The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our unaudited consolidated financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”) and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The terms “we,” “our,” “us” and the “Company,” as used in this report, refer to SiriusPoint Ltd. (“SiriusPoint”) and its directly and indirectly owned subsidiaries as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint exclusive of its subsidiaries.
The statements in this discussion regarding business outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Risk Factors” of our 2025 Form 10-K and in “Cautionary Note Regarding Forward-Looking Statements” below. Our actual results may differ materially from those contained in or implied by any forward-looking statements.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained or incorporated in this Form 10-Q may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals, and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this discussion, the words “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases are intended to identify forward-looking statements.
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:
•the frequency, severity, and development of insured losses, including natural catastrophes, extreme weather events, epidemics, pandemics, man-made events, and other large loss occurrences across many classes of insurance business, along with the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs;
•the adequacy, accuracy and development of pricing or loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates;
•our ability to maintain or improve underwriting discipline, risk selection, and portfolio diversification across lines and geographies;
•the cyclicality of the insurance and reinsurance markets, including changes in pricing, terms, conditions, and capacity;
•risks relating to our use of reinsurance, retrocessions, alternative capital and third party capital arrangements, including the availability and cost of such protections and the creditworthiness of counterparties;
•our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry;
•operational, cybersecurity, and technology-related risks, including system failures, data breaches, ransomware attacks, supply chain compromises of third party service providers, or other business interruption events, including those resulting from a malicious cyber-attack on us or our business partners or service providers;
•the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, heat waves, and increased coastal flooding in many geographic areas;
•geopolitical uncertainty, including the ongoing conflicts in Europe, South America, and the Middle East;
•risks related to inflation, social information, and shifts in judicial, legislative, or regulatory environments;
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•our ability to attract, develop, and retain key personnel, distribution partners, and underwriting talent;
•a downgrade or withdrawal of our financial ratings;
•fluctuations in our results of operations;
•the performance of strategic partnerships, joint ventures, delegated underwriting authorities, and other third party relationships, including risks associated with delegating authority to third party managing general agents (“MGAs”);
•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;
•regulatory, legal, and compliance developments affecting our insurance, reinsurance, MGAs, Lloyd’s or international operations, including capital, solvency, reporting, conduct risk, and data protection requirements;
•reduced returns or losses in SiriusPoint’s investment portfolio, including the impact of market volatility, credit events, interest rate movements, inflation, foreign exchange fluctuations, and changes in asset valuations;
•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;
•future strategic transactions such as acquisitions, dispositions, investments, mergers, or joint ventures;
•SiriusPoint’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 2025 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 applicable law.
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 (Positive) from AM Best, Fitch Ratings (“Fitch”), and Standard & Poor's (“S&P”) and A3 (Stable) from Moody’s Ratings (“Moody’s”).
We aim to drive excellence as a best-in-class underwriter, with a diverse and low-volatility portfolio of specialty lines. We seek to apply our underwriting talent, capabilities, and management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and attuned to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and focused on our specified risk tolerances and areas of expertise.
Distribution relationships are particularly important to us. A majority of our premium is produced via MGAs, including both our consolidated MGAs and non-consolidated MGAs. We seek to create capacity partnerships with MGAs that have high integrity and transparent leaders, and teams with deep underwriting expertise and track records of success, and no longer take capital positions in those business partners. Our partnerships are focused on underwriting in concentrated, niche businesses that often offer new exposure to our portfolio, while we provide guidance and oversight. As of June 30, 2026, we had equity stakes in 16 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes.
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Products & Services
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 Other Specialties.
Reinsurance Segment
In our Reinsurance segment, we provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles. We participate in the reinsurance market with a global focus through the broker market distribution channel. We primarily write treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of our business lines. In the United States and Bermuda, our core focus is on distribution, risk and clients located in North America while our international operation is focused primarily on distribution, risks and clients located in Europe. The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business.
Investment Management
We manage our investment portfolio to balance quality, liquidity, and diversification with asset/liability matching and investment return. Our investment objective is to optimize risk-adjusted net investment income after tax 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.
Recent Developments
Acquisition of Assist America
On December 31, 2025, we, through our wholly owned subsidiaries, entered into an agreement to acquire Assist America Inc. and its affiliates (“Assist America”) for $44.0 million in cash and other contingent considerations. Pursuant to the agreement, we consolidated Assist America as of January 1, 2026 and recognized goodwill of $18.6 million in our Insurance & Services segment.
Assist America provides reliable global emergency assistance to over 40 million members across Asia, the Middle East, and North America. The acquisition bolsters our third-party medical and travel assistance revenue, increases our scale in the U.S., and expands our coverage to Asia and the Middle East.
Acquisition of World Nomads
On February 12, 2026, we, through our subsidiary, Sirius International UK Holdings II Ltd (“SIUK II”), entered into a purchase agreement with nib Travel Pty Ltd., an Australian proprietary limited company (“nib”), in which SIUK II or its subsidiaries will purchase equity interests and assets comprising the World Nomads travel insurance business currently operated by nib (collectively, “World Nomads”). An initial closing on the majority of the World Nomads business is expected to occur in the second half of 2026, and a final closing is expected to occur in the second half of 2027, subject to the satisfaction of other customary closing conditions.
Ratings
On February 25, 2026, Fitch upgraded the financial strength rating of our operating subsidiaries to ‘A’ (Strong) from ‘A-’, followed by AM Best’s upgrade to ‘A’ (Excellent) from ‘A-’ on April 16, 2026 and S&P’s upgrade to ‘A’ (Strong) from ‘A-’ on April 21, 2026.
Redemption of Series B Preference Shares
On February 26, 2026, we redeemed all 8,000,000 of our issued and outstanding 8.0% Series B preference shares for a redemption price of $25.00 per share, plus $0.49, which reflects unpaid, accrued cumulative dividends, to, but excluding,
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February 26, 2026, for an aggregate redemption price of $203.9 million. We delisted the Series B preference shares from the New York Stock Exchange and deregistered the Series B preference shares under the Securities Exchange Act of 1934. The redemption helps simplify and optimize our capital structure and financial leverage, while also eliminating the cost of capital and related cash servicing associated with the Series B preference shares.
Key Performance Indicators
We believe that the following key financial indicators are the most important in evaluating our performance for the three and six months ended June 30, 2026 and 2025, and as of June 30, 2026 and December 31, 2025:
Three months ended Six months ended
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
($ in millions, except for ratios)
Combined ratio 88.5 % 86.1 % 88.2 % 88.8 %
Core combined ratio ⁽¹⁾ 91.4 % 89.5 % 90.1 % 92.4 %
Core underwriting income ⁽¹⁾ $ 55.0 $ 67.6 $ 125.9 $ 96.1
Core net services income ⁽¹⁾ $ 9.9 $ 8.7 $ 18.3 $ 27.6
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders 12.0 % 12.7 % 14.8 % 12.8 %
June 30, 2026 December 31, 2025
Book value per common share $ 19.61 $ 19.40
Book value per diluted common share $ 19.30 $ 18.61
Tangible book value per diluted common share ⁽¹⁾ $ 17.98 $ 17.62
(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.”
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 six months ended June 30, 2026 and 2025 was calculated as follows:
Three months ended Six months ended
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
($ in millions)
Net income available to SiriusPoint common shareholders $ 68.6 $ 59.2 $ 168.2 $ 116.8
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period 2,302.4 1,825.2 2,269.8 1,737.4
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period 2,275.9 1,905.7 2,275.9 1,905.7
Average common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,289.2 $ 1,865.5 $ 2,272.9 $ 1,821.6
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders 12.0 % 12.7 % 14.8 % 12.8 %
The decrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended June 30, 2026 was primarily driven by increased common shareholders’ equity compared to the prior period reflecting continuous positive underwriting and investment results.
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The increase in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the six months ended June 30, 2026 was driven by higher net income, primarily resulting from the gain on the sale of Arcadian Risk Capital Ltd. (“Arcadian”) in the first quarter of 2026, as well as a reduced impact from foreign exchange compared to the prior period, partially offset by increased common shareholders’ equity compared to the prior period, reflecting continuous positive underwriting and investment results.
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 June 30, 2026, book value per common share was $19.61, representing a decrease of $0.25 per share, or 1.3%, from $19.86 per share as of March 31, 2026. As of June 30, 2026, book value per diluted common share was $19.30, representing an increase of $0.27 per share, or 1.4%, from $19.03 per share as of March 31, 2026. As of June 30, 2026, tangible book value per diluted common share was $17.98, representing an increase of $0.26 per share, or 1.5%, from $17.72 per share as of March 31, 2026.
As of June 30, 2026, book value per common share was $19.61, representing an increase of $0.21 per share, or 1.1%, from $19.40 per share as of December 31, 2025. As of June 30, 2026, book value per diluted common share was $19.30, representing an increase of $0.69 per share, or 3.7%, from $18.61 per share as of December 31, 2025. As of June 30, 2026, tangible book value per diluted common share was $17.98, representing an increase of $0.36 per share, or 2.0%, from $17.62 per share as of December 31, 2025.
The increases reflect the continued positive underwriting and investment results during the three and six months ended June 30, 2026.
Consolidated Results of Operations—Three and six months ended June 30, 2026 and 2025
The following table sets forth the key items discussed in the consolidated results of operations section, and the period over period change, for the three and six months ended June 30, 2026 and 2025:
Three months ended Six months ended
June 30, 2026 June 30, 2025 Change June 30, 2026 June 30, 2025 Change
($ in millions)
Total underwriting income $ 73.5 $ 90.2 $ (16.7) $ 151.2 $ 144.3 $ 6.9
Net investment income 65.5 68.2 (2.7) 131.9 139.4 (7.5)
Net investment gains (losses) 7.9 0.7 7.2 19.3 0.4 18.9
Other revenues 30.4 27.3 3.1 88.3 57.0 31.3
Net corporate and other expenses (73.7) (70.9) (2.8) (144.9) (131.5) (13.4)
Intangible asset amortization (2.4) (2.8) 0.4 (5.0) (5.7) 0.7
Interest expense (18.7) (21.1) 2.4 (35.5) (39.2) 3.7
Foreign exchange gains (losses) 1.8 (16.7) 18.5 0.5 (14.5) 15.0
Income tax expense (15.8) (11.6) (4.2) (35.0) (24.9) (10.1)
Net income $ 68.5 $ 63.3 $ 5.2 $ 170.8 $ 125.3 $ 45.5
The key changes in our consolidated results for the three and six months ended June 30, 2026 compared to the prior year periods are discussed below.
Underwriting results
The decrease in net underwriting results for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily a result of earned premium growing at a slower pace than written due to a shift in our business mix,
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and higher acquisition costs, partially offset by a lower attritional loss ratio and increased favorable prior year loss reserve development.
The improvement in net underwriting results for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by a decrease in catastrophe losses as the prior period included losses from the California wildfires, partially offset by higher expenses. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Investments
Investment Portfolio
The following table presents the carrying value of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of June 30, 2026 and December 31, 2025:
June 30, 2026 December 31, 2025
($ in millions)
Debt securities, available for sale $ 5,156.9 $ 5,168.6
Debt securities, trading 64.8 90.3
Total debt securities (1) 5,221.7 5,258.9
Short-term investments 7.5 28.3
Other long-term investments (2) 285.8 315.1
Total investments 5,515.0 5,602.3
Cash and cash equivalents 614.8 731.2
Restricted cash and cash equivalents (3) 131.1 171.2
Total invested assets and cash $ 6,260.9 $ 6,504.7
(1)Includes $193.4 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of June 30, 2026 (December 31, 2025 - $652.8 million).
(2)Includes $62.5 million of strategic investments as of June 30, 2026 (December 31, 2025 - $102.2 million).
(3)Primarily consists of cash and fixed income securities such as U.S. Treasuries, money markets funds, and sovereign debt, securing our contractual obligations under certain (re)insurance contracts that we will not be released from until the underlying risks have expired or have been settled.
The decrease in total invested assets and cash was primarily driven by the use of cash and investments to fund the redemption of the Series B preference shares of $203.9 million and the common share repurchases of $73.3 million.
The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.1 years (December 31, 2025 - 3.2 years). The duration remained consistent from the comparative period due to our efforts to match our asset duration with economic liabilities in the current interest rate environment. The average credit rating of our investment portfolio is “AA-” as of June 30, 2026 (December 31, 2025 - “AA-”) with no defaults in the investment portfolio.
The following table provides a breakdown of structured products between investment and non-investment grade securities as of June 30, 2026 and December 31, 2025. These are fixed income investments which are included in debt securities in the
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table above. Refer to Note 7 “Investments” to our unaudited consolidated financial statements included elsewhere in this Form 10-Q for further discussion of these securities.
June 30, 2026 December 31, 2025
Investment Grade (1) Non-investment Grade (2) Investment Grade (1) Non-investment Grade (2)
($ in millions)
Asset-backed securities $ 469.1 $ 34.9 $ 583.5 $ 18.9
Collateralized loan obligations 344.0 — 324.6 —
Total asset-backed securities 813.1 34.9 908.1 18.9
Agency residential mortgage-backed securities 759.1 — 799.2 —
Non-agency residential mortgage-backed securities 208.9 19.0 186.7 22.2
Total residential mortgage-backed securities 968.0 19.0 985.9 22.2
Agency commercial mortgage-backed securities 47.1 — 48.1 —
Non-agency commercial mortgage-backed securities 235.3 0.1 215.2 0.5
Total commercial mortgage-backed securities 282.4 0.1 263.3 0.5
Total mortgage-backed securities 1,250.4 19.1 1,249.2 22.7
Total asset and mortgage-backed securities $ 2,063.5 $ 54.0 $ 2,157.3 $ 41.6
(1)Investment grade securities are considered rated BBB or higher.
(2)Non-investment grade securities are considered rated below BBB.
Investment Results
Net investment income for the three and six months ended June 30, 2026 and 2025 consisted of the following:
Three months ended Six months ended
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
($ in millions)
Debt securities, available for sale $ 60.2 $ 61.6 $ 124.9 $ 122.9
Debt securities, trading 0.4 1.2 2.2 4.3
Short-term investments 0.2 (0.2) 0.5 1.0
Other long-term investments 3.5 2.8 3.8 4.4
Cash, cash equivalents and other 6.0 6.5 11.3 15.8
Gross investment income 70.3 71.9 142.7 148.4
Investment expenses (4.8) (3.7) (10.8) (9.0)
Net investment income $ 65.5 $ 68.2 $ 131.9 $ 139.4
The decrease in net investment income for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 is primarily driven by sales of investments in the TPOC Portfolio as compared to the prior period, combined with higher expenses related to incentive compensation award outperformance.
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Net investment gains (losses) for the three and six months ended June 30, 2026 and 2025 consisted of the following:
Three months ended Six months ended
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
($ in millions)
Debt securities, available for sale
Gross realized gains $ 5.2 $ 3.0 $ 15.2 $ 10.1
Gross realized losses (3.4) (5.4) (6.4) (14.5)
Net realized gains (losses) on Debt securities, available for sale 1.8 (2.4) 8.8 (4.4)
Debt securities, trading
Net realized gains (losses) (1.3) (0.3) (1.3) (1.8)
Net unrealized gains (losses) 1.4 2.0 (0.2) 3.8
Other long-term investments
Net realized gains (losses) 44.5 (0.2) 58.9 (2.3)
Net unrealized gains (losses) (39.4) 1.1 (47.8) 3.7
Other (1) 0.9 0.5 0.9 1.4
Net investment gains (losses) $ 7.9 $ 0.7 $ 19.3 $ 0.4
(1)Includes short-term investments, cash and cash equivalents, and derivatives.
The increase in net investment gains (losses) for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily due to gains from fair value changes in the Company's investments managed by related parties, which are included in Other long-term investments. The six months ended June 30, 2026 also includes gains on private equity funds, also classified in Other long-term investments, when compared to the six months ended June 30, 2025.
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 June 30, 2026, other revenues primarily consisted of $29.6 million of service fee revenue from MGAs, compared to $26.4 million of service fee revenue from MGAs for the three months ended June 30, 2025. The increase in service fee revenue is primarily driven by increases in International Medical Group, Inc. (“IMG”) from continued growth of its travel business and the acquisition of Assist America, partially offset by the deconsolidation of ArmadaCorp Capital, LLC (“Armada”).
For the six months ended June 30, 2026, other revenues primarily consisted of $25.2 million from the gain on the sale of Arcadian and $60.5 million of service fee revenue from MGAs, compared to $58.3 million of service fee revenue from MGAs for the six months ended June 30, 2025. The increase in service fee revenue is primarily driven by increases in IMG from continued growth of its travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada.
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, and current expected credit losses from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.
The increase in net corporate and other expenses for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by increases in expenses related to incentive compensation award outperformance attributable to the recent gains on sales of Armada and Arcadian and expenses associated with non-recurring projects. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, services expenses remained stable at $49.6 million.
The increase in net corporate and other expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by increases in expenses related to incentive compensation award outperformance attributable to the recent gains on sales of Armada and Arcadian and expenses associated with non-recurring projects, as well
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as increases in services expenses. For the six months ended June 30, 2026, services expenses increased to $95.7 million compared to $92.7 million for the six months ended June 30, 2025, primarily driven by increases in expenses from IMG from continued growth of its travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada.
Amortization of Intangible Assets
Amortization of intangible assets for the three and six months ended June 30, 2026 was $2.4 million and $5.0 million (2025 - $2.8 million and $5.7 million, respectively). The changes in amortization are due to the use of amortization patterns which are based on the period over which they are expected to generate future net cash inflows from the use of the underlying intangible assets.
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 and six months ended June 30, 2026 was $18.7 million and $35.5 million, respectively, compared to $21.1 million and $39.2 million for the three and six months ended June 30, 2025. The decrease was primarily driven by decreases in funds withheld interest on loss portfolio transfers.
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.
Foreign exchange (gains) losses were $(1.8) million and $(0.5) million for the three months and six months ended June 30, 2026, respectively, compared to $16.7 million and $14.5 million for the three months and six months ended June 30, 2025, respectively. The foreign exchange losses in prior year were primarily driven by the impact of certain foreign exchange exposures related to underwriting activities from our international operations, partially offset by the impact of our currency hedges.
On an aggregate basis, the effects of foreign exchange resulted in benefits (charges) to net income of $1.1 million and $(1.2) million, as well as benefits (charges) to comprehensive income of $1.1 million and $(5.3) million for the three and six months ended June 30, 2026, respectively. The effects of foreign exchange are consistent with the recent market fluctuations in rates and our economic currency hedging strategy.
Income Tax Expense
The increases in income tax expense for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 were consistent with the increases in pre-tax income.
Segment Results — Three and six months ended June 30, 2026 and 2025
The determination of our reportable segments is based on the manner in which management monitors the performance of our operations. We classify our business into two reportable segments - Insurance & Services and Reinsurance. Collectively, the sum of these two segments constitute “Core” results. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the run off business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Corporate results include all run off business, which represents certain classes of business that we ceased underwriting as part of fundamental changes to our business strategy, including the effect of the restructuring of the underwriting platform announced in 2022 and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers’ compensation and cyber programs which we no longer write.
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The following tables set forth the operating segment results and ratios for the three months ended June 30, 2026 and 2025:
Three months ended June 30, 2026
Insurance & Services Reinsurance Core Eliminations (2) Corporate Segment Measure Reclass Total
Gross written premium $ 644.6 $ 336.9 $ 981.5 $ — $ (3.3) $ — $ 978.2
Net written premium 422.4 287.1 709.5 — 0.8 — 710.3
Net earned premium 381.7 257.1 638.8 — 1.5 — 640.3
Loss and loss adjustment expenses incurred, net 216.5 140.1 356.6 (1.8) 3.4 — 358.2
Acquisition costs, net 104.2 75.7 179.9 (20.7) (2.4) — 156.8
Other underwriting expenses 25.6 21.7 47.3 — 4.5 — 51.8
Underwriting income (loss) 35.4 19.6 55.0 22.5 (4.0) — 73.5
Services revenues 59.4 — 59.4 (29.8) — (29.6) —
Services expenses 49.6 — 49.6 — — (49.6) —
Net services fee income 9.8 — 9.8 (29.8) — 20.0 —
Services noncontrolling loss 0.1 — 0.1 — — (0.1) —
Net services income 9.9 — 9.9 (29.8) — 19.9 —
Segment income (loss) $ 45.3 $ 19.6 $ 64.9 $ (7.3) $ (4.0) $ 19.9 $ 73.5
Attritional losses $ 231.3 $ 140.7 $ 372.0 $ (1.8) $ 1.7 $ — $ 371.9
Catastrophe losses 1.3 — 1.3 — — — 1.3
Prior year loss reserve development (16.1) (0.6) (16.7) — 1.7 — (15.0)
Loss and loss adjustment expenses incurred, net $ 216.5 $ 140.1 $ 356.6 $ (1.8) $ 3.4 $ — $ 358.2
Underwriting Ratios: (1)
Attritional loss ratio 60.6 % 54.7 % 58.2 % 58.0 %
Catastrophe loss ratio 0.3 % — % 0.2 % 0.2 %
Prior year loss development ratio (4.2) % (0.2) % (2.6) % (2.3) %
Loss ratio 56.7 % 54.5 % 55.8 % 55.9 %
Acquisition cost ratio 27.3 % 29.4 % 28.2 % 24.5 %
Other underwriting expenses ratio 6.7 % 8.4 % 7.4 % 8.1 %
Combined ratio 90.7 % 92.3 % 91.4 % 88.5 %
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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 June 30, 2025
Insurance & Services Reinsurance Core Eliminations (2) Corporate Segment Measure Reclass Total
Gross written premium $ 560.4 $ 369.7 $ 930.1 $ — $ 18.1 $ — $ 948.2
Net written premium 392.8 307.0 699.8 — 4.6 — 704.4
Net earned premium 369.2 276.4 645.6 — 6.4 — 652.0
Loss and loss adjustment expenses incurred, net 209.2 156.4 365.6 (1.5) 8.5 — 372.6
Acquisition costs, net 97.9 70.5 168.4 (28.2) 0.7 — 140.9
Other underwriting expenses 22.6 21.4 44.0 — 4.3 — 48.3
Underwriting income (loss) 39.5 28.1 67.6 29.7 (7.1) — 90.2
Services revenues 58.1 — 58.1 (31.7) — (26.4) —
Services expenses 49.6 — 49.6 — — (49.6) —
Net services fee income 8.5 — 8.5 (31.7) — 23.2 —
Services noncontrolling loss 0.2 — 0.2 — — (0.2) —
Net services income 8.7 — 8.7 (31.7) — 23.0 —
Segment income (loss) $ 48.2 $ 28.1 $ 76.3 $ (2.0) $ (7.1) $ 23.0 $ 90.2
Attritional losses $ 218.9 $ 161.0 $ 379.9 $ (1.5) $ 3.4 $ — $ 381.8
Catastrophe losses — (0.5) (0.5) — — — (0.5)
Prior year loss reserve development (9.7) (4.1) (13.8) — 5.1 — (8.7)
Loss and loss adjustment expenses incurred, net $ 209.2 $ 156.4 $ 365.6 $ (1.5) $ 8.5 $ — $ 372.6
Underwriting Ratios: (1)
Attritional loss ratio 59.3 % 58.3 % 58.8 % 58.5 %
Catastrophe loss ratio — % (0.2) % (0.1) % (0.1) %
Prior year loss development ratio (2.6) % (1.5) % (2.1) % (1.3) %
Loss ratio 56.7 % 56.6 % 56.6 % 57.1 %
Acquisition cost ratio 26.5 % 25.5 % 26.1 % 21.6 %
Other underwriting expenses ratio 6.1 % 7.7 % 6.8 % 7.4 %
Combined ratio 89.3 % 89.8 % 89.5 % 86.1 %
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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 written premium increased by $51.4 million, or 5.5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Net written premium increased by $9.7 million, or 1.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Net earned premium decreased by $6.8 million, or 1.1%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increases in written premium were driven by our Insurance & Services segment, including new program growth, mainly in General Liability, as well as continued growth in London MGAs, partially offset by decreases in our Reinsurance segment, primarily in Casualty and Property Catastrophe. The decrease in net earned premium was primarily a result of earned premium growing at a slower pace than written due to a shift in our business mix, as well as a reduction in net earned premium related to the inception of an aggregate reinsurance program in 2026.
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Core Underwriting Results
The decrease in underwriting income of $12.6 million was primarily driven by decreased earned premiums and higher acquisition costs, partially offset by increased favorable prior year loss reserve development. For the three months ended June 30, 2026, favorable prior year loss reserve development was $16.7 million compared to $13.8 million for the three months ended June 30, 2025, primarily driven by favorable development in A&H and Property.
Core Services Results
Services revenues increased to $59.4 million for the three months ended June 30, 2026 compared to $58.1 million for the three months ended June 30, 2025 primarily driven by growth in the IMG travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada in the fourth quarter of 2025.
Net services income increased to $9.9 million for the three months ended June 30, 2026 compared to $8.7 million during the three months ended June 30, 2025, also driven by growth in IMG and the acquisition of Assist America, partially offset by the deconsolidation of Armada. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 16.5% for the three months ended June 30, 2026 from 13.5% for the three months ended June 30, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Six months ended June 30, 2026
Insurance & Services Reinsurance Core Eliminations (2) Corporate Segment Measure Reclass Total
Gross written premium $ 1,329.2 $ 656.1 $ 1,985.3 $ — $ (4.2) $ — $ 1,981.1
Net written premium 883.5 522.8 1,406.3 — (0.8) — 1,405.5
Net earned premium 761.8 515.3 1,277.1 — 2.1 — 1,279.2
Loss and loss adjustment expenses incurred, net 432.2 274.1 706.3 (3.6) 18.4 — 721.1
Acquisition costs, net 212.2 139.5 351.7 (44.5) (2.6) — 304.6
Other underwriting expenses 51.9 41.3 93.2 — 9.1 — 102.3
Underwriting income (loss) 65.5 60.4 125.9 48.1 (22.8) — 151.2
Services revenues 113.4 — 113.4 (52.9) — (60.5) —
Services expenses 95.7 — 95.7 — — (95.7) —
Net services fee income 17.7 — 17.7 (52.9) — 35.2 —
Services noncontrolling loss 0.6 — 0.6 — — (0.6) —
Net services income 18.3 — 18.3 (52.9) — 34.6 —
Segment income (loss) $ 83.8 $ 60.4 $ 144.2 $ (4.8) $ (22.8) $ 34.6 $ 151.2
Attritional losses $ 462.1 $ 286.4 $ 748.5 $ (3.6) $ 2.4 $ — $ 747.3
Catastrophe losses 1.3 5.4 6.7 — — — 6.7
Prior year loss reserve development (31.2) (17.7) (48.9) — 16.0 — (32.9)
Loss and loss adjustment expenses incurred, net $ 432.2 $ 274.1 $ 706.3 $ (3.6) $ 18.4 $ — $ 721.1
Underwriting Ratios: (1)
Attritional loss ratio 60.6 % 55.6 % 58.6 % 58.5 %
Catastrophe loss ratio 0.2 % 1.0 % 0.5 % 0.5 %
Prior year loss development ratio (4.1) % (3.4) % (3.8) % (2.6) %
Loss ratio 56.7 % 53.2 % 55.3 % 56.4 %
Acquisition cost ratio 27.9 % 27.1 % 27.5 % 23.8 %
Other underwriting expenses ratio 6.8 % 8.0 % 7.3 % 8.0 %
Combined ratio 91.4 % 88.3 % 90.1 % 88.2 %
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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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Six months ended June 30, 2025
Insurance & Services Reinsurance Core Eliminations (2) Corporate Segment Measure Reclass Total
Gross written premium $ 1,195.5 $ 724.5 $ 1,920.0 $ — $ 12.9 $ — $ 1,932.9
Net written premium 876.3 575.5 1,451.8 — (4.4) — 1,447.4
Net earned premium 705.4 566.0 1,271.4 — 7.3 — 1,278.7
Loss and loss adjustment expenses incurred, net 419.1 351.7 770.8 (3.5) 7.1 — 774.4
Acquisition costs, net 185.2 137.6 322.8 (56.2) 4.0 — 270.6
Other underwriting expenses 41.5 40.2 81.7 — 7.7 — 89.4
Underwriting income (loss) 59.6 36.5 96.1 59.7 (11.5) — 144.3
Services revenues 120.2 — 120.2 (61.9) — (58.3) —
Services expenses 92.7 — 92.7 — — (92.7) —
Net services fee income 27.5 — 27.5 (61.9) — 34.4 —
Services noncontrolling loss 0.1 — 0.1 — — (0.1) —
Net services income 27.6 — 27.6 (61.9) — 34.3 —
Segment income (loss) $ 87.2 $ 36.5 $ 123.7 $ (2.2) $ (11.5) $ 34.3 $ 144.3
Attritional losses $ 426.5 $ 325.0 $ 751.5 $ (3.5) $ 1.9 $ — $ 749.9
Catastrophe losses 4.8 62.6 67.4 — — — 67.4
Prior year loss reserve development (12.2) (35.9) (48.1) — 5.2 — (42.9)
Loss and loss adjustment expenses incurred, net $ 419.1 $ 351.7 $ 770.8 $ (3.5) $ 7.1 $ — $ 774.4
Underwriting Ratios: (1)
Attritional loss ratio 60.4 % 57.3 % 59.1 % 58.7 %
Catastrophe loss ratio 0.7 % 11.1 % 5.3 % 5.3 %
Prior year loss development ratio (1.7) % (6.3) % (3.8) % (3.4) %
Loss ratio 59.4 % 62.1 % 60.6 % 60.6 %
Acquisition cost ratio 26.3 % 24.3 % 25.4 % 21.2 %
Other underwriting expenses ratio 5.9 % 7.1 % 6.4 % 7.0 %
Combined ratio 91.6 % 93.5 % 92.4 % 88.8 %
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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 written premium increased by $65.3 million, or 3.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Net written premium decreased by $45.5 million, or 3.1%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Net earned premium increased by $5.7 million, or 0.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increases in gross written premium and net earned premium were driven by our Insurance & Services segment, primarily driven by new program growth, mainly in General Liability, as well as continued organic growth in existing programs and growth in A&H, partially offset by decreases in our Reinsurance segment, mainly in Casualty, Property Catastrophe, and Other Specialties. The decrease in net written premium was primarily driven by the decreases in our Reinsurance segment and the ceded premium related to the inception of an aggregate reinsurance program in 2026.
Core Underwriting Results
The improvement in underwriting income of $29.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by decreased catastrophe losses, partially offset by higher acquisition costs and other underwriting expense. Catastrophe losses were $6.7 million, or 0.5 percentage points on the combined ratio, for the six months ended June 30, 2026 compared to $67.4 million, or 5.3 percentage points on the combined ratio, for the six
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months ended June 30, 2025, primarily driven by the California wildfires in the prior period. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Core Services Results
Services revenues decreased to $113.4 million for the six months ended June 30, 2026 compared to $120.2 million for the six months ended June 30, 2025 primarily due to the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in the IMG travel business and the acquisition of Assist America.
Net services income decreased to $18.3 million for the six months ended June 30, 2026 from $27.6 million for the six months ended June 30, 2025 also driven by the deconsolidation of Armada, partially offset by growth in IMG and the acquisition of Assist America. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 15.6% for the six months ended June 30, 2026 compared to 13.6% for the six months ended June 30, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Insurance & Services Segment
In our Insurance & Services segment, we underwrite primary insurance in several sectors globally. We offer innovative insurance solutions to meet the changing risk circumstances of our clients. The Insurance & Services segment includes A&H, Property & Casualty, and Other Specialties.
As of June 30, 2026, we have equity stakes in 16 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes. As of June 30, 2026, we consolidated two MGAs in our financial statements: Alta Signa Holdings (“Alta Signa”) and IMG. Effective November 1, 2025, we deconsolidated Armada upon the sale to Ambac Financial Group Inc. We will continue our underwriting capacity partnership with Armada until the end of 2030. We provide underwriting capacity in the form of insurance or reinsurance to 8 non-consolidated entities in addition to the two consolidated MGAs. We also have investment stakes in 6 other entities where we have no underwriting relationships. The investment interests in the non-consolidated entities are included in strategic investments within Other long-term investments on the consolidated balance sheet.
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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 six months ended June 30, 2026 and 2025:
Three months ended Six months ended
June 30, 2026 June 30, 2025 Change June 30, 2026 June 30, 2025 Change
($ in millions)
Gross written premium $ 644.6 $ 560.4 $ 84.2 $ 1,329.2 $ 1,195.5 $ 133.7
Net written premium 422.4 392.8 29.6 883.5 876.3 7.2
Net earned premium 381.7 369.2 12.5 761.8 705.4 56.4
Loss and loss adjustment expenses incurred, net 216.5 209.2 7.3 432.2 419.1 13.1
Acquisition costs, net 104.2 97.9 6.3 212.2 185.2 27.0
Other underwriting expenses 25.6 22.6 3.0 51.9 41.5 10.4
Underwriting income 35.4 39.5 (4.1) 65.5 59.6 5.9
Services revenues 59.4 58.1 1.3 113.4 120.2 (6.8)
Services expenses 49.6 49.6 — 95.7 92.7 3.0
Net services fee income 9.8 8.5 1.3 17.7 27.5 (9.8)
Services noncontrolling loss 0.1 0.2 (0.1) 0.6 0.1 0.5
Net services income 9.9 8.7 1.2 18.3 27.6 (9.3)
Segment income $ 45.3 $ 48.2 $ (2.9) $ 83.8 $ 87.2 $ (3.4)
Underwriting ratios: (1)
Loss ratio 56.7 % 56.7 % — % 56.7 % 59.4 % (2.7) %
Acquisition cost ratio 27.3 % 26.5 % 0.8 % 27.9 % 26.3 % 1.6 %
Other underwriting expense ratio 6.7 % 6.1 % 0.6 % 6.8 % 5.9 % 0.9 %
Combined ratio 90.7 % 89.3 % 1.4 % 91.4 % 91.6 % (0.2) %
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
Premium Volume
Gross written premium increased by $84.2 million, or 15.0%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by new program growth, mainly in General Liability, as well as continued growth in London MGAs.
Gross written premium increased by $133.7 million, or 11.2%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by new program growth, mainly in General Liability, as well as continued organic growth in existing programs and growth in North America A&H.
Consolidated MGAs
Gross written premium generated by the consolidated MGAs in the aggregate decreased by $10.7 million, or 15.0%, to $60.8 million for the three months ended June 30, 2026 compared to $71.5 million for the three months ended June 30, 2025.
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Gross written premium generated by the consolidated MGAs in the aggregate decreased by $47.7 million, or 28.3%, to $120.3 million for the six months ended June 30, 2026 compared to $168.0 million for the six months ended June 30, 2025.
The decreases for the three and six months ended June 30, 2026 primarily resulted from the deconsolidation of Armada in the fourth quarter of 2025.
Book value for the consolidated MGAs was $110.7 million as of June 30, 2026, compared to $80.3 million as of December 31, 2025. The increase in book value from December 31, 2025 was a result of the acquisition of Assist America, which was effective as of January 1, 2026.
Underwriting Results
The decrease in underwriting income of $4.1 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily a result of earned premium growing at a slower pace than written due to a shift in our business mix, as well as expenses related to incentive compensation award outperformance.
The improvement in underwriting income of $5.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by increased favorable prior year loss reserve development, partially offset by increased expenses. For the six months ended June 30, 2026, favorable prior year loss reserve development was $31.2 million compared to $12.2 million for the six months ended June 30, 2025, primarily driven by favorable development in A&H. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Services Results
The increase in services revenues of $1.3 million and net services income of $1.2 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 were primarily driven by growth in the IMG travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada in the fourth quarter of 2025.
The decrease in services revenues of $6.8 million and net services income of $9.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 were primarily due to the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in the IMG travel business and the acquisition of Assist America.
Reinsurance Segment
The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis. The following table sets forth underwriting results and ratios and the period over period changes for the Reinsurance segment for the three and six months ended June 30, 2026 and 2025:
Three months ended Six months ended
June 30, 2026 June 30, 2025 Change June 30, 2026 June 30, 2025 Change
($ in millions)
Gross written premium $ 336.9 $ 369.7 $ (32.8) $ 656.1 $ 724.5 $ (68.4)
Net written premium 287.1 307.0 (19.9) 522.8 575.5 (52.7)
Net earned premium 257.1 276.4 (19.3) 515.3 566.0 (50.7)
Loss and loss adjustment expenses incurred, net 140.1 156.4 (16.3) 274.1 351.7 (77.6)
Acquisition costs, net 75.7 70.5 5.2 139.5 137.6 1.9
Other underwriting expenses 21.7 21.4 0.3 41.3 40.2 1.1
Underwriting income $ 19.6 $ 28.1 $ (8.5) $ 60.4 $ 36.5 $ 23.9
Underwriting ratios: (1)
Loss ratio 54.5 % 56.6 % (2.1) % 53.2 % 62.1 % (8.9) %
Acquisition cost ratio 29.4 % 25.5 % 3.9 % 27.1 % 24.3 % 2.8 %
Other underwriting expense ratio 8.4 % 7.7 % 0.7 % 8.0 % 7.1 % 0.9 %
Combined ratio 92.3 % 89.8 % 2.5 % 88.3 % 93.5 % (5.2) %
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
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Premium Volume
Gross written premium in the Reinsurance segment decreased by $32.8 million, or 8.9%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by deliberate reductions in Casualty and rate and exposure reductions in Property Catastrophe.
Gross written premium in the Reinsurance segment decreased by $68.4 million, or 9.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by deliberate reductions in Casualty, rate and exposure reductions in Property Catastrophe, and reductions in Other Specialties.
Underwriting Results
The decrease in net underwriting income for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by decreased net earned premiums in Casualty and Property Catastrophe and higher acquisition costs in Property and Other Specialties, partially offset by a lower attritional loss ratio.
The increase in net underwriting results for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, was primarily driven by decreased catastrophe losses, as the six months ended June 30, 2025 included losses of $62.6 million, or 11.1 percentage points on the combined ratio, primarily from the California wildfires. This was partially offset by lower favorable prior year loss reserve development of $17.7 million for the six months ended June 30, 2026, compared to $35.9 million for the six months ended June 30, 2025, mainly from reserve releases in Property relating to prior year’s catastrophe events.
Corporate
Corporate results include all run off business, which represents certain classes of business that we ceased underwriting as part of fundamental changes to our business strategy, including the effect of the restructuring of the underwriting platform announced in 2022 and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers’ compensation and cyber programs which we no longer write. The following table sets forth underwriting results and the period over period changes for the three and six months ended June 30, 2026 and 2025:
Three months ended Six months ended
June 30, 2026 June 30, 2025 Change June 30, 2026 June 30, 2025 Change
($ in millions)
Gross written premium $ (3.3) $ 18.1 $ (21.4) $ (4.2) $ 12.9 $ (17.1)
Net written premium 0.8 4.6 (3.8) (0.8) (4.4) 3.6
Net earned premium 1.5 6.4 (4.9) 2.1 7.3 (5.2)
Loss and loss adjustment expenses incurred, net 3.4 8.5 (5.1) 18.4 7.1 11.3
Acquisition costs, net (2.4) 0.7 (3.1) (2.6) 4.0 (6.6)
Other underwriting expenses 4.5 4.3 0.2 9.1 7.7 1.4
Underwriting loss $ (4.0) $ (7.1) $ 3.1 $ (22.8) $ (11.5) $ (11.3)
Minimal premium volume for the three and six months ended June 30, 2026 reflect the expiration and non-renewal of the classes of business that we no longer actively underwrite. The increase in the underwriting loss for the six months ended June 30, 2026 compared the six months ended June 30, 2025 was primarily driven by adverse prior year loss reserve development of $16.0 million, mainly from one large claim settlement.
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.
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Core Results
Collectively, the sum of the Company's two segments, Insurance & Services and Reinsurance, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the run off 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, as well as services expenses which include direct expenses related to consolidated MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.
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 goodwill and intangible assets. Management believes that effects of goodwill and intangible assets make book value comparisons to less acquisitive peer companies less meaningful.
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 June 30, 2026 and December 31, 2025:
June 30, 2026 December 31, 2025
($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,275.9 $ 2,269.8
Intangible assets 137.4 121.2
Goodwill 18.6 —
Tangible common shareholders' equity attributable to SiriusPoint common shareholders $ 2,119.9 $ 2,148.6
Common shares outstanding 116,065,965 116,989,799
Effect of dilutive stock options and restricted share units 1,848,708 4,983,345
Book value per diluted common share denominator 117,914,673 121,973,144
Book value per common share $ 19.61 $ 19.40
Book value per diluted common share $ 19.30 $ 18.61
Tangible book value per diluted common share $ 17.98 $ 17.62
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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 and principal payments on debt obligations and investment opportunities. SiriusPoint may also require cash to repurchase shares of our common stock pursuant to the share repurchase program or redeem other securities issued by us. For further details, see Note 14 “Shareholders' equity” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q. 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 17 “Commitments and contingencies” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.
Dividend Capacity and Capital
We are subject to regulations and other constraints that affect our ability to pay dividends. During both the three and six months ended June 30, 2026, SiriusPoint paid dividends of $2.6 million to the Series B preference shareholders as the Series B preference shares were fully redeemed on February 26, 2026 (2025 - $4.0 million and $8.0 million, respectively). See Note 14 “Shareholders' equity” in our unaudited consolidated financial statements included elsewhere in this Form 10-Q for further discussion on the redemption. During the three and six months ended June 30, 2026, SiriusPoint did not pay any dividends to its common shareholders.
For the three and six months ended June 30, 2026, SiriusPoint received distributions of $45.0 million from SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), its immediate wholly-owned subsidiary (2025 - $10.0 million and $435.0 million, respectively). We believe the dividend/distribution capacity of SiriusPoint’s subsidiaries, which was approximately $694.7 million as of December 31, 2025, provides SiriusPoint with sufficient liquidity for the foreseeable future. For a further discussion of the various restrictions on SiriusPoint Bermuda’s ability to pay dividends, see Part I, Item 1 “Business - Regulation” in our 2025 Form 10-K.
In addition to the regulatory and other contractual constraints to paying dividends, we manage the capital of the group and each of our operating subsidiaries to support our current ratings from AM Best, Fitch, S&P and Moody’s. This could further reduce the ability and amount of dividends that could be paid from subsidiaries to SiriusPoint. In addition, the Company annually files the prescribed form of capital and solvency return, which comprises the insurer’s Bermuda Solvency Capital Requirement (“BSCR”) model. The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer’s business. Our filed 2025 BSCR ratio is 256%. The Company is also currently completing its second quarter 2026 Bermuda Quarterly Financial Return, with an estimated ratio of 239%.
Sources of Liquidity
Our operating subsidiaries sources of liquidity have primarily consisted of net written premium, reinsurance recoveries, investment income and proceeds from sales of or dividends or distributions attributable to investments. Other potential
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sources of liquidity include borrowings under our credit facilities, the Federal Home Loan Bank of New York (“FHLBNY”) advance program and issuances of securities.
Effective December 19, 2024, we entered into a four-year, $400.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent. The Facility includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the Facility maturity date. Subject to customary conditions precedent upon any borrowing request, the Facility provides access to loans for working capital and general corporate purposes, as well as letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. As of June 30, 2026, the Company was in compliance with all of the covenants under the Facility and there were no outstanding borrowings under the Facility.
Effective September 2025, we became a member of the FHLBNY. As a member, we may borrow through the advance program of the FHLBNY. The FHLBNY advance program provides short- and long-term, fully collateralized loans, called advances, to their members. We have the ability to obtain this funding based on a percentage of the value of our admitted assets in the State of New York, subject to availability of eligible collateral. As of June 30, 2026, there were no outstanding FHLBNY borrowings.
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 June 30, 2026 and December 31, 2025:
June 30, 2026 December 31, 2025
Amount Effective rate (1) Amount Effective rate (1)
2024 Senior Notes, at face value $ 400.0 7.4 % $ 400.0 7.4 %
Unamortized discount and issuance costs (3.4) (4.0)
2024 Senior Notes, carrying value 396.6 396.0
2017 SEK Subordinated Notes, at face value 284.1 6.2 % 298.2 7.1 %
Unamortized discount (5.2) (5.6)
2017 SEK Subordinated Notes, carrying value 278.9 292.6
Total debt $ 675.5 $ 688.6
(1)Effective rate considers the effect of the debt issuance costs, discount, and premium.
For further details and discussion with respect to the 2024 Senior Notes and 2017 SEK Subordinated Notes, please refer to Note 14 “Debt and letter of credit facilities” of Part II, Item 8. “Financial Statements and Supplementary Data” included in our 2025 Form 10-K.
Debt Covenants
As of June 30, 2026, we were in compliance with all of the covenants under the 2024 Senior Notes and the 2017 SEK Subordinated Notes.
Letter of Credit Facilities
As of June 30, 2026, letters of credit in the amount of $810.0 million had been issued by the Company to various insurance and reinsurance counterparties. Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers, and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements and a minimum rating from rating agencies. Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default
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exists under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of June 30, 2026.
For further details and discussion with respect to letter of credit facilities, see Note 12 “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 June 30, 2026, total cash and cash equivalents and debt securities with a fair value of $879.4 million were pledged as collateral against the letters of credit issued.
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 12 “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 to $1.9 billion as of June 30, 2026 from $2.2 billion as of December 31, 2025. The decrease was primarily due to the release of collateral pledged against prior underwriting years’ contracts.
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 $400.0 million Facility that provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements and retrocessional agreements.
Operating, investing, and financing cash flows for the six months ended June 30, 2026 and 2025 were as follows:
2026 2025
($ in millions)
Net cash provided by (used in) operating activities $ 136.7 $ (26.8)
Net cash provided by (used in) investing activities (2.4) 565.8
Net cash used in financing activities (290.8) (510.4)
Net increase (decrease) in cash, cash equivalents and restricted cash (156.5) 28.6
Cash, cash equivalents and restricted cash at beginning of period 902.4 894.6
Cash, cash equivalents and restricted cash at end of period $ 745.9 $ 923.2
Operating Activities
Cash flows provided by operating activities can fluctuate due to timing differences between the collection of premiums and reinsurance recoverable, the payment of losses and loss expenses, and the payment of premiums to reinsurers. The increase in
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cash flows provided by operating activities for the six months ended June 30, 2026 was primarily driven by an increase in the collection of premiums consistent with the underlying growth of the business, compared to cash flows used in operating activities for the six months ended June 30, 2025 primarily relating to payments for California wildfire claims.
Investing Activities
Cash flows used in investing activities for the six months ended June 30, 2026 were driven by lower proceeds from sales and maturities of debt securities compared to purchases during the period and cash used to complete the acquisition of Assist America. The decrease in cash flows provided by investing activities for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was driven by changes in our investment portfolio, primarily purchases and sales of fixed income and short-term investments.
Financing Activities
Cash flows used in financing activities for the six months ended June 30, 2026 primarily consisted of a $203.9 million payment for the redemption of the Series B Preference share and $73.3 million in payments for share repurchases. Cash flows used in financing activities for the six months ended June 30, 2025 primarily consisted of $490.8 million in payments for share repurchases.
Financial Condition
As of June 30, 2026, total shareholders’ equity was $2,276.7 million, compared to $2,470.9 million as of December 31, 2025. The decrease was primarily driven by the redemption of the Series B preference shares of $203.9 million, common share repurchases of $73.3 million and the accumulated other comprehensive loss from unrealized losses from AFS debt securities of $85.1 million, partially offset by net income of $168.2 million for the six months ended June 30, 2026.
Contractual Obligations
There have been no material changes to our contractual obligations from our 2025 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 2025 Form 10-K.
Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material to the financial statements. As of December 31, 2025, the accounting policies that required the most significant judgments and estimations by management include, but are not limited to: (1) premium revenue recognition, (2) loss and loss adjustment expense reserves, (3) fair value measurements related to our investments and (4) 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 2025 Form 10-K.