v3.25.2
Segment reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Operating Segment Results
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.