SPNT 10-K & 10-Q changes, risk factors and insider trading

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, cash flowsflows, and results of operations that you should consider before making a decision to invest in our common shares. These risks include, but are not limited to, the following:

•Strategic Risks. Strategic risks include failurerisks toassociated executewith onthe development and execution of our business strategy, including our strategy of re-underwriting to reduce underwriting volatilityexpand and improving underwriting performance, de-riskingdeepen our investmentrelationships portfolio,with MGAs and transforming our business, including re-balancing our portfolio and growing the Insurance & Services segment; and risks arising from any strategic transactions such as acquisitions, dispositions, investments, mergers ormergers, joint venturesventures, or entry into new lines of business.

•Catastrophe Risks. Catastrophe risks include, among other things, thenatural impactcatastrophes, ofextreme the COVID-19 pandemic or other unpredictable catastrophicweather events, suchepidemics, aspandemics, naturalman-made perilsevents and other disasters,large suchloss asoccurrences, including hurricanes, windstorms, earthquakes, floods, wildfireswildfires, and severe winter weather, on various lines of our business, including predominantly our property catastrophe excess line of business, and also our aviation, casualty, contingency, creditcredit, and accident and health (including triptravel cancellationinsurance) businesses.

•Market, CreditCredit, and Liquidity Risks. Market, creditcredit, and liquidity risks include risks related to the performance and volatility of financial markets, impactcredit ofevents, interest rate movements, inflation, foreign currencyexchange fluctuations, changes in asset valuation, economic and political conditions,conditions (including uncertainties and conflicts), inability to raise the funds necessary to pay the principal of our interest on our outstanding debt obligations and a downgrade or withdrawal of our financial ratings.

•Competition Risks. Competition risks include risks related to our ability to compete successfully in the insurance and reinsurance marketmarket, the cyclicality of these markets, and the effect of consolidation in the insurance and reinsurance industry.

•CyberTechnology Risks. CyberTechnology risks include risks related to technologyoperational, breachescybersecurity, and technology-related risks, including system failures, data breaches, or failures,business includinginterruption thoseevents, resultingimpacting fromthe aCompany malicious cyber-attack on usdirectly or indirectly through our business partners and service providers.

•Climate Change Risks. Climate change risks include risks such as increased severity and frequency of weather-related natural disasters and catastrophescatastrophes, including wildfires, and increased coastal flooding in many geographic areas.

•Regulatory and Litigation Risks. Regulatory and litigation risks include risks related to the outcome of legal and regulatory proceedings, regulatory, legal, and compliance developments affecting our insurance, reinsurance, MGAs, Lloyd’s or international operations, including capital, solvency, reporting, conduct risk, and data protection requirements, regulatory constraints on SiriusPoint’s business, including legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint, and losses from unfavorable outcomes from litigation and other legal proceedings.

•Investment Risks. Investment risks include reduced returns or losses in SiriusPoint’s investment portfolio; our lack of control over our third party asset managers, who invest and manage our capital accounts,accounts; limitations on our ability to withdraw our capital accounts; and conflicts of interest among various members of Third Point Advisors LLC (“TP GP”), Third Point LLCLLC, and SiriusPoint.

•seasonality and cyclicality of the insurance and reinsurance businesses;

We may continue to be adversely impacted by inflation.inflation and the changing tariff landscape.

In 2024, economiesEconomies around the world continuedcontinue to experience heightened levels of inflation,inflation. Inflation can be caused by any number of factors including, but not limited to, expansionary monetary policy and deficit spending by the government, rising wages, an imbalance of the supply and demand for goods, supply chain disruptions and the imposition of tariffs. Recently, the U.S. administration imposed and/or announced (and in some cases postponed) tariffs on imports from various countries and on certain products, which causedmay central bankslead to respondretaliatory bytariffs raisingon interestU.S. rates.exports, unpredictable economic consequences including inflation, trade wars and capital market volatility. In operating our business, we are continuing to experience the effects of inflation.inflation, along with potential further economic impact from the changing tariff landscape. Furthermore, our operations,business, like those of other insurers and reinsurers, are susceptible to the effects of inflation because premiums are established before the ultimate amounts of losses and loss expenses are known. Although we consider the potential effects of inflation when setting premium rates, premiums may not fully offset the effects of inflation and thereby essentially result in underpricing the risks we insure and reinsure. Loss reserves include assumptions about future payments for settlement of claims and claims-handling expenses, such as the value of replacing property, associated labor costs for the property business we write and litigation costs. To the extent inflation causes costs to increase above loss reserves established for claims, we will be required to increase loss reserves with a corresponding reduction in net income in the period in which the deficiency is identified, which may have a material adverse effect on our results of operations or financial condition. Unanticipated higher inflation could also lead to additional interest rate increases, which would negatively impact the value of our fixed income securities and potentially other investments. The changing tariff landscape may hinder economic growth that may in turn impact our credit and mortgage business. Heightened market volatility could lead to a rise in credit spread which could impact the company’s short-term capital and liquidity positions. To the extent higher inflation could lead to currency fluctuations, we may also experience increased volatility in foreign exchange gains and losses in our financial statements.

TechnologyOperational, breachescybersecurity, technology-related, and artificial intelligence (“AI”) risks, including system failures, data breaches, ransomware attacks, supply chain compromises of third party service providers, failures or failures,harmful outputs of AI models, or other business interruption events — including those resulting from a malicious cyber-attackcyber-attacks on us or our business partners andor service providers,providers — could disrupt or otherwise negatively impact our business.

Our business depends upon our ability to securely process, store, transmittransmit, and safeguard confidential and proprietary information that is in our possession. This information includes confidential information relating to our business, as well as personally identifiable information and protected health information belonging to employees, customers, claimants and business partners. We implement and maintain reasonable security processes, practicespractices, and procedures appropriate to the nature of the information we hold, and we rely on sophisticated commercial control technologies — including, increasingly, AI-enabled technologies — to maintain security and confidentiality of our systems. Nevertheless, our systems are vulnerable to a variety of forms of unauthorized access, including hackers, computer viruses, ransomware, AI-enabled social engineering attacks, and cyber-attacks fromcarried out by individual or statestate-sponsored actors,actors. asIn well asaddition, breaches thatcan result from employee errorerror, or malfeasancemalfeasance, or lost or stolen computer devices. ForHeightened example,geopolitical tensions and ongoing international conflicts have also contributed to an increase in the Russia/Ukrainefrequency, conflict has created,sophistication, and may,potential alongimpact with otherof global conflicts, continue to create heightened cybersecurity threatsthreats, toincluding ourthose informationamplified technologyby infrastructure.generative AI technologies.

Furthermore, aA significant amount of communication between our employees and our business,business banking and investment partners depends on information technology and electronic informationdata exchange. We havealso licensedlicense certain systemssystems, platforms, datasets and, increasingly AI-driven tools and datamodels from third parties.parties and rely on cloud-based infrastructure and externally hosted systems. We cannot be certain that we will havemaintain continued access to these,these systems, platforms, datasets or comparable systems,models, or that our technology or applicationsthey will continue to operate as intended. InAI addition,models may produce inaccurate, biased, or unpredictable outputs, may degrade over time, or may require retraining based on data we do not control. We also cannot be certainguarantee that we would be able tocould replace these systemstools without degrading operational performance or slowing our underwriting or claims response time. LikeIn alladdition, companies,if we adopt an overly cautious approach in evaluating, updating, or integrating new technology or AI‑enabled systems, we may delay necessary improvements, prolong exposure to outdated or less secure systems, or impede operational efficiency, which could increase our information technology systems are vulnerablevulnerability to interruptionscybersecurity incidents or failures due to events that may be beyond our control, including, but not limited to, natural disasters, terrorist attacks and generalother technology‑related failures.

It is possible that insurance policies we have in place with third parties would not entirelyfully protect us inagainst thelosses eventarising that we experiencedfrom a breach, interruptioninterruption, AI-driven system failure or widespread failure of our information technology systems. In addition, in the ordinary course of our businessbusiness, we process personal information and personal health information in connection with claims made under our accident and health business, as well as other business lines. AAny misusemisuse, mishandling, or mishandlingunauthorized disclosure of personalsuch information being— sentwhether toby us, a policyholder, or received from an employee, client or othera third party vendor -- could damage our business or our reputation orreputation, result in significant monetary damages, regulatory enforcement actions, finesfines, andor criminal prosecution in one or more jurisdictions which wouldmay not be fully covered by insurance. The use of AI tools may increase the risk of inadvertent data exposure, improper data ingestion, or unauthorized model training on sensitive information. Although we attempt to protect this personal information, and have implementedmaintain privacy procedures and employee training programs intended to mitigate thethese risk of a privacy breach,risks, we may be unable to protectprevent unauthorized access to or disclosure of personal information in all cases. As a result, we could be held responsible for violations of global data privacy laws, such as the General Data Protection Regulation, for our failure, or the failure on the part of our third party vendors or agents, to securely process, store or transmit such personal information. The potential consequences of a material privacy incident include reputational damage, litigation with third parties and remediation costs, which in turn could have a material adverse effect on our results of operations.

We cannot assure you that we will be able to compete successfully in the insurance and reinsurance market.markets, Ourand any failure to competedo effectivelyso wouldcould significantlymaterially and negativelyadversely affect our financial condition and results of operations and may increase the likelihood that we are deemed to be a passive foreign investment company or an investment company. See “Risks Relating to Taxation—If we were treated as a passive foreign investment company (“PFIC”) for U.S. federal income tax purposes, our U.S. shareholders would be subject to adverse tax consequences.”

The insurance and reinsurance industry, including our competitors, customers and insurance and reinsurance brokers, has experienced significant consolidation over the last several years. These consolidated client and competitor enterprises may try to use their enhanced market power to negotiate price reductions for our products and services and/or obtain a larger market share through increased line sizes. If competitive pressures require us to reduce our prices, we would generally expect to reduce our future underwriting activities, resulting in reduced premiums and a reduction in expected earnings. If the insurance industry consolidates further, competition for customers could become more intense and we could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins. In addition, insurance companies that merge may be able to spread their risks across a consolidated, larger capital base so that they require less reinsurance. Reinsurance intermediaries could also continue to consolidate, which may adversely affect our ability to access business and distribute our products. We could also experience more robustface competition from larger,larger betterand better- capitalized competitors.companies, Anyand ofany thesuch foregoingcompetitive pressures could adversely affect our business or our results of operations.

Many of our contracts are written for a one-year term. In our financial forecasting process, we make assumptions about the renewal of certain prior year’s contracts. The insurance and reinsurance industries have historically been cyclical businesses with periods of intense competition, often based on price. If actual renewals do not meet expectationsexpectations, or if we choose not to writerenew oncertain a renewal basiscontracts because of pricing conditions, our premiums written in future years and our future operations would be materially adversely affected.

We may experience issues with outsourcing and third-party relationships which may impact our ability to conduct business in a prudent manner and could negatively impact our operations, resultsresults, and financial condition.

We outsource a number of technology and business process functions to third-party providers. We may continue to do so in the future as we review the effectiveness of our organization. If we do not effectivelyoptimally select, develop, implementimplement, and monitor our outsourcing relationships, we may not realize productivity improvements or cost efficiencies and may experience operational difficulties, increased costscosts, and a loss of business that may have an adverse effect upon on our operations or financial condition.

We periodically negotiate provisions and renewals of these relationships, and such terms may not remain acceptable to us or such third parties. If such third-party providers experience disruptions or do not perform as anticipated, or we experience problems with a transition to a third-party provider, we may experience operational difficulties, an inability to meet obligations (including, but not limited to, policyholder obligations), a loss of business andbusiness, increased costs, or suffer other negative consequences, all of which may have a material adverse effect on our business and results of operations. In addition, our ability to receiveobtain services from third-party providers basedoperating in differentother countriesjurisdictions mightmay be adversely impacted by political instability, unanticipatedunexpected regulatory requirementsdevelopments, or policiesgovernmental insidepolicy changes within or outside of the U.S.United States. As a result, our ability to conduct our business might be adversely affected.

We, and our MGAs and other agents whowith havebinding the ability to bind policies on our behalf,authority, rely on information provided by insureds or their representatives when underwriting insurance policies. WhileAlthough we may make inquiries to validate or supplement the information provided, weunderwriting decisions may makestill underwriting decisionsbe based on incorrectincomplete or incompleteinaccurate information.information, It is possible thatand we willmay consequently misunderstand the nature or extent of the activities andwe insure or the corresponding extentrisks. ofIn theaddition, risks that we insure because of our reliance on inadequate or inaccurate information. Ifif any such agents exceed their delegated authority, engage in fraudulent activitiesor improper conduct, or otherwise fail to comply with applicable lawslegal whenor regulatory requirements while conducting business on our behalf, our financial condition and results of operations could be materially adversely affected.

Given the inherent uncertainty of models and software, their usefulness as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates including PMLs,Probable Maximum Losses (PMLs), and our financial results may be adversely impacted, perhaps significantly.

We use third-party vendor and proprietary analytic and modeling capabilities, including global property catastrophe models, which consolidate and report on all our worldwide property exposures, to calculate expected PML from various property natural catastrophe scenarios. We use these models and software to help us control risk accumulation, inform management and other stakeholders of capital requirementsrequirements, and to improve the risk/return profile in our overall portfolio of insurance and reinsurance contracts. However, given the inherent uncertainty of modeling techniques and the application of such techniques, these models and databases may not accurately address a variety of matters impacting our coverages. The construction of these models and the selection of assumptions requiresrequire significant actuarial judgement.judgment.

For example, catastrophe modeling isrelies dependenton upona severalnumber of broad economic and scientific assumptions, such asincluding storm surge (the water that is pushed toward the shore by the force of a windstorm), demand surge (the localized increase in the prices of goods and services that often followsfollowing a catastrophe), and zone density (the percentageproportion of insured perils that would be affectedexposures in a region that may be affected by a catastrophecatastrophic event). Third-party modeling software also does not provide information forcapture all regions or perils for which we write business. CatastropheIn modelingaddition, iscatastrophe models are inherently uncertain due to process risk (— the probability and magnitude of the underlying event) — and parameter risk (— the probability of making inaccuratethat model assumptions). are inaccurate. Although we maintain model‑governance and validation processes intended to reduce these risks, such controls cannot eliminate the inherent uncertainty of models or prevent significant variances between modeled outcomes and actual results.

The inherent uncertainties underlying, or the incorrect usage or misunderstanding of, these tools may lead to unanticipated exposure to risks relating to certain perils or geographic regions which could have a material adverse effect on our business, prospects, financial conditioncondition, or results of operations. Furthermore, these models typically rely on either precedent or industry data, both of which may be incomplete or may be subject to errors by employees,error, failure to document transactions properly, failure to comply with regulatory requirementsrequirements, or information technology failures. Given the inherent uncertainty in these modelsmodels, as well as the underlying assumptions and data, the results of our models may not accurately address the emergence of a variety of matters which might impact certain of our coverages. Some forms of insurance and reinsurance provide coverage for aggregated loss result over a period of time making it inherently difficult to track how these coverages will be impacted by any single or series of events. Accordingly, these models may understate the exposures we are assuming and our financial results may be adversely affected, perhaps significantly. Any such impact could also be felt across our insurance and reinsurance contract portfolio, since similar models and judgment are used in analyzing the majority of our transactions. For more information about the risks resulting from the inherent uncertainty of modeling techniques, see “Risks Relating to Our Business—Our claims and claim expense reserves are subject to inherent uncertainties, which could cause our losses to exceed our loss reserves.”

Our claims and claim expense reserves reflect our estimates, using actuarial and statistical projections at a given point in time, of our expectations of the ultimate settlement and administration costs of claims incurred. We use actuarial and computer models, historical reinsuranceinsurance and insurancereinsurance industry loss statistics, and management’s experience and judgment to assist in the establishment of appropriate claims and claim expense reserves. Reserves are estimates of claims an insurer or reinsurer ultimately expects to pay, based upon facts and circumstances known at the time, predictions of future events, estimates of future trends in claim severityseverity, and other variable factors. The inherent uncertainties of estimating loss reserves generally are greater for reinsurance and MGA producedMGA-produced insurance businesses as compared to traditional primary insurance, primarily due to:

Our estimates and judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed, as new or improved methodologies are developed, as loss trends and claims inflation impact future payments,evolve, or as currentapplicable laws or interpretations thereof change. DueBecause toestablishing thereserves involves many assumptions and estimates involved in establishing reservesestimates, and thebecause modeling techniques involve inherent uncertainty of modeling techniques,uncertainty, the reserving process is itself inherently uncertain. ItAs isa expected thatresult, some of our assumptions or estimates willmay inevitably prove to be inaccurate, and that our actual net claims and claim expenses paid and reported willmay differ, perhapspossibly materially, from the reserve estimatesreserves reflected in our financial statements. For example, our significant gross and net reserves associated with the large catastrophe events in the past severalrecent years remain subject to significantmeaningful uncertainty.uncertainty, Asand as information emerges and lossesclaims are paid,develop, we expect our reserves may change, perhaps materially.

Accordingly, we may underestimate the exposures we are assuming and our results of operations and financial condition may be adversely impacted, perhaps significantly. Conversely, we may prove to be too conservativeconservative, which could contribute to factors which wouldcould impedehinder our ability to grow in respect of new markets or perils or in connection with our current portfolio of coverages.

We write reinsurance contracts and insurance policies that cover unpredictable catastrophic events. Covered unpredictable catastrophic events, predominantly in our insurance and reinsurance property lines of business, include natural perilsperils, extreme weather events, and other disasters, such as hurricanes, windstorms, earthquakes, floods, wildfireswildfires, heat waves, and severe winter weather. Catastrophes can also include terrorist attacks, explosions, infrastructure failuresfailures, epidemics, pandemics, financial crises and pandemicsimpacts similarof togeopolitical the COVID-19 pandemic.uncertainty. We have significant exposure to a potential major earthquake or series of earthquakes in various geographic regions, including in California, the Midwestern United States, Canada, and Latin America. We also have significant exposure to windstorm and flood damage in various geographic regions, including Northern Europe and the United States. While we have taken steps to reduce our exposure to catastrophe risks, these risks may still affect our results of operations and financial condition. For more information about our risks due to terrorist attacks, see “Risks Relating to Our Business—We have exposure to potential terrorist acts that can materially and adversely affect our business, results of operations and/or financial condition.”

Similar exposures to losses caused by the same types of catastrophic events occur in other lines of business such as aviation, casualty, contingency, credit, marine, and accident and health (including triptravel cancellationinsurance), including pandemic risk.

The extent of catastrophe losses is a function of both the severityfrequency, severity, and development of the event and total amount of insured exposure affected by the event.exposure. Increases in the value and concentration of insured property or insured individuals,policyholders, the effects of inflation, changes in weather patterns, such as climate change, and increased terrorism could increase the future frequency and/or severity of claims from catastrophic events. Claims from catastrophic events could materially adversely affect our results of operations and financial condition. Our ability to write new reinsurance contracts and insurance policies could also be impacted as a result of corresponding reductions in our capital levels. For a further discussion, see “Risks Relating to our Business—Global climate change may have a material adverse effect on our business, operating results and financial condition.”

Although we attempt to manage our exposure to suchcatastrophic events through a multitudevariety of approaches,approaches -- including geographic diversification, geographic limits, individual policy limits, exclusionsexclusions, or limitations from coverage, and the purchase of insurance and reinsurance,reinsurance -- the availability and effectiveness of these management tools may be dependentdepend on market factorsconditions and, toeven the extentwhen available, may not respondperform inas the way that is expected.anticipated. For instance,example, we seek to manage our exposure to catastrophe losses by limiting the aggregate insured value of policiesvalues in geographic areas with exposureprone to catastrophic events byevents, estimating PML for many differentmultiple catastrophe scenariosscenarios, and by buyingpurchasing reinsurance, including retrocession coverage. To manage and analyzeevaluate aggregate insured values and PML, we use a varietyrange of tools, including external and internal catastrophe modeling software packages.software. Estimates of PMLs are dependentdepend on manynumerous variables, including assumptions about demand surge and storm surge, loss adjustment expenses, insurance-to-value for the underlying properties, the relationship of thehow actual event parameters compare to themodeled modelled eventevents, and the quality of portfolio data provided to us by ceding companies (in the case of our reinsurance operations).operations. Accordingly,If ifany of these assumptions about the variables areprove incorrect, the losses we might incur from an actual catastrophe could be materially higher than ourthe expectation ofmodeled losses generatedwe from modelled catastrophe scenariosexpected, which could materially adversely affect our financial condition, liquidityliquidity, or results of operations.

Given the reinsurance retention limits imposed under TRIAthe U.S. Terrorism Risk Insurance Act of 2002, as extended through December 31, 2027 (as defined below“TRIA”), and itsthe subsequent legislative extensions, andfact that some or many of our policies may not include a terrorism exclusion, future foreign or domestic terrorist attacks may result in losses that have a material adverse effect on our business, results of operationsoperations, and/or financial condition.

Under the Terrorism Risk Insurance Act of 2002 (“TRIA”), which was subsequently extended through December 31, 2027,TRIA, commercial insurers are required to offer insurance coverage against terrorist incidents and are reimbursed by the federal government under the Terrorism Risk Insurance Program (“TRIP”) for paid claims, subject to deductible and retention amounts. TRIA, and its related rules, contain certain definitions, requirementsrequirements, and procedures for insurers filing claims with the Treasury for payment of the federal share of compensation for insured losses under TRIP. TRIA also contains specific provisions designed to manage litigation arising out of, or resulting from, a certified act of terrorism. The Claims Procedures Rule enacted under TRIA specifically addresses requirements for federal payment, submission of an initial notice of insured loss, loss certifications, timing and process for payment, associated recordkeeping requirements, as well as the Treasury’s audit and investigation authority. These procedures will apply to all insurers that wish to receive their payment of the federal share of compensation for insured losses under TRIA.

In the eventIf coverage offor terrorist acts cannot be excluded, we,we may face significant gaps in our capacity as a primary insurer, would have a significant gap in our own reinsurance protectionprotection. Because terrorist events cannot be predicted with respectstatistical tocertainty, estimating potential losses as a result of any terrorist act. It is impossible to predict the occurrence of such events with statistical certaintydifficult, and difficult to estimate the amount of loss per occurrence they will generate. If there is a future terrorist attack, the possibility exists that losses resulting from such eventattack could provematerially to be material toimpact our financial condition and results of operations. TerroristThese actsevents may also causetrigger multiple claims, and ourcontractual attemptsprovisions intended to limit our liability through contractual policy provisions may not be effective.

We have material exposures arising from our coverages for natural disasters and catastrophes. Changes in climate conditions have resulted in increased severity and frequency of weather-related natural disasters and catastrophes. For example, during the year ended December 31, 2024,2025, the industry experienced several significant severe weather events. In addition, rising sea levels are expected to add to the risks associated with coastal flooding in many geographical areas. We believe that these changes in climate conditions, when coupled with projected demographic trends in catastrophe-exposed regions, have increased the average economic value of expected losses, increased the number of people exposed per year to natural disastersdisasters, and inhave general havegenerally exacerbated disaster risk, including risks to infrastructure, global supply chainschains, and agricultural production. This could lead to higher overall losses that we may not be able to recoup, particularly in the current economic and competitive environment, andespecially in light of highercurrent economic conditions, competitive pressures, and rising insurance and reinsurance costs. Over the long-term, global climate change could impair our ability to accurately predict the costs associated with future weather events and couldmay also give riselead to new environmental liability claims in the energy, manufacturingmanufacturing, and other industries we serve.

A substantial portion of our coverages may be adversely impacted by climate change, and we cannot assure you that our risk assessments and models accuratelymay not fully reflect environmental andor climate relatedclimate-related risks. Given the scientificScientific uncertainty ofregarding predicting the effect ofhow climate cycles and global climate change oninfluence the frequency and severity of natural catastrophescatastrophes, andcombined thewith resultinglimitations lackin of adequatecurrent predictive tools, we may beprevent unableus tofrom adequatelyaccurately model themodeling associated exposures and potential losses in connection with such catastrophes, which could haveAs a material adverse effect onresult, our business, operating resultsresults, and financial condition.condition could be materially adversely affected. The frequencyinsurance industry continues to study the evolving relationship between climate change and severity of weather-related natural disasters and catastrophes and potential connections to climate change are currently being analyzed by the insurance industry.disasters.

In addition to physical climate risks, we may alsoface encountergrowing market pressureexpectations to contribute tosupport a low-carbon economy.transition This involvesby reducing insuranceor liabilityeliminating underwriting and investment exposure or no longer underwriting risks forto carbon-intensive businesses,industries, aswhich wellcould asrender reducing asset portfolio exposure or ceasing investments in such businesses. There is a potential risk that certain aspectsportions of our business ceaseless tosustainable. beClimate-related viablegovernmental duepolicies, to this transition. Government policies or regulations aimed at slowing climate change, such asincluding emission controlsrestrictions orand technologymandated mandates,technologies, may havefurther an adverse impact on thereduce demand for our products and ouraffect investmentsthe inperformance relevantof sectors.related investments. We are also subject to complex and rapidly changing laws,climate-related regulationlaws and public policy debatesinitiatives, relatingthe toimplications climate changeof which are difficult to predict and quantifyuncertain and may have an adverseadversely impact on our business.

We write insurance and reinsurance policies covering casualty risks.risks, Casualty insurancewhich generally coversrelate the financial consequences ofto the legal liability of an individualindividuals or organizationorganizations resulting from negligent acts causingfor bodily injury and/or property damage caused to a third party.parties. Claims arising from suchthese businessrisks can take many years to developemerge, develop, and settleultimately settle, and canare be subjectsusceptible to unanticipated claimsclaim andpatterns, as well as economic and social inflation. In addition, we could be adversely affected by proposalslegislative or enactedregulatory legislationactions — such as efforts to expand the scope of coverage under existing policies or extend the statutestatutes of limitations for— certaincould casualtymaterially risks.increase our exposure. For example, state legislatures across theseveral U.S. arestates enactinghave reformsenacted forlaws reviving otherwise time-barred claims ofrelating to past childhood sexual abuseabuse, thatsignificantly previouslyexpanding werethe barred by statutespopulation of limitations, resulting in the revival of old claims. These legislative developments may greatly expand the universe ofpotential claimants forto whichwhom we may be liable. Accordingly, ifIf our pricing and/or reserving assumptions areprove incorrect, higher than expected losses from these or other casualty risks could materially adversely affect our financial condition, liquidityliquidity, or results of operations.

Recent or future U.S. federal or state legislation may impact the private catastrophe risk markets and decreasereduce the demand for our property insurance and reinsurance products, which would adversely affect our business and results of operations.products.

Our Company was formed following a merger between Sirius International Insurance Group, Ltd. and Third Point Reinsurance Ltd. on February 26, 2021. We are a global underwriter of insurance and reinsurance, domiciled in Bermuda. We have licenses to write property, casualty and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden.

We are an underwriting company first as we aim to createdrive excellence as a businessbest-in-class modelunderwriter, whichwith isa simplified, fully-integrateddiverse and globallylow-volatility connected.portfolio Distributionof relationshipsspecialty are important to us, as we generate premiums from various carefully selected partners, including our consolidated MGAs and non-consolidated MGAs.lines. We seek to apply our underwriting talent, capabilities and proven management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and reactiveattuned to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and consistentfocused withinon our specified risk tolerances and areas of expertise. Our MGA strategy is to partner with high integrity and transparent leaders and teams with deep underwriting expertise and a track record of success. Our partnerships are structured to incentivize all parties to deliver thereby allowing capable teams to do what they do best, while providing complementary services. As of December 31, 2024, we had equity stakes in 20 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business. Refer to Part I. Item 1. “Business” for additional information.

In our Insurance & Services segment, we predominantly provide insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties. Insurance & Services revenue allows us to diversify our traditional reinsurance portfolio and generally has lower capital requirements. In addition, service fees from MGAs and their insurance provided are generally not as prone to the volatile underwriting cycle that is common in the reinsurance marketplace. The Insurance & Services segment provides coverage in Accident & Health (“A&H”), Property & Casualty, and Specialty.Other Specialties.

CMRedemption Bermudaof Series AB Preference Shares Settlement and Share Repurchase

The majority of insurance lines we underwrite continue to show rate improvement, albeit at reduced raterates of increase. Although some lines, such as property, directors & officersofficers, and directselect aviation,sectors of marine, energy, and credit are experiencing rate declines, we believe rate is still outpacing loss cost in mostmany lines of business. InThough pricing in global insurance markets is generally softening with rates coming off their peaks in most products, select lines,lines are experiencing significant rate increases, such as commercial auto, where significant rate increases continue due to continued poor priorindustry years’loss experienceexperience, further exacerbated by the impacts of social inflation.inflation, as well as aviation, which is seeing significant rate increases from the recent frequency of severe global aviation losses. We continue to see strong growth in the program business, withfrom momentumgrowth forof existing MGAs and the addition of new MGAs, largely in U.KNorth America and E.U.the property,U.K, casualtyin casualty, property and both short and long-taillong tail specialty lines. This momentum is partially driven by continued growth in the program sector from underwriting talent migration from insurance carriers to MGAs.MGAs, as well as the continued shift of business from the admitted market to the E&S market. In addition, we are benefiting from MGAs seeking carrier partners with limited channel conflict, meaningful levels of capitalization and appetite for risk retention, and a focus on distribution via the program space.

We believe that the following key financial indicators are the most important in evaluating our performance as of and for the years ended December 31, 2025 and 2024:

(1) Core combined ratio, Core underwriting income, and Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Results” below and Note 4 “Segment reporting” in our audited consolidated financial statements included elsewhere in this Annual Report. Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures”.

The decreaseincrease in return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the year ended December 31, 20242025 compared to the year ended December 31, 20232024 was driven by lowerhigher net income asduring the year ended December 31, 2025, which included a gain of $222.4 million from the sale of Armada, as well as higher underwriting and investment income. The year ended December 31, 2024 also included nonrecurring costs associated with the settlement of the Series A Preference ShareShares and Merger Warrant settlements and share repurchase from CMIG, compared to the year ended December 31, 2023 which included favorable development linked to the 2023 LPT.Warrants.

As of December 31, 2024,2025, book value per common share was $14.92,$19.40, representing an increase of $1.16$4.48 per share, or 8.4%,30.0%, from $13.76$14.92 as of December 31, 2023.2024. As of December 31, 2024,2025, book value per diluted common share was $14.60,$18.61, representing an increase of $1.25$4.01 per share, or 9.4%,27.5%, from $13.35$14.60 as of December 31, 2023.2024. As of December 31, 2024,2025, tangible book value per diluted common share was $13.42,$17.62, representing an increase of $0.95$4.20 per share, or 7.6%,31.3%, from $12.47$13.42 as of December 31, 2023.2024. The increases reflect continued positive underwriting and investment resultsresults, as well as the gain from the sale of Armada, during the year ended December 31, 2024, and the impact of the share repurchases in the year.2025.

The decreaseimprovement in net underwriting income for the year ended December 31, 20242025 compared to the year ended December 31, 20232024 was primarily driven by lowerpremium growth combined with an improvement in attritional loss ratio, partially offset by decreased favorable prior year loss reserve development,development asand theincreased yearcatastrophe ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the 2023 LPT.losses.

The following istable apresents summarythe carrying value of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of December 31, 20242025 and 20232024:

The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.13.2 years (December 31, 20232024 - 2.83.1 years). The increaseduration remained consistent from the priorcomparative year isperiod due to our effortefforts to lock-inmatch yieldsour onasset longer-durationduration investmentwith productseconomic liabilities in the current interest rate environment. The average credit rating of our investment portfolio is “AA-” as of December 31, 20242025 (December 31, 20232024 - “AAAA-”) with no defaults in the investment portfolio.

(1)Trading portfolio is inclusive of all non-AFSNon-AFS designated investments ininclude theshort-term investmentinvestments, portfolio.other long-term investments, and debt securities, trading.

For the year ended December 31, 2024,2025 Other revenues primarily consisted of a gain of $222.4 million from the sale of Armada and $107.4 million of service fee revenue from MGAs, compared to a gain of $95.9 million from the deconsolidation of Arcadian Risk Capital Ltd. (“Arcadian”) and $90.1 million of service fee revenue from MGAs, compared to $87.9 million of service fee revenue from MGAs and a gain of $4.5 million from the sale of renewal rights of our environmental business for the year ended December 31, 2023.2024. The increase in service fee revenue for the year ended December 31, 20242025 compared to the year ended December 31, 20232024 is primarily driven by increases in theIMG’s travel insurance businessbusiness, partially offset by the deconsolidation of International Medical Group, Inc. (“IMG”). Effective June 30, 2024, we deconsolidated Arcadian when our management and Arcadian consented to certain amendments to the shareholders’ agreement and termination of the unsecured promissory note which resulted in our Company ceasing to have control over Arcadian.Armada.

Distribution relationships are particularly important to us. A majority of our premium is produced via MGAs, including both our consolidated MGAs and non-consolidated MGAs. We seek to create capacity partnerships with MGAs that have high integrity and transparent leaders, and teams with deep underwriting expertise and track records of success, and no longer take capital positions in those business partners. Our partnerships are focused on underwriting in concentrated, niche businesses that often offer new exposure to our portfolio, while we provide guidance and oversight. As of MarchJune 31,30, 2026, we had equity stakes in 16 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes.

We believe that the following key financial indicators are the most important in evaluating our performance for the three and six months ended MarchJune 31,30, 2026 and 2025, and as of MarchJune 31,30, 2026 and December 31, 2025:

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and six months ended MarchJune 31,30, 2026 and 2025 was calculated as follows:

The increasedecrease in annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders was driven by higher net income for the three months ended MarchJune 31,30, 2026,2026 was primarily resultingdriven fromby increased common shareholders’ equity compared to the gainprior onperiod thereflecting salecontinuous ofpositive Arcadian Risk Capital Ltd. (“Arcadian”)underwriting and increasedinvestment underwriting income.results.

As of MarchJune 31,30, 2026, book value per common share was $19.86,$19.61, representing ana increasedecrease of $0.46$0.25 per share, or 2.4%,1.3%, from $19.40$19.86 per share as of DecemberMarch 31, 2025.2026. As of MarchJune 31,30, 2026, book value per diluted common share was $19.03,$19.30, representing an increase of $0.42$0.27 per share, or 2.3%,1.4%, from $18.61$19.03 per share as of DecemberMarch 31, 2025.2026. As of MarchJune 31,30, 2026, tangible book value per diluted common share was $17.72,$17.98, representing an increase of $0.10$0.26 per share, or 0.6%,1.5%, from $17.62$17.72 per share as of December 31, 2025. The increases reflect continued positive underwriting and investment results during the three months ended March 31, 2026.

Consolidated Results of Operations—Three and six months ended MarchJune 31,30, 2026 and 2025

The following table sets forth the key items discussed in the consolidated results of operations section, and the period over period change, for the three and six months ended MarchJune 31,30, 2026 and 2025:

The key changes in our consolidated results for the three and six months ended MarchJune 31,30, 2026 compared to the prior year periodperiods are discussed below.

The improvementdecrease in net underwriting results for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025 was primarily drivena byresult of earned premium growthgrowing at a slower pace than written due to a shift in our business mix, and higher acquisition costs, partially offset by a lower attritional loss ratio and a decrease in catastrophe losses of $62.5 million, partially offset by a decrease inincreased favorable prior year developmentloss ofreserve $16.3 million.development.

The following table presents the carrying value of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of MarchJune 31,30, 2026 and December 31, 2025:

(1)Includes $621.2$193.4 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of MarchJune 31,30, 2026 (December 31, 2025 - $652.8 million).

(2)Includes $77.5$62.5 million of strategic investments as of MarchJune 31,30, 2026 (December 31, 2025 - $102.2 million).

The decrease in total invested assets and cash was primarily driven by the use of cash and investments to fund the redemption of the Series B preference shares of $203.9 million,million as well as to fundand the common share repurchases of $21.9$73.3 million.

The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.1 years (December 31, 2025 - 3.2 years). The duration remained consistent from the comparative period due to our efforts to match our asset duration with economic liabilities in the current interest rate environment. The average credit rating of our investment portfolio is “AA-” as of MarchJune 31,30, 2026 (December 31, 2025 - “AA-”) with no defaults in the investment portfolio.

The following table provides a breakdown of structured products between investment and non-investment grade securities as of MarchJune 31,30, 2026 and December 31, 2025. These are fixed income investments which are included in debt securities in the table above. Refer to Note 7 “Investments” to our unaudited consolidated financial statements included elsewhere in this Form 10-Q for further discussion of these securities.

Net investment income for the three and six months ended MarchJune 31,30, 2026 and 2025 consisted of the following:

Net investment gains (losses) for the three and six months ended MarchJune 31,30, 2026 and 2025 consisted of the following:

For the three months ended MarchJune 31,30, 2026, other revenues primarily consisted of $25.2 million from the gain on the sale of Arcadian and $30.9$29.6 million of service fee revenue from MGAs, compared to $31.9$26.4 million of service fee revenue from MGAs for the three months ended MarchJune 31,30, 2025. The slight decreaseincrease in service fee revenue is primarily driven by the deconsolidation of ArmadaCorp Capital, LLC (“Armada”), partially offset by increases in International Medical Group, Inc. (“IMG”) from continued growth of its travel business and the acquisition of Assist America.America, partially offset by the deconsolidation of ArmadaCorp Capital, LLC (“Armada”).

The increase in net corporate and other expenses for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025 was primarily driven by increases in shareexpenses related to incentive compensation expenseaward outperformance attributable to the recent gains on sales of Armada and Arcadian and expenses associated with non-recurring projects,projects. asFor wellthe asthree increasesmonths inended June 30, 2026 compared to the three months ended June 30, 2025, services expenses.expenses remained stable at $49.6 million.

ForThe increase in net corporate and other expenses for the threesix months ended MarchJune 31,30, 2026 compared to the six months ended June 30, 2025 was primarily driven by increases in expenses related to incentive compensation award outperformance attributable to the recent gains on sales of Armada and Arcadian and expenses associated with non-recurring projects, as well as increases in services expenses. For the six months ended June 30, 2026, services expenses increased to $46.1$95.7 million compared to $43.1$92.7 million for the threesix months ended MarchJune 31,30, 2025, primarily driven by increases in expenses from IMG from continued growth of its owntravel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada.

Amortization of intangible assets for the three and six months ended MarchJune 31,30, 2026 was $2.6$2.4 million and $5.0 million (2025 - $2.9$2.8 million and $5.7 million, respectively). The changechanges in amortization are due to the use of amortization patterns which are based on the period over which they are expected to generate future net cash inflows from the use of the underlying intangible assets.

Interest expense for the three and six months ended MarchJune 31,30, 2026 was $16.8$18.7 million and $35.5 million, respectively, compared to $18.1$21.1 million and $39.2 million for the three and six months ended MarchJune 31,30, 2025. The decrease was primarily driven by decreases in funds withheld interest on loss portfolio transfers.

Foreign exchange (gains) losses were $1.3$(1.8) million and $(0.5) million for the three months and six months ended MarchJune 31,30, 20262026, respectively, compared to foreign$16.7 exchangemillion gainsand of $2.2$14.5 million for the three months and six months ended MarchJune 31,30, 2025.2025, respectively. The changeforeign isexchange losses in prior year were primarily driven by the impact of certain foreign exchange exposures related to underwriting activities from our underwritinginternational activities,operations, partially offset by the impact of our currency hedges.

On an aggregate basis, the effects of foreign exchange resulted in benefits (charges) to net income of $2.3$1.1 million and $(1.2) million, as well as benefits (charges) to comprehensive income of $6.4$1.1 million and $(5.3) million for the three and six months ended MarchJune 31,30, 2026.2026, respectively. The effects of foreign exchange are consistent with the recent market fluctuations in rates and our economic currency hedging strategy.

The increases in income tax expense for the three and six months ended MarchJune 31,30, 2026 compared to the three and six months ended MarchJune 31,30, 2025 were consistent with the increases in pre-tax income.

Segment Results — Three and six months ended MarchJune 31,30, 2026 and 2025

The following tables set forth the operating segment results and ratios for the three months ended MarchJune 31,30, 2026 and 2025:

Gross written premium increased by $13.9$51.4 million, or 5.5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Net written premium increased by $9.7 million, or 1.4%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. Net writtenearned premium decreased by $55.2$6.8 million, or 7.3%,1.1%, for the three months ended MarchJune 31, 2026 compared to the three months ended March 31, 2025. Net earned premium increased by $12.5 million, or 2.0%, for the three months ended March 31,30, 2026, compared to the three months ended MarchJune 31,30, 2025. The increases in gross written premium and net earned premium were driven by our Insurance & Services segment, including growthnew program growth, mainly in A&H, General Liability, andas Surety,well as continued growth in London MGAs, partially offset by decreases in our Reinsurance segment, primarily in Property Catastrophe, BermudaCasualty and LondonProperty Specialty, and New York Casualty.Catastrophe. The decrease in net writtenearned premium was primarily drivena byresult theof decreasesearned premium growing at a slower pace than written due to a shift in our Reinsurancebusiness segmentmix, andas thewell cededas a reduction in net earned premium related to the inception of an aggregate reinsurance program in the current quarter, as well as a large one-time assumed reinsurance contract with a single MGA in our Surety business in the first quarter of 2025.2026.

Services revenues decreasedincreased to $54.0$59.4 million for the three months ended MarchJune 31,30, 2026 compared to $62.1$58.1 million for the three months ended MarchJune 31,30, 2025 primarily due to the deconsolidation of Armada in the fourth quarter of 2025, partially offsetdriven by growth in the IMG travel business and the acquisition of Assist America.America, partially offset by the deconsolidation of Armada in the fourth quarter of 2025.

Net services income decreasedincreased to $8.4$9.9 million for the three months ended MarchJune 31,30, 2026 compared to $18.9$8.7 million during the three months ended MarchJune 31,30, 2025, also due to the deconsolidation of Armada, partially offsetdriven by growth in IMG and the acquisition of Assist America.America, partially offset by the deconsolidation of Armada. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 14.6%16.5% for the three months ended MarchJune 31,30, 2026 from 13.8%13.5% for the three months ended MarchJune 31,30, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.

As of MarchJune 31,30, 2026, we have equity stakes in 16 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes. As of MarchJune 31,30, 2026, we consolidated two MGAs in our financial statements: Alta Signa Holdings (“Alta Signa”) and IMG. Effective November 1, 2025, we deconsolidated Armada upon the sale to Ambac Financial Group Inc. We will continue our underwriting capacity partnership with Armada until the end of 2030. We provide underwriting capacity in the form of insurance or reinsurance to 8 non-consolidated entities in addition to the two consolidated MGAs. We also have investment stakes in 6 other entities where we have no underwriting relationships. The investment interests in the non-consolidated entities are included in strategic investments within Other long-term investments on the consolidated balance sheet.

The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the period over period changes, for the three and six months ended MarchJune 31,30, 2026 and 2025:

Gross written premium increased by $49.5$84.2 million, or 7.8%,15.0%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025, primarily driven by growthnew program growth, mainly in A&H, General Liability, andas Surety.well as continued growth in London MGAs.

Gross written premium generated by the consolidated MGAs in the aggregate decreased by $37.1$10.7 million, or 38.4%,15.0%, to $59.4$60.8 million for the three months ended MarchJune 31,30, 2026 compared to $96.5$71.5 million for the three months ended MarchJune 31,30, 2025, primarily resulting from the deconsolidation of Armada in the fourth quarter of 2025, partially offset by growth in IMG, including the acquisition of Assist America.2025.

Book value for the consolidated MGAs was $106.4$110.7 million as of MarchJune 31,30, 2026, compared to $80.3 million as of December 31, 2025. The increase in book value from December 31, 2025 was a result of the acquisition of Assist America, which was effective as of January 1, 2026.