
	June 30, 2026		June 30, 2025
Gross reserves for loss and loss adjustment expenses, beginning of period	$	5,782.5	$	5,653.9
Less: loss and loss adjustment expenses recoverable, beginning of period	(2,102.3)		(2,315.3)
Less: deferred gains (charges) on retroactive reinsurance contracts (2)	—		8.5
Net reserves for loss and loss adjustment expenses, beginning of period	3,680.2		3,347.1

Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	754.0		817.3
Prior years	(32.9)		(42.9)
Total incurred loss and loss adjustment expenses	721.1		774.4
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(234.7)		(297.9)
Prior years	(396.7)		(325.7)
Total net paid losses	(631.4)		(623.6)
Foreign currency translation	(11.0)		55.6

Net reserves for loss and loss adjustment expenses, end of period	3,758.9		3,553.5
Plus: loss and loss adjustment expenses recoverable, end of period	1,991.4		2,263.9

Gross reserves for loss and loss adjustment expenses, end of period	$	5,750.3	$	5,817.4

(1)Deferred gains on retroactive reinsurance were previously presented as a separate line item on the Company’s consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the deferred gain is fully amortized.

For the six months ended June 30, 2026, the Company recorded $32.9 million of net favorable prior year loss reserve development primarily driven by favorable development in A&H and Credit in Other Specialties, mainly from better than expected loss experience.

For the six months ended June 30, 2025, the Company recorded $42.9 million of net favorable prior year loss reserve development primarily resulting from favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses.

On October 1, 2024, SiriusPoint America Insurance Company (“SiriusPoint America”), a subsidiary of the Company, and Clarendon National Insurance Company (“Clarendon National”), an insurer domiciled in Texas and an affiliate of Enstar Group Limited, a Bermuda exempted company (“Enstar”) entered into a Loss Portfolio Transfer Reinsurance Agreement (the “2024 LPT”), pursuant to which SiriusPoint America cedes and Clarendon National assumes 100% of the net liability with respect to certain worker’s compensation insurance exposures of SiriusPoint America on a funds withheld basis.

The transaction price of approximately $400 million covered SiriusPoint loss and unearned premium reserves, including commuted liabilities, and the reinsurance premium as of the December 31, 2023 valuation date. The subject loss reserves are

included in Loss and loss adjustment expenses recoverable in the Company’s consolidated balance sheets. The agreement between SiriusPoint America and Clarendon National is on a funds withheld basis, and the funds held liability (including reinsurance premium) of $175.7 million as of June 30, 2026 is included within Reinsurance balances payable in the Company’s consolidated balance sheets. The aggregate limit under the 2024 LPT is 150% of the premium paid.

On March 2, 2023, the Company agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction (the “2023 LPT”), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The transaction covered loss reserves ceded initially estimated at $1.3 billion as of the valuation date of September 30, 2022, which were reduced to $905.6 million as of June 30, 2023 at closing, as a result of paid losses and favorable prior accident year reserve development recognized during the interim period. As of June 30, 2026, the Company recorded funds held payable of $297.6 million in Reinsurance balances payable and reinsurance recoverable of $305.4 million. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of roll forward reserves at the inception of the contract.