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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 June 30, 2023
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 July 28, 2023, the registrant had 164,501,084 common shares issued and outstanding.


SiriusPoint Ltd.
INDEX
Page
PART I. FINANCIAL INFORMATION
  Item 1. Financial Statements
Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the three and six months ended June 30, 2023 and 2022 (unaudited)
Note 1. Organization
Note 2. Significant accounting policies
Note 3. Significant transactions
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
Note 9. Derivatives
Note 10. Variable and voting interest entities
Note 11. Loss and loss adjustment expense reserves
Note 12. Allowance for expected credit losses
Note 13. Debt and letter of credit facilities
Note 14. Income taxes
Note 15. Shareholders' equity
Note 16. Earnings (loss) per share available to SiriusPoint common shareholders
Note 17. Related party transactions
Note 18. 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 June 30, 2023 and December 31, 2022
(expressed in millions of U.S. dollars, except per share and share amounts)
June 30,
2023		December 31, 2022
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2022 - $0.0) (cost - $4,241.3; 2022 - $2,678.1)$4,172.1 $2,635.5 
Debt securities, trading, at fair value (cost - $802.3; 2022 - $1,630.1)753.2 1,526.0 
Short-term investments, at fair value (cost - $555.1; 2022 - $984.5)559.2 984.6 
Investments in related party investment funds, at fair value111.3 128.8 
Other long-term investments, at fair value (cost - $377.6; 2022 - $392.0) (includes related party investments at fair value of $199.4 (2022 - $201.2))355.4 377.2 
Equity securities, trading, at fair value (cost - $1.8; 2022 - $1.8)1.6 1.6 
Total investments5,952.8 5,653.7 
Cash and cash equivalents676.2 705.3 
Restricted cash and cash equivalents95.2 208.4 
Redemption receivable from related party investment fund5.0 18.5 
Due from brokers18.2 4.9 
Interest and dividends receivable36.8 26.7 
Insurance and reinsurance balances receivable, net2,252.1 1,876.9 
Deferred acquisition costs, net340.3 294.9 
Unearned premiums ceded481.3 348.8 
Loss and loss adjustment expenses recoverable, net2,276.7 1,376.2 
Deferred tax asset164.3 200.3 
Intangible assets158.5 163.8 
Other assets165.4 157.9 
Total assets$12,622.8 $11,036.3 
Liabilities
Loss and loss adjustment expense reserves$5,338.8 $5,268.7 
Unearned premium reserves1,819.2 1,521.1 
Reinsurance balances payable1,845.4 813.6 
Deposit liabilities137.8 140.5 
Deferred gain on retroactive reinsurance21.2 — 
Debt765.9 778.0 
Securities sold, not yet purchased, at fair value— 27.0 
Securities sold under an agreement to repurchase11.0 18.0 
Due to brokers28.1 — 
Deferred tax liability61.0 59.8 
Liability-classified capital instruments65.4 60.4 
Accounts payable, accrued expenses and other liabilities261.3 266.6 
Total liabilities10,355.1 8,953.7 
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: 163,200,630; 2022 - 162,177,653)16.3 16.2 
Additional paid-in capital1,645.6 1,641.3 
Retained earnings467.1 262.2 
Accumulated other comprehensive loss, net of tax(74.2)(45.0)
Shareholders’ equity attributable to SiriusPoint shareholders2,254.8 2,074.7 
Noncontrolling interests12.9 7.9 
Total shareholders’ equity2,267.7 2,082.6 
Total liabilities, noncontrolling interests and shareholders’ equity$12,622.8 $11,036.3 
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 and six months ended June 30, 2023 and 2022
(expressed in millions of U.S. dollars, except per share and share amounts)
Three months endedSix months ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Revenues
Net premiums earned$703.8 $568.8 $1,299.3 $1,098.1 
Net realized and unrealized investment gains (losses)(1.8)(98.4)9.5 (180.3)
Net realized and unrealized investment losses from related party investment funds(0.9)(60.5)(0.1)(191.5)
Net investment income68.5 17.4 130.2 25.2 
Net realized and unrealized investment gains (losses) and net investment income65.8 (141.5)139.6 (346.6)
Other revenues(1.7)45.8 14.1 83.0 
Total revenues767.9 473.1 1,453.0 834.5 
Expenses
Loss and loss adjustment expenses incurred, net407.0 360.3 674.1 700.4 
Acquisition costs, net126.2 123.6 245.9 232.1 
Other underwriting expenses43.3 46.1 95.5 93.3 
Net corporate and other expenses70.3 72.0 130.3 149.4 
Intangible asset amortization2.9 2.0 5.3 3.9 
Interest expense11.7 9.4 24.5 18.7 
Foreign exchange (gains) losses17.4 (56.5)17.5 (75.9)
Total expenses678.8 556.9 1,193.1 1,121.9 
Income (loss) before income tax (expense) benefit89.1 (83.8)259.9 (287.4)
Income tax (expense) benefit(16.8)27.7 (42.6)18.0 
Net income (loss)72.3 (56.1)217.3 (269.4)
Net income attributable to noncontrolling interests(2.0)(0.7)(4.4)(0.4)
Net income (loss) available to SiriusPoint70.3 (56.8)212.9 (269.8)
Dividends on Series B preference shares(4.0)(4.0)(8.0)(8.0)
Net income (loss) available to SiriusPoint common shareholders$66.3 $(60.8)$204.9 $(277.8)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders$0.38 $(0.38)$1.18 $(1.74)
Diluted earnings (loss) per share available to SiriusPoint common shareholders$0.37 $(0.38)$1.14 $(1.74)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic162,027,831 160,258,883 161,473,011 160,064,319 
Diluted166,708,932 160,258,883 165,997,198 160,064,319 
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 and six months ended June 30, 2023 and 2022
(expressed in millions of U.S. dollars)

Three months endedSix months ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Comprehensive income (loss)
Net income (loss)$72.3 $(56.1)$217.3 $(269.4)
Other comprehensive loss, net of tax
Change in foreign currency translation1.5 (1.2)1.2 (0.4)
Unrealized losses from debt securities held as available for sale investments(54.9)(9.8)(32.0)(9.8)
Reclassifications from accumulated other comprehensive income2.2 — 1.6 — 
Total other comprehensive loss(51.2)(11.0)(29.2)(10.2)
Comprehensive income (loss)21.1 (67.1)188.1 (279.6)
Net income attributable to noncontrolling interests(2.0)(0.7)(4.4)(0.4)
Comprehensive income (loss) available to SiriusPoint$19.1 $(67.8)$183.7 $(280.0)
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 and six months ended June 30, 2023 and 2022
(expressed in millions of U.S. dollars)
Three months endedSix months ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Series B preference shares
Balance, beginning of period$200.0 $200.0 $200.0 $200.0 
Issuance of preference shares, net— — — — 
Balance, end of period200.0 200.0 200.0 200.0 
Common shares
Balance, beginning of period16.2 16.2 16.2 16.2 
Issuance of common shares, net0.1 — 0.1 0.1 
Common shares repurchased and retired— — — (0.1)
Balance, end of period16.3 16.2 16.3 16.2 
Additional paid-in capital
Balance, beginning of period1,642.6 1,623.4 1,641.3 1,622.7 
Issuance of common shares, net0.1 — 0.1 — 
Share compensation0.9 7.2 3.4 12.5 
Common shares repurchased and retired— (0.3)— (4.9)
Exercise of Warrants2.0 — 2.0 — 
Change in ownership interest in subsidiary— — (1.2)— 
Balance, end of period1,645.6 1,630.3 1,645.6 1,630.3 
Retained earnings
Balance, beginning of period400.8 448.0 262.2 665.0 
Net income (loss)72.3 (56.1)217.3 (269.4)
Net income attributable to noncontrolling interests(2.0)(0.7)(4.4)(0.4)
Dividends on preference shares(4.0)(4.0)(8.0)(8.0)
Balance, end of period467.1 387.2 467.1 387.2 
Accumulated other comprehensive loss, net of tax
Balance, beginning of period(23.0)0.6 (45.0)(0.2)
Net change in foreign currency translation adjustment
Balance, beginning of period(5.5)0.6 (5.2)(0.2)
Net change in foreign currency translation adjustment1.5 (1.2)1.2 (0.4)
Balance, end of period(4.0)(0.6)(4.0)(0.6)
Unrealized losses from debt securities held as available for sale investments
Balance, beginning of period(17.5)— (39.8)— 
Unrealized losses from debt securities held as available for sale investments(54.9)(9.8)(32.0)(9.8)
Reclassifications from accumulated other comprehensive income2.2 — 1.6 — 
Balance, end of period(70.2)(9.8)(70.2)(9.8)
Balance, end of period(74.2)(10.4)(74.2)(10.4)
Shareholders’ equity attributable to SiriusPoint shareholders 2,254.8 2,223.3 2,254.8 2,223.3 
Noncontrolling interests12.9 0.8 12.9 0.8 
Total shareholders’ equity$2,267.7 $2,224.1 $2,267.7 $2,224.1 
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 six months ended June 30, 2023 and 2022
(expressed in millions of U.S. dollars)
20232022
Operating activities
Net income (loss)$217.3 $(269.4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share compensation10.8 18.9 
Net realized and unrealized (gain) loss on investments and derivatives(12.6)163.2 
Net realized and unrealized loss on investment in related party investment funds0.1 191.5 
Other revenues44.1 (37.2)
Amortization of premium and accretion of discount, net(36.3)8.6 
Amortization of intangible assets5.3 3.9 
Other items, net(4.2)(42.3)
Changes in assets and liabilities:
Insurance and reinsurance balances receivable, net(370.4)(224.5)
Deferred acquisition costs, net(45.4)(52.5)
Unearned premiums ceded(132.5)(132.8)
Loss and loss adjustment expenses recoverable, net(900.5)(42.2)
Deferred tax asset/liability37.2 (34.3)
Other assets(12.4)(5.0)
Interest and dividends receivable(10.1)(6.3)
Loss and loss adjustment expense reserves70.1 99.4 
Unearned premium reserves298.1 358.8 
Deferred gain on retroactive reinsurance21.2 — 
Reinsurance balances payable1,031.8 70.7 
Accounts payable, accrued expenses and other liabilities(5.3)(23.3)
Net cash provided by operating activities206.3 45.2 
Investing activities
Proceeds from redemptions from related party investment funds30.9 654.0 
Contributions to related party investment funds— (4.0)
Purchases of investments(3,092.3)(2,915.7)
Proceeds from sales and maturities of investments2,749.1 1,705.7 
Change in due to/from brokers, net14.8 (45.4)
Net cash used in investing activities(297.5)(605.4)
Financing activities
Taxes paid on withholding shares (7.5)(6.5)
Purchases of SiriusPoint common shares under share repurchase program— (5.0)
Proceeds from loans under an agreement to repurchase9.3 17.5 
Cash dividends paid to preference shareholders(8.0)(8.0)
Settlement of Contingent Value Rights(38.5)— 
Net proceeds from exercise of Warrants1.5 — 
Net payments on deposit liability contracts(7.3)(9.8)
Change in total noncontrolling interests, net(0.6)0.8 
Net cash used in financing activities(51.1)(11.0)
Net decrease in cash, cash equivalents and restricted cash(142.3)(571.2)
Cash, cash equivalents and restricted cash at beginning of period913.7 1,948.4 
Cash, cash equivalents and restricted cash at end of period$771.4 $1,377.2 
 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. 
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 on Form 10-Q (“Form 10-Q”) 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, 2022 (the “2022 Form 10-K”) filed with the U.S. Securities and Exchange Commission on February 24, 2023.
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.
The results for the six months ended June 30, 2023 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
Other than described below, there have been no material changes to the Company’s significant accounting policies as described in its 2022 Form 10-K.
Retroactive Reinsurance
A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative loss and loss adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of loss and loss adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings. The deferred gain is disclosed as a separate line item in the Company’s consolidated balance sheets and changes in the deferred gain are recognized within losses incurred in the Company’s income statement.
Recently issued accounting standards
Accounting pronouncements issued during the three and six months ended June 30, 2023 were either not relevant to the Company or did not impact the Company’s consolidated financial statements.
Reclassifications
Certain comparative figures have been reclassified to conform to the current year presentation.
3. Significant transactions
SiriusPoint International Loss Portfolio Transfer
On March 2, 2023, the Company agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction (“2023 LPT”), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The transaction covered loss reserves ceded initially estimated at $1.3 billion as of the valuation date of September 30, 2022, which were reduced to $905.6 million as of June 30, 2023, as a result of paid losses and favorable prior accident year reserve development recognized during the interim

6

period, and included in Loss and loss adjustment expenses recoverable in the Company’s consolidated balance sheets. Upon closing, the Company recorded an initial estimate of a deferred gain of $21.2 million, which is disclosed as Deferred gain on retroactive reinsurance in the Company’s consolidated balance sheets, and will be amortized over the claim payout period of the subject business. Funds held payable of $884.4 million are included in Reinsurance balances payable in the Company’s consolidated balance sheets. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of the booked reserves as of the inception of the contract.
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 segments and who are directly accountable to the Company’s chief operating decision maker, the Chief Executive Officer ("CEO"). 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.
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 of loss, proportional property reinsurance, per risk property reinsurance, and agriculture reinsurance and property risk and pro rata on a worldwide basis. Property catastrophe excess of loss reinsurance treaties cover losses to a pool of risks from catastrophic events. Proportional property covers both attritional and catastrophic risks, per risk property covers loss to individual risk, and 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 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’s process to identify and approve partner companies includes alignment of interests, disciplined management and strong oversight, which are believed to be critical for success. The

7

Insurance & Services segment predominantly provides insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties.
The Company makes both controlling and non-controlling equity investments and debt investments in MGAs and other insurance-related business (collectively, “Strategic Investments”).
The Insurance & Services segment provides coverage in the following product lines:
Accident and Health (“A&H”) – consists of life, 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 four 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 revenue), 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).

8

The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2023 and 2022:
Three months ended June 30, 2023
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$387.1 $462.7 $849.8 $— $37.3 $— $887.1 
Net premiums written 341.3 291.6 632.9 — 37.3 — 670.2 
Net premiums earned320.7 339.6 660.3 — 43.5 — 703.8 
Loss and loss adjustment expenses incurred, net 167.0 227.7 394.7 (1.5)13.8 — 407.0 
Acquisition costs, net62.4 84.0 146.4 (35.9)15.7 — 126.2 
Other underwriting expenses 12.0 25.5 37.5 — 5.8 — 43.3 
Underwriting income79.3 2.4 81.7 37.4 8.2 — 127.3 
Services revenues(2.8)62.2 59.4 (37.0)— (22.4)— 
Services expenses— 50.0 50.0 — — (50.0)— 
Net services fee income (loss)(2.8)12.2 9.4 (37.0)— 27.6 — 
Services noncontrolling income— (1.7)(1.7)— — 1.7 — 
Net investment losses from Strategic Investments— (4.1)(4.1)— — 4.1 — 
Net services income (loss)(2.8)6.4 3.6 (37.0)— 33.4 — 
Segment income76.5 8.8 85.3 0.4 8.2 33.4 127.3 
Net realized and unrealized investment gains (losses)2.3 (4.1)(1.8)
Net realized and unrealized investment losses from related party investment funds(0.9)— (0.9)
Net investment income68.5 — 68.5 
Other revenues(24.1)22.4 (1.7)
Net corporate and other expenses(20.3)(50.0)(70.3)
Intangible asset amortization(2.9)— (2.9)
Interest expense(11.7)— (11.7)
Foreign exchange losses(17.4)— (17.4)
Income before income tax expense$76.5 $8.8 85.3 0.4 1.7 1.7 89.1 
Income tax expense— — (16.8)— (16.8)
Net income (loss)85.3 0.4 (15.1)1.7 72.3 
Net income attributable to noncontrolling interest— — (0.3)(1.7)(2.0)
Net income (loss) available to SiriusPoint$85.3 $0.4 $(15.4)$— $70.3 
Underwriting Ratios: (1)
Loss ratio52.1 %67.0 %59.8 %57.8 %
Acquisition cost ratio19.5 %24.7 %22.2 %17.9 %
Other underwriting expenses ratio3.7 %7.5 %5.7 %6.2 %
Combined ratio
75.3 %99.2 %87.7 %81.9 %
(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.

9

Three months ended June 30, 2022
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$378.3 $433.9 $812.2 $— $0.4 $— $812.6 
Net premiums written321.5 301.4 622.9 — 0.1 — 623.0 
Net premiums earned319.5 244.3 563.8 — 5.0 — 568.8 
Loss and loss adjustment expenses incurred, net204.7 154.8 359.5 (1.1)1.9 — 360.3 
Acquisition costs, net86.3 63.9 150.2 (26.8)0.2 — 123.6 
Other underwriting expenses28.7 15.8 44.5 — 1.6 — 46.1 
Underwriting income (loss)(0.2)9.8 9.6 27.9 1.3 — 38.8 
Services revenues— 56.6 56.6 (36.7)— (19.9)— 
Services expenses— 44.8 44.8 — — (44.8)— 
Net services fee income— 11.8 11.8 (36.7)— 24.9 — 
Services noncontrolling income— (0.7)(0.7)— — 0.7 — 
Net investment losses from Strategic Investments— (0.5)(0.5)— — 0.5 — 
Net services income— 10.6 10.6 (36.7)— 26.1 — 
Segment income (loss)(0.2)20.4 20.2 (8.8)1.3 26.1 38.8 
Net realized and unrealized investment losses(97.9)(0.5)(98.4)
Net realized and unrealized investment losses from related party investment funds(60.5)— (60.5)
Net investment income17.4 — 17.4 
Other revenues25.9 19.9 45.8 
Net corporate and other expenses(27.2)(44.8)(72.0)
Intangible asset amortization(2.0)— (2.0)
Interest expense(9.4)— (9.4)
Foreign exchange gains56.5 — 56.5 
Income (loss) before income tax benefit$(0.2)$20.4 20.2 (8.8)(95.9)0.7 (83.8)
Income tax benefit— — 27.7 — 27.7 
Net income (loss)20.2 (8.8)(68.2)0.7 (56.1)
Net income attributable to noncontrolling interest— — — (0.7)(0.7)
Net income (loss) available to SiriusPoint$20.2 $(8.8)$(68.2)$— $(56.8)
Underwriting Ratios: (1)
Loss ratio64.1 %63.4 %63.8 %63.3 %
Acquisition cost ratio27.0 %26.2 %26.6 %21.7 %
Other underwriting expenses ratio9.0 %6.5 %7.9 %8.1 %
Combined ratio100.1 %96.1 %98.3 %93.1 %
(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.

10

Six months ended June 30, 2023
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$783.3 $1,126.7 $1,910.0 $— $87.6 $— $1,997.6 
Net premiums written 652.3 744.2 1,396.5 — 65.4 — 1,461.9 
Net premiums earned580.2 630.8 1,211.0 — 88.3 — 1,299.3 
Loss and loss adjustment expenses incurred, net 252.6 400.2 652.8 (2.8)24.1 — 674.1 
Acquisition costs, net128.4 155.7 284.1 (68.4)30.2 — 245.9 
Other underwriting expenses 40.2 44.8 85.0 — 10.5 — 95.5 
Underwriting income159.0 30.1 189.1 71.2 23.5 — 283.8 
Services revenues(2.6)125.8 123.2 (71.3)— (51.9)— 
Services expenses— 95.5 95.5 — — (95.5)— 
Net services fee income (loss)(2.6)30.3 27.7 (71.3)— 43.6 — 
Services noncontrolling income— (3.3)(3.3)— — 3.3 — 
Net investment losses from Strategic Investments— (8.0)(8.0)— — 8.0 — 
Net services income (loss)(2.6)19.0 16.4 (71.3)— 54.9 — 
Segment income156.4 49.1 205.5 (0.1)23.5 54.9 283.8 
Net realized and unrealized investment gains (losses)17.5 (8.0)9.5 
Net realized and unrealized investment losses from related party investment funds(0.1)— (0.1)
Net investment income130.2 — 130.2 
Other revenues(37.8)51.9 14.1 
Net corporate and other expenses(34.8)(95.5)(130.3)
Intangible asset amortization(5.3)— (5.3)
Interest expense(24.5)— (24.5)
Foreign exchange losses(17.5)— (17.5)
Income before income tax expense$156.4 $49.1 205.5 (0.1)51.2 3.3 259.9 
Income tax expense— — (42.6)— (42.6)
Net income205.5 (0.1)8.6 3.3 217.3 
Net income attributable to noncontrolling interests— — (1.1)(3.3)(4.4)
Net income available to SiriusPoint$205.5 $(0.1)$7.5 $— $212.9 
Underwriting Ratios: (1)
Loss ratio43.5 %63.4 %53.9 %51.9 %
Acquisition cost ratio22.1 %24.7 %23.5 %18.9 %
Other underwriting expenses ratio