectively, (2023 - $78.7 million and $226.0 million, respectively). As of September 30, 2024, the Company had total receivables from these related parties of $40.8 million and no payables (December 31, 2023 - receivables of $61.8 million and no payables).

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Investments managed by related parties

The following table provides the fair value of the Company's investments managed by related parties as of September 30, 2024 and December 31, 2023:

| Line item | September 30,2024 | December 31,2023 |
| --- | --- | --- |
| Third Point Enhanced LP | $87.0 | $77.5 |
| Third Point Venture Offshore Fund I LP | 23.8 | 25.0 |
| Third Point Venture Offshore Fund II LP | 3.7 | 3.1 |
| Investments in related party investment funds, at fair value | 114.5 | 105.6 |
| Third Point Optimized Credit Portfolio (1) | 612.1 | 562.0 |
| Total investments managed by related parties | $726.6 | $667.6 |

(1) The Third Point Optimized Credit Portfolio is reported in debt securities, available for sale and trading, in the consolidated balance sheets

Management, advisory and performance fees to related parties

The total management, advisory and performance fees to related parties for the three and nine months ended September 30, 2024 and 2023 were as follows:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Management and advisory fees | $0.5 | $1.3 | $4.1 | $5.5 |
| Performance fees | (0.3) | 0.9 | 0.1 | 0.9 |
| Total management, advisory and performance fees to related parties (1) | $0.2 | $2.2 | $4.2 | $6.4 |

(1) Management, advisory and performance fees for the Related Party Investment Funds, where applicable, are presented within net realized and unrealized investment gains from related party investment funds in the consolidated statements of income.

Management and advisory fees

Third Point Enhanced LP

Pursuant to the 2022 LPA, effective February 23, 2022, Third Point LLC is entitled to receive monthly management fees. Management fees are charged at the TP Enhanced Fund level and are calculated based on 1.25% per annum of the investment in TP Enhanced Fund.

Third Point Venture Offshore Fund I LP

No management fees are payable by the Company under the 2021 Venture LPA.

Third Point Venture Offshore Fund II LP

Pursuant to the 2022 Venture II LPA, management fees are charged at the TP Venture Fund II level and are calculated based on 0.1875% per quarter (0.75% per annum).

Third Point Insurance Portfolio Solutions and Third Point Optimized Credit

Pursuant to the Third Point Insurance Portfolio Solutions Investment Management Agreement (“TPIPS IMA”), effective February 26, 2021, the Company will pay Third Point LLC a fixed management fee, payable monthly in advance, equal to 1/12 of 0.06% of the fair value of assets managed (other than assets invested in TP Enhanced Fund).

Pursuant to the 2022 IMA, effective February 23, 2022, the Company will also pay Third Point LLC a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses, and a fixed advisory fee of $1.5 million per annum.

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Performance fees

Third Point Enhanced LP

Pursuant to the 2022 LPA, TP GP receives a performance fee allocation equal to 20% of the Company’s investment income in the related party investment fund. The performance fee is included as part of “Investments in related party investment fund, at fair value” on the Company’s consolidated balance sheets since the fees are charged at the TP Enhanced Fund level.

Third Point Venture Offshore Fund I LP

Pursuant to the 2021 Venture LPA, TP Venture GP receives a performance fee allocation equal to 20% of the Company’s investment income in the related party investment fund.

Third Point Venture Offshore Fund II LP

Pursuant to the 2022 Venture II LPA, TP Venture GP II receives a performance fee allocation equal to 20% of the Company’s investment income in the related party investment fund.

Third Point Optimized Credit

Pursuant to the 2022 IMA, the Company will pay Third Point LLC, from the assets of each sub-account, an annual incentive fee equal to 15% of outperformance over a specified benchmark. The performance fee is included as part of “Net investment income” on the Company’s consolidated statements of income.

18. Commitments and contingencies

Liability-classified capital instruments

On February 26, 2021, the Company completed its acquisition of Sirius International Insurance Group, Ltd. (“Sirius Group”). The aggregate consideration for the transaction included the issuance of preference shares, warrants, and other contingent value components, which are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets.

Series A Preference Shares

On February 26, 2021, certain holders of Sirius Group shares elected to receive Series A preference shares, par value $0.10 per share (“Series A Preference Shares”), with respect to the consideration price of the Sirius Group acquisition. The Company issued 11,720,987 Series A Preference Shares. The Series A Preference Shares rank pari passu with the Company’s common shares with respect to the payment of dividends or distributions. Each Series A Preference Share has voting power equal to the number of Company shares into which it is convertible, and the Series A Preference Shares and Company shares shall vote together as a single class with respect to any and all matters. On the third anniversary of the closing date of the Sirius Group acquisition, the Series A Preference Shares were subject to a conversion ratio calculation, based on ultimate COVID-19 losses along with other measurement criteria, to convert into the Company’s common shares.

Pursuant to the CMIG Agreement, the Company settled all Series A Preference Shares held by CM Bermuda Ltd. during the three months ended September 30, 2024. The settlement resulted in a loss of 90.7 million for the three and nine months ended September 30, 2024. For further details, see Note 3 “Significant transactions”.

During the three and nine months ended September 30, 2023, the Company recorded losses of $5.7 million and $19.2 million, respectively, from the change in fair value of the Series A Preference Shares.

During the nine months ended September 30, 2024 and 2023, the Company did not declare or pay dividends to holders of Series A Preference Shares.

Merger Warrants

On February 26, 2021, the Company issued certain warrants with respect to the consideration price of the Sirius Group acquisition (the “Merger Warrants”). As of September 30, 2024, the Company had reserved for issuance common shares underlying warrants to purchase, in the aggregate, up to 21,009,324 common shares, to previous Sirius Group common shareholders.

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During the three and nine months ended September 30, 2024, the Company recorded a gain (loss) of $(26.7) million and $(28.7) million respectively from the change in fair value of the Merger Warrants (2023 - $8.4 million and $(16.2) million respectively). As of September 30, 2024, the estimated fair value of the Merger Warrants is $58.4 million (December 31, 2023 - $29.7 million).

Sirius Group Private Warrants

On February 26, 2021, the Company entered into an assumption agreement pursuant to which the Company agreed to assume all of the warrants issued on November 5, 2018 and November 28, 2018 (the “Private Warrants”) by Sirius Group to certain counterparties. The 5,418,434 Private Warrants were all exercised before their maturity on November 5, 2023.

During the three and nine months ended September 30, 2023, the Company recorded losses of $2.6 million and $9.0 million, respectively, from the change in fair value of the Private Warrants.

Sirius Group Public Warrants

Under the merger agreement between Sirius Group and Easterly Acquisition Corporation (“Easterly”), each of Easterly’s existing issued and outstanding public warrants was converted into a warrant exercisable for Sirius Group common shares (“Sirius Group Public Warrants”). The Sirius Group Public Warrants expired without exercise on October 27, 2023.

During the three and nine months ended September 30, 2023, there was no change in the fair value of the Sirius Group Public Warrants.

Contingent Value Rights

On February 26, 2021, the Company entered into a contingent value rights agreement with respect to the consideration price of the Sirius Group acquisition. The contingent value rights (“CVRs”) became publicly traded on the OTCQX Best Market during the quarter ended June 30, 2021. The CVRs matured on February 26, 2023 and were settled for $38.5 million.

Litigation

From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution processes, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company’s reinsurance and insurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or to collect funds owed to it. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. The Company may also be involved, from time to time in the normal course of business, in formal and informal dispute resolution processes that do not arise from, or are not directly related to, claims activity. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations.

Leases

The Company operates in Bermuda, the United States, Canada, Europe and Asia, and leases office space under various non-cancelable operating lease agreements.

During the three and nine months ended September 30, 2024, the Company recognized operating lease expense of $2.1 million and $6.8 million, respectively (2023 - $2.6 million and $7.7 million, respectively), including property taxes and routine maintenance expense as well as rental expenses related to short term leases.

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The following table presents the lease balances within the consolidated balance sheets as of September 30, 2024 and December 31, 2023:

| Line item | September 30,2024 | December 31,2023 |
| --- | --- | --- |
| Operating lease right-of-use assets(1) | $22.0 | $25.6 |
| Operating lease liabilities(2) | $24.9 | $28.4 |
| Weighted average lease term (years) | 5.0 | 4.1 |
| Weighted average discount rate | 3.0% | 2.9% |

(1) Operating lease right-of-use assets are included in Other assets on the Company’s consolidated balance sheets.

(2) Operating lease liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

Future minimum rental commitments as of September 30, 2024 under these leases are expected to be as follows:

| Line item | Future Payments | Future Payments |
| --- | --- | --- |
| Remainder of 2024 | $ | $1.7 |
| 2025 | 5.9 |  |
| 2026 | 5.1 |  |
| 2027 | 4.2 |  |
| 2028 and thereafter | 9.3 |  |
| Total future annual minimum rental payments | 26.2 |  |
| Less: present value discount | (1.3) |  |
| Total lease liability as of September 30, 2024 | $ | $24.9 |

19. Subsequent events

Workers’ Compensation Loss Portfolio Transfer

On April 30, 2024, SiriusPoint America, a subsidiary of SiriusPoint Ltd., entered into the Master Agreement dated as of April 30, 2024, made by and between SiriusPoint America and Clarendon National, an insurer domiciled in Texas and an affiliate of Enstar. SiriusPoint America received the appropriate regulatory approvals and the transaction closed on October 1, 2024. The financial impacts of the transaction will be included in the Company’s fourth quarter results, and the Company expects to recognize a loss of approximately $22.0 million. Refer to Note 3 “Significant transactions” for additional detail regarding the Workers’ Compensation LPT.

Hurricane Milton Losses

The Company’s preliminary pre-tax estimate of losses, net of reinsurance and reinstatement premiums, related to Hurricane Milton, which made landfall in Florida in October 2024, is a range of approximately $30 million to $40 million and will be included in the Company’s fourth quarter results. The estimate is based on the Company’s ground-up assessment of client exposed business.

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## ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our unaudited consolidated financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”) and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The terms “we,” “our,” “us” and the “Company,” as used in this report, refer to SiriusPoint Ltd. (“SiriusPoint”) and its directly and indirectly owned subsidiaries as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint exclusive of its subsidiaries.

The statements in this discussion regarding business outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) and in “Cautionary Note Regarding Forward-Looking Statements” below. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this Form 10-Q may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this discussion, the words “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases are intended to identify forward-looking statements. Specific forward-looking statements in this Form 10-Q include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value, whether we will continue to have momentum in our business in the future, and the financial impacts of the transactions contemplated by the Master Agreement (the “Master Agreement”), dated as of April 30, 2024, by and between SiriusPoint America Insurance Company and Clarendon National Insurance Company, and the Loss Portfolio Transfer Reinsurance Agreement (the “LPT Agreement”).

Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following:

- our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business;
- the impact of unpredictable catastrophic events such as uncertainties with respect to COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility;
- inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates;
- the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations;
- our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry;
- technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers;
- the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas;

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- geopolitical uncertainty, including the impact of the U.S. November 2024 presidential and congressional elections, and ongoing conflicts in Europe and the Middle East;
- our ability to retain key senior management and key employees;
- a downgrade or withdrawal of our financial ratings;
- fluctuations in our results of operations;
- legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint;
- the outcome of legal and regulatory proceedings and regulatory constraints on our business;
- reduced returns or losses in SiriusPoint’s investment portfolio;
- our exposure or potential exposure to corporate income tax in Bermuda and the EU, U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced;
- risks associated with delegating authority to third party managing general agents, managing general underwriters and/or program administrators (“MGAs”);
- future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures;
- the Company’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and
- other risks and factors listed under “Risk Factors” in our 2023 Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

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

In addition, while we do, from time to time, communicate with security analysts, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, shareholders should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts, or opinions, such reports are not our responsibility.

Overview

We are a global underwriter of insurance and reinsurance, domiciled in Bermuda. We have licenses to write property, casualty and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden. Our operating companies have a financial strength rating of A- (Stable) from AM Best, Standard & Poor's (“S&P”) and Fitch Ratings (“Fitch”) and A3 (Stable) from Moody’s Ratings (“Moody’s”).

We are an underwriting first company as we aim to create a business model which is simplified, fully-integrated and globally connected. Distribution relationships are important to us, as we generate premiums from various sources, including our consolidated MGAs and non-consolidated MGAs. We seek to apply our underwriting talent, capabilities and proven management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and reactive to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and consistent within our specified risk tolerances and areas of expertise. Our MGA strategy is to partner with high integrity and transparent leaders and teams with deep underwriting expertise and a track record of success. Our partnerships are structured to incentivize all parties to deliver thereby allowing capable teams to do what they do best, while providing complementary services. As of September 30, 2024, we had equity stakes in 22 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business.

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Products and Services

Reinsurance Segment

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

The Reinsurance segment predominantly underwrites Casualty, Property and Specialty lines of business on a worldwide basis.

Insurance & Services Segment

In our Insurance & Services segment, we predominantly provide insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties. Insurance & Services revenue allows us to diversify our traditional reinsurance portfolio and generally has lower capital requirements. In addition, service fees from MGAs and their insurance provided are generally not as prone to the volatile underwriting cycle that is common in reinsurance marketplace. The Insurance & Services segment provides coverage in Accident & Health (“A&H”), Property & Casualty, and Specialty.

Investment Management

We continue to reposition our investment portfolio to better align with our underwriting strategy. The increase in interest rates provided an opportunity to rotate the portfolio and capture yield. The repositioning lowers our volatility, while taking

advantage of opportunities to improve risk-adjusted returns across asset classes.

Our investment objective is to optimize risk-adjusted after-tax net investment income while (1) maintaining a high quality, diversified investment portfolio, (2) maintaining adequate liquidity, and (3) complying with the regulatory, rating agency, and internal risk and capital management requirements, all in support of the company goal of meeting policyholder obligations.

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Recent Developments

CM Bermuda Settlement and Share Repurchase

On August 1, 2024, we entered into a Confidential Settlement and Mutual Release Agreement (the “Settlement Agreement”), and concurrently therewith, a Share Repurchase Agreement (the “Share Repurchase Agreement” and, together with the Settlement Agreement, collectively, the “CMIG Agreement”), in each case, with CM Bermuda Limited (the “Seller”) and CMIG International Holding Pte. Ltd.

We paid the Seller a total consideration of $261.3 million upon the closing of the transactions under the CMIG Agreement. Pursuant to the Settlement Agreement, we paid the Seller for full satisfaction and discharge of all obligations and all other claims of any nature related to our Series A Preference Shares held by the Seller and the related Certificate of Designation of Series A Preference Shares of our Company. Pursuant to the Share Repurchase Agreement, we repurchased 9,077,705 of our issued and outstanding common shares held by the Seller for approximately $125.0 million, which were cancelled and retired.

Workers’ Compensation Loss Portfolio Transfer

On April 30, 2024, SiriusPoint America Insurance Company (“SiriusPoint America”), a subsidiary of SiriusPoint Ltd., entered into the Master Agreement, dated as of April 30, 2024, made by and between SiriusPoint America and Clarendon National Insurance Company (“Clarendon National”), an insurer domiciled in Texas and an affiliate of Enstar Group Limited, a Bermuda exempted company (“Enstar”).

Pursuant to the Master Agreement, at the closing of the transactions contemplated therein, among other documents, (a) SiriusPoint America and Clarendon National will enter into a Loss Portfolio Transfer Reinsurance Agreement (the “LPT Agreement”), pursuant to which SiriusPoint America will cede and Clarendon National will assume 100% of the net liability with respect to certain workers’ compensation insurance exposures of SiriusPoint America (the “Subject Business”) on a funds withheld basis, subject to the terms and conditions of the LPT Agreement including an aggregate limit; (b) SiriusPoint America and an affiliate of Clarendon National (the “Administrator”) will enter into an Administrative Services Agreement concerning the Administrator’s authority and responsibility for certain administrative services related to the Subject Business, including claims handling; and (c) Enstar shall issue a Parental Guarantee in favor of SiriusPoint America guaranteeing Clarendon National’s obligations under the LPT Agreement. In certain circumstances and in lieu of the guarantee obligations provided thereunder, Clarendon National may post letters of credit as collateral securing Clarendon National’s reinsurance obligations with respect to the Subject Business. Immediately prior to the effective date of the LPT Agreement, SiriusPoint will be commuting certain ceded workers’ compensation reinsurance contracts, and the liabilities related to those commuted contracts will be included in the Subject Business.

This transaction covers approximately $400 million of SiriusPoint reserves, including liabilities to be commuted, valued as of December 31, 2023 and the reinsurance premium. The aggregate limit under the LPT Agreement is 150% of the premium paid less certain adjustments for paid losses in the interim period prior to the effective date of the contract. The Master Agreement and the LPT Agreement include customary representations and warranties, indemnification obligations, covenants and termination rights of the parties.

We received the appropriate regulatory approvals and the transaction closed on October 1, 2024. The financial impacts of the transaction will be included in our fourth quarter results, and we expect to recognize a loss of approximately $22.0 million.

Debt Refinancing

In April 2024, we issued $400.0 million aggregate principal amount of 7.0% Senior Notes due 2029 (the “2024 Senior Notes”). Interest is payable on the 2024 Senior Notes semi-annually in arrears. The 2024 Senior Notes were issued pursuant to a Senior Indenture, dated as of April 5, 2024, between our Company and The Bank of New York Mellon, as trustee, and supplemented by a First Supplemental Indenture thereto with The Bank of New York Mellon, as trustee. In April 2024, we amended our 4.6% 2016 Senior Notes pursuant to a Fourth Supplemental Indenture thereto with The Bank of New York Mellon, as trustee, and following such amendments we completed the redemption of all remaining outstanding $400.0 million aggregate principal amount of our 2016 Senior Notes. We also redeemed all $115.0 million aggregate principal amount of our 2015 Senior Notes in April 2024. We used certain of the proceeds from the 2024 Senior Notes, together with available cash, to fund the purchase of validly tendered 2016 Senior Notes and the redemptions of the 2016 Senior Notes and the 2015 Senior Notes.

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Ratings

On March 19, 2024, Moody’s assigned our operating companies a new financial strength rating of A3, or stable.

Key Performance Indicators

We believe that the following key financial indicators are the most important in evaluating our performance:

_($ in millions, except for per share data and ratios)_

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Combined ratio | 84.4% | 88.0% | 86.1% | 81.6% |
| Core underwriting income (1) | $62.5 | $42.5 | $143.7 | $213.2 |
| Core net services income (1) | $7.0 | $7.5 | $34.2 | $31.9 |
| Core income (1) | $69.5 | $50.0 | $177.9 | $245.1 |
| Core combined ratio (1) | 88.5% | 92.5% | 91.1% | 87.6% |
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 0.7% | 11.3% | 11.4% | 16.7% |
| Book value per common share (2) | $15.41 | $13.76 | $15.41 | $13.76 |
| Book value per diluted common share (2) | $14.73 | $13.35 | $14.73 | $13.35 |
| Tangible book value per diluted common share (1) (2) | $13.88 | $12.47 | $13.88 | $12.47 |

(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.”

(2) Prior year comparatives represent amounts as of December 31, 2023.

Core Results

See “Segment Results” below for additional information.

Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and nine months ended September 30, 2024 and 2023 was calculated as follows:

_($ in millions)_

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
| Net income available to SiriusPoint common shareholders | $4.5 | $57.5 | $205.2 | $245.3 |
| Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period | 2,504.1 | 2,036.0 | 2,313.9 | 1,874.7 |
| Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period | 2,494.9 | 2,050.0 | 2,494.9 | 2,050.0 |
| Average common shareholders’ equity attributable to SiriusPoint common shareholders | $2,499.5 | $2,043.0 | $2,404.4 | $1,962.4 |
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 0.7% | 11.3% | 11.4% | 16.7% |

The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders was driven by lower net income for the three months ended September 30, 2024, primarily as a result of the loss from the settlement of the Series A Preference shares under the CMIG Agreement.

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The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the nine months ended September 30, 2024 was driven by lower net income relative to common shareholder’s equity in the period as the Company’s equity has grown each quarter since the beginning of 2023.

Book Value Per Share

Book value per common share is calculated by dividing common shareholders’ equity attributable to SiriusPoint common shareholders by the number of common shares outstanding. Book value per diluted common share is calculated by dividing common shareholders’ equity attributable to SiriusPoint common shareholders by the number of diluted common shares outstanding, calculated similar to the treasury stock method.

Tangible book value per diluted common share is a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. See “Non-GAAP Financial Measures” for an explanation and reconciliation.

As of September 30, 2024, book value per common share was $15.41, representing an increase of $0.73 per share, or 5.0%, from $14.68 per share as of June 30, 2024. As of September 30, 2024, book value per diluted common share was $14.73, representing an increase of $0.42 per share, or 2.9%, from $14.31 per share as of June 30, 2024. As of September 30, 2024, tangible book value per diluted common share was $13.88, representing an increase of $0.41 per share, or 3.0%, from $13.47 per share as of June 30, 2024.

As of September 30, 2024, book value per common share was $15.41, representing an increase of $1.65 per share, or 12.0%, from $13.76 per share as of December 31, 2023. As of September 30, 2024, book value per diluted common share was $14.73, representing an increase of $1.38 per share, or 10.3%, from $13.35 per share as of December 31, 2023. As of September 30, 2024, tangible book value per diluted common share was $13.88, representing an increase of $1.41 per share, or 11.3%, from $12.47 per share as of December 31, 2023.

The increases reflect continued positive underwriting and investment results during the three and nine months ended September 30, 2024, and the impact of the share repurchase in the period.

Consolidated Results of Operations—Three and nine months ended September 30, 2024 and 2023

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, 2024 and 2023:

_($ in millions)_

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Three months ended / Change | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 | Nine months ended / Change |
| --- | --- | --- | --- | --- | --- | --- |
| Total underwriting income | $89.0 | $73.8 | $15.2 | $243.7 | $339.2 | $(95.5) |
| Net investment income and net realized and unrealized investment gains (losses) | 92.5 | 68.1 | 24.4 | 195.6 | 207.7 | (12.1) |
| Other revenues | 18.1 | 21.8 | (3.7) | 164.8 | 80.0 | 84.8 |
| Loss on settlement and change in fair value of liability-classified capital instruments | (117.3) | (0.3) | (117.0) | (122.6) | (44.4) | (78.2) |
| Net corporate and other expenses | (51.4) | (63.4) | 12.0 | (174.0) | (193.7) | 19.7 |
| Intangible asset amortization | (3.0) | (2.9) | (0.1) | (8.9) | (8.2) | (0.7) |
| Interest expense | (13.8) | (19.8) | 6.0 | (50.0) | (44.3) | (5.7) |
| Foreign exchange gains (losses) | (3.0) | 1.8 | (4.8) | (2.9) | (15.7) | 12.8 |
| Income tax expense | (2.4) | (15.3) | 12.9 | (26.3) | (56.6) | 30.3 |
| Net income | $8.7 | $63.8 | $(55.1) | $219.4 | $264.0 | $(44.6) |

The key changes in our consolidated results for the three and nine months ended September 30, 2024 compared to the prior year periods are discussed below.

Underwriting results

The improvement in net underwriting results for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily driven by increased favorable prior year loss reserve development and a more

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favorable commission ratio. For the three months ended September 30, 2024, favorable prior year loss reserve development was $30.6 million from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H due to lower than expected reported attritional losses, compared to $24.7 million for the three months ended September 30, 2023 driven by reserving analyses performed in connection with the March 2, 2023 loss portfolio transfer transaction (“2023 LPT”).

The decrease in net underwriting results for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily driven by lower favorable prior year loss reserve development. Favorable prior year loss reserve development for the nine months ended September 30, 2023 included $122.2 million driven by reserving analyses performed in connection with the 2023 LPT. Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $19.8 million primarily resulting from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H and our runoff business due to lower than expected reported attritional losses. This increase was partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services.

Investments

Investment Portfolio

The following is a summary of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of September 30, 2024 and December 31, 2023:

_($ in millions)_

| Line item | September 30,2024 | December 31,2023 |
| --- | --- | --- |
| Debt securities, available for sale | $5,411.8 | $4,755.4 |
| Debt securities, trading | 233.1 | 534.9 |
| Total debt securities (1) | 5,644.9 | 5,290.3 |
| Short-term investments | 52.4 | 371.6 |
| Investments in Related Party Investment Funds | 114.5 | 105.6 |
| Other long-term investments | 236.1 | 310.1 |
| Total investments | 6,047.9 | 6,077.6 |
| Cash and cash equivalents | 640.7 | 969.2 |
| Restricted cash and cash equivalents (2) | 174.5 | 132.1 |
| Total invested assets and cash(1) | $6,863.1 | $7,178.9 |

(1) Includes $612.1 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of September 30, 2024 (December 31, 2023 - $562.0 million).

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

The decrease in total invested assets and cash was primarily driven by the use of funds to support the Series A Preference Shares settlement and share repurchase under the CMIG Agreement for $261.3 million, the redemption of $115.0 million of outstanding debt and the commutation of a deposit accounted contract of $98.2 million resulting in the return of funds to the cedant. This decrease is partially offset by a $90.4 million gain on the AFS portfolio, primarily driven by changes in the Federal Reserve’s monetary policies and the impact to the fair value of our fixed income portfolio.

The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.0 years (December 31, 2023 - 2.8 years). The increase from the comparative period is due to our effort to match our asset duration with economic liabilities in the current interest rate environment. The average credit rating of our investment portfolio is AA as of September 30, 2024 (December 31, 2023 - AA) with no defaults in the investment portfolio.

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The following table provides a breakdown of structured products between investment and non-investment grade securities as of September 30, 2024 and December 31, 2023. These are fixed income investments which are included in debt securities in the table above. Refer to Note 7 “Investments” to our unaudited consolidated financial statements included elsewhere in this Form 10-Q for further discussion of these securities.

_($ in millions)_

| Line item | September 30, 2024 / Investment Grade (1) | September 30, 2024 / Non-investment Grade (2) | December 31, 2023 / Investment Grade (1) | December 31, 2023 / Non-investment Grade (2) |
| --- | --- | --- | --- | --- |
| Asset-backed securities | $767.4 | $34.7 | $697.9 | $17.6 |
| Collateralized loan obligations | 444.4 | 21.0 | 421.8 | — |
| Total asset-backed securities | 1,211.8 | 55.7 | 1,119.7 | 17.6 |
| Agency residential mortgage-backed securities | 939.9 | — | 803.0 | — |
| Non-agency residential mortgage-backed securities | 136.4 | 31.0 | 144.7 | 12.3 |
| Total residential mortgage-backed securities | 1,076.3 | 31.0 | 947.7 | 12.3 |
| Agency commercial mortgage-backed securities | 74.5 | — | 73.5 | — |
| Non-agency commercial mortgage-backed securities | 235.0 | 1.3 | 197.9 | 0.5 |
| Total commercial mortgage-backed securities | 309.5 | 1.3 | 271.4 | 0.5 |
| Total mortgage-backed securities | 1,385.8 | 32.3 | 1,219.1 | 12.8 |
| Total asset and mortgage-backed securities | $2,597.6 | $88.0 | $2,338.8 | $30.4 |

(1) Investment grade securities are considered rated BBB or higher.

(2) Non-investment grade securities are considered rated below BBB.

Investment Results

The following is a summary of the results from investments and cash for the three and nine months ended September 30, 2024 and 2023:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 |
| --- | --- | --- | --- | --- |
|  | ($ in millions) |  |  |  |
| Gross investment income | $85.1 | $79.1 | $253.6 | $219.8 |
| Change in fair value of trading portfolio (1) | (0.7) | (11.2) | (32.3) | 34.7 |
| Net realized investment gains (losses) | 7.6 | 4.1 | (15.7) | (32.3) |
| Net realized and unrealized investment gains from related party investment funds | 7.9 | 0.1 | 8.9 | — |
| Investment results | 99.9 | 72.1 | 214.5 | 222.2 |
| Investment expenses | (7.4) | (4.0) | (18.9) | (14.5) |
| Total net investment income and net realized and unrealized investment gains (losses) | $92.5 | $68.1 | $195.6 | $207.7 |

(1) Trading portfolio is inclusive of all non-AFS designated investments in the investment portfolio.

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The following is a summary of the results from investments by investment classification for the three and nine months ended September 30, 2024 and 2023:

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Nine months ended / September 30, 2024 | September 30, 2023 |
| --- | --- | --- | --- | --- |
|  | ($ in millions) |  |  |  |
| Debt securities, available for sale | $71.6 | $54.0 | $196.9 | $137.6 |
| Debt securities, trading | 8.1 | 9.4 | 22.5 | 49.0 |
| Short-term investments | 1.8 | 7.6 | 9.1 | 21.9 |
| Other long-term investments | (0.8) | (5.7) | (50.0) | (5.1) |
| Derivative instruments | 3.7 | 0.8 | 5.4 | 4.3 |
| Net realized and unrealized investment gains from related party investment funds | 7.9 | 0.1 | 8.9 | — |
| Net investment income and net realized and unrealized investment gains (losses) before other investment expenses and investment income on cash and cash equivalents | 92.3 | 66.2 | 192.8 | 207.7 |
| Investment expenses | (7.4) | (4.0) | (18.9) | (14.5) |
| Net investment income on cash and cash equivalents | 7.6 | 5.9 | 21.7 | 14.5 |
| Total net investment income and net realized and unrealized investment gains | $92.5 | $68.1 | $195.6 | $207.7 |

Total net investment income and realized and unrealized investment gains for the three months ended September 30, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $81.5 million. Increased investment income is primarily due to increased interest rates and our rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio.

Total net investment income and realized and unrealized investment gains (losses) for the nine months ended September 30, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $228.5 million, partially offset by unrealized losses on other long-term investments of $45.8 million. Increased investment income is primarily due to increased interest rates and our rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

Total net investment income and realized and unrealized investment gains (losses) for the three months ended September 30, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $71.0 million driven by dividend and interest income primarily on U.S. treasury bill and corporate debt positions.

Total net investment income and realized and unrealized investment gains for the nine months ended September 30, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $208.5 million. Increased dividend and investment income was due to the ongoing re-positioning of the portfolio to focus on investing in high grade fixed income securities.

Refer to Part I, Item 3. “Quantitative and Qualitative Disclosures about Market Risks” of this Form 10-Q for a discussion of certain risks and factors that could adversely impact our investments results.

Other Revenues

For the three months ended September 30, 2024, other revenues primarily consisted of $18.2 million of service fee revenue from MGAs compared to $20.3 million of service fee revenue from MGAs for the three months ended September 30, 2023. The decrease in service fee revenue for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 is primarily driven by the deconsolidation of Arcadian Risk Capital Ltd. (“Arcadian”), partially offset by increases in the travel insurance business of International Medical Group, Inc. (“IMG”). Effective June 30, 2024, we deconsolidated Arcadian when our management and Arcadian consented to certain amendments to the shareholders’

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agreement and termination of the unsecured promissory note which resulted in our Company ceasing to have control over Arcadian.

For the nine months ended September 30, 2024, other revenues primarily consisted of a gain of $95.9 million from the deconsolidation of Arcadian and $69.9 million of service fee revenue from MGAs, compared to $72.2 million of service fee revenue from MGAs for the nine months ended September 30, 2023. The decrease in service fee revenue for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 is primarily driven by the deconsolidation of Arcadian, partially offset by increases in IMG’s travel insurance business.

Loss on Settlement and Change in Fair Value of Liability Classified Instruments

Loss on settlement and change in fair value of liability classified instruments for the three months ended September 30, 2024 was $117.3 million compared to $0.3 million for the three months ended September 30, 2023. The loss for the three months ended September 30, 2024 included a loss of $90.7 million from the settlement of the Series A preference shares under the CMIG Agreement and a loss of $26.7 million from the change in fair value of our Merger Warrants, mainly driven by the increase in our share price.

Loss on settlement and change in fair value of liability classified instruments for the nine months ended September 30, 2024 was $122.6 million compared to $44.4 million for the nine months ended September 30, 2023. The loss for the nine months ended September 30, 2024 included a loss of $90.7 million from the settlement of the Series A preference shares under the CMIG Agreement and a loss of $28.7 million from the change in fair value of our Merger Warrants, mainly driven by the increase in our share price.

Net Corporate and Other Expenses

Net corporate and other expenses include costs associated with operating as a publicly-traded company and non-underwriting activities, including services expenses from our MGA subsidiaries, restructuring charges, and current expected credit losses from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.

The decrease in Net corporate and other expenses for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily driven by restructuring charges of $5.1 million, which include severance-related charges, incurred during the three months ended September 30, 2023.

The decrease in Net corporate and other expenses for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily driven by restructuring charges of $23.8 million, which include severance-related charges, incurred during the nine months ended September 30, 2023. This decrease was partially offset by increased severance and compensation related expenses associated with management changes, consulting fees related to nonrecurring projects and increased regulatory fees as we grow our Lloyds business, incurred during the nine months ended September 30, 2024.

For the three months ended September 30, 2024 services expenses decreased to $41.3 million compared to $48.7 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024 services expenses decreased to $135.0 million compared to $144.2 million for the nine months ended September 30, 2023. The decreases were primarily driven by the deconsolidation of Arcadian in the second quarter of 2024 and Banyan in the fourth quarter of 2023.

Amortization of Intangible Assets

Amortization of intangible assets for the three and nine months ended September 30, 2024 was $3.0 million and $8.9 million, respectively (2023 - $2.9 million and $8.2 million, respectively). The slight increases in amortization were 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.

Interest Expense

Interest expense and finance costs are related to interest due on our senior and subordinated notes, as well as interest associated with certain reinsurance contracts.

Interest expense for the three months ended September 30, 2024 was $13.8 million compared to $19.8 million for the three months ended September 30, 2023. The decrease was primarily driven by lower funds withheld interest on the 2023 LPT of

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$5.9 million for the three months ended September 30, 2024 compared to $8.5 million for the three months ended September 30, 2023.

Interest expense for the nine months ended September 30, 2024 was $50.0 million compared to $44.3 million for the nine months ended September 30, 2023. The increase was primarily due to higher expenses on external debt instruments and the debt refinancing, as well as higher expense on the 2023 LPT, which was $20.1 million for the nine months ended September 30, 2024 compared to $8.5 million for the nine months ended September 30, 2023. The increase was partially offset by a gain on the commutation of a deposit accounted contract.

Foreign Currency Translation

Except for the Canadian reinsurance operations of SiriusPoint America and certain subsidiaries of IMG, the U.S. dollar is the functional currency for our business. Assets and liabilities are remeasured into the functional currency using current exchange rates; revenues and expenses are remeasured into the functional currency using the average exchange rate for the period. The remeasurement process results in foreign exchange (gains) losses in the consolidated results of operations. Foreign exchange (gains) losses exclude investment generated net realized and unrealized investment gains as addressed in Investment Results above.

The foreign exchange losses for the three and nine months ended September 30, 2024 of $3.0 million and $2.9 million, respectively, were primarily driven by the impact of certain foreign exchange exposures related to our underwriting activities, partially offset by the impact of our currency hedges.

The foreign exchange gains of $1.8 million for the three months ended September 30, 2023 were primarily due to $2.5 million of foreign exchange gains from our international operations. The foreign exchange losses of $15.7 million for the nine months ended September 30, 2023 were primarily due to $14.0 million of foreign exchange losses from our international operations.

Additional foreign currency gains (losses) were recorded as part of the investments results. See Note 8 “Total net investment income and net realized and unrealized investment gains (losses)” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

On an aggregate basis, the effects of foreign exchange resulted in charges to net income of $4.5 million and $0.7 million as well as charges to comprehensive income of $5.2 million and $2.9 million for the three and nine months ended September 30, 2024, respectively.

Income Tax Expense

The decrease in income tax expense for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 is driven by a decrease in pre-tax income in taxable jurisdictions.

Segment Results — Three and nine months ended September 30, 2024 and 2023

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

Corporate results include all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 (the “Restructuring Plan”) and certain reinsurance contracts that have interest crediting features. Corporate results include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers’ compensation and cyber programs which we no longer write.

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The following tables set forth the operating segment results and ratios for the three months ended September 30, 2024 and 2023:

_Three months ended September 30, 2024 · ($ in millions)_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $314.5 | $376.0 | $690.5 | — | $23.5 | — | $714.0 |
| Net premiums written | 268.3 | 235.3 | 503.6 | — | 0.6 | — | 504.2 |
| Net premiums earned | 269.4 | 276.9 | 546.3 | — | 22.6 | — | 568.9 |
| Loss and loss adjustment expenses incurred, net | 137.6 | 170.1 | 307.7 | (1.4) | 11.2 | — | 317.5 |
| Acquisition costs, net | 69.8 | 65.9 | 135.7 | (24.1) | 5.9 | — | 117.5 |
| Other underwriting expenses | 20.4 | 20.0 | 40.4 | — | 4.5 | — | 44.9 |
| Underwriting income | 41.6 | 20.9 | 62.5 | 25.5 | 1.0 | — | 89.0 |
| Services revenues | — | 48.1 | 48.1 | (29.9) | — | (18.2) | — |
| Services expenses | — | 41.3 | 41.3 | — | — | (41.3) | — |
| Net services fee income | — | 6.8 | 6.8 | (29.9) | — | 23.1 | — |
| Services noncontrolling loss | — | 0.2 | 0.2 | — | — | (0.2) | — |
| Net services income | — | 7.0 | 7.0 | (29.9) | — | 22.9 | — |
| Segment income | $41.6 | $27.9 | $69.5 | $(4.4) | $1.0 | $22.9 | $89.0 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 51.1% | 61.4% | 56.3% |  |  |  | 55.8% |
| Acquisition cost ratio | 25.9% | 23.8% | 24.8% |  |  |  | 20.7% |
| Other underwriting expenses ratio | 7.6% | 7.2% | 7.4% |  |  |  | 7.9% |
| Combined ratio | 84.6% | 92.4% | 88.5% |  |  |  | 84.4% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

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_Three months ended September 30, 2023 · ($ in millions)_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $265.4 | $460.1 | $725.5 | — | $33.3 | — | $758.8 |
| Net premiums written | 243.2 | 290.4 | 533.6 | — | 32.4 | — | 566.0 |
| Net premiums earned | 256.9 | 318.4 | 575.3 | — | 37.7 | — | 613.0 |
| Loss and loss adjustment expenses incurred, net | 136.2 | 219.6 | 355.8 | (1.2) | 18.5 | — | 373.1 |
| Acquisition costs, net | 69.4 | 76.3 | 145.7 | (37.2) | 21.0 | — | 129.5 |
| Other underwriting expenses | 14.4 | 16.9 | 31.3 | — | 5.3 | — | 36.6 |
| Underwriting income (loss) | 36.9 | 5.6 | 42.5 | 38.4 | (7.1) | — | 73.8 |
| Services revenues | (0.2) | 58.8 | 58.6 | (38.3) | — | (20.3) | — |
| Services expenses | — | 48.7 | 48.7 | — | — | (48.7) | — |
| Net services fee income (loss) | (0.2) | 10.1 | 9.9 | (38.3) | — | 28.4 | — |
| Services noncontrolling income | — | (2.4) | (2.4) | — | — | 2.4 | — |
| Net services income (loss) | (0.2) | 7.7 | 7.5 | (38.3) | — | 30.8 | — |
| Segment income (loss) | $36.7 | $13.3 | $50.0 | $0.1 | $(7.1) | $30.8 | $73.8 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 53.0% | 69.0% | 61.8% |  |  |  | 60.9% |
| Acquisition cost ratio | 27.0% | 24.0% | 25.3% |  |  |  | 21.1% |
| Other underwriting expenses ratio | 5.6% | 5.3% | 5.4% |  |  |  | 6.0% |
| Combined ratio | 85.6% | 98.3% | 92.5% |  |  |  | 88.0% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

Core Premium Volume

Gross premiums written decreased by $35.0 million, or 4.8%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Net premiums written decreased by $30.0 million, or 5.6%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Net premiums earned decreased by $29.0 million, or 5.0%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The decreases in premium volume were primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier. These decreases were partially offset by increases in Reinsurance from Property and International Specialty and increases from Insurance & Services from strategic organic and new program growth.

Core Underwriting Results

The improvement in net underwriting results of $20.0 million was primarily driven by increased favorable prior year loss reserve development and a more favorable commission ratio, partially offset by higher catastrophe losses. For the three months ended September 30, 2024 favorable prior year loss reserve development was $29.7 million from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H due to lower than expected reported attritional losses, compared to $12.6 million for the three months ended September 30, 2023 driven by reserving analyses performed in connection with the 2023 LPT. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended September 30, 2024, were $10.6 million or 1.9 percentage points on the combined ratio, including $10.0 million from Hurricane Helene, compared to $6.7 million or 1.2 percentage points on the combined ratio, for the three months ended September 30, 2023, which includes losses of $3.8 million from the Hawaii wildfires and $3.3 million from Hurricane Idalia.

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Core Services Results

Services revenues decreased to $48.1 million for the three months ended September 30, 2024 compared to $58.6 million for the three months ended September 30, 2023, primarily due to the deconsolidation of Arcadian, partially offset by higher services revenues in IMG from increased demand for its travel products and services.

Net services fee income was $6.8 million for the three months ended September 30, 2024 compared to $9.9 million for the three months ended September 30, 2023, also driven by the deconsolidation of Arcadian. Service margin, which is calculated as Net service fee income as a percentage of services revenues, decreased to 14.1% for the three months ended September 30, 2024 from 16.9% for the three months ended September 30, 2023.

Net services income remained stable for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

The following tables set forth the operating segment results and ratios for the nine months ended September 30, 2024 and 2023:

_Nine months ended September 30, 2024 · ($ in millions)_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $1,023.4 | $1,390.5 | $2,413.9 | — | $71.2 | — | $2,485.1 |
| Net premiums written | 867.2 | 913.5 | 1,780.7 | — | 6.4 | — | 1,787.1 |
| Net premiums earned | 779.2 | 838.3 | 1,617.5 | — | 135.7 | — | 1,753.2 |
| Loss and loss adjustment expenses incurred, net | 406.0 | 538.8 | 944.8 | (4.1) | 58.7 | — | 999.4 |
| Acquisition costs, net | 206.8 | 206.9 | 413.7 | (93.8) | 62.4 | — | 382.3 |
| Other underwriting expenses | 59.9 | 55.4 | 115.3 | — | 12.5 | — | 127.8 |
| Underwriting income | 106.5 | 37.2 | 143.7 | 97.9 | 2.1 | — | 243.7 |
| Services revenues | — | 171.3 | 171.3 | (101.4) | — | (69.9) | — |
| Services expenses | — | 135.0 | 135.0 | — | — | (135.0) | — |
| Net services fee income | — | 36.3 | 36.3 | (101.4) | — | 65.1 | — |
| Services noncontrolling income | — | (2.1) | (2.1) | — | — | 2.1 | — |
| Net services income | — | 34.2 | 34.2 | (101.4) | — | 67.2 | — |
| Segment income | $106.5 | $71.4 | $177.9 | $(3.5) | $2.1 | $67.2 | $243.7 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 52.1% | 64.3% | 58.4% |  |  |  | 57.0% |
| Acquisition cost ratio | 26.5% | 24.7% | 25.6% |  |  |  | 21.8% |
| Other underwriting expenses ratio | 7.7% | 6.6% | 7.1% |  |  |  | 7.3% |
| Combined ratio | 86.3% | 95.6% | 91.1% |  |  |  | 86.1% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

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_Nine months ended September 30, 2023 · ($ in millions)_

| Line item | Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $1,019.3 | $1,571.6 | $2,590.9 | — | $120.9 | — | $2,711.8 |
| Net premiums written | 866.1 | 1,019.4 | 1,885.5 | — | 97.8 | — | 1,983.3 |
| Net premiums earned | 788.2 | 934.0 | 1,722.2 | — | 126.0 | — | 1,848.2 |
| Loss and loss adjustment expenses incurred, net | 368.5 | 608.8 | 977.3 | (4.0) | 42.6 | — | 1,015.9 |
| Acquisition costs, net | 186.7 | 228.7 | 415.4 | (105.6) | 51.2 | — | 361.0 |
| Other underwriting expenses | 54.6 | 61.7 | 116.3 | — | 15.8 | — | 132.1 |
| Underwriting income | 178.4 | 34.8 | 213.2 | 109.6 | 16.4 | — | 339.2 |
| Services revenues | (2.8) | 184.6 | 181.8 | (109.6) | — | (72.2) | — |
| Services expenses | — | 144.2 | 144.2 | — | — | (144.2) | — |
| Net services fee income (loss) | (2.8) | 40.4 | 37.6 | (109.6) | — | 72.0 | — |
| Services noncontrolling income | — | (5.7) | (5.7) | — | — | 5.7 | — |
| Net services income (loss) | (2.8) | 34.7 | 31.9 | (109.6) | — | 77.7 | — |
| Segment income | $175.6 | $69.5 | $245.1 | — | $16.4 | $77.7 | $339.2 |
| Underwriting Ratios: (1) |  |  |  |  |  |  |  |
| Loss ratio | 46.8% | 65.2% | 56.7% |  |  |  | 55.0% |
| Acquisition cost ratio | 23.7% | 24.5% | 24.1% |  |  |  | 19.5% |
| Other underwriting expenses ratio | 6.9% | 6.6% | 6.8% |  |  |  | 7.1% |
| Combined ratio | 77.4% | 96.3% | 87.6% |  |  |  | 81.6% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(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.

Core Premium Volume

Gross premiums written decreased by $177.0 million, or 6.8%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Net premiums written decreased by $104.8 million, or 5.6%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Net premiums earned decreased by $104.7 million, or 6.1%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, with the most significant offset being strategic organic and new program growth within Insurance & Services.

Core Underwriting Results

The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development. Favorable prior year loss reserve development for the nine months ended September 30, 2023 included $102.4 million driven by reserving analyses performed in connection with the 2023 LPT. Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $27.7 million primarily driven by favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H due to lower than expected reported attritional losses, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services.

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Core Services Results

Services revenues decreased to $171.3 million for the nine months ended September 30, 2024 compared to $181.8 million for the nine months ended September 30, 2023 primarily due to the deconsolidation of Arcadian.

Net services fee income decreased to $36.3 million for the nine months ended September 30, 2024 from $37.6 million for the nine months ended September 30, 2023 also driven by the deconsolidation of Arcadian. Service margin, which is calculated as net service fee income as a percentage of services revenues, increased to 21.2% for the nine months ended September 30, 2024 compared to 20.7% for the nine months ended September 30, 2023.

We generated net services income of $34.2 million for the nine months ended September 30, 2024, compared to $31.9 million for the nine months ended September 30, 2023, primarily driven by higher margins from IMG.

Reinsurance Segment

The Reinsurance segment predominantly underwriters Casualty, Property and Specialty lines of business on a worldwide basis. The following table sets forth underwriting results and ratios, and the period over period changes for the Reinsurance segment, for the three and nine months ended September 30, 2024 and 2023:

_($ in millions)_

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Three months ended / Change | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 | Nine months ended / Change |
| --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $314.5 | $265.4 | $49.1 | $1,023.4 | $1,019.3 | $4.1 |
| Net premiums written | 268.3 | 243.2 | 25.1 | 867.2 | 866.1 | 1.1 |
| Net premiums earned | 269.4 | 256.9 | 12.5 | 779.2 | 788.2 | (9.0) |
| Loss and loss adjustment expenses incurred, net | 137.6 | 136.2 | 1.4 | 406.0 | 368.5 | 37.5 |
| Acquisition costs, net | 69.8 | 69.4 | 0.4 | 206.8 | 186.7 | 20.1 |
| Other underwriting expenses | 20.4 | 14.4 | 6.0 | 59.9 | 54.6 | 5.3 |
| Underwriting income | 41.6 | 36.9 | 4.7 | 106.5 | 178.4 | (71.9) |
| Services revenues | — | (0.2) | 0.2 | — | (2.8) | 2.8 |
| Net services loss | — | (0.2) | 0.2 | — | (2.8) | 2.8 |
| Segment income | $41.6 | $36.7 | $4.9 | $106.5 | $175.6 | $(69.1) |
| Underwriting ratios: (1) |  |  |  |  |  |  |
| Loss ratio | 51.1% | 53.0% | (1.9)% | 52.1% | 46.8% | 5.3% |
| Acquisition cost ratio | 25.9% | 27.0% | (1.1)% | 26.5% | 23.7% | 2.8% |
| Other underwriting expense ratio | 7.6% | 5.6% | 2.0% | 7.7% | 6.9% | 0.8% |
| Combined ratio | 84.6% | 85.6% | (1.0)% | 86.3% | 77.4% | 8.9% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Premium Volume

Gross premiums written in the Reinsurance segment increased by $49.1 million, or 18.5%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily driven increases in Bermuda and New York Property and International Specialty, partially offset by lower premiums written in New York Casualty.

Gross premiums written in the Reinsurance segment increased by $4.1 million, or 0.4%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily driven by increases in International Specialty, partially offset by lower premiums written in New York Casualty and Bermuda Specialty.

Underwriting Results

The increase in net underwriting results for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily driven by lower attritional losses and favorable commission ratio, partially offset by higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended

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September 30, 2024, were $11.3 million or 4.2 percentage points on the combined ratio, including $10.0 million from Hurricane Helene, compared to $6.8 million or 2.6 percentage points on the combined ratio for the three months ended September 30, 2023, which includes losses of $3.8 million from the Hawaii wildfires and $3.3 million from Hurricane Idalia.

The decrease in net underwriting results for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, was primarily due to decreased favorable prior year loss reserve development as the nine months ended September 30, 2023 included $90.6 million driven by reserving analyses performed in connection with the 2023 LPT. Net favorable prior year loss reserve development was $33.2 million for the nine months ended September 30, 2024 primarily driven by favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends.

Insurance & Services Segment

Through the Insurance & Services segment, we underwrite primary insurance in a number of sectors. With deep expertise and global reach, we offer innovative insurance solutions to meet the changing risk circumstances of our clients every day. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Specialty.

As of September 30, 2024, we have equity stakes in 22 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, 2024, we consolidated three MGAs in our financial statements: ArmadaCorp Capital, LLC (“Armada”), Alta Signa Holdings (“Alta Signa”) and IMG. Effective June 30, 2024, we deconsolidated Arcadian when our management and Arcadian consented to certain amendments to the shareholders’ agreement and termination of the unsecured promissory note which resulted in our Company ceasing to have control over Arcadian. There has been no change to our underwriting relationship with Arcadian. We provide underwriting capacity in the form of insurance or reinsurance to 13 non-consolidated entities in addition to the three consolidated MGAs. We also have investments 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.

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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 nine months ended September 30, 2024 and 2023:

_($ in millions)_

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Three months ended / Change | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 | Nine months ended / Change |
| --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $376.0 | $460.1 | $(84.1) | $1,390.5 | $1,571.6 | $(181.1) |
| Net premiums written | 235.3 | 290.4 | (55.1) | 913.5 | 1,019.4 | (105.9) |
| Net premiums earned | 276.9 | 318.4 | (41.5) | 838.3 | 934.0 | (95.7) |
| Loss and loss adjustment expenses incurred, net | 170.1 | 219.6 | (49.5) | 538.8 | 608.8 | (70.0) |
| Acquisition costs, net | 65.9 | 76.3 | (10.4) | 206.9 | 228.7 | (21.8) |
| Other underwriting expenses | 20.0 | 16.9 | 3.1 | 55.4 | 61.7 | (6.3) |
| Underwriting income | 20.9 | 5.6 | 15.3 | 37.2 | 34.8 | 2.4 |
| Services revenues | 48.1 | 58.8 | (10.7) | 171.3 | 184.6 | (13.3) |
| Services expenses | 41.3 | 48.7 | (7.4) | 135.0 | 144.2 | (9.2) |
| Net services fee income | 6.8 | 10.1 | (3.3) | 36.3 | 40.4 | (4.1) |
| Services noncontrolling (income) loss | 0.2 | (2.4) | 2.6 | (2.1) | (5.7) | 3.6 |
| Net services income | 7.0 | 7.7 | (0.7) | 34.2 | 34.7 | (0.5) |
| Segment income | $27.9 | $13.3 | $14.6 | $71.4 | $69.5 | $1.9 |
| Underwriting ratios: (1) |  |  |  |  |  |  |
| Loss ratio | 61.4% | 69.0% | (7.6)% | 64.3% | 65.2% | (0.9)% |
| Acquisition cost ratio | 23.8% | 24.0% | (0.2)% | 24.7% | 24.5% | 0.2% |
| Other underwriting expense ratio | 7.2% | 5.3% | 1.9% | 6.6% | 6.6% | — |
| Combined ratio | 92.4% | 98.3% | (5.9)% | 95.6% | 96.3% | (0.7)% |

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Premium Volume

Gross premiums written decreased by $84.1 million, or 18.3%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $98.0 million of gross premiums written for the three months ended September 30, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

Gross premiums written decreased by $181.1 million, or 11.5%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $331.8 million of gross premiums written for the nine months ended September 30, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

Consolidated MGAs

We deconsolidated Banyan as of October 31, 2023 when we sold our ownership shares. However, we executed a three-year extension of the commercial relationship with Banyan, extending our partnership. We also deconsolidated Arcadian as of June 30, 2024 as a result of no longer having a controlling interest. The results of operations of Arcadian are included in our consolidated financial statements through June 30, 2024. There has been no change to our underwriting relationship with Arcadian.

Gross premiums written generated by the consolidated MGAs in the aggregate decreased by $91.3 million, or 60.8%, to $58.9 million for the three months ended September 30, 2024 compared to $150.2 million for the three months ended September 30, 2023, primarily resulting from the deconsolidation of Arcadian and Banyan.

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Gross premiums written generated by the consolidated MGAs in the aggregate decreased by $316.6 million, or 158.2%, to $200.1 million for the nine months ended September 30, 2024 compared to $516.7 million for the nine months ended September 30, 2023, primarily resulting from the deconsolidation of Arcadian and Banyan.

Book value for the consolidated MGAs was $89.9 million as of September 30, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian.

Underwriting Results

The improvement in underwriting income of $15.3 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily driven by net favorable prior year loss reserve development of $13.1 million for the three months ended September 30, 2024, mainly in A&H due to lower than expected reported attritional losses, compared to net adverse prior year loss reserve development of $6.6 million for the three months ended September 30, 2023, mainly in Workers’ Compensation.

The improvement in underwriting income of $2.4 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily driven by lower attritional losses in A&H.

Services Results

The decrease in services revenues of $10.7 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily due to the deconsolidation of Arcadian, partially offset by higher services revenues in IMG from increased demand for its travel products and services.

The decrease in services revenues of $13.3 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to the deconsolidation of Arcadian.

Net services income remained stable for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023.

Corporate

Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effects of the Restructuring Plan 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 nine months ended September 30, 2024 and 2023:

_($ in millions)_

| Line item | Three months ended / September 30, 2024 | Three months ended / September 30, 2023 | Three months ended / Change | Nine months ended / September 30, 2024 | Nine months ended / September 30, 2023 | Nine months ended / Change |
| --- | --- | --- | --- | --- | --- | --- |
| Gross premiums written | $23.5 | $33.3 | $(9.8) | $71.2 | $120.9 | $(49.7) |
| Net premiums written | 0.6 | 32.4 | (31.8) | 6.4 | 97.8 | (91.4) |
| Net premiums earned | 22.6 | 37.7 | (15.1) | 135.7 | 126.0 | 9.7 |
| Loss and loss adjustment expenses incurred, net | 11.2 | 18.5 | (7.3) | 58.7 | 42.6 | 16.1 |
| Acquisition costs, net | 5.9 | 21.0 | (15.1) | 62.4 | 51.2 | 11.2 |
| Other underwriting expenses | 4.5 | 5.3 | (0.8) | 12.5 | 15.8 | (3.3) |
| Underwriting income (loss) | $1.0 | $(7.1) | $8.1 | $2.1 | $16.4 | $(14.3) |

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The changes in premium volume for the three and nine months ended September 30, 2024 are primarily driven by International run-off business included in the three and nine months ended September 30, 2023, which we exited in conjunction with the LPT, offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, during the three and nine months ended September 30, 2024.

The increase in underwriting income for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 is primarily driven by catastrophe losses, net of reinsurance and reinstatement premiums, of $5.3 million, primarily from Storm Hans, included in the three months ended September 30, 2023.

The decrease in underwriting income for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 is primarily driven by an increase in acquisition costs for the nine months ended September 30, 2024, due to increased commissions on a sliding scale commission contract that experienced favorable development in the period.

Non-GAAP Financial Measures

We have included certain financial measures that are not calculated under standards or rules that comprise U.S. GAAP. Such measures, including Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio, attritional loss ratio and tangible book value per diluted common share, are referred to as non-GAAP financial measures. These non-GAAP financial measures may be defined or calculated differently by other companies. We believe these measures allow for a more complete understanding of our underlying business. These measures are used by management to monitor our results and should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Reconciliations of non-GAAP measures to the most comparable U.S. GAAP measures are included below.

Core Results

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

Core underwriting income - calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.

Core income - consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio - calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

See Note 4 “Segment reporting” to our unaudited consolidated financial statements included elsewhere in this Form 10-Q for additional information and a calculation of Core results.

Tangible Book Value Per Diluted Common Share

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 intangible assets. Management believes that effects of 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

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diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of September 30, 2024 and December 31, 2023:

_($ in millions, except share and per share amounts)_

| Line item | September 30,2024 | December 31,2023 |
| --- | --- | --- |
| Common shareholders’ equity attributable to SiriusPoint common shareholders | $2,494.9 | $2,313.9 |
| Intangible assets | (143.8) | (152.7) |
| Tangible common shareholders' equity attributable to SiriusPoint common shareholders | $2,351.1 | $2,161.2 |
| Common shares outstanding | 161,866,867 | 168,120,022 |
| Effect of dilutive stock options, restricted share units and warrants | 7,547,229 | 5,193,920 |
| Book value per diluted common share denominator | 169,414,096 | 173,313,942 |
| Book value per common share | $15.41 | $13.76 |
| Book value per diluted common share | $14.73 | $13.35 |
| Tangible book value per diluted common share | $13.88 | $12.47 |

Liquidity and Capital Resources

Liquidity Requirements

Liquidity is a measure of a company’s ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations. SiriusPoint’s insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and loss adjustment expenses, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders. SiriusPoint manages its liquidity needs primarily through the maintenance of a short duration and high quality fixed income portfolio.

SiriusPoint is a holding company and has no substantial operations of its own and its assets consist primarily of its investments in subsidiaries. Its cash needs primarily consist of the payment of corporate expenses, interest payments on senior and subordinated notes, investment opportunities and dividends to preference shareholders. SiriusPoint may also require cash to fund share repurchases. Cash at the subsidiaries is used primarily to pay loss and loss adjustment expenses, reinsurance premiums, acquisition costs, interest expense, taxes, general and administrative expenses and to purchase investments. The insurance and reinsurance business of our operating subsidiaries inherently provide liquidity, as premiums are received in advance of the time losses are paid. However, the amount of cash required to fund loss payments can fluctuate significantly from period to period, due to the low frequency/high severity nature of certain types of business we write.

For additional commitments and contingencies that may affect our liquidity requirements see Note 18 “Commitments and contingencies” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

Dividend Capacity and Capital

We are subject to regulatory and other constraints that affect our ability to pay dividends. During the three and nine months ended September 30, 2024, SiriusPoint declared and paid dividends of $4.0 million and $12.0 million, respectively, to the Series B preference shareholders (2023 - $4.0 million and $12.0 million, respectively). During the three and nine months ended September 30, 2024, SiriusPoint did not pay any dividends to its common shareholders.

For the three and nine months ended September 30, 2024, SiriusPoint received $283.0 million and $428.0 million, respectively (2023 - $10.0 million and $89.2 million, respectively), of distributions from SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), its immediate wholly-owned subsidiary. We believe the dividend/distribution

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capacity of SiriusPoint’s subsidiaries, which was approximately $810.0 million as of December 31, 2023, 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 2023 Form 10-K.

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. The Company’s 2023 filed BSCR ratio was 255%. Further, the Company is currently completing its third quarter 2024 Bermuda Quarterly Financial Return, with the estimated ratio improving to 265%.

Sources of Liquidity

Our operating subsidiaries sources of liquidity have primarily consisted of net premiums written, reinsurance recoveries, investment income and proceeds from sales of or dividends or distributions attributable to investments. Other potential sources of liquidity include borrowings under our credit facilities and issuances of securities.

Effective February 26, 2021, the Company entered into a three-year, $300.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, which was renewed in February 2024 for one additional year. The Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. Loans and letters of credit under the Facility will become available, subject to customary conditions precedent. As of September 30, 2024, the Company was in compliance with all of the covenants under the Facility and there were no outstanding borrowings under the Facility.

Financing

We expect that our cash and cash equivalents on the balance sheet and cash flow from operations will provide us with the financial flexibility to execute our strategic objectives. Our ability to generate cash, however, is subject to our performance, general economic conditions, industry trends and other factors. To the extent cash and cash equivalents on the balance sheet, investment returns and cash flow from operations are insufficient to fund our future activities and requirements, we may need to raise additional funds through public or private equity or debt financing. If we issue equity securities in order to raise additional funds, substantial dilution to existing shareholders may occur. If we raise cash through the issuance of additional indebtedness, we may be subject to additional contractual restrictions on our business. There is no assurance that we would be able to raise the additional funds on favorable terms or at all.

The following table represents a summary of our debt obligations as of September 30, 2024 and December 31, 2023:

| Line item | September 30, 2024 / Amount | September 30, 2024 / Effective rate (1) | December 31, 2023 / Amount | December 31, 2023 / Effective rate (1) |
| --- | --- | --- | --- | --- |
| 2024 Senior Notes, at face value | 400.0 | 7.4% | n/a | n/a |
| Unamortized discount and issuance costs | (5.5) |  | n/a |  |
| 2024 Senior Notes, carrying value | 394.5 |  | n/a |  |
| 2017 SEK Subordinated Notes, at face value | $271.4 | 8.1% | $273.6 | 7.7% |
| Unamortized discount | (5.4) |  | (5.7) |  |
| 2017 SEK Subordinated Notes, carrying value | 266.0 |  | 267.9 |  |
| 2016 Senior Notes, at face value | — | — | 400.0 | 4.6% |
| Unamortized premium | — |  | 3.5 |  |
| 2016 Senior Notes, carrying value | — |  | 403.5 |  |
| 2015 Senior Notes, at face value | — | — | 115.0 | 7.0% |
| Unamortized issuance costs | — |  | (0.2) |  |
| 2015 Senior Notes, carrying value | — |  | 114.8 |  |
| Total debt | $660.5 |  | $786.2 |  |

(1) Effective rate considers the effect of the debt issuance costs, discount, and premium.

In April 2024, we issued $400.0 million aggregate principal amount of 7.0% Senior Notes due 2029 (the “2024 Senior Notes”). Interest is payable on the 2024 Senior Notes semi-annually in arrears. In April 2024, we amended our 4.6% 2016 Senior Notes pursuant to a Fourth Supplemental Indenture thereto with The Bank of New York Mellon, as trustee, and following such amendments we completed the redemption of all remaining outstanding $400.0 million aggregate principal amount of our 2016 Senior Notes. We also redeemed all $115.0 million aggregate principal amount of our 2015 Senior Notes in April 2024. We used certain of the proceeds from the 2024 Senior Notes, together with available cash, to fund the purchase of validly tendered 2016 Senior Notes and the redemptions of the 2016 Senior Notes and the 2015 Senior Notes.

For further details and discussion with respect to the 2017 SEK Subordinated Notes, 2024 Senior Notes, 2016 Senior Notes, and 2015 Senior Notes, please refer to Note 13 “Debt and letter of credit facilities” of Part II, Item 8. “Financial Statements and Supplementary Data” included in our 2023 Form 10-K.

Debt Covenants

As of September 30, 2024, SiriusPoint was in compliance with all of the covenants under the 2024 Senior Notes and the 2017 SEK Subordinated Notes.

Series A Preference Shares

Pursuant to the CMIG Agreement, the Company settled all Series A Preference Shares held by CM Bermuda Ltd. during the three months ended September 30, 2024.

For further details and discussion with respect to the Series A Preference Shares, see Note 3 “Significant transactions” and Note 18 “Commitments and contingencies” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

Series B Preference Shares

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

As of September 30, 2024, the carrying value of the Series B preference shares was $200.0 million and reflected in shareholders’ equity attributable to SiriusPoint shareholders in the consolidated balance sheets. During the three and nine months ended September 30, 2024, the Company declared and paid dividends of $4.0 million and $12.0 million, respectively, to the Series B preference shareholders.

For further details and discussion with respect to the Series B preference shares, see Note 15 “Shareholders' equity” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

Letter of Credit Facilities

As of September 30, 2024, $1,205.5 million of letters of credit had been issued. 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 September 30, 2024.

For further details and discussion with respect to letter of credit facilities, see Note 13 “Debt and letter of credit facilities” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

Cash Secured Letter of Credit Agreements

Under the cash secured letter of credit facilities, we provide collateral that consists of cash and cash equivalents and debt securities. As of September 30, 2024, total cash and cash equivalents and debt securities with a fair value of $1,369.6 million were pledged as collateral against the letters of credit issued.

We believe that we have adequate capacity between our existing cash secured letter of credit agreements as well as available investments to post in reinsurance trusts to meet our collateral obligations under our existing and future reinsurance business.

For further details and discussion with respect to cash secured letter of credit agreements, see Note 13 “Debt and letter of credit facilities” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

Cash, Restricted Cash and Cash Equivalents and Restricted Investments

Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of 90 days or less. We invest a portion of the collateral securing certain reinsurance contracts in U.S. treasury securities and sovereign debt. This portion of the collateral is included in debt securities in the consolidated balance sheets and is disclosed as part of restricted investments. In addition, restricted investments also pertain to limited partnership interests in Third Point funds securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled.

Restricted cash and cash equivalents and restricted investments decreased by $318.2 million, or 11.4%, to $2,481.9 million as of September 30, 2024 from $2,800.1 million as of December 31, 2023. The decrease was primarily due to a decrease in investments securing reinsurance contracts and letters of credit.

For additional information on restricted cash, cash equivalents and investments, see Note 5 “Cash, cash equivalents, restricted cash and restricted investments” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

Cash Flows

Our cash flows from operations generally represent the difference between: (1) premiums collected and investment income and (2) loss and loss expenses paid, reinsurance purchased, underwriting and other expenses paid. Cash flows from operations may differ substantially from net income and may be volatile from period to period depending on the underwriting opportunities available to us and other factors. Due to the nature of our underwriting portfolio, claim payments can be unpredictable and may need to be made within relatively short periods of time. Claim payments can also be required several months or years after premiums are collected. In addition, as discussed above, SiriusPoint has access to the $300.0 million Facility that provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements and retrocessional agreements.

Operating, investing and financing cash flows for the nine months ended September 30, 2024 and 2023 were as follows:

_($ in millions)_

| Line item | 2024 | 2023 |
| --- | --- | --- |
| Net cash provided by (used in) operating activities | $(33.0) | $367.9 |
| Net cash provided by (used in) investing activities | 140.4 | (395.3) |
| Net cash used in financing activities | (393.5) | (75.1) |
| Net decrease in cash, cash equivalents and restricted cash | (286.1) | (102.5) |
| Cash, cash equivalents and restricted cash at beginning of period | 1,101.3 | 913.7 |
| Cash, cash equivalents and restricted cash at end of period | $815.2 | $811.2 |

Operating Activities

Cash flows used in operating activities can fluctuate due to timing differences between the collection of premiums and reinsurance recoverables, the payment of losses and loss expenses, and the payment of premiums to reinsurers. The change in cash flows in operating activities for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to a decrease in the collection of premiums, as well as the loss on settlement of the Series A preference shares under the CMIG Agreement.

Investing Activities

Cash flows provided by investing activities for the nine months ended September 30, 2024 are driven by higher proceeds from sales and maturities of debt securities compared to purchases during the period, primarily to fund financing activities. Cash flows used in investing activities for the nine months ended September 30, 2023 primarily relates to purchases of debt securities during the period.

Financing Activities

Cash flows used in financing activities for the nine months ended September 30, 2024 primarily consisted of a $517.9 million payment for the redemption of debt, a $129.7 million payment for the share repurchase under the CMIG Agreement, $98.2 million for a payment on a deposit liability contract, and $40.8 million related to the settlement of the Series A Preference shares under the CMIG Agreement, partially offset by $393.9 million of proceeds from the issuance of debt, net of costs, and $18.5 million of proceeds from the exercise of options. Cash flows used in financing activities for the nine months ended September 30, 2023 primarily consisted of $38.5 million for the settlement of CVRs, $18.0 million for the repayment of loans related to agreements to repurchase securities $12.0 million for cash dividends paid to preference shareholders, and $9.2 million for taxes paid on withholding shares, partially offset by $10.4 million of proceeds from the exercise of warrants and options.

Financial Condition

As of September 30, 2024, total shareholders’ equity was $2,696.5 million, compared to $2,530.6 million as of December 31, 2023. The increase was due to net income of $205.2 million and accumulated other comprehensive income from unrealized gains from AFS debt securities of $90.4 million for the nine months ended September 30, 2024, partially offset by the impact of the share repurchase in the period.

Contractual Obligations

Refer to Note 13 “Debt and letter of credit facilities” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q for changes to our debt obligations.

Except as otherwise noted above, there have been no other material changes to our contractual obligations from our 2023 Form 10-K.

Critical Accounting Policies and Estimates

For a summary of our significant accounting and reporting policies, please refer to Note 2 “Significant accounting policies” of Part II, Item 8. “Financial Statements and Supplementary Data” included in our 2023 Form 10-K.

Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions. As of December 31, 2023, the accounting policies that required the most significant judgments and estimations by management were: (1) premium revenue recognition, (2) loss and loss adjustment expense reserves, (3) fair value measurements related to our investments, (4) valuation of components of purchase consideration, loss and adjustment expenses reserves and intangible assets relating to acquisition of Sirius Group and (5) income taxes. If actual events differ significantly from the underlying judgments or estimates used by management in the application of these accounting policies, there could be a material adverse effect on our results of operations and financial condition. Refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in our 2023 Form 10-K.

## ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Our consolidated balance sheets include a substantial amount of assets and liabilities whose fair values are subject to market risk. The term market risk refers to the risk of loss arising from adverse changes in interest rates, credit spreads, equity markets prices, and other relevant market rates and prices. Due to our sizable investment portfolio, market risk can have a significant effect on our consolidated financial position.

We believe we are principally exposed to the following types of market risk:

- interest rate risk; and
- foreign currency exchange risk.

Interest Rate Risk

Interest rate risk is the price sensitivity of a security to changes in interest rates. Our investment portfolio includes fixed income investments, whose fair values will fluctuate with changes in interest rates. Increases and decreases in prevailing interest rates generally translate into decreases and increases in fair values of fixed income investments, respectively. Additionally, fair values of interest rate sensitive instruments may be affected by the creditworthiness of the issuer, prepayment options, relative values of alternative investments, the liquidity of the instrument, and other market factors.

We manage the interest rate risk associated with our portfolio of fixed income investments by matching asset backing reserves with that of our economic liabilities, in addition to monitoring the average of investment-grade corporate securities; U.S. government and agency securities; foreign government, agency and provincial obligations; preferred stocks; asset-backed and mortgage-backed securities; and municipal obligations.

The following table summarizes the estimated effects of hypothetical increases and decreases in market interest rates on our debt securities as of September 30, 2024:

_($ in millions)_

| Line item | Fair value | Assumed change in interest rate | Estimated fair value after change in interest rate | Pre-tax increase (decrease) in carrying value |
| --- | --- | --- | --- | --- |
| Debt securities | $5,644.9 | 300 bp decrease | 6,139.4 | $494.5 |
|  |  | 200 bp decrease | 5,974.6 | 329.7 |
|  |  | 100 bp decrease | 5,809.8 | 164.9 |
|  |  | 50 bp decrease | 5,727.4 | 82.5 |
|  |  | 50 bp increase | 5,559.7 | (85.2) |
|  |  | 100 bp increase | 5,474.4 | (170.5) |
|  |  | 200 bp increase | 5,303.9 | (341.0) |
|  |  | 300 bp increase | 5,133.3 | $(511.6) |

The magnitude of the fair value decrease in rising rates scenarios may be more significant than the fair value increase in comparable falling rates scenarios. This can occur because (i) the analysis floors interest rates at a de minimis level in falling rate scenarios, muting price increases, (ii) portions of the fixed income investment portfolio may be callable, muting price increases in falling interest rate scenarios and/or (iii) portions of the fixed income investment portfolio may experience cash flow extension in higher interest rate environments, which generally results in lower fixed income asset prices.

Interest payments on our 2017 SEK Subordinated Notes are required to be serviced in Swedish kronor by reference to Stockholm Interbank Offered Rate, a floating interest rate benchmark. This benchmark rate has increased year to date and it is possible that it will continue to do so, which could result in increasing our interest expense in U.S. dollars.

Investments in Related Party Investment Funds

The carrying values of our investments in Related Party Investment Funds are carried at fair value. We have elected the practical expedient for fair value for these investments which is estimated based on our share of the net asset value of the respective limited partnership, as provided by the independent fund administrator. Market prices of the underlying investment securities, in general, are subject to fluctuations. Assuming a hypothetical 10% and 30% increase or decrease in the value of our investments in Related Party Investment Funds as of September 30, 2024, the carrying value of these investments would have increased or decreased by approximately $11.5 million and $34.4 million, pre-tax, respectively.

Foreign Currency Exchange Risk

In the ordinary course of business, we hold non-U.S. dollar denominated assets and liabilities, which are valued using period-end exchange rates. Non-U.S. dollar denominated foreign revenues and expenses are valued using average exchange rates over the period. Foreign currency exchange-rate risk is the risk that we will incur losses on a U.S. dollar basis due to adverse changes in foreign currency exchange rates.

The following table summarizes the estimated effects of a hypothetical 10% increase and decrease in the value of the U.S. dollar against select foreign currencies would have had on the carrying value of our net assets as of September 30, 2024:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 10% increase |  | 10% decrease |  |
|  | ($ in millions) |  |  |  |
| Swedish Krona to U.S. Dollar | $ | $0.3 | $ | $(0.3) |
| British Pound to U.S. Dollar | (1.5) |  | 1.5 |  |
| Swiss Franc to U.S. dollar | (0.9) |  | 0.9 |  |
| Euro to U.S. Dollar | (0.7) |  | 0.7 |  |
| Canadian Dollar to U.S. Dollar | $ | $(1.9) | $ | $1.9 |

## ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of September 30, 2024. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - Other Information

## Item 1. Item

ITEM 1. Legal Proceedings

The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company’s industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or

entities seeking damages from policyholders. These lawsuits, which involve or arise out of claims on policies issued by the Company’s subsidiaries, are typical to the insurance industry in general and in the normal course of our business. These claims are considered in the Company’s loss and loss expense reserves. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company’s ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process, contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations.

## Item 1A. Item

ITEM 1A. Risk Factors     

Our business is subject to a number of risks, including those described in the Company’s risk factors disclosed in Part I, Item 1A of our 2023 Form 10-K, that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, cash flows and results of operations. Below are material changes to our risk factors since our 2023 Form 10-K.

We are reliant on financial strength and credit ratings, and any downgrade or withdrawal of ratings and/or change in outlook may have a material adverse effect on our business, prospects, financial condition and results from operations.

Third-party rating agencies assess and rate the financial strength, including claims-paying ability, of insurers and reinsurers. These ratings are based upon criteria established by the rating agencies and are subject to revision at any time at the sole discretion of the rating agencies. Some of the criteria relate to general economic conditions and other circumstances outside of the rated company's control. These financial strength ratings are used by policyholders, agents and brokers to assess the suitability of insurers and reinsurers as business counterparties and are an important factor in establishing our competitive position in insurance and reinsurance markets.

The maintenance of an “A-” or better financial strength rating from AM Best and/or S&P or “A3” or better financial strength rating from Moody's is particularly important to our operating insurance and reinsurance subsidiaries to bind property and casualty insurance and reinsurance business in most markets. In addition, issuer credit ratings are used by existing or potential investors to assess the likelihood of repayment on a particular debt issue. Accordingly, the maintenance of an investment grade credit rating (e.g., “BBB-” or better from S&P or Fitch) is important to our ability to raise new debt with acceptable terms. Strong credit ratings are important factors that provide better financial flexibility when issuing new debt or restructuring existing debt. A downgrade, withdrawal or similar action concerning our credit ratings could limit our ability to raise new debt or could make new debt more costly and/or result in more restrictive conditions.

We are the obligor of $400.0 million in aggregate principal amount of 2024 Senior Notes. In certain circumstances, if an event of default were to occur and remain uncured then the 2024 Senior Notes will become immediately due and payable. Either of these outcomes could require use of cash that we might otherwise use in operating our business. In addition, we may not have sufficient funds to satisfy these obligations, which could result in an event of default under the indenture governing the 2024 Senior Notes. Effective February 26, 2021, the Company entered into a three-year, $300.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, which was renewed in February 2024 for one additional year. In certain circumstances, a downgrade of the rating assigned to the Facility would result in an increase in the annual interest rate payable on the Facility, which could require use of cash that we might otherwise use in operating our business. See “Risks Relating to Our Business—Inability to service our indebtedness could adversely affect our liquidity and financial condition and could potentially result in a downgrade or withdrawal of our credit ratings, any of which could adversely affect our financial condition and results of operations.”

Rating agencies periodically evaluate us and our operating insurance and reinsurance companies to confirm that we continue to meet the criteria of the ratings previously assigned to us. A downgrade or withdrawal of the financial strength rating of our operating insurance and reinsurance companies could severely limit or prevent us from writing new policies or renewing existing policies, which could have a material adverse effect on our results of operations and financial condition. Additionally, some of our assumed reinsurance contracts contain optional cancellation, commutation and/or funding provisions that would be triggered if AM Best and/or S&P were to downgrade our rating below “A-” or withdraw the financial strength ratings of our principal insurance and reinsurance operating subsidiaries. A downgrade may also require us

to establish trusts or post letters of credit for ceding company clients. A client may choose to exercise these rights depending on, among other things, the reasons for such a downgrade, the extent of the downgrade, the prevailing market conditions, the degree of unexpired coverage, and the pricing and availability of replacement reinsurance coverage. We cannot predict in advance how many of our clients would exercise such rights in the event of a downgrade or withdrawal, but widespread exercise of these options could be materially adverse.

Inability to service our indebtedness could adversely affect our liquidity and financial condition and could potentially result in a downgrade or withdrawal of our credit ratings, any of which could adversely affect our financial condition and results of operations.

As of September 30, 2024, our outstanding indebtedness included $266.0 million in 2017 SEK Subordinated Notes and $394.5 million in 2024 Senior Notes.

We are a holding company and, accordingly, conduct substantially all operations through our operating subsidiaries. As a result, our cash flow and our ability to service our debt depend in part upon the earnings of our operating subsidiaries and on the distribution of earnings, loans or other payments from such subsidiaries to us. See “Risks Relating to Our Business—Our ability to pay dividends may be constrained by our holding company structure and certain regulatory and other factors.”

Our operating subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts due on our indebtedness, or to provide us with funds for our payment obligations, whether by dividends, distributions, loans or other payments. Our operating subsidiaries may not generate sufficient cash flow from operations, and future financing sources may not be available to us in amounts sufficient to satisfy our obligations under our indebtedness, to refinance our indebtedness on acceptable terms or at all, or to fund our other business needs. In addition to being limited by the financial condition and operating requirements of such subsidiaries, any payment of dividends, distributions, loans or advances by our subsidiaries to us could be subject to statutory or contractual restrictions.

To the extent that we need funds but our subsidiaries are restricted from making such distributions under applicable law or regulation, or are otherwise unable to distribute funds, our liquidity and financial condition would be adversely affected and we would potentially be unable to satisfy our obligations under our existing or future indebtedness or any of our other obligations. If we cannot service our indebtedness, the implementation of our business strategy would be impeded, and we could be prevented from entering into transactions that would otherwise benefit our business.

Our right to receive any assets of any of our respective subsidiaries upon liquidation or reorganization of such subsidiaries, and therefore the rights of the holders of our indebtedness to participate in those assets, will be structurally subordinated to the claims of such subsidiary’s creditors. In addition, even if we were a creditor of any of our respective subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of such subsidiaries and any indebtedness of such subsidiaries senior to that held by us. Our indebtedness would also be structurally subordinated to the rights of the holders of any preferred stock or shares issued by our subsidiaries, whether currently outstanding or issued hereafter. Moreover, the rights of shareholders of SiriusPoint to receive any assets of SiriusPoint upon liquidation or reorganization of SiriusPoint would be subordinate to all of the foregoing claims.

Our indebtedness may limit cash flow available to invest in the ongoing needs of our business and may otherwise place us at a competitive disadvantage compared to our competitors.

We or our subsidiaries may in the future incur or guarantee additional indebtedness. The indentures governing the 2024 Senior Notes and 2017 SEK Subordinated Notes do not limit the amount of additional indebtedness we may incur. Our debt combined with our other financial obligations and contractual commitments could have significant adverse consequences, including:

- requiring us to dedicate a substantial portion of cash flow from operations to the payment of interest on, and principal of, our debt and payment of other obligations and commitments, which will reduce the amounts available to fund working capital, the expansion of our business and other general corporate purposes;
- increasing our vulnerability to adverse changes in general economic, industry and market conditions, and exposing us to the risk of changing interest rates;
- obligating us to additional restrictive covenants that may reduce our ability to take certain corporate actions or obtain further debt or equity financing;
- making it more difficult for us to make payments on our existing or future obligations;
- limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we compete; and
- placing us at a competitive disadvantage compared to our competitors that have less debt or better debt servicing options.

In addition, a failure to comply with the covenants under our debt instruments could result in an event of default under those instruments. In the event of an acceleration of amounts due under our debt instruments as a result of an event of default, we may not have sufficient funds and may be unable to arrange for additional financing to repay our indebtedness, and the lenders could seek to enforce security interests in the collateral securing such indebtedness.

We may not have the liquidity or ability to raise the funds necessary to pay the principal or interest on our outstanding debt obligations.

At maturity, the entire outstanding principal amount of our 2024 Senior Notes and 2017 SEK Subordinated Notes, plus any accrued and unpaid interest, will become due and payable. We must pay interest in cash on the notes quarterly, or semi-annually, as applicable. We may not have enough available cash or be able to obtain sufficient financing at the time we are required to make these payments. Furthermore, our ability to make these payments may be limited by law, by regulatory authority or by agreements governing our indebtedness. Our failure to pay interest when due, if uncured for 30 days, or our failure to pay the principal amount when due, will constitute an event of default under the indentures governing the 2024 Senior Notes and the 2017 SEK Subordinated Notes. A default under the indentures could also lead to a default under agreements governing our indebtedness. If the repayment of that indebtedness is accelerated as a result, then we may not have sufficient funds to repay that indebtedness or to pay the principal or interest on the 2024 Senior Notes and the 2017 SEK Subordinated Notes.

## Item 2. Item

ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

On July 31, 2024, the Company’s Board of Directors authorized the repurchase of an additional $250.0 million common shares, which, together with the amount remaining under the share repurchase programs previously authorized on May 4, 2016 and February 28, 2018, will allow the Company to repurchase up to $306.3 million of its common shares in the aggregate. The share repurchase program does not have an expiration date.

The following table summarizes our repurchase of common shares during the three months ended September 30, 2024:

| Line item | (a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares purchased as part of publicly announced plans or programs | (d) Maximum dollar value of shares that may yet be purchased under the plans or programs |
| --- | --- | --- | --- | --- |
| July 1, 2024 - July 31, 2024 | — | — | — | $306,309,722 |
| August 1, 2024 - August 31, 2024 | 9,077,705 | 13.77 | 9,077,705 | 181,309,722 |
| September 1, 2024 - September 30, 2024 | — | — | — | 181,309,722 |
| Total | 9,077,705 | $13.77 | 9,077,705 | $181,309,722 |

## Item 3. Item

ITEM 3. Defaults Upon Senior Securities

None.

## Item 4. Item

ITEM 4. Mine Safety Disclosures

Not applicable.

## Item 5. Item

ITEM 5. Other Information

During the three months ended September 30, 2024, none of the Company’s directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

## Item 6. Item

ITEM 6. Exhibits

|  |  |
| --- | --- |
| 4.1 | Loss Portfolio Transfer Reinsurance Agreement, dated as of October 1, 2024, between SiriusPoint America Insurance Company and Clarendon National Insurance Company. |
| 31.1 | Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2 | Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1** | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2** | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |

* Management contracts or compensatory plans or arrangements.

** This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

September 30,   2024 December 31,   2023

Assets

Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2023 - $0.0) (cost - $5,316.3; 2023 - $4,754.6) $5,411.8 $4,755.4

Debt securities, trading, at fair value (cost - $250.3; 2023 - $568.1) 233.1 534.9

Short-term investments, at fair value (cost - $52.2; 2023 - $370.8) 52.4 371.6

Investments in related party investment funds, at fair value 114.5 105.6

Other long-term investments, at fair value (cost - $329.8; 2023 - $358.1) (includes related party investments at fair value of $146.5 (2023 - $173.7)) 236.1 310.1

Total investments 6,047.9 6,077.6

Cash and cash equivalents 640.7 969.2

Restricted cash and cash equivalents 174.5 132.1

Redemption receivable from related party investment fund — 3.0

Due from brokers 13.9 5.6

Interest and dividends receivable 49.4 42.3

Insurance and reinsurance balances receivable, net 2,069.1 1,966.3

Deferred acquisition costs, net 330.0 308.9

Unearned premiums ceded 467.2 449.2

Loss and loss adjustment expenses recoverable, net 2,198.7 2,295.1

Deferred tax asset 249.2 293.6

Intangible assets 143.8 152.7

Other assets 298.1 175.9

Total assets $12,682.5 $12,871.5

Liabilities

Loss and loss adjustment expense reserves $5,702.1 $5,608.1

Unearned premium reserves 1,684.0 1,627.3

Reinsurance balances payable 1,509.6 1,736.7

Deposit liabilities 20.2 134.4

Deferred gain on retroactive reinsurance 21.7 27.9

Debt 660.5 786.2

Due to brokers 23.1 6.2

Deferred tax liability 38.9 68.7

Liability-classified capital instruments 58.4 67.3

Accounts payable, accrued expenses and other liabilities 267.5 278.1

Total liabilities 9,986.0 10,340.9

Commitments and contingent liabilities 

Shareholders’ equity

Series B preference shares (par value $0.10; authorized and issued: 8,000,000) 200.0 200.0

Common shares (issued and outstanding: 161,866,867; 2023 - 168,120,022) 16.2 16.8

Additional paid-in capital 1,591.0 1,693.0

Retained earnings 806.2 601.0

Accumulated other comprehensive income, net of tax 81.5 3.1

Shareholders’ equity attributable to SiriusPoint shareholders 2,694.9 2,513.9

Noncontrolling interests 1.6 16.7

Total shareholders’ equity 2,696.5 2,530.6

Total liabilities, noncontrolling interests and shareholders’ equity $12,682.5 $12,871.5

The accompanying Notes to the Consolidated Financial Statements are   an integral part of the Consolidated Financial Statements.

SiriusPoint Ltd.

Date: October 31, 2024

/s/ Scott Egan

Scott Egan

Chief Executive Officer

(Principal Executive Officer)

/s/ Jim McKinney

Jim McKinney

Chief Financial Officer

(Principal Financial Officer)

/s/ Evan Cabat

Evan Cabat

Chief Accounting Officer

(Principal Accounting Officer)

---

## EX-4.6 FORM OF MASTER AGREEMENT

SEC source: [projectzen-lptretroagreeme.htm](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/projectzen-lptretroagreeme.htm)

CONFIDENTIAL EXECUTION VERSION

LOSS PORTFOLIO TRANSFER REINSURANCE AGREEMENT

BY AND BETWEEN

SIRIUSPOINT AMERICA INSURANCE COMPANY

AND

CLARENDON NATIONAL INSURANCE COMPANY

DATED AS OF OCTOBER 1, 2024

CONFIDENTIAL EXECUTION VERSION

NOTE: CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS 1

SECTION 1.1Definitions. 1

ARTICLE II REINSURANCE CEDED 8

SECTION 2.1Reinsurance Coverage. 8

SECTION 2.2Follow the Fortunes.. 8

SECTION 2.3Contract Changes. 8

SECTION 2.4Territory. 8

SECTION 2.5Inuring Reinsurance. 8

SECTION 2.6Exclusions. 8

ARTICLE III REINSURANCE CONSIDERATION 9

SECTION 3.1Reinsurance Premium. 9

SECTION 3.2Net Subject Premium Adjustment. 9

ARTICLE IV ADMINISTRATION 10

SECTION 4.1Administration. 10

SECTION 4.2Reports and Settlements. 10

ARTICLE V BOOKS AND RECORDS 11

SECTION 5.1Access to Books and Records. 11

ARTICLE VI DURATION AND TERMINATION 12

SECTION 6.1Duration and Termination 12

SECTION 6.2Effect of Termination. 12

ARTICLE VII SPECIAL TERMINATION 12

SECTION 7.1Recapture Events. 12

SECTION 7.2Recapture Effective Time. 13

SECTION 7.3Payment of Recapture Amount. 13

SECTION 7.4Inspection Rights. 13

SECTION 7.5Dispute Resolution for Termination and Recapture Matters. 13

ARTICLE VIII INSOLVENCY 14

SECTION 8.1Insolvency of the Cedent. 14

ARTICLE IX FUNDS WITHHELD ACCOUNT 15

i

SECTION 9.1Funds Withheld Account. 15

SECTION 9.2Funds Withheld Account Balance. 15

SECTION 9.3Funds Withheld Account Excess 15

SECTION 9.4Interest Credit.. 16

SECTION 9.5Funds Withheld Account Deductions. 16

ARTICLE X SECURITY 16

SECTION 10.1Security 16

SECTION 10.2Eligible Letters of Credit. 16

SECTION 10.3Draw upon Eligible Letters of Credit. 17

SECTION 10.4Return upon Termination. 18

ARTICLE XI SALVAGE AND SUBROGATION 18

SECTION 11.1Salvage and Subrogation. 18

SECTION 11.2Expenses. 18

ARTICLE XII REGULATORY REQUIREMENTS 18

SECTION 12.1Regulatory Requirements. 18

ARTICLE XIII ERRORS AND OMISSIONS; REGULATORY MATTERS; COVENANTS 18

SECTION 13.1Errors and Omissions 18

SECTION 13.2Cooperation 19

SECTION 13.3Regulatory Matters. 19

SECTION 13.4Changes to Existing Agreements. 19

ARTICLE XIV INDEMNIFICATION 19

SECTION 14.1Reinsurer’s Obligation to Indemnify.. 19

SECTION 14.2Cedent’s Obligation to Indemnify. 19

ARTICLE XV MISCELLANEOUS PROVISIONS 20

SECTION 15.1Notices. 20

SECTION 15.2Entire Agreement 21

SECTION 15.3Waiver and Amendment. 21

SECTION 15.4Successors and Assigns. 21

SECTION 15.5Headings. 21

SECTION 15.6Dispute Resolution. 21

SECTION 15.7Governing Law.. 23

ii

SECTION 15.8Enforcement of Arbitration Award; Service of Suit. 23

SECTION 15.9No Third Party Beneficiaries.. 24

SECTION 15.10Counterparts.. 24

SECTION 15.11Severability.. 25

SECTION 15.12Offset.. 25

SECTION 15.13Waiver of Duty of Utmost Good Faith.. 25

SECTION 15.14Currency.. 25

SECTION 15.15Interpretation.. 25

SECTION 15.16Representation.. 26

Exhibits and Attachments

EXHIBIT A - Accounting Report

Schedule I – Inuring Reinsurances

Schedule II – List of Eligible Letter of Credit Banks

Schedule III – Ultimate Net Loss

iii

LOSS PORTFOLIO TRANSFER REINSURANCE AGREEMENT

This LOSS PORTFOLIO TRANSFER REINSURANCE AGREEMENT, dated October 1, 2024 (this “Agreement”), is made and entered into by and between SiriusPoint America Insurance Company, a New York insurance company (the “Cedent”), and Clarendon National Insurance Company, a Texas insurance company (the “Reinsurer”). In this Agreement, the Cedent and the Reinsurer are referred to individually as a “Party” and together as the “Parties.”

WHEREAS, the Cedent and the Reinsurer entered into a Master Agreement dated April 30, 2024 (the “Master Agreement”), pursuant to which the Parties agreed to enter into this Agreement on the Closing Date; and

WHEREAS, pursuant to this Agreement, the Cedent will cede, and the Reinsurer will assume, one hundred percent (100%) of the risks and liabilities with respect to the Subject Business net of Inuring Reinsurance, subject to the Aggregate Limit and the other terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and upon the terms and subject to the conditions set forth herein, the Parties hereby agree as follows:

Article I  
DEFINITIONS

SECTION I.1Definitions. The following terms shall have the meanings ascribed to them below:

“Accounting Report” means the report in the form attached hereto as Exhibit A.

“Acquisition Costs” means the [*****] fee payable, pursuant to the PMA, by the Cedent to [*****] and/or any of its Affiliates.

“Action” means any civil, criminal or administrative action, arbitration, suit, claim, litigation, examination or similar proceeding, in each case by or before a Governmental Authority.

“Actuarial Firm” has the meaning set forth in Section 7.5(b).

“Administrative Services Agreement” means the Administrative Services Agreement, dated as of the date hereof, by and between the Cedent and the Administrator.

“Administrator” means Enstar (US) Inc., a Delaware corporation.

“Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with,

1

such specified Person. For purposes of this definition, “control” (including the terms “controlling,” “controlled by” and “under common control”) with respect to the relationship between or among two (2) or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise.

“Aggregate Limit” means an amount equal to (i) USD $600,000,000, minus (ii) the Interim Paid UNL, plus (iii) the amount of the Net Subject Premium Adjustment.

“Agreement” has the meaning set forth in the Preamble.

“Allocated Loss Adjustment Expenses” means expenses and costs assignable to the investigation, appraisal, adjustment, settlement, litigation, defense and/or appeal of claims under the SP Contracts, regardless of how such expenses are classified for statutory reporting purposes. Without limiting the foregoing, “Allocated Loss Adjustment Expenses” shall include all costs and expenses incurred in connection with the administration of the Subject Business, including, but not limited to, declaratory judgment expense, interest on judgments, Third Party Administrator Expenses and any other expenses of outside adjusters and consultants, expenses and a pro rata share of salaries of the Cedent’s field employees and expenses of other employees of the Cedent who have been temporarily diverted from their normal and customary duties and assigned to the adjustment of losses covered by this Agreement; provided, that “Allocated Loss Adjustment Expenses” shall not include (i) ordinary course salaries payable to the Cedent’s employees or agents or (ii) administrative costs related to office space, overhead or supplies.

“Applicable Law” means any domestic or foreign, federal, state or local statute, law, ordinance or code, or any written rules or regulations or administrative interpretations issued by any Governmental Authority pursuant to any of the foregoing, in each case applicable to either Party, and any Order, writ, injunction, directive, judgment or decree of a Governmental Authority of competent jurisdiction applicable to either Party.

“Books and Records” means originals or copies of all records and all other data and information (in whatever form maintained) in the possession or control of a Party or its Affiliates to the extent relating to the Subject Business or this Agreement, including: (i) administrative records, (ii) claim records, (iii) policy and reinsurance contract files, (iv) sales records, (v) underwriting records and (vi) accounting records, but, excluding: (a) Tax Returns, (b) files, records, data and information with respect to employees or any employee benefit plan, (c) any materials or other information the disclosure or transfer of which would violate Applicable Law or a contract, agreement or obligation of confidentiality owing to a third party, jeopardize the protection of an attorney-client privilege or expose the disclosing Party to liability for disclosure of sensitive or personal information and (d) any internal drafts, opinions, valuations, correspondence or other materials prepared in connection with the negotiation, valuation and consummation of the transactions contemplated by this Agreement; provided, that if any such records, information or data (or any portion thereof) referred to in the foregoing subclauses (i) to (vi) above do not relate to the Subject Business, such information shall not constitute “Books and Records” for purposes of this Agreement. Notwithstanding the foregoing, any records, information or data (or any portion thereof) related to the foregoing subclauses (i) to (vi) above

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that are maintained by [*****], [*****] or a non-Affiliate of the Cedent shall only constitute “Books and Records” for purposes of this Agreement if the Cedent has access to such records, information or data and has the right to give the Reinsurer access to such records, information or data.

“Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks in New York City, New York or Hamilton, Bermuda are required or authorized by law to be closed.

“Carried Reserves” means the net carried reserves, including claims reserves and unearned premium reserves, of the Cedent with respect to the Ultimate Net Loss, determined by the Cedent (i) in accordance with Applicable Law and applicable accounting rules, consistently applied, and (ii) without regard to reinsurance ceded by the Cedent to any of its Affiliates, as applicable at any time, with respect to the Subject Business. For purposes of this Agreement, “Carried Reserves” shall not, at any time, exceed the Aggregate Limit minus Ultimate Net Loss paid by the Reinsurer.

“Cedent” has the meaning set forth in the Preamble.

“Cedent’s IRR Report” has the meaning set forth in Section 4.2(a).

“Closing” has the meaning set forth in the Master Agreement.

“Closing Date” has the meaning set forth in the Master Agreement.

“Collateral Funding Amount” has the meaning set forth in Section 10.2(a).

“[*****]” means [*****], a [*****] corporation.

“Covered Losses” means (i) Ultimate Net Loss, (ii) Reinsured Extra Contractual Obligations and (iii) Reinsured Loss in Excess of Policy Limits, in each case payable on or after the Effective Date regardless of when incurred; provided, however, that Covered Losses shall not include any Excluded Liabilities.

“Damages” has the meaning set forth in Section 14.1.

“Disputed Item” has the meaning set forth in Section 7.5(a).

“Domicile” means the jurisdiction in which a particular entity is domiciled.

“Effective Date” means 12:01 a.m. Eastern Time on the Closing Date.

“Eligible Letter of Credit” means any letter of credit for the benefit of the Cedent to secure the Reinsurer’s obligations under this Agreement which satisfies statutory credit for reinsurance requirements under the New York Insurance Law and is issued by an Eligible Letter of Credit Bank.

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“Eligible Letter of Credit Bank” means (i) any of the institutions listed on Schedule II attached hereto provided that such institutions remain listed on the NAIC List of Qualified U.S. Financial Institutions or (ii) another institution listed on the NAIC List of Qualified U.S. Financial Institutions that is proposed by the Reinsurer and approved by the Cedent (such approval not to be unreasonably withheld); provided in either case that an institution that is removed or reasonably expected to be removed from the NAIC List of Qualified U.S. Financial Institutions shall no longer be an “Eligible Letter of Credit Bank”.

“Equivalent Capital Credit” means, as determined by the Cedent in its sole discretion, substantially identical capital treatment or credit of the Guarantee by rating agencies and regulators, including, but not limited to, Fitch Ratings, Inc., Standard and Poor’s Rating Service, A.M. Best Company, Inc., Moody’s Investors Services, the Bermuda Monetary Authority and the New York Department of Financial Services, to that capital treatment or credit the Cedent would otherwise receive, ceteris paribus, for any Eligible Letters of Credit posted by the Reinsurer under this Agreement.

“Estimated Reinsurance Premium” has the meaning set forth in the Master Agreement.

“Excluded Liabilities” has the meaning set forth in Section 2.6.

“Extra Contractual Obligations” means all liabilities for fines, penalties, Taxes, fees, forfeitures, compensatory, punitive, exemplary, special, treble, bad faith, tort, statutory or any other form of extra-contractual damages, as well as all legal fees and expenses relating thereto, payable to any person or obligations arising out of or relating to, but not arising under the express terms and conditions of, the SP Contracts, which liabilities arise out of, or result from, the actual or alleged negligence, oppression, malice, fraud, fault, wrongdoing, bad faith or failure to comply with Applicable Law, including, without limitation, any such act, error or omission relating to (i) the form, design, sale, marketing, distribution, underwriting, production, issuance, cancellation or administration of the SP Contracts, (ii) the investigation, defense, prosecution, trial, settlement (including the failure to settle) or handling of claims, benefits, or payments under the SP Contracts, or (iii) the failure to pay or the delay in payment or errors in calculating or administering the payment of benefits, claims or any other amounts due or alleged to be due under or in connection with the SP Contracts, whether or not intentional, negligent or in bad faith.

“FA” has the meaning set forth in the Master Agreement.

“FAA” has the meaning set forth in Section 15.6(a).

“Financial Statements” means audited statutory financial statements of Cedent as required to be filed with applicable insurance Governmental Authorities.

“Full Statutory Reserve Credit” means one hundred percent (100%) credit for the reinsurance ceded by the Cedent to the Reinsurer under this Agreement as reported by Cedent in its (i) Financial Statements as filed by the Cedent in its Domicile and/or (ii) supplemental

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statutory statements filed by the Cedent in each state where the Cedent is licensed and required to file supplemental statements.

“Funding Report” has the meaning set forth in Section 10.2(a).

“Funds Withheld Account” has the meaning set forth in Section 9.1.

“Funds Withheld Account Balance” means, at any time, the value of the Funds Withheld Account; provided that upon recapture of this Agreement the Funds Withheld Account Balance shall be reduced in accordance with Section 7.3.

“Governmental Authority” means any government, political subdivision, court, arbitrator, arbitration panel, mediator, mediation panel, board, commission, regulatory or administrative agency or other instrumentality thereof, whether federal, state, provincial, local or foreign and including any regulatory authority which may be partly or wholly autonomous.

“Gross Subject Premium” means the aggregate premiums collected by the Cedent for the Subject Business, inclusive of any audit premium and other premium adjustments (in each case, whether positive or negative); provided that no deductions are applied concerning applicable Acquisition Costs or the costs of applicable Inuring Reinsurance Premium.

“Guarantee” means the Guarantee Agreement substantially in the form of Exhibit D to the Master Agreement.

“Guarantor” means Enstar Group Limited, a Bermuda exempted company.

“Initial Closing Statement” has the meaning set forth in the Master Agreement.

“Insolvency Event” means, in respect of a Person, the winding-up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) of that Person or the appointment of an Insolvency Practitioner in respect of that Person or any similar or analogous process.

“Insolvency Practitioner” means a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer.

“Interest Credit” has the meaning set forth in Section 9.4.

“Interim Paid UNL” means the aggregate amount of Ultimate Net Loss recorded as paid by the Cedent in its Financial Statements from the Valuation Date through and including the Effective Date; provided, however, that (i) if any amount that would be “Ultimate Net Loss” as defined herein is included as paid by the Cedent prior to the Valuation Date in Schedule III attached hereto, it shall not constitute Ultimate Net Loss for purposes of calculating Interim Paid UNL, and (ii) if any amount that would be “Ultimate Net Loss” as defined herein is not included as paid by the Cedent prior to the Valuation Date in Schedule III attached hereto, it shall constitute Ultimate Net Loss for purposes of calculating Interim Paid UNL.

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“Inuring Reinsurance” means those outwards reinsurance coverages set forth in Schedule I as applicable to the Subject Business on or after the Valuation Date, which shall be deemed to be in force for the purposes of calculating the Ultimate Net Loss and the Interim Paid UNL and shall include the coverage provided upon payment of any reinstatement premium.

“Inuring Reinsurance Premium” means the premiums, including reinstatement premiums and any future ceding commission adjustments, for the Inuring Reinsurance.

“Inuring Reinsurance Recoverables” means amounts paid or payable, or deemed paid or payable, by the reinsurers under Inuring Reinsurance.

“Loss in Excess of Policy Limits” means one hundred percent (100%) of damages payable in excess of the policy limit as a result of alleged or actual negligence, willful misconduct, fraud, or bad faith in failing to settle and/or rejecting a settlement within the policy limit, in the preparation of the defense, in the trial of any action against the insured or reinsured, or in the preparation or prosecution of an appeal consequent upon such action.

“Master Agreement” has the meaning set forth in the Recitals.

“Net Subject Premium Adjustment” means the greater of (i) USD $0 and (ii) the amount by which the total Gross Subject Premium exceeds USD $[*****] with such excess amount reduced by applicable Acquisition Costs and the costs of applicable Inuring Reinsurance Premium applied to such excess, in each case as of the date of calculation.

“Notice of Disagreement” has the meaning set forth in Section 7.5(a).

“Operating Principles” means Exhibit A to the Administrative Services Agreement.

“Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

“Party” and “Parties” have the meaning set forth in the Preamble.

“Person” means an individual, corporation, partnership, joint venture, limited liability company, association, trust, unincorporated organization, Governmental Authority, or other entity.

“[*****]” means [*****], a Delaware corporation.

“PMA” means that certain Second Amended and Restated Program Manager Agreement, as amended or restated from time to time prior to the date hereof, by and between [*****] and the Cedent, dated as of December 1, 2022.

“Policy Year(s)” means the year of the policy effective date of any SP Contract.

“Recapture Amount” means an amount equal to [*****] percent ([*****]%) of the Carried Reserves as of the Recapture Effective Time.

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“Recapture Effective Time” has the meaning set forth in Section 7.2.

“Recapture Event” has the meaning set forth in Section 7.1.

“Reinsurance Premium” means an amount equal to (i) USD $400,000,000, minus (ii) the Interim Paid UNL, plus (iii) the Net Subject Premium Adjustment.

“Reinsured Extra Contractual Obligations” means Extra Contractual Obligations that arise out of any act, error or omission in the administration of the Subject Business after the Closing Date by the Reinsurer, its Affiliates, the Administrator or any duly appointed subcontractor or other service provider under the terms of the Administrative Services Agreement and/or the FA.

“Reinsured Loss in Excess of Policy Limits” means Loss in Excess of Policy Limits that arises out of any act, error or omission in the administration of the Subject Business after the Closing Date by the Reinsurer, its Affiliates, the Administrator or any duly appointed subcontractor or other service provider under the terms of the Administrative Services Agreement and/or the FA.

“Reinsurer” has the meaning set forth in the Preamble.

“Representative” means, with respect to any Person, such Person’s officers, directors, employees, managing directors, authorized board observers, agents, advisors, attorneys or consultants of such Person or an Affiliate of such Person.

“Resolution Period” has the meaning set forth in Section 7.5(b).

“Salvage” has the meaning set forth in Section 11.2.

“SP Contracts” means those insurance contracts, binders, slips, covers or other agreements of insurance, including supplements, riders, amendments, addendums and endorsements issued or written in connection therewith and extensions thereto, whether or not in-force, which were written by the Cedent with respect to the Subject Business prior to the Valuation Date.

“Subject Business” means those certain workers’ compensation insurance contracts issued by the Cedent for Policy Years 2018 to 2023, including addenda and endorsements thereto, directly written by [*****] with delegated authority from the Cedent.

“Tax” means any and all federal, state, foreign or local income, gross receipts, premium, capital stock, franchise, guaranty fund assessment, retaliatory, profits, withholding, social security, unemployment, disability, real property, ad valorem/personal property, stamp, excise, occupation, sales, use, transfer, value added, alternative minimum, estimated or other tax, fee, duty, levy, custom, tariff, impost, assessment, obligation or charge of the same or of a similar nature to any of the foregoing, including any interest, penalty or addition thereto.

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“Tax Return” means any report, estimate, extension request, information statement, claim for refund, or return relating to, or required to be filed in connection with, any Tax, including any schedule or attachment thereto, and any amendment thereof.

“Terminal Accounting and Settlement Report” means a report in the form attached hereto as Exhibit A.

“Third Party Administrator Expenses” means all amounts paid or payable to third party administrators on or after the Effective Date in connection with the administration of the SP Contracts.

“Transaction Agreements” has the meaning set forth in the Master Agreement.

“Ultimate Net Loss” means (i) all amounts paid or payable by or on behalf of the Cedent with respect to claims under the SP Contracts, including, for the avoidance of doubt, (a) Allocated Loss Adjustment Expenses, (b) Third Party Administrator Expenses, (c) liabilities incurred by the Cedent related to premium to be earned on in-force SP Contracts, and (d) escheat and unclaimed property liabilities arising under the SP Contracts whether occurring prior to, on or after the Effective Date, in each case, net of Inuring Reinsurance Recoverables and excluding all Excluded Liabilities; less (ii) Salvage, subrogation and other recoverables received by or on behalf of the Cedent with respect thereto.

“Unresolved Items” has the meaning set forth in Section 7.5(b).

“Valuation Date” means December 31, 2023.

Article II  
REINSURANCE CEDED

SECTION II.1Reinsurance Coverage. Subject to the terms and conditions of this Agreement, effective as of the Effective Date, the Cedent shall cede to the Reinsurer, and the Reinsurer shall reinsure, one hundred percent (100%) of all Covered Losses payable on or after the Closing Date; provided that the liability of the Reinsurer on a paid loss basis with respect to the Ultimate Net Loss shall not exceed the Aggregate Limit.

SECTION II.2Follow the Fortunes. The Reinsurer’s liability under this Agreement shall attach simultaneously with that of the Cedent, and the reinsurance coverage for which the Reinsurer shall be liable under this Agreement shall be subject in all respects to the same risks, terms, rates, conditions, interpretations, assessments and good faith waivers and to the same modifications, commutations, alterations and cancellations, as the respective SP Contracts to which liability under this Agreement attaches, subject to the terms, conditions and provisions set forth herein. The Reinsurer shall, in each and every case to which liability under this Agreement attaches, follow the fortunes and settlements of the Cedent, and the Reinsurer shall be bound, without limitation, by all payments and settlements entered into by or on behalf of the Cedent, subject to the terms, conditions and provisions set forth herein.

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SECTION II.3Contract Changes. The Reinsurer shall reinsure one hundred percent (100%) of any Covered Losses resulting from any changes in the terms or conditions of any SP Contract that are required by Applicable Law or any Governmental Authority or otherwise agreed to in writing by the Reinsurer, in each case, whether incurred before, on or after the Effective Date.

SECTION II.4Territory. The reinsurance provided under this Agreement shall be coextensive with the territory of the SP Contracts.

SECTION II.5Inuring Reinsurance. The Subject Business will be ceded to the Reinsurer net of any and all Inuring Reinsurance Recoverables. The Inuring Reinsurance shall be deemed to be in place for the Subject Business for purposes of this Agreement. The Cedent shall provide such information to the Reinsurer with respect to its calculation of the Inuring Reinsurance Recoverables as the Reinsurer shall reasonably request.

SECTION II.6Exclusions. Notwithstanding any provision of this Agreement to the contrary, Covered Losses and the reinsurance under this Agreement shall not include:

(a)Any sum paid prior to the Closing Date in settlement or payment of any liability or obligation arising from any of the SP Contracts (provided, however, that the foregoing exclusion shall not operate to limit the calculation of Interim Paid UNL; provided further that any Ultimate Net Loss paid after the Valuation Date that is not included in Interim Paid UNL shall constitute Ultimate Net Loss under this Agreement);

(b)Unallocated loss adjustment expenses;

(c)Any increased liability or obligation arising out of or relating to any SP Contract that is terminated, modified, amended or with respect to which any provision is waived by the Cedent (or any of its Affiliates or Representatives) on or after the Valuation Date without the prior written consent of or at the written direction of the Reinsurer (or any of its Affiliates or Representatives), except as required by Applicable Law or the express terms of the SP Contract;

(d)Any Taxes imposed on or payable by or on behalf of the Cedent (except liabilities of the Cedent pursuant to the express terms of the SP Contracts);

(e)Any premium based assessments or other guaranty fund assessments;

(f)Any amounts payable under Inuring Reinsurance (other than Inuring Reinsurance Premium included for the Net Subject Premium Adjustment);

(g)Any ex gratia payments made by or on behalf of the Cedent on or after the Valuation Date, unless (i) the Reinsurer has given its prior written consent to such ex gratia payments or (ii) such ex gratia payment is made by or at the express written direction of the Reinsurer; and

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(h)Any Extra Contractual Obligations or Loss in Excess of Policy Limits other than Reinsured Extra Contractual Obligations or Reinsured Loss in Excess of Policy Limits (collectively, the foregoing clauses (a) through (h), “Excluded Liabilities”).

Article III  
REINSURANCE CONSIDERATION

SECTION III.1Reinsurance Premium. As of the date of this Agreement, the Cedent has prepared and delivered to the Reinsurer an Initial Closing Statement in accordance with Section 2.3(a) of the Master Agreement setting forth the Cedent’s good faith estimate of the Estimated Reinsurance Premium as of the Closing Date, which reflects the Cedent’s good faith estimate of the Interim Paid UNL and the Net Subject Premium Adjustment (as defined in the Master Agreement). On the Closing Date, the Cedent, on behalf of the Reinsurer, shall credit to the Funds Withheld Account an amount equal to the Estimated Reinsurance Premium, in accordance with Section 2.3(b) of the Master Agreement. The Cedent and the Reinsurer shall determine, adjust and settle the Reinsurance Premium and the corresponding amount credited to or debited from the Funds Withheld Account, in accordance with Section 2.4(d) of the Master Agreement.

SECTION III.2Net Subject Premium Adjustment. The Cedent shall calculate the Net Subject Premium Adjustment and credit any amounts due to the Reinsurer to the Funds Withheld Account accordance with Section 4.2(c) hereof.

Article IV  
ADMINISTRATION

SECTION IV.1Administration.

(a)The Cedent shall retain ultimate responsibility for the administration of the Subject Business. Notwithstanding the foregoing, concurrently with the execution of this Agreement, the Cedent and the Administrator are entering into an Administrative Services Agreement whereby, on and after the date hereof, the Administrator shall administer the Subject Business (including the supervision of any third party administrators appointed by the Administrator) pursuant to the terms of the Administrative Services Agreement and in compliance with Applicable Law. In the event of the termination of the Administrative Services Agreement in accordance with its terms, the Cedent may delegate any part or all of its rights and obligations to administer the Subject Business to an Affiliate of the Cedent or, with at least ten (10) Business Days’ prior written notice to Reinsurer, to a third party administrator.

(b)In accordance with and subject to the terms of the Administrative Services Agreement, the Administrator shall pay or cause to be paid on a gross basis and without duplication, with funds provided by the Cedent, all amounts payable in respect of the liabilities of the Subject Business. To facilitate such payments, the Cedent shall, on or prior to the first day of each calendar month, fund one or more accounts maintained by the Administrator or its third party administrators with a cash amount equal to the Administrator’s reasonable estimate of the payments to be made from such accounts during such calendar month, which reasonable estimate

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shall be provided by the Administrator to the Cedent no later than ten (10) calendar days prior to each calendar month. If the Administrator reasonably believes that the funds in the accounts maintained by the Administrator or its third party administrators will be insufficient to make any required payments during such calendar month, the Administrator shall promptly notify the Cedent, and the Cedent shall deposit into such accounts additional amounts requested by the Administrator within two (2) Business Days after receiving the Administrator’s notice.

SECTION IV.2Reports and Settlements.

(a)The Administrator shall provide to the Cedent periodic accounting and other reports with respect to the Subject Business as specified in the Administrative Services Agreement. Without limiting the foregoing, the Reinsurer shall, or shall cause the Administrator to, deliver to the Cedent an Accounting Report with respect to the liabilities of the Subject Business within ten (10) Business Days after the end of each calendar month during the term of this Agreement. Within five (5) Business Days after receiving each such Accounting Report, the Cedent shall advise the Reinsurer in writing of its good faith estimate of the Inuring Reinsurance Recoverables applicable to the payments in respect of the Subject Business set forth in such Accounting Report and the resulting amount of such payments that constitute Covered Losses hereunder (the “Cedent’s IRR Report”).

(b)Any payment, transfer or crediting of amounts due on any Accounting Report that constitute Covered Losses after the application of any Inuring Reinsurance Recoverable shall be made within fifteen (15) Business Days after the delivery by the Cedent of the Cedent’s IRR Report. Any balances due to be paid by the Reinsurer in connection with any monthly settlement shall be payable by the Reinsurer to the Cedent, and any balances due to be paid by the Cedent to the Reinsurer shall be payable by the Cedent to the Reinsurer. Payments not made by offset shall be paid via electronic transfer of funds between the Reinsurer and the Cedent; provided that amounts due from the Reinsurer to the Cedent shall first be paid via withdrawal by the Cedent from the Funds Withheld Account and, after the Funds Withheld Account has been exhausted, payments shall be made directly from the Reinsurer to the Cedent.

(c)Within thirty (30) calendar days after the end of each calendar month, the Cedent shall provide to Reinsurer a report that calculates the Net Subject Premium Adjustment as of the end of such calendar month. The Cedent shall credit any amounts due to the Reinsurer for the Net Subject Premium Adjustment, as reflected in the applicable monthly report, to the Funds Withheld Account.

(d)Following the end of each calendar quarter, the Parties shall review the estimated Inuring Reinsurance Recoverables determined by the Cedent for each month and reported in the Cedent’s IRR Reports during such quarter and discuss in good faith whether any adjustment to such amounts should be made. For the avoidance of doubt, the Parties intend for Inuring Reinsurance Recoverables to include all amounts recoverable under the Inuring Reinsurance regardless of whether such amounts are billed or collected and without regard to whether the terms of such Inuring Reinsurance are amended, waived or commuted after the Valuation Date by any of the parties thereto.

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Article V  
BOOKS AND RECORDS

SECTION V.1Access to Books and Records.

(a)Upon fifteen (15) calendar days prior written notice, either Party shall: (i) allow the other Party and its designees, either via remote access or during normal business hours and subject to the rules applicable to visitors at the other Party’s offices, generally, the right to examine and make copies, at the requesting Party’s expense, of any Books and Records of the other Party and (ii) allow the requesting Party and its designees to interview Representatives of the other Party, in each case, for any reasonable purpose relating to this Agreement, including the SP Contracts and Covered Losses, including in connection with the requesting Party’s preparation of regulatory and statutory filings (excluding, for the avoidance of doubt, Tax Returns) and financial statements; provided, however, that if any Books and Records are maintained by [*****] or any of the other Party’s Representatives, then the other Party shall undertake commercially reasonable efforts to make such Books and Records available to the requesting Party in accordance with this Section 5.1 (at the requesting Party’s expense). Such access shall not unreasonably interfere with the business operations of the other Party or its Affiliates.

(b)Notwithstanding any other provision of this Agreement to the contrary, a Party shall not be obligated to provide such access to any Books and Records or other information if the Party determines, in its reasonable judgment, that doing so would violate Applicable Law or a contract, agreement or obligation of confidentiality owing to a third party, jeopardize the protection of an attorney-client privilege, or expose the Party to liability for disclosure of sensitive or personal information. The Parties will work in good faith to develop protocols for providing access to the Books and Records in such circumstances. Further, the Parties acknowledge and agree that the disclosure of claims-related information to the Reinsurer in the ordinary course of a reinsurer-insured relationship shall not, absent legal advice to the contrary, be deemed to jeopardize the protection of any attorney-client privilege or expose the Cedent to liability for disclosure of sensitive or personal information for purposes of this Section 5.1(b).

(c)Without limiting anything contained in this Article V, the Reinsurer acknowledges and agrees that the Cedent shall have the right to conduct up to two audits, at its sole cost, as provided herein every year, in the sole discretion of the Cedent (i) for compliance with Applicable Laws or (ii) fraud, claim mismanagement or reputational concerns. Following the conclusion of each audit, the Parties shall resolve any deficiencies identified during the audit pursuant to Section 3 of the Operating Principles. The audit rights contained in this Article V shall not limit any of the Parties’ rights or obligations set forth in the Administrative Services Agreement.

Article VI  
DURATION AND TERMINATION

SECTION VI.1Duration and Termination. This Agreement shall commence as of the Effective Date and continue in force until the earliest of such time as the Reinsurer’s liability

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with respect to Covered Losses terminates, which shall be the earliest of: (i) the date on which the Cedent’s liability with respect to the Subject Business is terminated or extinguished and all amounts due to the Cedent under this Agreement with respect to the Subject Business are paid or otherwise satisfied by the Reinsurer; (ii) the date on which the Aggregate Limit has been exhausted; (iii) the date on which this Agreement is terminated by the mutual written consent of the Parties; or (iv) the date on which this Agreement is recaptured in accordance with Article VII. In the event this Agreement is terminated in accordance with this Section 6.1, the Reinsurer shall be entitled to (x) an amount equal to the credit balance in Funds Withheld Account, if any, and (y) the Cedent shall return any Eligible Letters of Credit previously posted by the Reinsurer.

SECTION VI.2Effect of Termination. Notwithstanding the other provisions of this Article VI, the terms and conditions of Article I, Article XI and the provisions of Sections 15.1, 15.6, 15.7 and 15.8 shall remain in full force and effect after the termination of this Agreement.

Article VII  
SPECIAL TERMINATION

SECTION VII.1Recapture Events. Each of the following shall constitute a “Recapture Event”:

(a)the Reinsurer becomes (whether voluntarily or otherwise) insolvent, or becomes the subject of any liquidation, rehabilitation, receivership, supervision, conservation, or bankruptcy action or similar or comparable proceeding (whether judicial or otherwise) or has proposed a scheme of arrangement or similar or comparable procedure;

(b)the Reinsurer fails to (i) provide Eligible Letters of Credit having a face amount at least equal to the Collateral Funding Amount if required in accordance with the terms of this Agreement, (ii) pay the Cedent any amount due under this Agreement, or (iii) perform or observe any of the other material terms and conditions of this Agreement; provided that in the case of the foregoing clauses (i), (ii) and (iii), such failure continues for thirty (30) calendar days after the Cedent notifies the Reinsurer in writing of such failure; or

(c)the Cedent does not obtain Full Statutory Reserve Credit for the reinsurance under this Agreement and the inability to obtain such Full Statutory Reserve Credit continues for more than thirty (30) calendar days provided, however, that a “Recapture Event” under this clause (c) shall not include any such event that (i) is curable using commercially reasonable efforts by the Cedent but is not cured or (ii) constitutes a breach of Applicable Law by the Cedent.

SECTION VII.2Recapture Effective Time. Following the occurrence of any Recapture Event, the Cedent shall have the right, but not the obligation, to recapture in full the Reinsurer’s liability for the Covered Losses, by giving written notice to the Reinsurer within one (1) year of the Cedent becoming aware of such Recapture Event so long as such Recapture Event is then continuing. Any notice of recapture shall state the effective date and time of the recapture (the “Recapture Effective Time”).

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SECTION VII.3Payment of Recapture Amount. Following any notice of recapture pursuant to Section 7.2, the Cedent shall deliver or cause to be delivered to the Reinsurer within thirty (30) Business Days after the Recapture Effective Time, a Terminal Accounting and Settlement Report. Within ten (10) Business Days after the finalization of such Terminal Accounting and Settlement Report pursuant to this Article VII, the Recapture Amount specified in the Terminal Accounting and Settlement Report shall be payable to the Cedent by the Reinsurer. The Funds Withheld Account Balance shall be reduced to settle balances due to the Cedent hereunder, with any remaining balance being paid by the Reinsurer to the Cedent by wire transfer of immediately available funds into an account designated by the Cedent. Following the payment of any such remaining balance, any Eligible Letters of Credit posted by the Reinsurer hereunder shall be returned by the Cedent to the Reinsurer. The payment of the Recapture Amount upon recapture shall constitute a complete and final release of the Reinsurer and the Cedent in respect of any and all known and unknown present and future obligations or liability of any nature to the Cedent or the Reinsurer, respectively, under this Agreement.

SECTION VII.4Inspection Rights. After receipt by the Reinsurer from the Cedent of the Terminal Accounting and Settlement Report provided for in Section 7.3, and until such time as such reports are finalized, the Reinsurer and its Representatives shall have, upon reasonable prior written notice, access during normal business hours to the working papers of the Cedent relating to such reports and items set forth thereon. The Reinsurer shall have the right to review such report and comment thereon for a period of thirty (30) Business Days after receipt of such reports. Any changes in such reports that are agreed to by the Parties within such thirty (30) Business Day review period shall be incorporated into the final reports. In the event the Reinsurer does not dispute such reports within such thirty (30) Business Day review period, such reports shall be deemed final.

SECTION VII.5Dispute Resolution for Termination and Recapture Matters.

(a)If the Reinsurer reasonably disagrees with the Terminal Accounting and Settlement Report, the Reinsurer may, within thirty (30) calendar days after receipt of the Terminal Accounting and Settlement Report, deliver a notice of disagreement (a “Notice of Disagreement”) to the Cedent which specifies in reasonable detail each item that the Reinsurer in good faith disputes (each, a “Disputed Item”) and the amount in dispute for each such Disputed Item. If the Reinsurer does not deliver a Notice of Disagreement within such thirty (30) day period, then the amounts provided in the Terminal Accounting and Settlement Report shall be final, binding and conclusive on the Cedent and the Reinsurer.

(b)If a Notice of Disagreement is timely delivered pursuant to Section 7.5(a), the Cedent and the Reinsurer shall, during the fifteen (15) calendar days following the receipt of such Notice of Disagreement by the Cedent (the “Resolution Period”), use their commercially reasonable efforts to reach agreement on the Disputed Items. If, by the end of the Resolution Period, the Cedent and the Reinsurer are unable to reach such agreement with respect to all of the Disputed Items, they shall promptly thereafter engage and submit the unresolved Disputed Items (the “Unresolved Items”) to a nationally recognized independent actuarial firm that is mutually acceptable to the Cedent and the Reinsurer; provided, however, that if the Cedent and the

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Reinsurer are unable to select such accounting firm within fifteen (15) Business Days, either Party may request that the American Arbitration Association appoint within ten (10) Business Days of such request a nationally recognized independent actuarial firm (the “Actuarial Firm”) which shall promptly review this Agreement and the Unresolved Items. The Actuarial Firm shall issue its written determination with respect to each Unresolved Item and calculate the Recapture Amount on the basis of such determination within thirty (30) calendar days after the Unresolved Items are submitted for review to the Actuarial Firm. Each Party shall use commercially reasonable efforts to furnish to the Actuarial Firm such work papers, books, records and documents and other information pertaining to the Unresolved Items as the Actuarial Firm may request. The determination of the Actuarial Firm shall be final, binding and conclusive on the Cedent and the Reinsurer. The fees, expenses and costs of the Actuarial Firm incurred in rendering any determination pursuant to this Section 7.5 shall be split equally between the Cedent and the Reinsurer.

(c)Following final resolution of the Terminal Accounting and Settlement Report, whether by the absence of timely delivery of Notice of Disagreement or pursuant to Section 7.5(b), the Recapture Amount shall be paid by the Reinsurer to the Cedent in accordance with the requirements of Section 7.3 hereof. The amount of any payment to be made pursuant to this Section 7.5 shall bear interest from the date of the Actuarial Firm’s determination of the Recapture Amount but excluding the date of payment at a rate per annum equal to [*****] percent ([*****]%) during the period from such determination date to the date of payment. Such interest shall be payable at the same time as the payment to which it relates and shall be calculated daily on the basis of a 365-day year and the actual number of days elapsed.

Article VIII  
INSOLVENCY

SECTION VIII.1Insolvency of the Cedent.

(a)The Reinsurer hereby agrees that, if an Insolvency Event occurs in respect of the Cedent, all amounts due to the Cedent under this Agreement shall be payable on the basis of the claims allowed against the Cedent by any court of competent jurisdiction or by any Insolvency Practitioner appointed in respect of the Cedent having authority to allow such claims, without diminution because of that Insolvency Event, or because that Insolvency Practitioner has failed to pay all or a portion of any claims. Payments by the Reinsurer as set forth in this Section 8.1 shall be made directly to the Cedent or to the Insolvency Practitioner appointed in respect of the Cedent, except where this Agreement specifically provides another payee of such reinsurance in the event of the insolvency of the Cedent. Under no circumstances shall the Reinsurer’s liability hereunder be accelerated or enlarged by the insolvency of the Cedent.

(b)It is agreed and understood, however, that in the event of the insolvency of the Cedent, the liquidator, receiver or statutory successor of the Cedent shall give written notice of the pendency of a claim against the Cedent for a reinsured liability within a reasonable period of time after such claim is filed in the insolvency, liquidation or rehabilitation proceedings and that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses

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which it may deem available to the Cedent or its liquidator, receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer shall be chargeable, subject to court approval, against the Cedent as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the Cedent solely as a result of the defense undertaken by the Reinsurer.

Article IX  
FUNDS WITHHELD ACCOUNT

SECTION IX.1Funds Withheld Account. On the Closing Date, the Cedent shall establish a notional funds withheld account on its books and records (the “Funds Withheld Account”). The Funds Withheld Account shall be clearly designated as a segregated account on the books, records and information systems of the Cedent. The Funds Withheld Account shall serve as collateral for payment of the Reinsurer’s obligations for payment of Covered Losses and all other amounts with respect to the Subject Business due from the Reinsurer to the Cedent under this Agreement.

SECTION IX.2Funds Withheld Account Balance. On the Closing Date, the balance of the Funds Withheld Account shall be equal to the Estimated Reinsurance Premium, and shall be (i) adjusted after the Closing in accordance with Section 2.4(d) of the Master Agreement and (ii) thereafter on a monthly basis in accordance with Section 4.2(b) and Section 4.2(c) of this Agreement.

SECTION IX.3Funds Withheld Account Excess. Beginning with the quarter ended December 31, 2025, if at the end of a calendar quarter during the term of this Agreement the credit balance on the Funds Withheld Account exceeds the Carried Reserves at the end of such quarter, then the Cedent shall pay to the Reinsurer, within fifteen (15) Business Days following the Reinsurer’s written request therefor following the end of such quarter, an amount equal to such excess, provided that the Funds Withheld Account shall be reduced by the same amount. In the event that the Reinsurer and the Cedent disagree on the amount of Carried Reserves as of the end of any calendar quarter, the Reinsurer may deliver written notice to the Cedent of such disagreement and the Parties shall attempt in good faith to resolve such disagreement. If the Parties are unable to resolve any such foregoing disagreement within ten (10) Business Days after the Reinsurer delivers written notice of any such disagreement to the Cedent, the Parties shall jointly request the Actuarial Firm to determine the proper amount of the Carried Reserves. The Actuarial Firm must make a determination and final report with respect to Carried Reserves within thirty (30) calendar days of being retained. The Actuarial Firm’s determination of the proper amount of the Carried Reserves shall be final and binding upon the Parties. The Cedent and the Reinsurer shall each pay one-half of the Actuarial Firm’s fees, costs and expenses associated with such determination.

SECTION IX.4Interest Credit. From the Effective Date, the Cedent shall calculate interest on the Funds Withheld Account each calendar quarter on the basis of a 365-day year and the actual number of days elapsed in such quarter, utilizing a quarterly rate of [*****]% (being equal to an effective annual rate of [*****]%) applied to the average daily balance of the Funds Withheld Account for such quarter (the “Interest Credit”) and shall pay the Interest Credit to the

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Reinsurer within fifteen (15) Business Days following the end of each calendar quarter; provided that the first payment of Interest Credit shall not be made until after the end of the calendar quarter ending October 1, 2024 and shall include the Interest Credit accrued from the Effective Date until the end of the calendar quarter ending on October 1, 2024.

SECTION IX.5Funds Withheld Account Deductions. The balance of the Funds Withheld Account shall also be reduced from time to time as provided in Articles IV and VII and Section 9.3.

Article X  
SECURITY

SECTION X.1Security. To the extent the Guarantee is not in effect or the Cedent does not receive Equivalent Capital Credit for the Guarantee, the Reinsurer’s obligations under this Agreement to the Cedent shall be secured in part by the posting of Eligible Letters of Credit in accordance with this Article X. If the Guarantee is in effect and the Cedent receives Equivalent Capital Credit for the Guarantee, then the remainder of this Article X shall be of no effect and the Parties shall have no rights or obligations thereunder.

SECTION X.2Eligible Letters of Credit.

(a)The Cedent shall provide to the Reinsurer a report (each, a “Funding Report”) specifying the amount of the Carried Reserves and the value of the Funds Withheld Account as of the end of each calendar quarter. Each Funding Report shall be provided no later than thirty (30) calendar days following the Cedent’s receipt of the Accounting Report with respect to the last month of such calendar quarter. If the Carried Reserves exceed the value of the Funds Withheld Account by more than USD $[*****], then the Reinsurer shall provide Eligible Letters of Credit to the Cedent having a face amount (together with any Eligible Letters of Credit previously provided by the Reinsurer under this Section 10.2(a)) equal to the Carried Reserves minus the value of the Funds Withheld Account (the “Collateral Funding Amount”) within fifteen (15) calendar days after receipt of such report. Beginning with the quarter ending December 31, 2025, if at the end of any calendar quarter the face amount of such Eligible Letters of Credit exceeds the Collateral Funding Amount, then the Reinsurer shall be entitled to replace or amend such Eligible Letters of Credit so that their face amount equals the Collateral Funding Amount, provided that if the Collateral Funding Amount is less than USD $[*****], the Cedent shall return all Eligible Letters of Credit to the Reinsurer within fifteen (15) calendar days of delivery of such report.

(b)In the event that the Reinsurer disagrees with a calculation of the Collateral Funding Amount, the Reinsurer may deliver written notice to the Cedent of such disagreement and the Parties shall attempt in good faith to resolve such disagreement. If the Parties are unable to resolve any such foregoing disagreement within ten (10) Business Days after the Reinsurer delivers written notice of any such disagreement to the Cedent, the Parties shall jointly request the Actuarial Firm to determine the Collateral Funding Amount. The Actuarial Firm must make a determination and final report with respect to the disputed amount(s) within thirty (30) calendar days of being retained. The Actuarial Firm’s determination of the Collateral Funding Amount

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shall be final and binding upon the Parties. The Cedent and the Reinsurer shall each pay one-half of the Actuarial Firm’s fees, costs and expenses associated with such determination. After a final and binding resolution of any dispute described in this Section 10.2(b) is reached, the Parties agree to make any necessary adjustments to the Eligible Letters of Credit provided by the Reinsurer as contemplated under Section 10.2(a) based on such resolution.

SECTION X.3Draw upon Eligible Letters of Credit.

(a)The Parties agree that the Eligible Letters of Credit may only be drawn upon by the Cedent, or any successor by operation of law of the Cedent including any liquidator or rehabilitator, receiver or conservator of the Cedent, without diminution because of insolvency on the part of the Cedent or the Reinsurer, for one or more of the following purposes:

(i)to pay for the Reinsurer’s share of Covered Losses when due under this Agreement after the Funds Withheld Account has been exhausted;

(ii)where the Cedent has received notification of the termination of such Eligible Letters of Credit and where the Reinsurer’s entire obligations under this Agreement remain unliquidated and undischarged ten (10) calendar days prior to the date of such termination, to fund an account with the Cedent in an amount at least equal to the deduction, for reinsurance ceded hereunder, from the Cedent’s liabilities for the Covered Losses; and

(iii)to pay any other amounts due and payable by the Reinsurer under this Agreement.

(b)The Cedent shall return to the Reinsurer, within five (5) Business Days, amounts drawn from the Eligible Letters of Credit in excess of all amounts due under Section 10.3(a)(i) and (iii), or, in the case of Section 10.3(a)(ii), amounts that are subsequently determined not to be due. Any such excess amount shall at all times be held by the Cedent (or any successor by operation of law of the Cedent, including any liquidator, rehabilitator, receiver or conservator of the Cedent) in trust for the sole and exclusive benefit of the Reinsurer and be maintained in a segregated account, separate and apart from any assets of the Cedent for the sole purpose of funding the payments and reimbursements described in paragraphs (i) and (iii) of Section 10.3(a). The Cedent shall pay interest in cash to the Reinsurer on the amount withdrawn, equal to the actual amount of interest, dividends, and other income earned on the assets in such segregated account.

SECTION X.4Return upon Termination. Promptly following termination of this Agreement and payment of the full amount due the Cedent and the Reinsurer, as applicable, the Cedent shall return to the Reinsurer all Eligible Letters of Credit posted hereunder.

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Article XI  
SALVAGE AND SUBROGATION

SECTION XI.1Salvage and Subrogation. The Reinsurer shall be subrogated to all rights of the Cedent against any Person or other entity who may be legally responsible in damages constituting Covered Losses for which the Reinsurer shall actually pay, or become liable to pay, on or after the Effective Date (but only to the extent of the amount of payment by, or the amount of liability of, the Reinsurer).

SECTION XI.2Expenses. In determining the amount of salvage or subrogation, there shall first be deducted from any amount recovered the out-of-pocket expenses incurred by the Cedent in effecting the recovery (including, without limitation, all court, arbitration, mediation or other dispute resolution costs, attorneys’ fees and expenses but excluding overhead, salaries and expenses of officers and employees of the Cedent and similar internal costs), except to the extent otherwise paid or reimbursed by the Reinsurer hereunder. All amounts recovered in connection with salvage and subrogation net of expenses pursuant to this Section 11.2 shall be referred to as “Salvage.”

Article XII  
REGULATORY REQUIREMENTS

SECTION XII.1Regulatory Requirements. It is understood and agreed that any term or condition required by the domiciliary Governmental Authority of the Cedent under Applicable Law to be included in this Agreement shall be deemed to be incorporated in this Agreement by reference. Furthermore, the Parties agree to amend this Agreement or enter into other agreements or execute additional documents as needed to comply with Applicable Law and/or the requirements of the domiciliary Governmental Authority of the Cedent. The Reinsurer shall not be liable to provide any coverage or make any payment hereunder if such coverage or payment would be in violation of any Applicable Law related to economic or trade sanctions.

Article XIII  
ERRORS AND OMISSIONS; REGULATORY MATTERS; COVENANTS

SECTION XIII.1Errors and Omissions. Inadvertent delays, errors or omissions made in connection with this Agreement or any transaction hereunder shall not relieve any Party from any liability which would have attached had such delay, error or omission not occurred, provided that such error or omission is rectified as soon as possible after discovery by an officer of such Party, and provided, further, that the Party making such error or omission or responsible for such delay shall be responsible for any additional liability which attaches as a result. If (i) the failure of any Party to comply with any provision of this Agreement is unintentional or the result of a misunderstanding or oversight and (ii) such failure to comply is promptly rectified after discovery, both Parties shall be restored as closely as possible to the positions they would have occupied if no error or oversight had occurred.

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SECTION XIII.2Cooperation. The Parties shall cooperate with each other in order to accomplish the objectives of this Agreement by furnishing any additional information and executing and delivering any additional documents and taking such other actions as may be reasonably requested by the other to further perfect or evidence the consummation of, or otherwise implement, any transaction contemplated by this Agreement, or to aid in the preparation of any regulatory filing or financial statement; provided, however, that any such additional documents must be reasonably satisfactory to each of the Parties and not impose upon either Party any material liability, risk, obligation, loss, cost or expense not contemplated by this Agreement.

SECTION XIII.3Regulatory Matters.

(a)If the Cedent or the Reinsurer receives notice of, or otherwise becomes aware of, any inquiry, investigation, examination, audit, proceeding or action by Governmental Authorities relating to, the reinsurance provided hereunder, the Cedent or the Reinsurer, as applicable, shall promptly notify the other Party thereof to the extent permitted under Applicable Law, whereupon the Parties shall cooperate in good faith to resolve such matter in a mutually satisfactory manner and shall act reasonably in light of the Parties’ respective interests in the matter at issue.

(b)At all times during the term of this Agreement, each Party respectively, agrees that it shall hold and maintain all licenses and authorizations required under Applicable Law to perform its respective obligations under this Agreement and shall comply in all material respects with all Applicable Law in connection with its performance of such obligations.

SECTION XIII.4Changes to Existing Agreements. In accordance with Section 1 of the Operating Principles, the Cedent shall not (and shall cause its Affiliates not to) amend or waive the terms of any of the SP Contracts without the prior written consent of the Reinsurer, except (i) by reason of the requirements of any regulatory authority having jurisdiction over the Cedent, or (ii) as otherwise required by Applicable Law or the express terms of any such SP Contract.

Article XIV  
INDEMNIFICATION

SECTION XIV.1Reinsurer’s Obligation to Indemnify. The Reinsurer shall indemnify, defend and hold the Cedent and its Affiliates and each of their respective Representatives harmless from and against any and all losses, liabilities, claims, expenses (including reasonable attorneys’ fees and expenses) and damages (“Damages”) actually incurred by the Cedent to the extent arising from (i) any breach of the covenants or obligations of the Reinsurer contained in this Agreement and (ii) any successful enforcement of this indemnity. Nothing herein shall be construed to require the Reinsurer to indemnify the Cedent to the extent any Damages are attributable to any acts or omissions on the part of the Cedent or any of its Affiliates or Representatives, unless the Cedent or any such Affiliate or Representative is acting at the express written direction or written request of the Reinsurer (or any of its Affiliates or Representatives).

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SECTION XIV.2Cedent’s Obligation to Indemnify. The Cedent shall indemnify, defend and hold the Reinsurer and its Affiliates and each of their respective Representatives harmless from and against any and all Damages actually incurred by the Reinsurer to the extent arising from (i) any breach of the covenants or obligations of the Cedent contained in this Agreement, and (ii) any successful enforcement of this indemnity. Nothing herein shall be construed to require the Cedent to indemnify the Reinsurer to the extent any Damages are attributable to any acts or omissions on the part of the Reinsurer or any of its Affiliates or Representatives, unless the Reinsurer or any such Affiliate or Representative is acting at the express written direction or written request of the Cedent (or any of its Affiliates or Representatives).

Article XV  
MISCELLANEOUS PROVISIONS

SECTION XV.1Notices. Notices and other communications required or permitted to be given under this Agreement shall be effective if in writing and (i) mailed by United States registered or certified mail, return receipt requested; (ii) delivered by overnight express mail; or (iii) delivered by electronic mail (unless the sender of such electronic mail receives a notice that such electronic mail is undeliverable or otherwise has not been received by the intended recipient(s)) to:

if to the Cedent:

SiriusPoint America Insurance Company

285 Fulton Street, Suite 47J

One World Trade Center

New York, NY 10007

Attn: Linda S. Lin, Chief Legal Officer

Email: linda.lin@siriuspt.com; legaldepartment@siriuspt.com

with a copy (which shall not constitute notice) to:

Mayer Brown LLP

1221 Avenue of the Americas

New York, NY 10020-10011

Attn: Vikram Sidhu

Email: vsidhu@mayerbrown.com

if to the Reinsurer:

Clarendon National Insurance Company

150 Second Avenue North, 3rd Floor

St. Petersburg, FL 33701

Attn: Peter Calleo, Head of US Corporate Legal

Email: peter.calleo@enstargroup.com

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with a copy (which shall not constitute notice) to:

Hogan Lovells US LLP

1735 Market Street, Floor 23

Philadelphia, PA 19103

Attn: Robert C. Juelke

Email: bob.juelke@hoganlovells.com

Either Party may change the names or addresses where notice is to be given by providing notice to the other Party of such change in accordance with this Section 15.1.

SECTION XV.2Entire Agreement. This Agreement (including the Exhibits and Schedules hereto), the other Transaction Agreements and any other documents delivered pursuant thereto, constitute the entire agreement among the Parties and their respective Affiliates with respect to the subject matter hereof and thereof and supersede all prior negotiations, discussions, writings, agreements and understandings, oral and written, among the Parties with respect to the subject matter hereof and thereof.

SECTION XV.3Waiver and Amendment. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by an instrument in writing signed by the Parties, or, in the case of a waiver, by the Party waiving compliance. No delay on the part of either Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. The failure of either Party to insist on compliance with any obligation contained in this Agreement or to exercise any right or remedy hereunder shall not constitute a waiver of any right or remedy contained herein nor stop either Party from thereafter demanding full and complete compliance nor prevent either Party from exercising such right or remedy in the future. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach.

SECTION XV.4Successors and Assigns. The rights and obligations of the Parties under this Agreement shall not be subject to assignment without the prior written consent of the other Party, and any attempted assignment without the prior written consent of the other Party shall be invalid ab initio. The terms of this Agreement shall be binding upon, inure to the benefit of and be enforceable by and against the successors and permitted assigns of the Parties.

SECTION XV.5Headings. The headings of the Sections and the Table of Contents have been inserted for convenience of reference only and shall not be deemed to constitute a part of this Agreement.

SECTION XV.6Dispute Resolution.

(a)Any dispute or difference arising out of or relating to this Agreement, the performance of the duties and obligations arising under this Agreement, or its termination, including any dispute regarding the applicability, interpretation, scope, or enforceability of this

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arbitration provision, shall be settled by binding arbitration and each Party agrees that it hereby waives its right to seek remedies in court, including the right to a jury trial. If more than one arbitration is initiated with respect to any of the Transaction Agreements, all such arbitration proceedings shall be consolidated into a single arbitration proceeding and administered under the first-initiated arbitration proceeding and shall occur in New York City, New York or another location if mutually agreed. Subject to any express provisions of this Section 15.6, the arbitration will be administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules, and the Parties agree that the arbitral award by the arbitrators shall be final and binding on the Parties. The Parties acknowledge that this Agreement evidences a transaction in commerce, and thus the Federal Arbitration Act (“FAA”), 9 U.S.C. §§ 1 et seq., shall govern the applicability, interpretation, scope, and enforcement of this agreement to arbitrate.

(b)The arbitration panel will consist of two (2) disinterested party-appointed arbitrators and an umpire. Arbitration shall be initiated by the delivery of a written notice of demand for arbitration by one (1) Party to the other Party sent by registered mail or its equivalent. Such notice of demand shall set out the reason for the request for arbitration, including a description of the factual basis for the dispute, the claims being asserted and the specific relief sought.

(c)Each Party shall choose an arbitrator and the two (2) so appointed shall then appoint an umpire. If either Party refuses or neglects to appoint an arbitrator within thirty (30) calendar days after a request by the other to do so, the other Party may appoint both arbitrators. The two (2) arbitrators shall then agree on an impartial umpire within thirty (30) calendar days of their appointment. The arbitrators and umpire shall be active or retired officers of insurance or reinsurance companies and disinterested in the Cedent, the Reinsurer (or the Affiliates of either Party) and the outcome of the arbitration. Umpire candidates shall complete disclosure statements at the request of a Party.

(d)If the two (2) arbitrators do not agree on an umpire within sixty (60) calendar days of their appointment, the umpire shall be chosen in accordance with the procedures set forth in this Section 15.6(d). The Cedent and the Reinsurer shall each exchange within ten (10) calendar days thereafter five (5) names of individuals who are qualified to serve hereunder. Within seven (7) calendar days of the exchange of names, the Parties will agree an umpire questionnaire to be sent to the umpire candidates by the party arbitrators. Umpire candidates must return a fully completed questionnaire to the Parties within fourteen (14) calendar days from when the questionnaire was sent. If any individual fails to return a questionnaire within the required time period or refuses to serve, the Party whose candidate did not respond or cannot serve, shall within five (5) calendar days from the expiration of the period for return of the questionnaire or notice of the refusal to serve, replenish its candidate pool to five (5) individuals who could be qualified to serve hereunder and who shall answer the umpire questionnaire sent with the request to serve, within fourteen (14) calendar days from it being sent. After completion of this process, if there is one common individual chosen by the Parties, that individual shall serve as umpire. If there is more than one common individual chosen by the Parties, the Parties, unless they then agree to one individual, shall draw lots from among those chosen, and the individual chosen by

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lot shall act as umpire. If there are no common individuals chosen by the Parties, each shall rank each of ten (10) selected names in order of preference, with the number “1” being the most preferred and shall simultaneously notify the other Parties of such ranking on a mutually agreed date and time. The individual with the lowest total numerical ranking shall act as umpire. If the ranking results in a tie, the Parties shall draw lots from among the individuals tied for the lowest total numerical rank, and the individual chosen by lot shall act as umpire.

(e)The arbitration hearings shall be held in New York City, New York or another location if mutually agreed. Each Party shall submit its case to the arbitration panel within sixty (60) calendar days of the appointment of the umpire or within such longer periods as may be agreed by the Parties or directed by the arbitration panel.

(f)Each Party shall pay the fees and expenses of its own arbitrator. The Parties shall equally divide the fees and expenses of the umpire and other expenses of the arbitration, unless such fees and expenses are otherwise allocated by the arbitration panel. To the greatest extent permitted by Applicable Law, the arbitration panel is precluded from awarding punitive, treble or exemplary damages, however denominated; provided, that in the event the relief sought by a Party includes indemnification for punitive, treble or exemplary damages paid or incurred by that Party, such amounts may be included in any award rendered by the panel. The panel shall have the power to award reasonable attorneys’ fees to either Party, including fees incurred in connection with the arbitration or any litigation commenced to stay or dismiss arbitration.

(g)Except as expressly permitted by this Agreement, no Party will commence or voluntarily participate in any Action concerning a dispute, except (x) for enforcement pursuant to the FAA, (y) to confirm, restrict, vacate or modify an arbitral decision pursuant to the FAA, or (z) for interim relief as provided in subsection (h) below.

(h)Notwithstanding any other provision to the contrary herein, and without waiver of any right to arbitrate a dispute, either Party may seek a temporary restraining order or preliminary injunctive relief if necessary to preserve the status quo ante or prevent an irreparable harm pending determination of the dispute in arbitration. This provision shall not in any way limit such other remedies as may be available to either Party at law or in equity in arbitration.

SECTION XV.7Governing Law. This Agreement and any dispute arising hereunder shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to such state’s principles of conflict of laws that could compel the application of the laws of another jurisdiction.

SECTION XV.8Enforcement of Arbitration Award; Service of Suit.

(a)Nothing is this Section 15.8 will be construed to override the provisions of Section 15.6. This Section 15.8 is intended as an aid to compel arbitration, or enforce such arbitration, or arbitral award, and not as an alternative to Section 15.6 for resolving disputes arising out of this Agreement.

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(b)In the event of the failure of the Cedent to perform its obligations under Section 15.6 (including under a binding arbitral award), or if the Reinsurer seeks confirmation, vacatur, or modification of the binding arbitral award pursuant to the FAA, the Reinsurer shall have the right to submit, and the Cedent hereby agrees to waive any jurisdictional challenge to such submission to the jurisdiction of courts of the State of New York sitting in the County of New York, the federal courts for the Southern District of New York, and appellate courts having jurisdiction for appeals from any of the foregoing; provided that nothing in the foregoing constitutes or should be understood to constitute a waiver of the Cedent’s rights to, solely in connection with such Action brought by the Reinsurer under this Section 15.8 or the Cedent’s rights under this Section 15.8, commence an Action in any court of competent jurisdiction in the United States, to remove an Action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or any state in the United States. The Cedent, once the appropriate court is selected, whether such court is the one originally chosen by the Reinsurer and hereby accepted by the Cedent or is determined by removal, transfer, or otherwise, as provided for above, shall comply with all requirements necessary to give said court jurisdiction and, in any suit instituted against the Cedent pursuant to this Section 15.8, shall abide by the final decision of such court or of any appellate court in the event of an appeal. In any such action under this subsection, the Parties agree that, to the greatest extent permitted by Applicable Law, to waive any right to trial by jury.

(c)Unless the Cedent designates a different party in writing, service of process in any suit relating to this Agreement may be made upon Mayer Brown LLP, 1221 Avenue of the Americas, New York, New York 10020-10011, which is hereby authorized and directed to accept service of process on behalf of the Cedent in any such suit.

(d)In the event of the failure of the Reinsurer to perform its obligations under Section 15.6 (including under a binding arbitral award), or if the Cedent seeks confirmation, vacatur, or modification of the binding arbitral award pursuant to the FAA, the Cedent shall have the right to submit, and the Reinsurer hereby agrees to waive any jurisdictional challenge to such submission to the jurisdiction of courts of the State of New York sitting in the County of New York, the federal courts for the Southern District of New York, and appellate courts having jurisdiction for appeals from any of the foregoing; provided that nothing in the foregoing constitutes or should be understood to constitute a waiver of the Reinsurer’s rights to, solely in connection with such Action brought by the Cedent under this Section 15.8 or the Reinsurer’s rights under this Section 15.8, commence an Action in any court of competent jurisdiction in the United States, to remove an Action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or any state in the United States. The Reinsurer, once the appropriate court is selected, whether such court is the one originally chosen by the Cedent and hereby accepted by the Reinsurer or is determined by removal, transfer, or otherwise, as provided for above, shall comply with all requirements necessary to give said court jurisdiction and, in any suit instituted against the Reinsurer pursuant to this Section 15.8, shall abide by the final decision of such court or of any appellate court in the event of an appeal. In any such action under this subsection, the Parties agree that, to the greatest extent permitted by Applicable Law, to waive any right to trial by jury.

25

(e)Unless the Reinsurer designates a different party in writing, service of process in such suit may be made upon Enstar (US) Inc. at 150 Second Avenue North, 3rd Floor, St. Petersburg, Florida 33701, Attention: Litigation Department, which is hereby authorized and directed to accept service of process on behalf of the Reinsurer in any such suit.

SECTION XV.9No Third Party Beneficiaries. Nothing in this Agreement is intended or shall be construed to give any Person, other than the Parties, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein.

SECTION XV.10Counterparts. This Agreement may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument binding upon all of the Parties notwithstanding the fact that all Parties are not signatory to the original or the same counterpart. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all of the Parties. Each counterpart may be delivered by facsimile, email (with PDF attachment), DocuSign or other electronic transmission, which shall be deemed delivery of an originally executed document.

SECTION XV.11Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms and provisions of this Agreement in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. If any provision of this Agreement is so broad as to be unenforceable, that provision shall be interpreted to be only so broad as is enforceable. In the event of such invalidity or unenforceability of any term or provision of this Agreement, the Parties shall use their commercially reasonable efforts to reform such terms or provisions to carry out the commercial intent of the Parties as reflected herein, while curing the circumstance giving rise to the invalidity or unenforceability of such term or provision.

SECTION XV.12Offset. The Reinsurer and the Cedent may offset any balance or amount due from one Party to the other Party under this Agreement. This Section 15.12 shall apply, to the fullest extent permitted by Applicable Law, notwithstanding the initiation or commencement of an Insolvency Event by, involving or against the Reinsurer or the Cedent.

SECTION XV.13Waiver of Duty of Utmost Good Faith. Each Party absolutely and irrevocably waives resort to the duty of “utmost good faith” or any similar principle in connection only with the formation of this Agreement or any Transaction Agreements.

SECTION XV.14Currency. All financial data required to be provided pursuant to the terms of this Agreement shall be expressed in United States dollars. All payments and all settlements of account between the Parties shall be in United States currency unless otherwise agreed by the Parties.

26

SECTION XV.15Interpretation. Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa (including, without limitation, with respect to terms which are defined in Article I or elsewhere in this Agreement), and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article, Section, paragraph, Exhibits and Schedules are references to the Articles, Sections, paragraphs, Exhibits and Schedules to this Agreement unless otherwise specified; (c) the terms “hereof,” “herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including the Exhibits and Schedules hereto; (d) references to “$” or “USD” shall mean United States dollars; (e) the word “including” and words of similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive; (g) except as otherwise provided herein, references to “written” or “in writing” include in electronic form; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (i) a reference to any Person includes such Person’s successors and permitted assigns; (j) a reference to an agreement or other document includes amendments or restatements of such agreement or other document; (k) any reference to “days” means calendar days unless Business Days are expressly specified; and (l) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded, if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day. This Agreement shall take precedence over any Schedules hereto, to the extent of any conflict.

SECTION XV.16Representation. Each Party represents and warrants to the others that it has full authority to enter into this Agreement upon the terms and conditions hereof and that the individual executing this Agreement on its behalf has the requisite authority to bind such Party to this Agreement, and that the Agreement constitutes a binding obligation of such party enforceable in accordance with its terms.

(signature page follows)

27

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective duly authorized officers, all as of the date first written above.

SIRIUSPOINT AMERICA INSURANCE COMPANY

By:/s/ Paul Mihulka  
Name: Paul Mihulka  
Title: President

CLARENDON NATIONAL INSURANCE COMPANY

By:/s/ Robert Redpath  
Name: Robert Redpath  
Title: Senior Vice President

---

## EX-31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

SEC source: [exhibit31193024.htm](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit31193024.htm)

Exhibit 31.1

SiriusPoint Ltd.

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott Egan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SiriusPoint Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2024

/s/ Scott Egan

Scott Egan

Chief Executive Officer

(Principal Executive Officer)

---

## EX-31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER

SEC source: [exhibit31293024.htm](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit31293024.htm)

Exhibit 31.2

SiriusPoint Ltd.

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jim McKinney, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SiriusPoint Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2024

/s/ Jim McKinney

Jim McKinney

Chief Financial Officer

(Principal Financial Officer)

---

## EX-32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

SEC source: [exhibit32193024.htm](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit32193024.htm)

Exhibit 32.1

SiriusPoint Ltd.

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott Egan, Chief Executive Officer of SiriusPoint Ltd. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) the Quarterly Report on Form 10-Q of the Company for the fiscal period ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 31, 2024

/s/ Scott Egan

Scott Egan

Chief Executive Officer

(Principal Executive Officer)

---

## EX-32.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER

SEC source: [exhibit32293024.htm](https://www.sec.gov/Archives/edgar/data/1576018/000157601824000054/exhibit32293024.htm)

Exhibit 32.2

SiriusPoint Ltd.

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Jim McKinney, Chief Financial Officer of SiriusPoint Ltd. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) the Quarterly Report on Form 10-Q of the Company for the fiscal period ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 31, 2024

/s/ Jim McKinney

Jim McKinney

Chief Financial Officer

(Principal Financial Officer)