v3.26.3
Loss and loss adjustment expense reserves
 9 Months Ended
Sep. 30, 2026
Insurance [Abstract]  
Loss and loss adjustment expense reserves
10. Loss and loss adjustment expense reserves
The following table represents the activity in the loss and loss adjustment expense reserves for the nine months ended September 30, 2026 and 2025:
September 30,
2026		September 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 (1)
— 8.5 
Net reserves for loss and loss adjustment expenses, beginning of period3,680.2 3,347.1 
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
     Current year1,189.7 1,199.1 
     Prior years (52.7)(51.8)
Total incurred loss and loss adjustment expenses1,137.0 1,147.3 
Net loss and loss adjustment expenses paid in respect of losses occurring in:
     Current year(332.6)(445.2)
     Prior years(622.8)(451.8)
Total net paid losses(955.4)(897.0)
Foreign currency translation(11.5)51.4 
Net reserves for loss and loss adjustment expenses, end of period3,850.3 3,648.8 
Plus: loss and loss adjustment expenses recoverable, end of period1,966.4 2,162.9 
Gross reserves for loss and loss adjustment expenses, end of period$5,816.7 $5,811.7 
(1)Deferred gains on retroactive reinsurance were previously presented as a separate line item on the Company’s consolidated balance sheets. As of September 30, 2026 and December 31, 2025, the deferred gain is fully amortized.
The Company's prior year reserve development arises from changes to estimates of losses and loss adjustment expenses related to loss events that occurred in previous calendar years.
For the nine months ended September 30, 2026, the Company recorded $52.7 million of net favorable prior year loss reserve development primarily driven by favorable development in A&H and Property, mainly from better than expected loss experience.
For the nine months ended September 30, 2025, the Company recorded $51.8 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.
Loss Portfolio Transfers
Workers’ Compensation Loss Portfolio Transfer
On October 1, 2024, SiriusPoint America Insurance Company, 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”).
The agreement between SiriusPoint America and Clarendon National is on a funds withheld basis, and the funds held liability (including reinsurance premium) of $164.6 million as of September 30, 2026 is included within Reinsurance balances payable in the Company’s consolidated balance sheets.
SiriusPoint International Loss Portfolio Transfer
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. As of September 30, 2026, the Company recorded funds held payable of $271.2 million in Reinsurance balances payable in the consolidated balance sheets.