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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-36052
SIRIUSPOINT LTD.
(Exact name of registrant as specified in its charter)
Bermuda98-1599372
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Point Building
3 Waterloo Lane
Pembroke HM 08, Bermuda
+1 441 542-3300
(Address of Principal Executive Offices) (Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Shares, $0.10 par valueSPNTNew York Stock Exchange
8.00% Resettable Fixed Rate Preference Shares,
 Series B, $0.10 par value,
$25.00 liquidation preference per share
SPNT PBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes        No    
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes        No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     
As of May 2, 2022, the registrant had 162,197,771 common shares issued and outstanding.



SiriusPoint Ltd.
INDEX
Page
PART I. FINANCIAL INFORMATION
  Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Income (Loss) for the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)
Note 1. Organization
Note 2. Significant accounting policies
Note 3. Acquisition of Sirius Group
Note 4. Segment reporting
Note 5. Cash, cash equivalents, restricted cash and restricted investments
Note 6. Fair value measurements
Note 7. Investments
Note 8. Total realized and unrealized investment gains (losses) and net investment income (loss)
Note 9. Investments in unconsolidated entities
Note 10. Derivatives
Note 11. Variable interest entities
Note 12. Loss and loss adjustment expense reserves
Note 13. Allowance for expected credit losses
Note 14. Debt and letter of credit facilities
Note 15. Income taxes
Note 16. Shareholders' equity
Note 17. Earnings (loss) per share available to SiriusPoint common shareholders
Note 18. Related party transactions
Note 19. Commitments and contingencies
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  Item 3. Quantitative and Qualitative Disclosures About Market Risk
  Item 4. Controls and Procedures
PART II. OTHER INFORMATION
  Item 1. Legal Proceedings
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Mine Safety Disclosures
  Item 5. Other Information
  Item 6. Exhibits



PART I - Financial Information
ITEM 1. Financial Statements
SIRIUSPOINT LTD.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2022 and December 31, 2021
(expressed in millions of U.S. dollars, except per share and share amounts)
March 31,
2022
December 31, 2021
Assets
Investments in related party investment funds, at fair value (cost - $341.9; 2021 - $441.9)$678.6 $909.6 
Debt securities, trading, at fair value (cost - $2,696.5; 2021 - $2,099.3)2,622.8 2,085.6 
Short-term investments, at fair value (cost - $991.2; 2021 - $1,076.0)989.0 1,075.8 
Equity securities, trading, at fair value (cost - $1.8; 2021 - $4.5)2.7 2.8 
Other long-term investments, at fair value (cost - $458.2; 2021 - $443.0) (includes related party investments at fair value of $240.1 (2021 - $258.2))438.2 456.1 
Total investments4,731.3 4,529.9 
Cash and cash equivalents826.1 999.8 
Restricted cash and cash equivalents972.8 948.6 
Redemption receivable from related party investment fund 250.0 
Due from brokers70.1 15.9 
Interest and dividends receivable10.7 8.3 
Insurance and reinsurance balances receivable, net1,936.8 1,708.2 
Deferred acquisition costs and value of business acquired, net271.0 218.8 
Unearned premiums ceded365.7 242.8 
Loss and loss adjustment expenses recoverable, net1,278.6 1,215.3 
Deferred tax asset180.6 182.0 
Intangible assets170.0 171.9 
Other assets102.6 126.8 
Total assets$10,916.3 $10,618.3 
Liabilities
Loss and loss adjustment expense reserves$4,936.0 $4,841.4 
Unearned premium reserves1,504.9 1,198.4 
Reinsurance balances payable773.5 688.3 
Deposit liabilities147.2 150.7 
Securities sold, not yet purchased, at fair value64.0  
Due to brokers32.1 6.5 
Accounts payable, accrued expenses and other liabilities188.7 229.8 
Deferred tax liability98.0 95.4 
Liability-classified capital instruments76.0 87.8 
Debt808.4 816.7 
Total liabilities8,628.8 8,115.0 
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)200.0 200.0 
Common shares (issued and outstanding: 161,941,552; 2021 - 161,929,777)16.2 16.2 
Additional paid-in capital1,623.4 1,622.7 
Retained earnings448.0 665.0 
Accumulated other comprehensive income (loss)0.6 (0.2)
Shareholders’ equity attributable to SiriusPoint shareholders2,288.2 2,503.7 
Noncontrolling interests(0.7)(0.4)
Total shareholders’ equity2,287.5 2,503.3 
Total liabilities, noncontrolling interests and shareholders’ equity$10,916.3 $10,618.3 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.

1


SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
For the three months ended March 31, 2022 and 2021
(expressed in millions of U.S. dollars, except per share and share amounts)
20222021
Revenues
Net premiums earned$529.3 $245.2 
Net realized and unrealized investment gains (losses)(81.9)31.5 
Net realized and unrealized investment gains (losses) from related party investment funds(131.0)153.2 
Other net investment income7.8 1.8 
Total realized and unrealized investment gains (losses) and net investment income (loss)(205.1)186.5 
Other revenues37.2 56.9 
Total revenues361.4 488.6 
Expenses
Loss and loss adjustment expenses incurred, net340.1 146.9 
Acquisition costs, net108.5 69.0 
Other underwriting expenses47.2 20.8 
Net corporate and other expenses77.4 78.9 
Intangible asset amortization1.9 0.8 
Interest expense9.3 4.9 
Foreign exchange gains(19.4)(12.4)
Total expenses565.0 308.9 
Income (loss) before income tax expense(203.6)179.7 
Income tax expense(9.7)(9.8)
Net income (loss)(213.3)169.9 
Net loss attributable to noncontrolling interests0.3  
Net income (loss) available to SiriusPoint(213.0)169.9 
Dividends on Series B preference shares(4.0)(1.5)
Net income (loss) available to SiriusPoint common shareholders$(217.0)$168.4 
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders$(1.36)$1.37 
Diluted earnings (loss) per share available to SiriusPoint common shareholders$(1.36)$1.35 
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic159,867,593 116,760,760 
Diluted159,867,593 118,146,341 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.

2



SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
For the three months ended March 31, 2022 and 2021
(expressed in millions of U.S. dollars)

20222021
Comprehensive income (loss)
Net income (loss)$(213.3)$169.9 
Other comprehensive income
Change in foreign currency translation, net of tax0.8 0.4 
Total other comprehensive income0.8 0.4 
Comprehensive income (loss)(212.5)170.3 
Net loss attributable to noncontrolling interests0.3  
Comprehensive income (loss) available to SiriusPoint$(212.2)$170.3 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.

3


SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
For the three months ended March 31, 2022 and 2021
(expressed in millions of U.S. dollars)
20222021
Series B preference shares
Balance, beginning of period$200.0 $ 
Issuance of preference shares, net 200.0 
Balance, end of period200.0 200.0 
Common shares
Balance, beginning of period16.2 9.6 
Issuance of common shares, net0.1 0.2 
Issuance of common shares for Sirius Group acquisition 5.8 
Issuance of common shares to related party 0.6 
Common shares repurchased and retired(0.1) 
Balance, end of period16.2 16.2 
Additional paid-in capital
Balance, beginning of period1,622.7 933.9 
Issuance of common shares, net 0.6 
Acquisition of Sirius Group 589.7 
Issuance of common shares to related party 48.0 
Share compensation5.3 29.9 
Common shares repurchased and retired(4.6) 
Balance, end of period1,623.4 1,602.1 
Retained earnings
Balance, beginning of period665.0 620.4 
Net income (loss)(213.3)169.9 
Net loss attributable to noncontrolling interests0.3  
Dividends on preference shares(4.0)(1.5)
Balance, end of period448.0 788.8 
Accumulated other comprehensive loss
Accumulated net foreign currency translation
Balance, beginning of period(0.2) 
Net change in foreign currency translation0.8 0.4 
Balance, end of period0.6 0.4 
Shareholders’ equity attributable to SiriusPoint shareholders 2,288.2 2,607.5 
Noncontrolling interests(0.7)1.8 
Total shareholders’ equity$2,287.5 $2,609.3 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.


4


SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the three months ended March 31, 2022 and 2021
(expressed in millions of U.S. dollars)
20222021
Operating activities
Net income (loss)$(213.3)$169.9 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share compensation11.1 2.3 
Net interest expense on deposit liabilities0.8 0.8 
Net realized and unrealized (gain) loss on investments and derivatives72.8 (31.8)
Net realized and unrealized (gain) loss on investment in related party investment funds131.0 (153.2)
Other revenues(11.8)(46.1)
Amortization of premium and accretion of discount, net8.5 2.0 
Amortization of intangible assets1.9 0.8 
Depreciation and other amortization1.3 1.5 
Other items, net(5.9)(12.4)
Changes in assets and liabilities:
Insurance and reinsurance balances receivable, net(227.6)29.0 
Deferred acquisition costs and value of business acquired, net(52.2)(2.3)
Unearned premiums ceded(122.9)(38.2)
Loss and loss adjustment expenses recoverable, net(63.3)(17.5)
Deferred tax asset/liability4.0 5.0 
Other assets22.9 20.1 
Interest and dividends receivable(2.4)(1.4)
Loss and loss adjustment expense reserves94.6 19.1 
Unearned premium reserves306.5 60.0 
Reinsurance balances payable85.2 62.7 
Accounts payable, accrued expenses and other liabilities(41.1)(119.1)
Net cash provided by (used in) operating activities0.1 (48.8)
Investing activities
Proceeds from redemptions from related party investment funds350.0  
Purchases of investments(1,435.3)(316.3)
Proceeds from sales and maturities of investments919.7 233.3 
Purchases of investments to cover short sales(6.9)(11.8)
Proceeds from short sales of investments72.7 11.2 
Change in due to/from brokers, net(28.6)75.7 
Acquisition of Sirius Group, net (cash and restricted cash acquired of $740.3) 631.9 
Net cash provided by (used in) investing activities(128.4)624.0 
Financing activities
Proceeds from issuance of SiriusPoint common shares, net of costs 57.8 
Taxes paid on withholding shares (5.7)(0.3)
Purchases of SiriusPoint common shares under share repurchase program(4.7) 
Cash dividends paid to preference shareholders(4.0) 
Net payments on deposit liability contracts(6.8)(3.0)
Change in total noncontrolling interests, net 0.1 
Net cash provided by (used in) financing activities(21.2)54.6 
Net increase (decrease) in cash, cash equivalents and restricted cash(149.5)629.8 
Cash, cash equivalents and restricted cash at beginning of period1,948.4 1,713.9 
Cash, cash equivalents and restricted cash at end of period$1,798.9 $2,343.7 
 The accompanying Notes to the Consolidated Financial Statements are
 an integral part of the Consolidated Financial Statements.

5


SiriusPoint Ltd.
Notes to the Consolidated Financial Statements (UNAUDITED)
(Expressed in U.S. Dollars)
1. Organization
SiriusPoint Ltd. (together with its consolidated subsidiaries, “SiriusPoint” or the “Company”) was incorporated under the laws of Bermuda on October 6, 2011. Through its subsidiaries, the Company is a provider of global multi-line reinsurance and insurance products and services. 
On February 26, 2021, the Company completed the acquisition of Sirius International Insurance Group, Ltd. (“Sirius Group”) and changed its name from Third Point Reinsurance Ltd. to SiriusPoint Ltd. The results of operations and cash flows of Sirius Group are included from the acquisition date of February 26, 2021 forward. All references to SiriusPoint throughout this Quarterly Report on Form 10-Q (“Form 10-Q”) for periods prior to the acquisition date refer to legacy Third Point Reinsurance Ltd., unless otherwise indicated. See Note 3 for additional information.
These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In addition, the year-end consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 1, 2022.
In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated.
In the fourth quarter of 2021, the Company began classifying its business into two operating segments: Reinsurance and Insurance & Services. The change in reportable segments had no impact on the Company’s historical consolidated financial position, results of operations or cash flows as previously reported. Where applicable, all prior periods presented have been revised to conform to this new presentation. See Note 4 for additional information.
The results for the three months ended March 31, 2022 are not necessarily indicative of the results expected for the full calendar year.
Tabular amounts are in U.S. Dollars in millions, except share amounts, unless otherwise noted.
2. Significant accounting policies
There have been no material changes to the Company’s significant accounting policies as described in its 2021 Form 10-K.
Recently issued accounting standards
Issued but not yet effective as of March 31, 2022
Accounting pronouncements issued during the three months ended March 31, 2022 were either not relevant to the Company or did not impact the Company’s consolidated financial statements.
Reclassifications and Revision
Reclassifications
Certain comparative figures have been reclassified to conform to the current year presentation.
Revision
In the fourth quarter of 2021, the Company identified an understatement of the bargain purchase gain recorded in the first quarter of 2021 related to the acquisition of Sirius Group which understated income before income tax expense and net income available to SiriusPoint common shareholders by $37.5 million. Amounts for the three months ended March 31, 2021
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were revised to correct for the previously reported understatement of income. This revision had no impact on the previously reported total shareholders’ equity attributable to SiriusPoint shareholders.
Management assessed the materiality of the misstatement on the impacted 2021 interim financial statements in accordance with SEC Staff Accounting Bulletin Number 99, Materiality, as codified in ASC 250-10, Accounting Changes and Error Corrections. Management determined that the misstatement was not material to the financial statements of the first quarter in 2021.
3. Acquisition of Sirius Group
Overview
On February 26, 2021, the Company completed its acquisition of Sirius Group for total aggregate consideration valued at $1,079.8 million. The aggregate consideration for the transaction included the issuance of 58,331,196 SiriusPoint common shares valued at $595.6 million, $100.4 million of cash, the issuance of preference shares, warrants, and other contingent value components valued at $338.3 million, and other transaction-related services valued at $45.5 million.
We recognized a bargain purchase gain of $50.4 million, which represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase price. The gain from bargain purchase is included in other revenues in the consolidated statements of income. The bargain purchase determination is consistent with the fact that Sirius Group’s shares traded at a discount to book value and the need for Sirius Group to quickly diversify its ownership base. Refer to the 2021 Form 10-K for additional information on this acquisition.
Series A Preference Shares
On February 26, 2021, certain holders of Sirius Group shares elected to receive Series A preference shares, par value $0.10 per share (“Series A Preference Shares”), with respect to the consideration price of the Sirius Group acquisition. The Company issued 11,720,987 Series A Preference Shares. The Series A Preference Shares rank pari passu with the Company’s common shares with respect to the payment of dividends or distributions. Each Series A Preference Share has voting power equal to the number of Company shares into which it is convertible, and the Series A Preference Shares and Company shares shall vote together as a single class with respect to any and all matters.
During the three months ended March 31, 2022, the Company did not declare or pay dividends to holders of Series A Preference Shares.
Upon the third anniversary of the closing date of the Sirius Group acquisition, the Series A Preference Shares will be subject to a conversion ratio calculation, which will be based on ultimate COVID-19 losses along with other measurement criteria, to convert to the Company’s common shares.
Series A Preference Shares are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the three months ended March 31, 2022, the Company recorded a gain of $6.6 million from the change in fair value of the Series A Preference Shares. As of March 31, 2022, the fair value of the Series A Preference Shares is $13.8 million.
Merger Warrants
On February 26, 2021, the Company issued certain warrants with respect to the consideration price of the Sirius Group acquisition (the “Merger warrants”). As of March 31, 2022, the Company had reserved for issuance common shares underlying warrants to purchase, in the aggregate, up to 21,009,324 common shares, to previous Sirius Group common shareholders.
The Merger warrants are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the three months ended March 31, 2022, the Company recorded a gain of $4.8 million from the change in fair value of the Merger warrants. As of March 31, 2022, the estimated fair value of the Merger warrants is $27.7 million.
Sirius Group Private Warrants
On February 26, 2021, the Company entered into an assumption agreement pursuant to which the Company agreed to assume all of the warrants issued on November 5, 2018 and November 28, 2018 (the “Private warrants”) by Sirius Group to certain counterparties.
7




The Private warrants are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the three months ended March 31, 2022, the Company recorded a gain of $2.6 million from the change in fair value of the Private warrants. As of March 31, 2022, the estimated fair value of the Private warrants is $0.6 million.
Sirius Group Public Warrants
Under the merger agreement between Sirius Group and Easterly Acquisition Corporation, each of Easterly’s existing issued and outstanding public warrants was converted into a warrant exercisable for Sirius Group common shares (“Sirius Group Public Warrants”). From February 26, 2021, holders of the Sirius Group Public Warrants have the right to receive the merger consideration that the holder of the Sirius Group Public Warrants would have received if such holder had exercised his, her or its warrants immediately prior to February 26, 2021. Because the exercise price of such Sirius Group Public Warrants of $18.89 was greater than the per share merger consideration, no such warrants were exercised prior to the completion of the merger and therefore no merger consideration was paid to holders of such warrants. The Sirius Group Public Warrants are no longer listed on any public exchange and will terminate in accordance with their terms.
The Sirius Group Public Warrants are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the three months ended March 31, 2022, the Company recorded a gain of $1.1 million from the change in fair value of the Sirius Group Public Warrants. As of March 31, 2022, the estimated fair value of the Sirius Group Public Warrants is $nil.
Upside Rights
On February 26, 2021, the Company issued Upside Rights with respect to the consideration price of the Sirius Group acquisition. The Upside Rights expired without any value on February 26, 2022.
Contingent Value Rights
On February 26, 2021, the Company entered into a contingent value rights agreement with respect to the consideration price of the Sirius Group acquisition. The contingent value rights (“CVRs”) are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the three months ended March 31, 2022, the Company recorded a loss of $3.3 million from the change in fair value of the CVRs. As of March 31, 2022, the fair value of the CVRs is $33.9 million. The CVRs became publicly traded on the OTCQX Best Market during the quarter ended June 30, 2021.
Financial results
The following table summarizes the results of Sirius Group since February 26, 2021 that have been included in the Company's consolidated statements of income:
For the period from
February 26, 2021 to March 31, 2021
Total revenues$146.2 
Net income$23.3 
Supplemental Pro Forma Information
The following table presents unaudited pro forma consolidated financial information for the three months ended March 31, 2021 and assumes the acquisition of Sirius Group occurred on January 1, 2021. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2021 or that may be achieved in the future. The unaudited pro forma consolidated financial information does not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may result from the acquisition of Sirius Group. In addition, unaudited pro forma consolidated financial information does not include the effects of costs associated with any restructuring or integration activities resulting from the acquisition of Sirius Group, as such costs cannot be determined at this time.
Three months ended March 31, 2021
Total revenues$664.7 
Net income (loss)$165.8 
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Among other adjustments, and in addition to the fair value adjustments and recognition of identifiable intangible assets noted above, other material nonrecurring pro forma adjustments directly attributable to the acquisition of Sirius Group principally included certain adjustments to recognize transaction-related costs, align reserving approach, amortize fair value adjustments, amortize identifiable indefinite lived intangible assets and recognize related tax impacts.
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: Reinsurance and Insurance & Services. The Company’s segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to the Company’s chief operating decision maker, the Chief Executive Officer ("CEO") and Chairman of the Company. The CEO assesses segment operating performance, allocates capital, and makes resource allocation decisions based on Segment income (loss). The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments.
Reinsurance
The Company is a leading global (re)insurer, which offers both treaty and facultative reinsurance worldwide through its network of local branches. The Company participates in the broker market for reinsurance treaties written in the United States and Bermuda primarily on a proportional and excess of loss basis. For the Company’s international business, the book consists of treaty, written on both a proportional and excess of loss basis, facultative, and primary business, primarily in Europe, Asia and Latin America.
The Reinsurance segment provides coverage in the following product lines:
Aviation & Space – Aviation covers loss of or damage to an aircraft and the aircraft operations' liability to passengers, cargo and hull as well as to third parties, and Space covers damage to a satellite during launch and in orbit.
Casualty – covers a cross section of all casualty lines, including general liability, umbrella, auto, workers’ compensation, professional liability, and other specialty classes.
Contingency – covers event cancellation and non-appearance. The Company offers this class on a treaty reinsurance basis on a selective basis for a few key clients.
Credit & Bond – covers traditional short-term commercial credit insurance, including pre-agreed domestic and export sales of goods and services with typical coverage periods of 60 to 120 days.
Marine & Energy – Marine covers damage to ships and goods in transit, marine liability lines as well as yacht-owner perils. Energy covers offshore energy industry insurance.
Mortgage – covers credit risks that compensates insureds for losses arising from mortgage loan defaults.
Property – consists of the Company’s underwriting lines of business that offer property catastrophe excess reinsurance, agriculture reinsurance and property risk and pro rata on a worldwide basis. Property catastrophe excess of loss reinsurance treaties cover losses from catastrophic events. Agriculture provides stop-loss reinsurance coverage, including to companies writing U.S. government-sponsored multi-peril crop insurance.
Insurance & Services
The Company provides insurance products to individuals and corporations directly, through agents/brokers or through delegated underwriting agreements with managing general agents (“MGAs”). The Company seeks to work with MGAs that have strong underwriting expertise, deep understanding of the customer/product niches and/or technology-driven approaches, and a sustainable competitive moat.
Insurance & Services offers a comprehensive set of services for startup MGAs and insurance services companies including fronting services, risk capital and equity and debt financing. Furthermore, the Company offers expertise in underwriting, pricing and product development to businesses it partners with. The Company has a stringent screening process to identify and approve partner companies which includes alignment of interests, disciplined management and strong oversight, which are believed to be critical for success. The Insurance & Services segment predominantly provides insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties.
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The Company makes both controlling and non-controlling equity investments and debt investments in MGAs and other insurance-related business (collectively, “Strategic Investments”); the non-controlling investments are reflected at fair value.
The Insurance & Services segment provides coverage in the following product lines:
Accident and Health (“A&H”) – consists of accident and health coverage, and MGA units (which include ArmadaCorp Capital, LLC (“Armada”) and International Medical Group, Inc. (“IMG”)). Armada’s products are offered in the United States while IMG offers accident, health and travel products on a worldwide basis.
Environmental – consists of an environmental insurance book in the U.S. comprised of 4 core products that revolve around pollution coverage, which are premises pollution liability, contractor's pollution/pollution liability and professional liability.
Workers’ Compensation – consists of state-mandated insurance coverage that provides medical, disability, survivor, burial, and rehabilitation benefits to employees who are injured or killed due to a work-related injury or illness.
Other – consists of a cross section of property and casualty lines, including but not limited to property, general liability, excess liability, commercial auto, professional liability, directors and officers, cyber and other specialty classes.
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 premiums earned. Net services income (loss) consists of services revenues (fee for service revenues), services expenses, services non-controlling (income) loss and net investment gains (losses) from Strategic Investments. This definition of segment income (loss) aligns with how business performance is managed and monitored. We continue to evaluate our segments as our business evolves and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the consolidated statements of income (loss). These items are reconciled to the consolidated presentation in the segment measure reclass column below and include net investment gains (losses) from Strategic Investments where Insurance & Services holds private equity investments. Also 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 (loss).
Corporate includes the results of all runoff business, which represent certain classes of business that the Company no longer actively underwrites, including those that have asbestos and environmental and other latent liability exposures and certain reinsurance contracts that have interest crediting features. In addition, revenue and expenses managed at the corporate level, including realized gains and losses (excluding net investment gains (losses) from Strategic Investments, which are allocated to the segment results), net realized and unrealized investment gains (losses) from related party investment funds, 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 CEO 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).
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The following is a summary of the Company’s operating segment results for the three months ended March 31, 2022 and 2021:
Three months ended March 31, 2022
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$524.2 $483.5 $1,007.7 $ $2.0 $— $1,009.7 
Net premiums written 374.9 337.5 712.4  1.5 — 713.9 
Net premiums earned 307.6 212.8 520.4  8.9 — 529.3 
Loss and loss adjustment expenses incurred, net 194.5 134.0 328.5 (1.2)12.8 — 340.1 
Acquisition costs, net79.9 53.5 133.4 (25.6)0.7 — 108.5 
Other underwriting expenses 30.1 15.7 45.8  1.4 — 47.2 
Underwriting income (loss)3.1 9.6 12.7 26.8 (6.0)— 33.5 
Services revenue 56.8 56.8 (30.8)— (26.0)— 
Services expenses 43.3 43.3  — (43.3)— 
Net services fee income 13.5 13.5 (30.8)— 17.3 — 
Services noncontrolling loss 0.8 0.8  — (0.8)— 
Net investment losses from Strategic Investments (0.3)(0.3) — 0.3 — 
Net services income 14.0 14.0 (30.8)— 16.8 — 
Segment income (loss)3.1 23.6 26.7 (4.0)(6.0)16.8 33.5 
Net realized and unrealized investment losses(81.6)(0.3)(81.9)
Net realized and unrealized investment losses from related party investment funds(131.0)— (131.0)
Other net investment income7.8 — 7.8 
Other revenues11.2 26.0 37.2 
Net corporate and other expenses(34.1)(43.3)(77.4)
Intangible asset amortization(1.9)— (1.9)
Interest expense(9.3)— (9.3)
Foreign exchange gains19.4 — 19.4 
Income (loss) before income tax expense$3.1 $23.6 26.7 (4.0)(225.5)(0.8)(203.6)
Income tax expense  (9.7) (9.7)
Net income (loss)26.7 (4.0)(235.2)(0.8)(213.3)
Net loss attributable to noncontrolling interest  (0.5)0.8 0.3 
Net income (loss) available to SiriusPoint$26.7 $(4.0)$(235.7)$ $(213.0)
Underwriting Ratios: (1)
Loss ratio63.2 %63.0 %63.1 %64.3 %
Acquisition cost ratio26.0 %25.1 %25.6 %20.5 %
Other underwriting expenses ratio9.8 %7.4 %8.8 %8.9 %
Combined ratio
99.0 %95.5 %97.5 %93.7 %
(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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Three months ended March 31, 2021
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$158.7 $190.9 $349.6 $ $6.2 $— $355.8 
Net premiums written161.5 139.6 301.1  (1.6)— 299.5 
Net premiums earned199.8 42.7 242.5  2.7 — 245.2 
Loss and loss adjustment expenses incurred, net108.2 28.6 136.8 (0.2)10.3 — 146.9 
Acquisition costs, net58.9 14.2 73.1 (5.7)1.6 — 69.0 
Other underwriting expenses16.1 1.3 17.4  3.4 — 20.8 
Underwriting income (loss)16.6 (1.4)15.2 5.9 (12.6)— 8.5 
Services revenue 18.2 18.2 (7.4)— (10.8)— 
Services expenses 10.6 10.6  — (10.6)— 
Net services fee income 7.6 7.6 (