v3.25.2
Segment reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment reporting
3. 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: Insurance & Services and Reinsurance. 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.
Insurance & Services
Through the Insurance & Services segment, the Company underwrites primary insurance in a number of sectors. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Other Specialties.
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 the Insurance & Services segment 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 managing general agent (“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 around the world.
Other Specialties – the Company’s business encompasses a broad range of worldwide insurance coverages. Other Specialties business lines in the Insurance & Services segment include Aviation & Space, Credit, Surety, Marine & Energy and Mortgage.
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 Other Specialties 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 MGAs and sponsoring cover holders. The Company’s underwriting focus is on proportional transactions covering all major commercial casualty lines, as well as 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, where permitted, building risk and structured property specifically in the United States.
Other Specialties – the Company’s business encompasses a broad range of worldwide reinsurance coverages, including proportional and excess of loss, treaty and facultative. Other Specialties business lines in the Reinsurance segment include Aviation & Space, Marine & Energy and Credit.
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 (fees for services revenues), 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 and unrealized gains (losses), other investment income, including gains (losses) from strategic investments, 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).
The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30, 2025
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$560.4 $369.7 $930.1 $— $18.1 $— $948.2 
Net premiums written392.8 307.0 699.8 — 4.6 — 704.4 
Net premiums earned369.2 276.4 645.6 — 6.4 — 652.0 
Loss and loss adjustment expenses incurred, net209.2 156.4 365.6 (1.5)8.5 — 372.6 
Acquisition costs, net97.9 70.5 168.4 (28.2)0.7 — 140.9 
Other underwriting expenses22.6 21.4 44.0 — 4.3 — 48.3 
Underwriting income (loss)39.5 28.1 67.6 29.7 (7.1)— 90.2 
Services revenues58.1 — 58.1 (31.7)— (26.4)— 
Services expenses49.6 — 49.6 — — (49.6)— 
Net services fee income8.5 — 8.5 (31.7)— 23.2 — 
Services noncontrolling loss0.2 — 0.2 — — (0.2)— 
Net services income8.7 — 8.7 (31.7)— 23.0 — 
Segment income (loss)48.2 28.1 76.3 (2.0)(7.1)23.0 90.2 
Net investment income68.2 — 68.2 
Net realized and unrealized investment gains0.7 — 0.7 
Other revenues0.9 26.4 27.3 
Net corporate and other expenses(21.3)(49.6)(70.9)
Intangible asset amortization(2.8)— (2.8)
Interest expense(21.1)— (21.1)
Foreign exchange losses(16.7)— (16.7)
Income (loss) before income tax expense$48.2 $28.1 76.3 (2.0)0.8 (0.2)74.9 
Income tax expense— — (11.6)— (11.6)
Net income (loss)76.3 (2.0)(10.8)(0.2)63.3 
Net (income) loss attributable to noncontrolling interest— — (0.3)0.2 (0.1)
Net income (loss) available to SiriusPoint$76.3 $(2.0)$(11.1)$— $63.2 
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 ratio59.3 %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 ratio56.7 %56.6 %56.6 %57.1 %
Acquisition cost ratio26.5 %25.5 %26.1 %21.6 %
Other underwriting expenses ratio6.1 %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 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.
Three months ended June 30, 2024
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$490.2 $352.5 $842.7 $— $21.8 $— $864.5 
Net premiums written341.1 308.8 649.9 — (6.3)— 643.6 
Net premiums earned297.2 256.2 553.4 — 37.1 — 590.5 
Loss and loss adjustment expenses incurred, net192.2 143.8 336.0 (1.3)29.7 — 364.4 
Acquisition costs, net75.8 67.2 143.0 (36.5)13.4 — 119.9 
Other underwriting expenses17.3 20.2 37.5 — 3.6 — 41.1 
Underwriting income (loss)11.9 25.0 36.9 37.8 (9.6)— 65.1 
Services revenues57.4 — 57.4 (34.4)— (23.0)— 
Services expenses47.7 — 47.7 — — (47.7)— 
Net services fee income9.7 — 9.7 (34.4)— 24.7 — 
Services noncontrolling income(0.6)— (0.6)— — 0.6 — 
Net services income9.1 — 9.1 (34.4)— 25.3 — 
Segment income (loss)21.0 25.0 46.0 3.4 (9.6)25.3 65.1 
Net investment income78.2 — 78.2 
Net realized and unrealized investment losses(54.9)— (54.9)
Other revenues95.9 23.0 118.9 
Loss on settlement and change in fair value of liability-classified capital instruments10.6 — 10.6 
Net corporate and other expenses(18.9)(47.7)(66.6)
Intangible asset amortization(3.0)— (3.0)
Interest expense(15.7)— (15.7)
Foreign exchange losses(3.6)— (3.6)
Income before income tax expense$21.0 $25.0 46.0 3.4 79.0 0.6 129.0 
Income tax expense— — (14.2)— (14.2)
Net income46.0 3.4 64.8 0.6 114.8 
Net income attributable to noncontrolling interests— — (0.3)(0.6)(0.9)
Net income available to SiriusPoint$46.0 $3.4 $64.5 $— $113.9 
Attritional losses$188.2 $147.1 $335.3 $(1.3)$25.9 $— $359.9 
Catastrophe losses2.6 3.0 5.6 — — — 5.6 
Prior year loss reserve development1.4 (6.3)(4.9)— 3.8 — (1.1)
Loss and loss adjustment expenses incurred, net$192.2 $143.8 $336.0 $(1.3)$29.7 $— $364.4 
Underwriting Ratios: (1)
Attritional loss ratio63.3 %57.4 %60.6 %61.0 %
Catastrophe loss ratio0.9 %1.2 %1.0 %0.9 %
Prior year loss development ratio0.5 %(2.5)%(0.9)%(0.2)%
Loss ratio64.7 %56.1 %60.7 %61.7 %
Acquisition cost ratio25.5 %26.2 %25.8 %20.3 %
Other underwriting expenses ratio5.8 %7.9 %6.8 %7.0 %
Combined ratio96.0 %90.2 %93.3 %89.0 %
(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.
Six months ended June 30, 2025
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$1,195.5 $724.5 $1,920.0 $— $12.9 $— $1,932.9 
Net premiums written 876.3 575.5 1,451.8 — (4.4)— 1,447.4 
Net premiums earned705.4 566.0 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, net185.2 137.6 322.8 (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 revenues120.2 — 120.2 (61.9)— (58.3)— 
Services expenses92.7 — 92.7 — — (92.7)— 
Net services fee income27.5 — 27.5 (61.9)— 34.4 — 
Services noncontrolling loss0.1 — 0.1 — — (0.1)— 
Net services income27.6 — 27.6 (61.9)— 34.3 — 
Segment income (loss)87.2 36.5 123.7 (2.2)(11.5)34.3 144.3 
Net investment income139.4 — 139.4 
Net realized and unrealized investment gains0.4 — 0.4 
Other revenues(1.3)58.3 57.0 
Net corporate and other expenses(38.8)(92.7)(131.5)
Intangible asset amortization(5.7)— (5.7)
Interest expense(39.2)— (39.2)
Foreign exchange losses(14.5)— (14.5)
Income (loss) before income tax expense$87.2 $36.5 123.7 (2.2)28.8 (0.1)150.2 
Income tax expense— — (24.9)— (24.9)
Net income123.7 (2.2)3.9 (0.1)125.3 
Net income attributable to noncontrolling interests— — (0.6)0.1 (0.5)
Net income available to SiriusPoint$123.7 $(2.2)$3.3 $— $124.8 
Attritional losses$426.5 $325.0 $751.5 $(3.5)$1.9 $— $749.9 
Catastrophe losses4.8 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 ratio60.4 %57.3 %59.1 %58.7 %
Catastrophe loss ratio0.7 %11.1 %5.3 %5.3 %
Prior year loss development ratio(1.7)%(6.3)%(3.8)%(3.4)%
Loss ratio59.4 %62.1 %60.6 %60.6 %
Acquisition cost ratio26.3 %24.3 %25.4 %21.2 %
Other underwriting expenses ratio5.9 %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 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.
Six months ended June 30, 2024
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$1,014.5 $708.9 $1,723.4 $— $47.7 $— $1,771.1 
Net premiums written678.2 598.9 1,277.1 — 5.8 — 1,282.9 
Net premiums earned561.4 509.8 1,071.2 — 113.1 — 1,184.3 
Loss and loss adjustment expenses incurred, net368.7 268.4 637.1 (2.7)47.5 — 681.9 
Acquisition costs, net141.0 137.0 278.0 (69.7)56.5 — 264.8 
Other underwriting expenses35.4 39.5 74.9 — 8.0 — 82.9 
Underwriting income16.3 64.9 81.2 72.4 1.1 — 154.7 
Services revenues123.2 — 123.2 (71.5)— (51.7)— 
Services expenses93.7 — 93.7 — — (93.7)— 
Net services fee income29.5 — 29.5 (71.5)— 42.0 — 
Services noncontrolling income(2.3)— (2.3)— — 2.3 — 
Net services income27.2 — 27.2 (71.5)— 44.3 — 
Segment income43.5 64.9 108.4 0.9 1.1 44.3 154.7 
Net investment income157.0 — 157.0 
Net realized and unrealized investment losses(53.9)— (53.9)
Other revenues95.0 51.7 146.7 
Loss on settlement and change in fair value of liability-classified capital instruments(5.3)— (5.3)
Net corporate and other expenses(28.9)(93.7)(122.6)
Intangible asset amortization(5.9)— (5.9)
Interest expense(36.2)— (36.2)
Foreign exchange gains0.1 — 0.1 
Income before income tax expense$43.5 $64.9 108.4 0.9 123.0 2.3 234.6 
Income tax expense— — (23.9)— (23.9)
Net income108.4 0.9 99.1 2.3 210.7 
Net (income) loss attributable to noncontrolling interests— — 0.3 (2.3)(2.0)
Net income available to SiriusPoint$108.4 $0.9 $99.4 $— $208.7 
Attritional losses$362.4 $282.0 $644.4 $(2.7)$74.6 $— $716.3 
Catastrophe losses2.6 3.0 5.6 — — — 5.6 
Prior year loss reserve development3.7 (16.6)(12.9)— (27.1)— (40.0)
Loss and loss adjustment expenses incurred, net$368.7 $268.4 $637.1 $(2.7)$47.5 $— $681.9 
Underwriting Ratios: (1)
Attritional loss ratio64.5 %55.3 %60.2 %60.4 %
Catastrophe loss ratio0.5 %0.6 %0.5 %0.5 %
Prior year loss development ratio0.7 %(3.3)%(1.2)%(3.3)%
Loss ratio65.7 %52.6 %59.5 %57.6 %
Acquisition cost ratio25.1 %26.9 %26.0 %22.4 %
Other underwriting expenses ratio6.3 %7.7 %7.0 %7.0 %
Combined ratio97.1 %87.2 %92.5 %87.0 %
(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.