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Segment reporting (Tables)

3 Months Ended

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.

X

- 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

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X

- References

No definition available.

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