v3.26.3
Segment reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment reporting
4. Segment reporting
The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments: 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 (“CODM”), the Chief Executive Officer. The CODM assesses segment operating performance, allocates capital and makes resource allocation decisions accordingly. Further, the CODM does not manage the Company’s assets by segment; accordingly, total assets are not allocated to the segments, excluding goodwill recognized due to the Assist America and World Nomads acquisitions, which is allocated to the Insurance & Services segment. We continue to evaluate our segments as our business evolves and may further refine our segments and segment income (loss) measures.
Insurance & Services
In the Insurance & Services segment, the Company underwrites primary insurance in several sectors. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Other Specialties.
Accident and Health (“A&H”) – the Company provides 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”), 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, travel insurance programs, medical management services and 24/7 emergency medical and travel assistance. The Company owned 100% of ArmadaCorp Capital, LLC (“Armada”) through October 31, 2025, when it was sold to Octave Specialty Group, Inc (formerly known as Ambac Financial Group, Inc.) and deconsolidated as of November 1, 2025. SiriusPoint will continue its underwriting capacity partnership with Armada until the end of 2030. Armada operates as a supplemental medical insurance managing general agent (“MGA”).
Property & Casualty – the Company is a carrier for program administrators and MGAs. The majority of its P&C insurance business is written through partners in the Property & Casualty space, covering Financial and Professional Liability, General Liability, Environmental and Commercial Auto lines around the world, including Bermuda, Europe, London and the U.S.
Other Specialties – SiriusPoint’s business encompasses a broad range of worldwide insurance coverages. Other Specialties business lines in the Insurance & Services segment include Aviation, Marine & Energy, Credit, Surety 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.
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’s underwriting focus is on all major commercial casualty lines, including Financial and Professional Liability and General Liability lines, 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.
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 earned premium. 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. 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 run-off business, which represents certain classes of business that the Company ceased underwriting as part of fundamental changes to its 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 the Company no longer writes. In addition, revenue and expenses managed at the corporate level, including realized and unrealized gains (losses) and other investment income, 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 CODM 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 nine months ended September 30, 2026 and 2025:
Three months ended September 30, 2026
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross written premium$673.0 $317.6 $990.6 $— $4.3 $— $994.9 
Net written premium403.5 275.2 678.7 — 1.7 — 680.4 
Net earned premium460.8 304.0 764.8 — 2.8 — 767.6 
Loss and loss adjustment expenses incurred, net263.6 154.0 417.6 (2.1)0.4 — 415.9 
Acquisition costs, net136.9 86.2 223.1 (28.7)0.8 — 195.2 
Other underwriting expenses27.3 20.9 48.2 — 4.8 — 53.0 
Underwriting income (loss)33.0 42.9 75.9 30.8 (3.2)— 103.5 
Services revenues61.5 — 61.5 (31.2)— (30.3)— 
Services expenses49.4 — 49.4 — — (49.4)— 
Net services fee income12.1 — 12.1 (31.2)— 19.1 — 
Services noncontrolling income(0.2)— (0.2)— — 0.2 — 
Net services income11.9 — 11.9 (31.2)— 19.3 — 
Segment income (loss)44.9 42.9 87.8 (0.4)(3.2)19.3 103.5 
Net investment income65.9 — 65.9 
Net investment gains (losses)3.3 — 3.3 
Other revenues0.5 30.3 30.8 
Net corporate and other expenses(26.3)(49.4)(75.7)
Intangible asset amortization(2.5)— (2.5)
Interest expense(18.4)— (18.4)
Foreign exchange losses(3.2)— (3.2)
Income before income tax expense$44.9 $42.9 87.8 (0.4)16.1 0.2 103.7 
Income tax expense— — (16.7)— (16.7)
Net income (loss)87.8 (0.4)(0.6)0.2 87.0 
Net (income) loss attributable to noncontrolling interest— — — (0.2)(0.2)
Net income (loss) available to SiriusPoint$87.8 $(0.4)$(0.6)$— $86.8 
Attritional losses$272.7 $163.2 $435.9 $(2.1)$1.9 $— $435.7 
Catastrophe losses— — — — — — — 
Prior year loss reserve development(9.1)(9.2)(18.3)— (1.5)— (19.8)
Loss and loss adjustment expenses incurred, net$263.6 $154.0 $417.6 $(2.1)$0.4 $— $415.9 
Underwriting Ratios: (1)
Attritional loss ratio59.2 %53.7 %57.0 %56.8 %
Catastrophe loss ratio— %— %— %— %
Prior year loss development ratio(2.0)%(3.0)%(2.4)%(2.6)%
Loss ratio57.2 %50.7 %54.6 %54.2 %
Acquisition cost ratio29.7 %28.4 %29.2 %25.4 %
Other underwriting expenses ratio5.9 %6.9 %6.3 %6.9 %
Combined ratio
92.8 %86.0 %90.1 %86.5 %
(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.
Three months ended September 30, 2025
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross written premium$562.0 $309.6 $871.6 $— $2.8 $— $874.4 
Net written premium396.8 268.1 664.9 — 5.4 — 670.3 
Net earned premium381.2 262.3 643.5 — 4.2 — 647.7 
Loss and loss adjustment expenses incurred, net225.3 145.5 370.8 (1.5)3.6 — 372.9 
Acquisition costs, net98.3 64.7 163.0 (26.9)3.7 — 139.8 
Other underwriting expenses19.9 20.2 40.1 — 3.5 — 43.6 
Underwriting income (loss)37.7 31.9 69.6 28.4 (6.6)— 91.4 
Services revenues58.5 — 58.5 (32.7)— (25.8)— 
Services expenses48.5 — 48.5 — — (48.5)— 
Net services fee income10.0 — 10.0 (32.7)— 22.7 — 
Services noncontrolling loss0.1 — 0.1 — — (0.1)— 
Net services income10.1 — 10.1 (32.7)— 22.6 — 
Segment income (loss)47.8 31.9 79.7 (4.3)(6.6)22.6 91.4 
Net investment income66.5 — 66.5 
Net investment gains (losses)6.2 — 6.2 
Other revenues9.7 25.8 35.5 
Net corporate and other expenses(14.0)(48.5)(62.5)
Intangible asset amortization(2.8)— (2.8)
Interest expense(21.0)— (21.0)
Foreign exchange losses(2.4)— (2.4)
Income before income tax expense$47.8 $31.9 79.7 (4.3)35.6 (0.1)110.9 
Income tax expense— — (20.2)— (20.2)
Net income79.7 (4.3)15.4 (0.1)90.7 
Net loss attributable to noncontrolling interests— — — 0.1 0.1 
Net income available to SiriusPoint$79.7 $(4.3)$15.4 $— $90.8 
Attritional losses$234.8 $145.1 $379.9 $(1.5)$3.4 $— $381.8 
Catastrophe losses— — — — — — — 
Prior year loss reserve development(9.5)0.4 (9.1)— 0.2 — (8.9)
Loss and loss adjustment expenses incurred, net$225.3 $145.5 $370.8 $(1.5)$3.6 $— $372.9 
Underwriting Ratios: (1)
Attritional loss ratio61.6 %55.3 %59.0 %59.0 %
Catastrophe loss ratio— %— %— %— %
Prior year loss development ratio(2.5)%0.2 %(1.4)%(1.4)%
Loss ratio59.1 %55.5 %57.6 %57.6 %
Acquisition cost ratio25.8 %24.7 %25.3 %21.6 %
Other underwriting expenses ratio5.2 %7.7 %6.2 %6.7 %
Combined ratio90.1 %87.9 %89.1 %85.9 %
(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.
Nine months ended September 30, 2026
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross written premium$2,002.2 $973.7 $2,975.9 $— $0.1 $— $2,976.0 
Net written premium1,287.0 798.0 2,085.0 — 0.9 — 2,085.9 
Net earned premium1,222.6 819.3 2,041.9 — 4.9 — 2,046.8 
Loss and loss adjustment expenses incurred, net 695.8 428.1 1,123.9 (5.7)18.8 — 1,137.0 
Acquisition costs, net349.1 225.7 574.8 (73.2)(1.8)— 499.8 
Other underwriting expenses 79.2 62.2 141.4 — 13.9 — 155.3 
Underwriting income (loss)98.5 103.3 201.8 78.9 (26.0)— 254.7 
Services revenues174.9 — 174.9 (84.1)— (90.8)— 
Services expenses145.1 — 145.1 — — (145.1)— 
Net services fee income29.8 — 29.8 (84.1)— 54.3 — 
Services noncontrolling loss0.4 — 0.4 — — (0.4)— 
Net services income30.2 — 30.2 (84.1)— 53.9 — 
Segment income (loss)128.7 103.3 232.0 (5.2)(26.0)53.9 254.7 
Net investment income197.8 — 197.8 
Net investment gains (losses)22.6 — 22.6 
Other revenues28.3 90.8 119.1 
Net corporate and other expenses(75.5)(145.1)(220.6)
Intangible asset amortization(7.5)— (7.5)
Interest expense(53.9)— (53.9)
Foreign exchange losses(2.7)— (2.7)
Income before income tax expense$128.7 $103.3 232.0 (5.2)83.1 (0.4)309.5 
Income tax expense— — (51.7)— (51.7)
Net income232.0 (5.2)31.4 (0.4)257.8 
Net income attributable to noncontrolling interests— — (0.6)0.4 (0.2)
Net income available to SiriusPoint$232.0 $(5.2)$30.8 $— $257.6 
Attritional losses$734.8 $449.6 $1,184.4 $(5.7)$4.3 $— $1,183.0 
Catastrophe losses1.3 5.4 6.7 — — — 6.7 
Prior year loss reserve development(40.3)(26.9)(67.2)— 14.5 — (52.7)
Loss and loss adjustment expenses incurred, net$695.8 $428.1 $1,123.9 $(5.7)$18.8 $— $1,137.0 
Underwriting Ratios: (1)
Attritional loss ratio60.1 %54.9 %58.0 %57.9 %
Catastrophe loss ratio0.1 %0.7 %0.3 %0.3 %
Prior year loss development ratio(3.3)%(3.3)%(3.3)%(2.6)%
Loss ratio56.9 %52.3 %55.0 %55.6 %
Acquisition cost ratio28.6 %27.5 %28.2 %24.4 %
Other underwriting expenses ratio6.5 %7.6 %6.9 %7.6 %
Combined ratio
92.0 %87.4 %90.1 %87.6 %
(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.
Nine months ended September 30, 2025
Insurance & ServicesReinsuranceCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross written premium$1,757.5 $1,034.1 $2,791.6 $— $15.7 $— $2,807.3 
Net written premium1,273.1 843.6 2,116.7 — 1.0 — 2,117.7 
Net earned premium1,086.6 828.3 1,914.9 — 11.5 — 1,926.4 
Loss and loss adjustment expenses incurred, net644.4 497.2 1,141.6 (5.0)10.7 — 1,147.3 
Acquisition costs, net283.5 202.3 485.8 (83.1)7.7 — 410.4 
Other underwriting expenses61.4 60.4 121.8 — 11.2 — 133.0 
Underwriting income (loss)97.3 68.4 165.7 88.1 (18.1)— 235.7 
Services revenues178.7 — 178.7 (94.6)— (84.1)— 
Services expenses141.2 — 141.2 — — (141.2)— 
Net services fee income37.5 — 37.5 (94.6)— 57.1 — 
Services noncontrolling loss0.2 — 0.2 — — (0.2)— 
Net services income37.7 — 37.7 (94.6)— 56.9 — 
Segment income (loss)135.0 68.4 203.4 (6.5)(18.1)56.9 235.7 
Net investment income205.9 — 205.9 
Net investment gains (losses)6.6 — 6.6 
Other revenues8.4 84.1 92.5 
Net corporate and other expenses(52.8)(141.2)(194.0)
Intangible asset amortization(8.5)— (8.5)
Interest expense(60.2)— (60.2)
Foreign exchange losses(16.9)— (16.9)
Income before income tax expense$135.0 $68.4 203.4 (6.5)64.4 (0.2)261.1 
Income tax expense— — (45.1)— (45.1)
Net income203.4 (6.5)19.3 (0.2)216.0 
Net income attributable to noncontrolling interests— — (0.6)0.2 (0.4)
Net income available to SiriusPoint$203.4 $(6.5)$18.7 $— $215.6 
Attritional losses$661.3 $470.1 $1,131.4 $(5.0)$5.3 $— $1,131.7 
Catastrophe losses4.8 62.6 67.4 — — — 67.4 
Prior year loss reserve development(21.7)(35.5)(57.2)— 5.4 — (51.8)
Loss and loss adjustment expenses incurred, net$644.4 $497.2 $1,141.6 $(5.0)$10.7 $— $1,147.3 
Underwriting Ratios: (1)
Attritional loss ratio60.9 %56.7 %59.1 %58.8 %
Catastrophe loss ratio0.4 %7.6 %3.5 %3.5 %
Prior year loss development ratio(2.0)%(4.3)%(3.0)%(2.7)%
Loss ratio59.3 %60.0 %59.6 %59.6 %
Acquisition cost ratio26.1 %24.4 %25.4 %21.3 %
Other underwriting expenses ratio5.7 %7.3 %6.4 %6.9 %
Combined ratio91.1 %91.7 %91.4 %87.8 %
(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.