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v3.25.1

Segment reporting (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Operating Segment Results | The following is a summary of the Company’s operating segment results for the three months ended March 31, 2025 and 2024:
| Three months ended March 31, 2025
| Reinsurance |  | Insurance & Services |  | Core |  | Eliminations (2) |  | Corporate |  | Segment Measure Reclass |  | Total
Gross premiums written | $ | 354.8 |  |  | $ | 635.1 |  |  | $ | 989.9 |  |  | $ | — |  |  | $ | (5.2) |  |  | $ | — |  |  | $ | 984.7 |
Net premiums written | 268.5 |  |  | 483.5 |  |  | 752.0 |  |  | — |  |  | (9.0) |  |  | — |  |  | 743.0 |
Net premiums earned | 289.6 |  |  | 336.2 |  |  | 625.8 |  |  | — |  |  | 0.9 |  |  | — |  |  | 626.7 |
Loss and loss adjustment expenses incurred, net | 195.3 |  |  | 209.9 |  |  | 405.2 |  |  | (2.0) |  |  | (1.4) |  |  | — |  |  | 401.8 |
Acquisition costs, net | 67.1 |  |  | 87.3 |  |  | 154.4 |  |  | (28.0) |  |  | 3.3 |  |  | — |  |  | 129.7 |
Other underwriting expenses | 18.8 |  |  | 18.9 |  |  | 37.7 |  |  | — |  |  | 3.4 |  |  | — |  |  | 41.1 |
Underwriting income (loss) | 8.4 |  |  | 20.1 |  |  | 28.5 |  |  | 30.0 |  |  | (4.4) |  |  | — |  |  | 54.1 |
Services revenues | — |  |  | 62.1 |  |  | 62.1 |  |  | (30.2) |  |  | — |  |  | (31.9) |  |  | — |
Services expenses | — |  |  | 43.1 |  |  | 43.1 |  |  | — |  |  | — |  |  | (43.1) |  |  | — |
Net services fee income | — |  |  | 19.0 |  |  | 19.0 |  |  | (30.2) |  |  | — |  |  | 11.2 |  |  | — |
Services noncontrolling income | — |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | — |  |  | 0.1 |  |  | — |
Net services income | — |  |  | 18.9 |  |  | 18.9 |  |  | (30.2) |  |  | — |  |  | 11.3 |  |  | — |
Segment income (loss) | 8.4 |  |  | 39.0 |  |  | 47.4 |  |  | (0.2) |  |  | (4.4) |  |  | 11.3 |  |  | 54.1 |
Net investment income |  | 71.2 |  |  | — |  |  | 71.2 |
Net realized and unrealized investment losses |  | (0.3) |  |  | — |  |  | (0.3) |
Other revenues |  |  |  |  |  |  |  |  | (2.2) |  |  | 31.9 |  |  | 29.7 |
Net corporate and other expenses |  |  |  |  |  |  |  |  | (17.5) |  |  | (43.1) |  |  | (60.6) |
Intangible asset amortization |  |  |  |  |  |  |  |  | (2.9) |  |  | — |  |  | (2.9) |
Interest expense |  |  |  |  |  |  |  |  | (18.1) |  |  | — |  |  | (18.1) |
Foreign exchange gains |  |  |  |  |  |  |  |  | 2.2 |  |  | — |  |  | 2.2 |
Income before income tax expense | $ | 8.4 |  |  | $ | 39.0 |  |  | 47.4 |  |  | (0.2) |  |  | 28.0 |  |  | 0.1 |  |  | 75.3 |
Income tax expense |  |  |  |  | — |  |  | — |  |  | (13.3) |  |  | — |  |  | (13.3) |
Net income |  |  |  |  | 47.4 |  |  | (0.2) |  |  | 14.7 |  |  | 0.1 |  |  | 62.0 |
Net income attributable to noncontrolling interest |  | — |  |  | — |  |  | (0.3) |  |  | (0.1) |  |  | (0.4) |
Net income available to SiriusPoint |  | $ | 47.4 |  |  | $ | (0.2) |  |  | $ | 14.4 |  |  | $ | — |  |  | $ | 61.6 |
Attritional losses | $ | 164.0 |  |  | $ | 207.6 |  |  | $ | 371.6 |  |  | $ | (2.0) |  |  | $ | (1.5) |  |  | $ | — |  |  | $ | 368.1 |
Catastrophe losses | 63.1 |  |  | 4.8 |  |  | 67.9 |  |  | — |  |  | — |  |  | — |  |  | 67.9 |
Prior year loss reserve development | (31.8) |  |  | (2.5) |  |  | (34.3) |  |  | — |  |  | 0.1 |  |  | — |  |  | (34.2) |
Loss and loss adjustment expenses incurred, net | $ | 195.3 |  |  | $ | 209.9 |  |  | $ | 405.2 |  |  | $ | (2.0) |  |  | $ | (1.4) |  |  | $ | — |  |  | $ | 401.8 |
Underwriting Ratios: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Attritional loss ratio | 56.6 | % |  | 61.7 | % |  | 59.3 | % |  |  |  |  |  |  |  | 58.8 | %
Catastrophe loss ratio | 21.8 | % |  | 1.4 | % |  | 10.9 | % |  |  |  |  |  |  |  | 10.8 | %
Prior year loss development ratio | (11.0) | % |  | (0.7) | % |  | (5.5) | % |  |  |  |  |  |  |  | (5.5) | %
Loss ratio | 67.4 | % |  | 62.4 | % |  | 64.7 | % |  |  |  |  |  |  |  | 64.1 | %
Acquisition cost ratio | 23.2 | % |  | 26.0 | % |  | 24.7 | % |  |  |  |  |  |  |  | 20.7 | %
Other underwriting expenses ratio | 6.5 | % |  | 5.6 | % |  | 6.0 | % |  |  |  |  |  |  |  | 6.6 | %
Combined ratio | 97.1 | % |  | 94.0 | % |  | 95.4 | % |  |  |  |  |  |  |  | 91.4 | %
(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 March 31, 2024
| Reinsurance |  | Insurance & Services |  | Core |  | Eliminations (2) |  | Corporate |  | Segment Measure Reclass |  | Total
Gross premiums written | $ | 356.4 |  |  | $ | 524.3 |  |  | $ | 880.7 |  |  | $ | — |  |  | $ | 25.9 |  |  | $ | — |  |  | $ | 906.6 |
Net premiums written | 290.1 |  |  | 337.1 |  |  | 627.2 |  |  | — |  |  | 12.1 |  |  | — |  |  | 639.3 |
Net premiums earned | 253.6 |  |  | 264.2 |  |  | 517.8 |  |  | — |  |  | 76.0 |  |  | — |  |  | 593.8 |
Loss and loss adjustment expenses incurred, net | 124.6 |  |  | 176.5 |  |  | 301.1 |  |  | (1.4) |  |  | 17.8 |  |  | — |  |  | 317.5 |
Acquisition costs, net | 69.8 |  |  | 65.2 |  |  | 135.0 |  |  | (33.2) |  |  | 43.1 |  |  | — |  |  | 144.9 |
Other underwriting expenses | 19.3 |  |  | 18.1 |  |  | 37.4 |  |  | — |  |  | 4.4 |  |  | — |  |  | 41.8 |
Underwriting income | 39.9 |  |  | 4.4 |  |  | 44.3 |  |  | 34.6 |  |  | 10.7 |  |  | — |  |  | 89.6 |
Services revenues | — |  |  | 65.8 |  |  | 65.8 |  |  | (37.1) |  |  | — |  |  | (28.7) |  |  | — |
Services expenses | — |  |  | 46.0 |  |  | 46.0 |  |  | — |  |  | — |  |  | (46.0) |  |  | — |
Net services fee income | — |  |  | 19.8 |  |  | 19.8 |  |  | (37.1) |  |  | — |  |  | 17.3 |  |  | — |
Services noncontrolling income | — |  |  | (1.7) |  |  | (1.7) |  |  | — |  |  | — |  |  | 1.7 |  |  | — |
Net services income | — |  |  | 18.1 |  |  | 18.1 |  |  | (37.1) |  |  | — |  |  | 19.0 |  |  | — |
Segment income | 39.9 |  |  | 22.5 |  |  | 62.4 |  |  | (2.5) |  |  | 10.7 |  |  | 19.0 |  |  | 89.6 |
Net investment income |  | 78.8 |  |  | — |  |  | 78.8 |
Net realized and unrealized investment gains |  | 1.0 |  |  | — |  |  | 1.0 |
Other revenues |  |  |  |  |  |  |  |  | (0.9) |  |  | 28.7 |  |  | 27.8 |
Loss on settlement and change in fair value of liability-classified capital instruments |  | (15.9) |  |  | — |  |  | (15.9) |
Net corporate and other expenses |  |  |  |  |  |  |  |  | (10.0) |  |  | (46.0) |  |  | (56.0) |
Intangible asset amortization |  |  |  |  |  |  |  |  | (2.9) |  |  | — |  |  | (2.9) |
Interest expense |  |  |  |  |  |  |  |  | (20.5) |  |  | — |  |  | (20.5) |
Foreign exchange gains |  |  |  |  |  |  |  |  | 3.7 |  |  | — |  |  | 3.7 |
Income before income tax expense | $ | 39.9 |  |  | $ | 22.5 |  |  | 62.4 |  |  | (2.5) |  |  | 44.0 |  |  | 1.7 |  |  | 105.6 |
Income tax expense |  |  |  |  | — |  |  | — |  |  | (9.7) |  |  | — |  |  | (9.7) |
Net income |  |  |  |  | 62.4 |  |  | (2.5) |  |  | 34.3 |  |  | 1.7 |  |  | 95.9 |
Net (income) loss attributable to noncontrolling interests |  | — |  |  | — |  |  | 0.6 |  |  | (1.7) |  |  | (1.1) |
Net income available to SiriusPoint |  | $ | 62.4 |  |  | $ | (2.5) |  |  | $ | 34.9 |  |  | $ | — |  |  | $ | 94.8 |
Attritional losses | $ | 134.9 |  |  | $ | 174.2 |  |  | $ | 309.1 |  |  | $ | (1.4) |  |  | $ | 48.7 |  |  | $ | — |  |  | $ | 356.4 |
Prior year loss reserve development | (10.3) |  |  | 2.3 |  |  | (8.0) |  |  | — |  |  | (30.9) |  |  | — |  |  | (38.9) |
Loss and loss adjustment expenses incurred, net | $ | 124.6 |  |  | $ | 176.5 |  |  | $ | 301.1 |  |  | $ | (1.4) |  |  | $ | 17.8 |  |  | $ | — |  |  | $ | 317.5 |
Underwriting Ratios: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Attritional loss ratio | 53.2 | % |  | 65.9 | % |  | 59.7 | % |  |  |  |  |  |  |  | 60.0 | %
Prior year loss development ratio | (4.1) | % |  | 0.9 | % |  | (1.6) | % |  |  |  |  |  |  |  | (6.5) | %
Loss ratio | 49.1 | % |  | 66.8 | % |  | 58.1 | % |  |  |  |  |  |  |  | 53.5 | %
Acquisition cost ratio | 27.5 | % |  | 24.7 | % |  | 26.1 | % |  |  |  |  |  |  |  | 24.4 | %
Other underwriting expenses ratio | 7.6 | % |  | 6.9 | % |  | 7.2 | % |  |  |  |  |  |  |  | 7.0 | %
Combined ratio | 84.2 | % |  | 98.4 | % |  | 91.4 | % |  |  |  |  |  |  |  | 84.9 | %
(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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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