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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, 2024
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 April 26, 2024, the registrant had 170,482,223 common shares issued and outstanding.



SiriusPoint Ltd.
INDEX
Page
PART I. FINANCIAL INFORMATION
  Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023
Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (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 net investment income and realized and unrealized investment gains
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 per share available to SiriusPoint common shareholders
Note 17. Related party transactions
Note 18. Commitments and contingencies
Note 19. Subsequent event
  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, 2024 and December 31, 2023
(expressed in millions of U.S. dollars, except per share and share amounts)
March 31,
2024
December 31,
2023
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2023 - $0.0) (cost - $5,075.4; 2023 - $4,754.6)$5,057.5 $4,755.4 
Debt securities, trading, at fair value (cost - $433.3; 2023 - $568.1)406.0 534.9 
Short-term investments, at fair value (cost - $330.0; 2023 - $370.8)329.9 371.6 
Investments in related party investment funds, at fair value105.6 105.6 
Other long-term investments, at fair value (cost - $343.1; 2023 - $356.2) (includes related party investments at fair value of $170.6 (2023 - $173.7))296.6 308.5 
Equity securities, trading, at fair value (cost - $1.6; 2023 - $1.9)1.6 1.6 
Total investments6,197.2 6,077.6 
Cash and cash equivalents867.5 969.2 
Restricted cash and cash equivalents218.9 132.1 
Redemption receivable from related party investment fund 3.0 
Due from brokers16.4 5.6 
Interest and dividends receivable44.5 42.3 
Insurance and reinsurance balances receivable, net2,127.2 1,966.3 
Deferred acquisition costs, net320.8 308.9 
Unearned premiums ceded494.8 449.2 
Loss and loss adjustment expenses recoverable, net2,233.8 2,295.1 
Deferred tax asset290.7 293.6 
Intangible assets149.8 152.7 
Other assets174.2 175.9 
Total assets$13,135.8 $12,871.5 
Liabilities
Loss and loss adjustment expense reserves$5,565.3 $5,608.1 
Unearned premium reserves1,715.7 1,627.3 
Reinsurance balances payable1,780.5 1,736.7 
Deposit liabilities128.8 134.4 
Deferred gain on retroactive reinsurance25.8 27.9 
Debt770.6 786.2 
Due to brokers60.7 6.2 
Deferred tax liability48.9 68.7 
Liability-classified capital instruments83.2 67.3 
Accounts payable, accrued expenses and other liabilities335.9 278.1 
Total liabilities10,515.4 10,340.9 
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: 169,753,232; 2023 - 168,120,022)17.0 16.8 
Additional paid-in capital1,711.2 1,693.0 
Retained earnings691.8 601.0 
Accumulated other comprehensive income (loss), net of tax(17.4)3.1 
Shareholders’ equity attributable to SiriusPoint shareholders2,602.6 2,513.9 
Noncontrolling interests17.8 16.7 
Total shareholders’ equity2,620.4 2,530.6 
Total liabilities, noncontrolling interests and shareholders’ equity$13,135.8 $12,871.5 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.

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SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the three months ended March 31, 2024 and 2023
(expressed in millions of U.S. dollars, except per share and share amounts)
20242023
Revenues
Net premiums earned$593.8 $595.5 
Net investment income78.8 61.7 
Net realized and unrealized investment gains1.0 11.3 
Net realized and unrealized investment gains from related party investment funds 0.8 
Net investment income and net realized and unrealized investment gains79.8 73.8 
Other revenues11.9 8.8 
Total revenues685.5 678.1 
Expenses
Loss and loss adjustment expenses incurred, net317.5 267.1 
Acquisition costs, net144.9 119.7 
Other underwriting expenses41.8 52.2 
Net corporate and other expenses56.0 60.0 
Intangible asset amortization2.9 2.4 
Interest expense20.5 12.8 
Foreign exchange (gains) losses(3.7)0.1 
Total expenses579.9 514.3 
Income before income tax expense105.6 163.8 
Income tax expense(9.7)(25.5)
Net income95.9 138.3 
Net income attributable to noncontrolling interests(1.1)(2.4)
Net income available to SiriusPoint94.8 135.9 
Dividends on Series B preference shares(4.0)(4.0)
Net income available to SiriusPoint common shareholders$90.8 $131.9 
Earnings per share available to SiriusPoint common shareholders
Basic earnings per share available to SiriusPoint common shareholders$0.50 $0.76 
Diluted earnings per share available to SiriusPoint common shareholders$0.49 $0.74 
Weighted average number of common shares used in the determination of earnings per share
Basic168,934,114 160,905,860 
Diluted174,380,963 164,130,946 
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 (UNAUDITED)
For the three months ended March 31, 2024 and 2023
(expressed in millions of U.S. dollars)

20242023
Comprehensive income
Net income$95.9 $138.3 
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment(1.8)(0.3)
Unrealized gains (losses) from debt securities held as available for sale investments(18.4)22.9 
Reclassifications from accumulated other comprehensive loss(0.3)(0.6)
Total other comprehensive income (loss)(20.5)22.0 
Comprehensive income75.4 160.3 
Net income attributable to noncontrolling interests(1.1)(2.4)
Comprehensive income available to SiriusPoint$74.3 $157.9 
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, 2024 and 2023
(expressed in millions of U.S. dollars)
20242023
Series B preference shares
Balance, beginning of period$200.0 $200.0 
Issuance of preference shares, net  
Balance, end of period200.0 200.0 
Common shares
Balance, beginning of period16.8 16.2 
Issuance of common shares, net  
Exercise of options0.2  
Balance, end of period17.0 16.2 
Additional paid-in capital
Balance, beginning of period1,693.0 1,641.3 
Issuance of common shares, net  
Share compensation2.6 2.5 
Exercise of options15.6  
Change in ownership interest in subsidiary (1.2)
Balance, end of period1,711.2 1,642.6 
Retained earnings
Balance, beginning of period601.0 262.2 
Net income95.9 138.3 
Net income attributable to noncontrolling interests(1.1)(2.4)
Dividends on preference shares(4.0)(4.0)
Balance, end of period691.8 394.1 
Accumulated other comprehensive loss, net of tax
Balance, beginning of period3.1 (45.0)
Change in foreign currency translation adjustment
Balance, beginning of period(4.1)(5.2)
Change in foreign currency translation adjustment(1.8)(0.3)
Balance, end of period(5.9)(5.5)
Unrealized gains (losses) from debt securities held as available for sale investments
Balance, beginning of period7.2 (39.8)
Unrealized gains (losses) from debt securities held as available for sale investments(18.4)22.9 
Reclassifications from accumulated other comprehensive loss(0.3)(0.6)
Balance, end of period(11.5)(17.5)
Balance, end of period(17.4)(23.0)
Shareholders’ equity attributable to SiriusPoint shareholders 2,602.6 2,229.9 
Noncontrolling interests17.8 11.4 
Total shareholders’ equity$2,620.4 $2,241.3 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.
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SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the three months ended March 31, 2024 and 2023
(expressed in millions of U.S. dollars)
20242023
Operating activities
Net income$95.9 $138.3 
Adjustments to reconcile net income to net cash provided by operating activities:
Share compensation4.1 5.6 
Net realized and unrealized (gain) loss on investments and derivatives4.7 (12.7)
Net realized and unrealized gain on investment in related party investment funds (0.8)
Other revenues15.9 25.1 
Amortization of premium and accretion of discount, net(18.3)(20.2)
Amortization of intangible assets2.9 2.4 
Other items, net(17.4)(2.8)
Changes in assets and liabilities:
Insurance and reinsurance balances receivable, net(160.1)(376.9)
Deferred acquisition costs, net(11.9)(62.2)
Unearned premiums ceded(45.6)(113.5)
Loss and loss adjustment expenses recoverable, net61.3 (15.8)
Deferred tax asset/liability(16.9)23.9 
Other assets(1.7)(53.8)
Interest and dividends receivable(2.2)(6.8)
Loss and loss adjustment expense reserves(42.8)50.2 
Unearned premium reserves88.4 312.0 
Deferred gain on retroactive reinsurance(2.1) 
Reinsurance balances payable43.8 191.3 
Accounts payable, accrued expenses and other liabilities57.8 10.9 
Net cash provided by operating activities55.8 94.2 
Investing activities
Purchases of investments(977.1)(1,259.4)
Proceeds from sales and maturities of investments852.6 1,188.5 
Proceeds from redemptions from related party investment funds3.0 18.5 
Change in due to/from brokers, net43.7 58.5 
Net cash provided by (used in) investing activities(77.8)6.1 
Financing activities
Taxes paid on withholding shares (1.5)(3.0)
Proceeds from loans under an agreement to repurchase 2.3 
Cash dividends paid to preference shareholders(4.0)(4.0)
Settlement of Contingent Value Rights (38.5)
Net proceeds from exercise of options15.6  
Net proceeds (payments) on deposit liability contracts(3.0)3.8 
Net cash provided by (used in) financing activities7.1 (39.4)
Net increase (decrease) in cash, cash equivalents and restricted cash(14.9)60.9 
Cash, cash equivalents and restricted cash at beginning of period1,101.3 913.7 
Cash, cash equivalents and restricted cash at end of period$1,086.4 $974.6 
 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, 2023 (the “2023 Form 10-K”) filed with the U.S. Securities and Exchange Commission on February 29, 2024.
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 three months ended March 31, 2024 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 2023 Form 10-K.
Recently issued accounting standards
Issued and effective as of March 31, 2024
In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). The amendment clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. This pronouncement did not have a material impact on the Company’s consolidated financial statements.
Issued but not yet effective as of March 31, 2024
Accounting pronouncements issued during the three months ended March 31, 2024 were either not relevant to the Company or did not impact the Company’s consolidated financial statements.
Reclassifications and revisions
Certain comparative figures have been reclassified to conform to the current year presentation in addition to the immaterial revisions to the financial statements as of and for the three months ended March 31, 2023 previously disclosed in the September 30, 2023 Form 10-Q.
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

6


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 at closing, as a result of paid losses and favorable prior accident year reserve development recognized during the interim period, and included in Loss and loss adjustment expenses recoverable in the Company’s consolidated balance sheets. As of March 31, 2024, the Company recorded funds held payable of $702.5 million in Reinsurance balances payable and reinsurance recoverable of $725.1 million, and the Company’s estimate of deferred gain is $25.8 million. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of roll forward reserves at 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
In the Reinsurance segment, the Company provides reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, the Company participates in the reinsurance market with a global focus through the broker market distribution channel. The Company primarily writes treaty reinsurance, on both a proportional and excess of loss basis, and provides facultative reinsurance in some of its business lines. In the United States and Bermuda, the Company’s core focus is on distribution, risk and clients located in North America, while our international operation is focused primarily on distribution, risks and clients located in Europe.
The Reinsurance segment predominantly underwrites Casualty, Property and Specialty lines of business on a worldwide basis.
Casualty – the Company provides reinsurance to casualty insurers who underwrite a diverse range of casualty classes. The Company works with clients all over the world, including multi-national, nationwide and regional carriers, as well as risk retention groups and captives. The Company also partners with managing general agents (“MGAs”) and sponsor cover holders. The Company’s underwriting focus is on proportional transactions covering all major commercial casualty lines, as well professional liability with an emphasis on specialty niche classes of business, including personal lines.
Property – the Company works with leading global brokers as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, underwriting residential, commercial, and industrial risks in the United States, Europe and Asia. The Company’s property reinsurance offering includes: property catastrophe protection, risk excess of loss, cannabis - pro rata, building risk and structured property specifically in the United States. In 2023, as part of its International Reorganization, the Company significantly reduced its international property catastrophe premiums written, with reinsurance protection purchased at similar costs but with lower attachment points to further protect the balance sheet.
Specialty - the Company’s business encompasses a broad range of worldwide reinsurance coverages, including proportional and excess of loss, treaty and facultative. Specialty business lines in the Reinsurance segment include Aviation & Space, Marine & Energy and Credit.
Insurance & Services
Through the Insurance & Services segment, the Company underwrites primary insurance in a number of sectors. The Insurance & Services segment includes Accident & Health, Casualty, and Specialty.
Accident and Health (“A&H”) – the Company provides flexible insurance products to meet the risk management needs of diverse populations in select markets. This includes employer groups, associations, affinity groups, higher education and other niche markets. The Company also owns 100% of IMG and Armada, who receive fees for services provided within Insurance & Services and to third parties. IMG offers a full line of international medical insurance products, trip cancellation

7


programs, medical management services and 24/7 emergency medical and travel assistance. Armada operates as a supplemental medical insurance MGA.
Property & Casualty - the Company is a leading carrier for program administrators and managing general agents. The majority of its insurance business is written through partners in the property and casualty space, covering professional liability, workers’ compensation, and commercial auto lines in Bermuda, London, Europe, North America and round the world.
Specialty - the Company’s business encompasses a broad range of worldwide insurance coverages. Specialty business lines in the Insurance & Services segment include Aviation & Space, Marine & Energy, Credit and Mortgage.
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, and services non-controlling (income) loss. 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. These items are reconciled to the consolidated presentation in the segment measure reclass column below. 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.
Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the Restructuring Plan and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers’ compensation and cyber programs which the Company no longer writes. In addition, revenue and expenses managed at the corporate level, including realized gains (losses), other investment income, including gains (losses) from strategic investments, net realized and unrealized investment gains (losses) from related party investment funds, 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 months ended March 31, 2024 and 2023:
Three months ended March 31, 2024
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
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 earned253.6 264.2 517.8  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, net69.8 65.2 135.0 (33.2)43.1 — 144.9 
Other underwriting expenses 19.3 18.1 37.4  4.4 — 41.8 
Underwriting income39.9 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 income39.9 22.5 62.4 (2.5)10.7 19.0 89.6 
Net investment income78.8 — 78.8 
Net realized and unrealized investment gains1.0  1.0 
Other revenues(16.8)28.7 11.9 
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 gains3.7 — 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 income62.4 (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 
Underwriting Ratios: (1)
Loss ratio49.1 %66.8 %58.1 %53.5 %
Acquisition cost ratio27.5 %24.7 %26.1 %24.4 %
Other underwriting expenses ratio7.6 %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.

9


Three months ended March 31, 2023
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$396.2 $664.0 $1,060.2 $ $50.3 $— $1,110.5 
Net premiums written311.0 452.6 763.6  28.1 — 791.7 
Net premiums earned259.5 291.2 550.7  44.8 — 595.5 
Loss and loss adjustment expenses incurred, net85.6 172.5 258.1 (1.3)10.3 — 267.1 
Acquisition costs, net66.0 71.7 137.7 (32.5)14.5 — 119.7 
Other underwriting expenses28.2 19.3 47.5  4.7 — 52.2 
Underwriting income79.7 27.7 107.4 33.8 15.3 — 156.5 
Services revenues0.2 63.6 63.8 (34.3)— (29.5)— 
Services expenses 45.5 45.5  — (45.5)— 
Net services fee income0.2 18.1 18.3 (34.3)— 16.0 — 
Services noncontrolling income (1.6)(1.6) — 1.6 — 
Net services income0.2 16.5 16.7 (34.3)— 17.6 — 
Segment income79.9 44.2 124.1 (0.5)15.3 17.6 156.5 
Net investment income61.7 — 61.7 
Net realized and unrealized investment gains11.3  11.3 
Net realized and unrealized investment gains from related party investment funds0.8 — 0.8 
Other revenues(20.7)29.5 8.8 
Net corporate and other expenses(14.5)(45.5)(60.0)
Intangible asset amortization(2.4)— (2.4)
Interest expense(12.8)— (12.8)
Foreign exchange losses(0.1)— (0.1)
Income before income tax expense$79.9 $44.2 124.1 (0.5)38.6 1.6 163.8 
Income tax expense  (25.5)— (25.5)
Net income124.1 (0.5)13.1 1.6 138.3 
Net income attributable to noncontrolling interests  (0.8)(1.6)(2.4)
Net income available to SiriusPoint$124.1 $(0.5)$12.3 $ $135.9 
Underwriting Ratios: (1)
Loss ratio33.0 %59.2 %46.9 %44.9 %
Acquisition cost ratio25.4 %24.6 %25.0 %20.1 %
Other underwriting expenses ratio10.9 %6.6 %8.6 %8.8 %
Combined ratio69.3 %90.4 %80.5 %73.8 %
(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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5. Cash, cash equivalents, restricted cash and restricted investments
The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of March 31, 2024 and December 31, 2023:
March 31,
2024
December 31,
2023
Cash and cash equivalents$867.5 $969.2 
Restricted cash securing letter of credit facilities (1)70.2 56.9 
Restricted cash securing reinsurance contracts (2)119.6 52.7 
Restricted cash held by managing general underwriters29.1 22.5 
Total cash, cash equivalents and restricted cash (3)1,086.4 1,101.3 
Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4)2,658.5 2,668.0 
Total cash, cash equivalents, restricted cash and restricted investments$3,744.9 $3,769.3 
(1)Restricted cash and restricted investments securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract, but can last several years.
(2)Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities, short-term investments and limited partnership interests in Third Point Enhanced LP. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years.
(3)Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows.
(4)Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses.
6. Fair value measurements
U.S. GAAP disclosure requirements establish a framework for measuring fair value, including a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy of inputs is summarized below:
Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date.
Level 2 – Observable inputs to the valuation methodology other than unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include, but are not limited to, prices quoted for similar assets or liabilities in active markets/exchanges, prices quoted for identical or similar assets or liabilities in markets that are not active and fair values determined through the use of models or other valuation methodologies.
Level 3 – Inputs are based all or in part on significant unobservable inputs for the investment, and include situations where there is little, if any, market activity for the investment. The inputs applied in the determination of fair value require significant management judgment and estimation.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources other than those of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and considers factors specific to the investment.

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The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of March 31, 2024 and December 31, 2023:
March 31, 2024
 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total
 (Level 1) (Level 2) (Level 3)
Assets
Asset-backed securities$ $1,044.0 $ $1,044.0 
Residential mortgage-backed securities 926.8  926.8 
Commercial mortgage-backed securities 236.5  236.5 
Corporate debt securities 1,730.8  1,730.8 
U.S. government and government agency1,066.6 2.9  1,069.5 
Non-U.S. government and government agency 49.9  49.9 
Total debt securities, available for sale1,066.6 3,990.9  5,057.5 
Asset-backed securities 199.7  199.7 
Residential mortgage-backed securities 55.3  55.3 
Commercial mortgage-backed securities 66.2  66.2 
Corporate debt securities 41.5  41.5 
U.S. government and government agency33.4   33.4 
Non-U.S. government and government agency 9.9  9.9 
Total debt securities, trading33.4 372.6  406.0 
Total equity securities1.6   1.6 
Short-term investments295.2 34.7  329.9 
Other long-term investments  170.6 170.6 
Derivative assets  1.4 1.4 
$1,396.8 $4,398.2 $172.0 5,967.0 
Cost and equity method investments73.6 
Investments in funds valued at NAV158.0 
Total assets$6,198.6 
Liabilities
Liability-classified capital instruments$ $ $83.2 $83.2 
Derivative liabilities   20.6 20.6 
Total liabilities$ $ $103.8 $103.8 

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December 31, 2023
 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total
 (Level 1) (Level 2) (Level 3)
Assets
Asset-backed securities$ $880.7 $ $880.7 
Residential mortgage-backed securities 902.8  902.8 
Commercial mortgage-backed securities 204.1  204.1 
Corporate debt securities 1,573.1  1,573.1 
U.S. government and government agency1,132.6 4.1  1,136.7 
Non-U.S. government and government agency 58.0  58.0 
Total debt securities, available for sale1,132.6 3,622.8  4,755.4 
Asset-backed securities 256.6  256.6 
Residential mortgage-backed securities 57.2  57.2 
Commercial mortgage-backed securities 67.8  67.8 
Corporate debt securities 45.2  45.2 
U.S. Government and government agency98.1   98.1 
Non-U.S. government and government agency 10.0  10.0 
Total debt securities, trading98.1 436.8  534.9 
Total equity securities1.6   1.6 
Short-term investments321.9 49.7  371.6 
Other long-term investments  169.7 169.7 
Derivative assets  15.7 15.7 
$1,554.2 $4,109.3 $185.4 5,848.9 
Cost and equity method investments80.1 
Investments in funds valued at NAV164.3 
Total assets$6,093.3 
Liabilities
Securities sold under an agreement to repurchase$ $ $67.3 $67.3 
Derivative liabilities  6.4 6.4 
Total liabilities$ $ $73.7 $73.7 
During the three months ended March 31, 2024, the Company did not reclassify its assets or liabilities between Levels 2 and 3 (December 31, 2023 - no reclassifications).
Valuation techniques
The Company uses independent pricing services to assist in determining fair values for its investments. For investments in active markets, the Company uses the quoted market prices provided by independent pricing services to determine fair value. In circumstances where quoted market prices are unavailable or are not considered reasonable, the Company estimates the fair value using industry standard pricing models and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, prepayment speeds, reference data including research publications, and other relevant inputs. Given that many debt securities do not trade on a daily basis, the independent pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable debt securities vary by asset type and take into account market convention.
The techniques and inputs specific to asset classes within the Company’s debt securities and short-term investments for Level 2 securities that use observable inputs are as follows:

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Asset-backed and mortgage-backed securities
The fair value of mortgage and asset-backed securities is primarily priced by independent pricing services using a pricing model that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including issuer, vintage, loan type, collateral attributes, prepayment speeds, default rates, recovery rates, cash flow stress testing, credit quality ratings and market research publications.
Corporate debt securities
Corporate debt securities consist primarily of investment-grade debt of a wide variety of U.S. and non-U.S. corporate issuers and industries. The corporate fixed maturity investments are primarily priced by independent pricing services. When evaluating these securities, the independent pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The independent pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk.
U.S. government and government agency
U.S. government and government agency securities consist primarily of debt securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. Fixed maturity investments included in U.S. government and government agency securities are primarily priced by independent pricing services. When evaluating these securities, the independent pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.
Non-U.S. government and government agency
Non-U.S. government and government agency securities consist of debt securities issued by non-U.S. governments and their agencies along with supranational organizations (also known as sovereign debt securities). Securities held in these sectors are primarily priced by independent pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The independent pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the independent pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.
U.S. states, municipalities, and political subdivisions
The U.S. states, municipalities and political subdivisions portfolio contains debt securities issued by U.S. domiciled state and municipal entities. These securities are generally priced by independent pricing services using the techniques for U.S. government and government agency securities.
Preferred stocks
The fair value of preferred stocks is generally priced by independent pricing services using an evaluated pricing model that calculates the appropriate spread over a comparable security for each issue. Key inputs include exchange prices (underlying and common stock of same issuer), benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications.
Short-term investments
Short-term investments consist of U.S. treasury bills, certificates of deposit and other securities, which, at the time of purchase, mature within a period of greater than three months but less than one year. These investments are generally priced

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by independent pricing services using the techniques described for U.S. government and government agency securities and Corporate debt securities described above.
Investments measured using Net Asset Value
The Company values its investments in limited partnerships, including its investments in related party investment funds, at fair value. The Company has elected the practical expedient for fair value for these investments which is estimated based on the Company’s share of the net asset value (“NAV”) of the limited partnerships, as provided by the independent fund administrator, as the Company believes it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents the Company’s proportionate interest in the members’ equity of the limited partnerships.
The fair value of the Company's investments in certain hedge funds and certain private equity funds are also determined using NAV. The hedge fund's administrator provides quarterly updates of fair value in the form of the Company's proportional interest in the underlying fund's NAV, which is deemed to approximate fair value, generally with a three month delay in valuation. The private equity funds provide monthly, quarterly, or semi-annual partnership capital statements primarily with a one or three month delay which are used as a basis for valuation. These private equity investments vary in investment strategies and are not actively traded in any open markets. Due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company's reporting date. This includes utilizing preliminary estimates reported by its fund managers and using other information that is available to the Company with respect to the underlying investments, as necessary.
In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a monthly, quarterly and annual basis, to assess the quality of the information provided by the investment manager and fund administrator underlying the preparation of the NAV. These procedures include, but are not limited to, regular review and discussion of the fund’s performance with the investment manager.
These investments are included in investment in funds valued at NAV and excluded from the presentation of investments categorized by the level of the fair value hierarchy.
Level 3 Investments
Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable assumptions reflect the Company's assumptions, that market participants would use in valuing the investment. Generally, certain securities may start out as Level 3 when they are originally issued but as observable inputs become available in the market, they may be reclassified to Level 2.
The Company employs a number of procedures to assess the reasonableness of the fair value measurements for its other long-term investments, including obtaining and reviewing the audited annual financial statements of hedge funds and private equity funds and periodically discussing each fund's pricing with the fund manager. However, since the fund managers do not provide sufficient information to evaluate the pricing inputs and methods for each underlying investment, the inputs are considered to be unobservable.
The fair values of the Company's investments in private equity securities, private debt instruments, certain private equity funds, and certain hedge funds have been classified as Level 3 measurements. Private equity securities and private debt instruments are initially valued based on transaction price and their valuation is subsequently estimated based on available evidence such as a market transaction in similar instruments and other financial information for the issuer.
For strategic investments carried at fair value, management either engages a third-party valuation specialist to assist in determination of the fair value based on commonly accepted valuation methods (i.e., income approach, market approach) as of the valuation date or performs valuation internally. In addition, investors fair value analyses prepared by third party valuation specialists working with Strategic Investment operating management are referenced where available. Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available.
See Note 9 for additional information on the fair values of derivative financial instruments used for both risk management

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and investment purposes.
Underwriting-related derivatives
Underwriting-related derivatives include reinsurance contracts that are accounted for as derivatives. These derivative contracts are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3.
The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the three months ended March 31, 2024 and 2023:
January 1, 2024Transfers in to (out of) Level 3PurchasesSales & Settlements
Realized and Unrealized Gains (Losses)(1)
March 31, 2024
Assets
Other long-term investments$169.7 $ $ $ $0.9 $170.6 
Derivative assets15.7   (4.6)(9.7)1.4 
Total assets$185.4 $ $ $(4.6)$(8.8)$172.0 
Liabilities
Liability-classified capital instruments$(67.3)$ $ $ $(15.9)$(83.2)
Derivative liabilities(6.4)  (1.1)(13.1)(20.6)
Total liabilities$(73.7)$ $ $(1.1)$(29.0)$(103.8)
January 1, 2023Transfers in to (out of) Level 3PurchasesSales & Settlements
Realized and Unrealized Gains (Losses)(1)
March 31, 2023