SiriusPoint Ltd (SPNT) FY 2024 MD&A

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“Annual Report”).

The statements in this discussion regarding business outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to our Introductory Note to this Annual Report and the risks and uncertainties described in Part I, Item 1A “Risk Factors.” Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Our fiscal year ends December 31 and, unless otherwise noted, references to years are for fiscal years ended December 31.

For discussion of our results of operations and changes in financial condition for the year ended December 31, 2023 compared to the year ended December 31, 2022 refer to Part II, Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, for the year ended December 31. 2023, which was filed with the SEC on February 29, 2024.

Overview

Our Company was formed following a merger between Sirius International Insurance Group, Ltd. and Third Point Reinsurance Ltd. on February 26, 2021. We are a global underwriter of insurance and reinsurance, domiciled in Bermuda. We have licenses to write property, casualty and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden.

We are an underwriting company first as we aim to create a business model which is simplified, fully-integrated and globally connected. Distribution relationships are important to us, as we generate premiums from various carefully selected partners, including our consolidated MGAs and non-consolidated MGAs. We seek to apply our underwriting talent, capabilities and proven management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and reactive to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and consistent within our specified risk tolerances and areas of expertise. Our MGA strategy is to partner with high integrity and transparent leaders and teams with deep underwriting expertise and a track record of success. Our partnerships are structured to incentivize all parties to deliver thereby allowing capable teams to do what they do best, while providing complementary services. As of December 31, 2024, we had equity stakes in 20 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business. Refer to Part I. Item 1. “Business” for additional information.

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Products & Services

Reinsurance Segment

In our Reinsurance segment, we provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, we participate in the reinsurance market with a global focus through the broker market distribution channel. We primarily write treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of our business lines. In the United States and Bermuda, our 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.

Insurance & Services Segment

In our Insurance & Services segment, we predominantly provide insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties. Insurance & Services revenue allows us to diversify our traditional reinsurance portfolio and generally has lower capital requirements. In addition, service fees from MGAs and their insurance provided are generally not as prone to the volatile underwriting cycle that is common in the reinsurance marketplace. The Insurance & Services segment provides coverage in Accident & Health (“A&H”), Property & Casualty, and Specialty.

Investment Management

We manage our investment portfolio to balance quality, liquidity, and diversification with asset/liability matching and investment return. Our investment objective is to optimize risk-adjusted net investment income after tax while (1) maintaining a high quality, diversified investment portfolio, (2) maintaining adequate liquidity, and (3) complying with the regulatory, rating agency, and internal risk and capital management requirements, all in support of the company goal of meeting policyholder obligations.

Recent Developments & Business Outlook

CM Bermuda Series A Preference Shares Settlement and Share Repurchase

On August 1, 2024, we entered into a Confidential Settlement and Mutual Release Agreement (the “Settlement Agreement”), and concurrently therewith, a Share Repurchase Agreement (the “Share Repurchase Agreement” and, together with the Settlement Agreement, collectively, the “CMIG Series A and Repurchase Agreement”), in each case, with CM Bermuda and CMIG International Holding Pte. Ltd.

We paid CM Bermuda a total consideration of $261.3 million upon the closing of the transactions under the CMIG Series A and Repurchase Agreement. Pursuant to the Settlement Agreement, we paid CM Bermuda for full satisfaction and discharge of all obligations and all other claims of any nature related to our Series A Preference Shares held by CM Bermuda and the related Certificate of Designation of Series A Preference Shares of our Company, and recorded a loss of $90.7 million in our consolidated income statement. All Series A Preference shares held by CM Bermuda were cancelled and retired at the closing of the transaction. Pursuant to the Share Repurchase Agreement, we repurchased 9,077,705 of our issued and outstanding common shares held by CM Bermuda for approximately $125.0 million, which were cancelled and retired at the closing of the transaction.

CM Bermuda Merger Warrant Settlement and Share Repurchase

On December 30, 2024, we entered into a Securities Purchase Agreement (the “CMIG Securities Purchase Agreement”) with CM Bermuda. The CMIG Securities Purchase Agreement provides that, subject to the satisfaction or waiver of certain customary conditions set forth therein, we will repurchase all common shares and all warrants to purchase common shares held by CM Bermuda.

Upon the terms and subject to the conditions in the CMIG Securities Purchase Agreement, we will repurchase 20,991,337 warrants at $3.56 per warrant and 45,720,732 common shares at $14.25 per common share. The aggregate amount payable by the Company under the CMIG Securities Purchase Agreement will be approximately $733.0 million, including certain costs and expenses. Following the closing, CM Bermuda will have no remaining ownership interest in SiriusPoint. The common shares will be purchased into treasury and the warrants will be cancelled. The CMIG Securities Purchase Agreement contains customary representations, warranties and covenants of the parties. Consummation of the transactions contemplated by the

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CMIG Securities Purchase Agreement is subject only to the representations and warranties of each party being true and correct as of the closing date.

The closing is expected to be completed on or before February 28, 2025. The CMIG Securities Purchase Agreement contemplates that payment thereunder be made in two tranches. The first payment of $250.0 million was made concurrently with the execution of the CMIG Securities Purchase Agreement. At the closing, we will pay an additional $483.0 million to CM Bermuda. Pursuant to the CMIG Securities Purchase Agreement, we recorded a loss of $25.9 million in our consolidated income statement, which includes $6.8 million of CM Bermuda’s costs and expenses.

In connection with the transactions contemplated by the CMIG Securities Purchase Agreement, the parties have agreed that, effective and contingent upon the closing, CM Bermuda’s appointed board representative, Meng Tee Saw, will resign from the Board and each committee of the Board of which he is a member; and we and CM Bermuda will terminate that certain Investor Rights Agreement, dated as of February 26, 2021, by and between SiriusPoint and CM Bermuda (the “IRA”). CM Bermuda has similarly placed an executed resignation letter and IRA termination agreement into escrow. Via the termination of the IRA, CM Bermuda will no longer have observer rights on the Board.

Workers’ Compensation Loss Portfolio Transfer

On April 30, 2024, SiriusPoint America Insurance Company (“SiriusPoint America”), a subsidiary of the Company, entered into the Master Agreement, dated as of April 30, 2024, made by and between SiriusPoint America and Clarendon National Insurance Company (“Clarendon National”), an insurer domiciled in Texas and an affiliate of Enstar Group Limited, a Bermuda exempted company (“Enstar”). The Company received the appropriate regulatory approvals and the transaction closed on October 1, 2024.

Pursuant to the Master Agreement, on the closing of the transactions contemplated therein, among other documents, (a) SiriusPoint America and Clarendon National entered into a Loss Portfolio Transfer Reinsurance Agreement (the “2024 LPT”), pursuant to which SiriusPoint America cedes and Clarendon National assumes 100% of the net liability with respect to certain workers’ compensation insurance exposures of SiriusPoint America (the “Subject Business”) on a funds withheld basis, subject to the terms and conditions of the 2024 LPT including an aggregate limit; (b) SiriusPoint America and an affiliate of Clarendon National (the “Administrator”) entered into an Administrative Services Agreement concerning the Administrator’s authority and responsibility for certain administrative services related to the Subject Business, including claims handling; and (c) Enstar issued a Parental Guarantee in favor of SiriusPoint America guaranteeing Clarendon National’s obligations under the 2024 LPT. In certain circumstances and in lieu of the guarantee obligations provided thereunder, Clarendon National may post letters of credit as collateral securing Clarendon National’s reinsurance obligations with respect to the Subject Business. Immediately prior to the effective date of the 2024 LPT, SiriusPoint commuted certain ceded workers’ compensation reinsurance contracts, and the liabilities related to those commuted contracts are included in the Subject Business.

The transaction price of approximately $400 million covered SiriusPoint loss and unearned premium reserves, including commuted liabilities, and the reinsurance premium as of the December 31, 2023 valuation date. The subject loss reserves are now included in Loss and loss adjustment expenses recoverable in the Company’s consolidated balance sheets. Following the commutation of certain liabilities, the Company recognized a loss of $20.1 million at the effective date of October 1, 2024. The agreement between SiriusPoint America and Clarendon National is on a funds withheld basis, and the funds held liability (including reinsurance premium) of $297.2 million as of December 31, 2024 is included within Reinsurance balances payable in the Company’s consolidated balance sheets. The aggregate limit under the 2024 LPT is 150% of the premium paid.

Debt Restructuring

On April 5, 2024, we issued $400.0 million aggregate principal amount of 7.0% Senior Notes due 2029 (the “2024 Senior Notes”). Interest is payable on the 2024 Senior Notes semi-annually in arrears. The 2024 Senior Notes were issued pursuant to an indenture, dated as of April 5, 2024, between us and The Bank of New York Mellon, as trustee. We used certain of the proceeds from the 2024 Senior Notes, together with available cash, to fund a tender offer for our 2016 Senior Notes and subsequent redemptions of the then-outstanding amounts of the 2016 Senior Notes and the 2015 Senior Notes. We repurchased and redeemed the full outstanding amount of $400.0 million aggregate principal amount of our 2016 Senior Notes. We redeemed the full outstanding amount of $115.0 million aggregate principal amount of our 2015 Senior Notes.

On December 19, 2024, we amended and restated our existing senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A. and entered into a 4-year, $400.0 million senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent.

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Current Outlook

Insurance & Services

The majority of insurance lines we underwrite continue to show rate improvement, albeit at reduced rate of increase. Although some lines, such as directors & officers and direct aviation, are experiencing rate declines, we believe rate is still outpacing loss cost in most lines of business. In select lines, such as commercial auto, significant rate increases continue due to continued poor prior years’ experience exacerbated by the impacts of social inflation. We continue to see strong growth in the program business, with momentum for new MGAs, largely in U.K and E.U. property, casualty and both short and long-tail specialty lines. This momentum is partially driven by continued growth in the program sector from underwriting talent migration from insurance carriers to MGAs. In addition, we are benefiting from MGAs seeking carrier partners with limited channel conflict, meaningful levels of capitalization and appetite for risk retention, and a focus on distribution via the program space.

Reinsurance

Reinsurance markets continue to benefit from the positive primary insurance environment across most insurance lines, although at moderating levels. While primary insurance companies, especially those in the U.S. homeowners market, have been materially affected by another year of elevated levels of catastrophe losses, the property reinsurance market has performed well, resulting in materially improved returns on capital in reinsurance. This is due to reinsurers re-evaluating their positions in property, reducing aggregates and focusing on higher excess reinsurance moving away from primary exposures. A combination of increased pricing for catastrophe exposed business, a tightening of contractual terms and conditions, and a focus on higher excess business has resulted in a bifurcation of performance of primary carrier catastrophe exposed business versus catastrophe reinsurance. However, the recent fires in Southern California are expected to impact the reinsurance market, specifically the property catastrophe line of business. In a span of five months, the U.S. property insurance and reinsurance markets experienced two major hurricanes, Helene and Milton, and what may prove to be the costliest fire in recent history. The heightened frequency and severity of catastrophic events in the U.S. and globally, with recent events in Canada, Europe, the Middle East, and other parts of the world, continue to financially burden the property insurance industry globally and amplify the potential impacts of climate change on catastrophic loss activity.

Outside of property, in the casualty and specialty reinsurance markets, rate momentum and performance for most lines remains strong, albeit reduced rate of increase. Ceding commissions on proportional business have stabilized and reduced for some casualty product lines, such as public directors & officers and commercial auto. The MGA market continues to show significant growth in casualty and specialty program reinsurance business fueled, in part, by fronting carrier growth. These programs and fronting carriers rely heavily on proportional reinsurance support as a primary source of underwriting capital.

Business Outlook

We are an underwriting-first company as we aim to create a business model which is simplified, fully-integrated and globally connected. Our business model is diversified and differentiated compared to a traditional P&C insurer given we have three uncorrelated sources of earnings; (i) underwriting results where we bear insurance risk; (ii) services fee income from MGAs we consolidate; and (iii) investment results. We took decisive actions on our strategic priorities during 2024 to reduce volatility and increase profitability. Our underwriting results benefited from portfolio refinement, improving our mix of business, and reducing historical volatility from our property reinsurance business, resulting in our ninth straight quarter of underwriting profit. We de-risked our investment portfolio resulting in materially improved and reduced volatility investment returns. We simplified our capital structure through a $400 million debt refinancing and increased share repurchase authorization for a full repurchase of all CM Bermuda common shares.

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Key Performance Indicators

We believe that the following key financial indicators are the most important in evaluating our performance:

(1)    Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Results” below and Note 4 “Segment reporting” in our audited consolidated financial statements included elsewhere in this Annual Report. Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures”.

Core Results

See “Segment Results” below for additional information.

Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing net income available to common shareholders for the year by the average common shareholders’ equity determined using the common shareholders' equity balances at the beginning and end of the year.

Return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the years ended December 31, 2024 and 2023 was calculated as follows:

The decrease in return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the year ended December 31, 2024 compared to the year ended December 31, 2023 was driven by lower net income as the year ended December 31, 2024 included nonrecurring costs associated with the Series A Preference Share and Merger Warrant settlements and share repurchase from CMIG, compared to the year ended December 31, 2023 which included favorable development linked to the 2023 LPT.

Book Value Per Share

Book value per common share is calculated by dividing common shareholders’ equity attributable to SiriusPoint common shareholders by the number of common shares outstanding. Book value per diluted common share is calculated by dividing common shareholders’ equity attributable to SiriusPoint common shareholders by the number of diluted common shares outstanding, calculated similar to the treasury stock method.

Tangible book value per diluted common share is a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. See “Non-GAAP Financial Measures” for an explanation and reconciliation.

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As of December 31, 2024, book value per common share was $14.92, representing an increase of $1.16 per share, or 8.4%, from $13.76 as of December 31, 2023. As of December 31, 2024, book value per diluted common share was $14.60, representing an increase of $1.25 per share, or 9.4%, from $13.35 as of December 31, 2023. As of December 31, 2024, tangible book value per diluted common share was $13.42, representing an increase of $0.95 per share, or 7.6%, from $12.47 as of December 31, 2023. The increases reflect continued positive underwriting and investment results during the year ended December 31, 2024, and the impact of the share repurchases in the year.

Consolidated Results of Operations — Years ended December 31, 2024 and 2023

The following table sets forth the key items discussed in the consolidated results of operations section, which includes the results from the Company’s reportable segments and Corporate, and the year over year changes, for the years ended December 31, 2024 and 2023:

The key changes in our consolidated results for the year ended December 31, 2024 compared to the prior year are discussed below.

Underwriting results

The decrease in net underwriting income for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by lower favorable prior year loss reserve development, as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the 2023 LPT.

Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. See “Segment Results” below for additional information.

Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage point on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

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Investments

Investment Portfolio

The following is a summary of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of December 31, 2024 and 2023:

(1)Includes $595.8 million of investments in the Third Point Optimized Credit portfolio (“TPOC Portfolio”) as of December 31, 2024 (December 31, 2023 - $562.0 million).

(2)Primarily consists of cash and fixed income securities such as U.S. Treasuries, money markets funds, and sovereign debt, securing our contractual obligations under certain (re)insurance contracts that will not be released from until the underlying risks have expired or have been settled.

The decrease in total invested assets and cash as of December 31, 2024 was primarily driven by the use of funds to support the CMIG Series A and Repurchase Agreement for $261.3 million, the first payment under the CMIG Securities Purchase Agreement of $250.0 million, the redemption of $115.0 million of outstanding debt and the commutation of a deposit accounted contract of $100.8 million resulting in the return of funds to the cedant, partially offset by gains on the AFS portfolio.

The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.1 years (December 31, 2023 - 2.8). The increase from the prior year is due to our effort to lock-in yields on longer-duration investment products in the current interest rate environment. The average credit rating of our investment portfolio is “AA-” as of December 31, 2024 (December 31, 2023 - “AA”) with no defaults in the investment portfolio.

The following table provides a breakdown of structured products between investment and non-investment grade securities as of December 31, 2024 and 2023. These are fixed income investments which are included in debt securities in the table above.

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Refer to Note 7 “Investments” in our audited consolidated financial statements included elsewhere in this Annual Report for further discussion of these securities.

(1)Investment grade securities are considered rated BBB or higher.

(2)Non-investment grade securities are considered rated below BBB.

Investment Results

The following is a summary of the results from investments and cash for the years ended December 31, 2024 and 2023:

(1)Trading portfolio is inclusive of all non-AFS designated investments in the investment portfolio.

The following is a summary of the results from investments by investment classification for the years ended December 31, 2024 and 2023:

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Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Our net investment income growth was partially offset by an increase in the allocation of incentive compensation expenses resulting from the investment portfolio’s outperformance relative to targets. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

Refer to Part II, Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” for a discussion of certain risks and factors that could adversely impact our investments results.

Other Revenues

For the year ended December 31, 2024, Other revenues primarily consisted of a gain of $95.9 million from the deconsolidation of Arcadian Risk Capital Ltd. (“Arcadian”) and $90.1 million of service fee revenue from MGAs, compared to $87.9 million of service fee revenue from MGAs and a gain of $4.5 million from the sale of renewal rights of our environmental business for the year ended December 31, 2023. The increase in service fee revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 is primarily driven by increases in the travel insurance business of International Medical Group, Inc. (“IMG”). Effective June 30, 2024, we deconsolidated Arcadian when our management and Arcadian consented to certain amendments to the shareholders’ agreement and termination of the unsecured promissory note which resulted in our Company ceasing to have control over Arcadian.

Loss on Settlement and Change in Fair Value of Liability Classified Instruments

Loss on settlement and change in fair value of liability classified instruments for the year ended December 31, 2024 was $148.5 million compared to $59.4 million for the year ended December 31, 2023. The loss for the year ended December 31, 2024 included a loss of $90.7 million from the settlement of the Series A Preference Shares under the CMIG Series A and Repurchase Agreement and $25.9 million from the settlement of the Merger Warrants under the CMIG Securities Purchase Agreement, which includes $6.8 million of CM Bermuda’s costs and expenses. The loss for the year ended December 31, 2023 was driven by the change in the fair value of the liability-classified capital instruments due to the increases in the Company’s common share price.

Net Corporate and Other Expenses

Net corporate and other expenses include services expenses, costs associated with operating as a publicly-traded company, non-underwriting activities, including service fee expenses from our MGA subsidiaries, restructuring charges, and current expected credit losses (“CECL”) from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable.

The decrease in net corporate and other expenses for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by restructuring charges of $30.0 million, which include severance-related charges, incurred during the year ended December 31, 2023. In addition, the Company incurred $7.9 million of costs associated with the 2023 LPT and a standstill agreement with an investor in the year ended December 31, 2023. This decrease was partially offset by severance and compensation related expenses associated with management changes, consulting fees related to nonrecurring projects and increased regulatory fees as we grow our Lloyds business, incurred during the year ended December 31, 2024.

Service fee expense decreased to $176.2 million for the year ended December 31, 2024, compared to $187.8 million for the year ended December 31, 2023. The decrease was primarily driven by the deconsolidation of Arcadian in the second quarter of 2024 and Banyan in the fourth quarter of 2023, partially offset by increases in IMG.

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Amortization of Intangible Assets

Amortization of intangible assets for the year ended December 31, 2024 was $11.9 million (2023 - $11.1 million). Amortization patterns are based on the period over which they are expected to generate future net cash inflows from the use of the underlying intangible assets.

Interest Expense

Interest expense and finance costs are related to interest due on our senior and subordinated notes, as well as interest associated with certain reinsurance contracts.

Interest expense for the year ended December 31, 2024 was $69.6 million compared to $64.1 million for the year ended December 31, 2023. The increase was primarily due increased funds held interest expense, as well as higher expenses on external debt instruments and the debt refinancing completed during the year, partially offset by a gain on the commutation of a deposit accounted contract.

Funds held interest expense included $25.5 million from the 2023 LPT and $4.0 million from the 2024 LPT for the year ended December 31, 2024, compared to $16.2 million from the 2023 LPT for the year ended December 31, 2023, as the 2023 LPT closed on June 30, 2023 and only included two quarters of expense. See Note 3 “Significant transactions” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the 2024 LPT and 2023 LPT.

Foreign Currency Translation

Except for the Canadian reinsurance operations of SiriusPoint America and certain subsidiaries of IMG, the U.S. dollar is the functional currency for our business. Assets and liabilities are remeasured into the functional currency using current exchange rates; revenues and expenses are remeasured into the functional currency using the average exchange rate for the period. The remeasurement process results in foreign exchange (gains) losses in the consolidated results of operations. Foreign exchange (gains) losses exclude investment generated net realized and unrealized investment gains (losses) as addressed in Investment Results above.

The foreign exchange gains of $10.0 million for the year ended December 31, 2024 were primarily due to the impact of certain foreign exchange exposures related to our underwriting activities, partially offset by the impact of our currency hedges.

The foreign exchange losses of $34.9 million for the year ended December 31, 2023 were primarily due to $34.4 million of foreign exchange losses from our international operations. These amounts were primarily unrealized and resulted from the effects of revaluing net insurance liabilities settled in foreign currencies.

Additional foreign currency gains (losses) were recorded as part of the investments results. This includes changes in the value of available-for-sale investments held in foreign currencies which are reflected as an increase or decrease to shareholder’s equity and are not included net income. See Note 8 “Total net investment income and net realized and unrealized investment gains (losses)” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

On an aggregate basis including foreign currency gains (losses) from investments, the effects of foreign exchange resulted in an increase to net income of $14.6 million and comprehensive income of $13.0 million for the year ended December 31, 2024.

Income Tax Expense

Income tax expense is $30.7 million for the year ended December 31, 2024, primarily driven by income in taxable jurisdictions, compared to income tax benefit of $45.0 million for the year ended December 31, 2023, driven by a one-time tax benefit attributable to the enactment of the Bermuda CIT during the year ended December 31, 2023.

In January 2025, the OECD released administrative guidance including new provisions that are relevant to the GMT calculation taking into account the ETA component of the Bermudian DTA. If this guidance is enacted into legislation by participating OECD member countries, this ETA component generally will be disregarded solely for GMT calculation purposes starting in 2027. The OECD guidance does not directly impact Bermuda CIT law or, in turn, the Company’s

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existing Bermudian DTA. It is possible in the future that the Bermudian government could enact new tax provisions or issue new tax guidance in reaction to the OECD guidance, which could have financial statement effects to the Company.

Segment Results — Years ended December 31, 2024 and 2023

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations. We classify our business into two reportable segments - Reinsurance and Insurance & Services. Collectively, the sum of these two segments constitutes “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Corporate results include all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 (the “Restructuring Plan”) and certain reinsurance contracts that have interest crediting features. Corporate results 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 we no longer write.

The following tables set forth the operating segment results, and the year over year changes, for the years ended December 31, 2024 and 2023:

(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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(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.

Core Premium Volume

Gross premiums written decreased by $134.3 million, or 4.1%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. Net premiums written decreased by $2.8 million, or 0.1%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, with the most significant offset being strategic organic and new program growth within Insurance & Services.

Core Underwriting Results

We generated underwriting income of $200.0 million and a combined ratio of 91.0% for the year ended December 31, 2024, compared to underwriting income of $250.2 million and a combined ratio of 89.1% for the year ended December 31, 2023. The decrease in net underwriting income was primarily driven by lower favorable prior year loss reserve development, as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by

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higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

Core Services Results

Services revenue was $222.9 million for the year ended December 31, 2024 compared to $237.5 million for the year ended December 31, 2023. The decrease was primarily due to the deconsolidation of Arcadian, partially offset by increased services revenue from IMG due to continued demand for travel insurance products and services.

For the year ended December 31, 2024, net services fee income decreased to $46.7 million from $49.7 million for the year ended December 31, 2023 also driven by the deconsolidation of Arcadian, partially offset by higher fee income from IMG. Service margin, which is calculated as net services fee income as a percentage of services revenues, remained stable at 21.0% for the year ended December 31, 2024 compared to 20.9% for the year ended December 31, 2023.

We generated net services income of $44.6 million for the year ended December 31, 2024 compared to $41.2 million for the year ended December 31, 2023 primarily due to higher margins achieved by IMG.

Reinsurance Segment

The Reinsurance segment predominantly underwriters Casualty, Property and Specialty lines of business on a worldwide basis. The following table sets forth underwriting results and ratios, and the year over year changes for the Reinsurance segment for the years ended December 31, 2024 and 2023:

(1)    Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Premium Volume

Gross premiums written in the Reinsurance segment increased by $64.6 million, or 5.1%, for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

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Underwriting Results

The decrease in net underwriting results for the year ended December 31, 2024 compared to the year ended December 31, 2023, was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty, mainly from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

Insurance & Services Segment

Through the Insurance & Services segment, we underwrite primary insurance in a number of sectors. With deep expertise and global reach, we offer innovative insurance solutions to meet the changing risk circumstances of our clients every day. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Specialty.

As of December 31, 2024, we have equity stakes in 20 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers’ compensation, accident & health, and other specialty insurance classes. As of December 31, 2024, we consolidated three MGAs in our financial statements: ArmadaCorp Capital, LLC (“Armada”), Alta Signa Holdings (“Alta Signa”) and IMG. We provide underwriting capacity in the form of insurance or reinsurance to 10 non-consolidated entities in addition to the three consolidated MGAs. We also have investment stakes in 7 other entities where we have no underwriting relationship. The investment interests in the non-consolidated entities are included in strategic investments within Other long term investments on the consolidated balance sheet.

The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the year over year changes for the years ended December 31, 2024 and 2023:

(1)    Underwriting ratios are calculated by dividing the related expense by net premiums earned.

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Premium Volume

Gross premiums written in the Insurance & Services segment decreased by $198.9 million, or 9.8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

Consolidated MGAs

We deconsolidated Banyan as of October 31, 2023 when we sold our ownership shares. However, we executed a three-year extension of the commercial relationship with Banyan, extending our partnership. We also deconsolidated Arcadian as of June 30, 2024 as a result of no longer having a controlling interest. The results of operations of Arcadian are included in our consolidated financial statements through June 30, 2024. There has been no change to our underwriting relationship with Arcadian.

Gross premiums written generated by the consolidated MGAs in the aggregate decreased by $422.2 million, or 61.8%, to $260.9 million for the year ended December 31, 2024 compared to $683.1 million for the year ended December 31, 2023, primarily driven by the deconsolidation of Banyan and Arcadian, as well as lower premiums from Armada.

Book value for the consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian.

Underwriting Results

The increase in underwriting income of $31.2 million for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

Services Results

The decrease in services revenue of $15.7 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily due to the deconsolidation of Arcadian, partially offset by increased services revenue from IMG due to continued demand for travel insurance products and services. Services noncontrolling income also decreased for the year ended December 31, 2024 compared to the year ended December 31, 2023 due to the deconsolidation of Arcadian, which resulted in an increase in net services income of $2.3 million.

Corporate

Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effects 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 we no longer write. The following table sets forth underwriting results and the year over year changes for the years ended December 31, 2024 and 2023:

The increase in underwriting loss for the year ended December 31, 2024 compared to the year ended December 31, 2023 is primarily driven by increased attritional losses from the movement of certain lines from Insurance & Services to Corporate,

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including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, as well as increased commissions on a sliding scale commission contract that experienced favorable development during the year ended December 31, 2024, partially offset by lower catastrophe losses.

Non-GAAP Financial Measures

We have included certain financial measures that are not calculated under standards or rules that comprise U.S. GAAP. Such measures, including Underlying income, Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio, attritional loss ratio and tangible book value per diluted common share, are referred to as non-GAAP financial measures. These non-GAAP financial measures may be defined or calculated differently by other companies. We believe these measures allow for a more complete understanding of our underlying business. These measures are used by management to monitor our results and should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Reconciliations of non-GAAP measures to the most comparable U.S. GAAP measures are included below.

Core Results

Collectively, the sum of the Company's two segments, Reinsurance and Insurance & Services, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core underwriting income - calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.

Core income - consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio - calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

See Note 4 “Segment reporting” to our audited consolidated financial statements for additional information and a calculation of Core results.

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Tangible Book Value Per Diluted Common Share

Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and 2023:

Liquidity and Capital Resources

Liquidity Requirements

Liquidity is a measure of a company’s ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations. SiriusPoint’s insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and loss adjustment expenses, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders. SiriusPoint manages its liquidity needs primarily through the maintenance of a short duration and high quality fixed income portfolio.

SiriusPoint is a holding company and has no substantial operations of its own and its assets consist primarily of its investments in subsidiaries. Its cash needs primarily consist of the payment of corporate expenses, interest payments on senior and subordinated notes, strategic investment opportunities and dividends to preference shareholders. SiriusPoint may also require cash to fund share repurchases. Cash at the subsidiaries is used primarily to pay loss and loss adjustment expenses, reinsurance premiums, acquisition costs, interest expense, taxes, general and administrative expenses and to purchase investments. The insurance and reinsurance business of our operating subsidiaries inherently provide liquidity, as premiums are received in advance of the time losses are paid. However, the amount of cash required to fund loss payments can fluctuate significantly from period to period, due to the low frequency/high severity nature of certain types of business we write.

See Note 21 “Commitments and contingencies” in our audited consolidated financial statements included elsewhere in this Annual Report for additional commitments and contingencies that may affect our liquidity requirements.

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Dividend Capacity and Capital

SiriusPoint’s ability to pay expenses or dividends or return capital to shareholders will depend upon the availability of dividends or other statutorily permissible distributions from its subsidiaries. The ability to pay such dividends and/or distributions is limited by the applicable laws and regulations of the various countries and states in which SiriusPoint’s subsidiaries operate, as well as the need to maintain capital levels to adequately support insurance and reinsurance operations, and to preserve financial strength ratings issued by independent rating agencies. See Note 22 “Statutory requirements” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information. For the year ended December 31, 2024, SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), the immediate wholly-owned subsidiary of SiriusPoint, declared dividends of $804.0 million (2023 - $101.2 million) to SiriusPoint. We believe the dividend/distribution capacity of SiriusPoint’s subsidiaries, which was approximately $712.7 million as of December 31, 2024, will provide SiriusPoint with sufficient liquidity for the foreseeable future.

During the year ended December 31, 2024, SiriusPoint declared and paid dividends of $16.0 million to the Series B preference shareholders (2023 - $16.0 million). For the year ended December 31, 2024, SiriusPoint did not pay any dividends to its common shareholders.

In addition to the regulatory and other contractual constraints to paying dividends, we manage the capital of the group and each of our operating subsidiaries to support our current ratings from AM Best, Fitch and S&P’s. This could further reduce the ability and amount of dividends that could be paid from subsidiaries to SiriusPoint. In addition, the Company annually files the prescribed form of capital and solvency return, which comprises the insurer’s Bermuda Solvency Capital Requirement (“BSCR”) model. The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer’s business. The Company’s 2023 filed BSCR ratio was 255%. Further, the Company is currently completing its group BSCR for the year ended December 31, 2024, which must be filed with the BMA on or before May 31, 2025, and the estimated ratio is 223%.

Sources of Liquidity

Our operating subsidiaries sources of liquidity have primarily consisted of net premiums written, reinsurance recoveries, investment income and proceeds from sales of or dividends or distributions attributable to investments. Other potential sources of liquidity include borrowings under our credit facilities and issuances of securities.

The Company entered into a 3-year, $300.0 million senior unsecured revolving credit facility (the “2021 Facility”) with JPMorgan Chase Bank, N.A. (“JPM”) as administrative agent, effective February 26, 2021, which was extended in February 2024 for one additional year. On December 19, 2024, the Company and JPM amended and restated the 2021 Facility in its entirety and entered into a 4-year, $400.0 million senior unsecured revolving credit facility (the “2024 Facility”) with JPM as administrative agent. The 2024 Facility also includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the 2024 Facility maturity date. Subject to customary conditions precedent upon any Company borrowing request, the 2024 Facility provides access to loans for working capital and general corporate purposes, as well as letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and also for general corporate purposes.

As of December 31, 2024, there were no outstanding borrowings under the 2024 Facility. In addition, as of December 31, 2024, the Company was in compliance with all of the covenants under the 2024 Facility.

Financing

We expect that our cash and cash equivalents on the balance sheet and cash flow from operations will provide us with the financial flexibility to execute our strategic objectives. Our ability to generate cash, however, is subject to our performance, general economic conditions, industry trends and other factors. To the extent cash and cash equivalents on the balance sheet, investment returns and cash flow from operations are insufficient to fund our future activities and requirements, we may need to raise additional funds through public or private equity or debt financing. If we issue equity securities in order to raise additional funds, substantial dilution to existing shareholders may occur. If we raise cash through the issuance of additional indebtedness, we may be subject to additional contractual restrictions on our business. There is no assurance that we would be able to raise the additional funds on favorable terms or at all.

Our debt and equity instruments as of December 31, 2024 and 2023 are summarized below.

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2024 Senior Notes

On April 5, 2024, we issued $400.0 million aggregate principal amount of registered 7.0% Senior Notes due 2029 (the “2024 Senior Notes”) at an issue price of 99.6% for net proceeds of $393.9 million after taking into effect both deferrable and non-deferrable issuance costs. Interest is payable on the 2024 Senior Notes semi-annually in arrears on April 5 and October 5 of each year, commencing on October 5, 2024.

As of December 31, 2024 the carrying value of the 2024 Senior Notes was $394.8 million and reflected as debt in the consolidated balance sheets.

2017 SEK Subordinated Notes

On September 22, 2017, we issued floating rate callable subordinated notes denominated in SEK in the amount of SEK 2,750.0 million (or $346.1 million on date of issuance) at a 100% issue price ("2017 SEK Subordinated Notes"). The 2017 SEK Subordinated Notes were issued in an offering that was exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The 2017 SEK Subordinated Notes bear interest on their principal amount at a floating rate equal to the applicable Stockholm Interbank Offered Rate for the relevant interest period plus an applicable margin, payable quarterly in arrears on March 22, June 22, September 22, and December 22 in each year commencing on December 22, 2017, until maturity in September 2047. The 2017 SEK Subordinated Notes are listed on the Euronext Dublin exchange.

As of December 31, 2024 the carrying value of the 2017 SEK Subordinated Notes was $244.3 million and reflected as debt in the consolidated balance sheets (December 31, 2023 - $267.9 million).

2016 Senior Notes

On November 1, 2016, we issued $400.0 million face value of senior unsecured notes ("2016 Senior Notes") at an issue price of 99.2% for net proceeds of $392.4 million after taking into effect both deferrable and non-deferrable issuance costs. The 2016 Senior Notes bear an annual interest rate of 4.6%, payable semi-annually in arrears on May 1 and November 1 of each year.

In April 2024, we amended our 2016 Senior Notes pursuant to a Fourth Supplemental Indenture thereto with The Bank of New York Mellon, as trustee, and following such amendments we completed the redemption of all remaining outstanding $400.0 million aggregate principal amount of our 2016 Senior Notes. As a result, the 2016 Senior Notes had no carrying value in the consolidated balance sheets as of December 31, 2024 (December 31, 2023 - $403.5 million).

2015 Senior Notes

On February 13, 2015, we issued $115.0 million of senior unsecured notes (the “2015 Senior Notes”) due February 13, 2025. The 2015 Senior Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year.

In April 2024, we redeemed all $115.0 million aggregate principal amount of our 2015 Senior Notes. As a result, the 2015 Senior Notes had no carrying value in the consolidated balance sheets as of December 31, 2024 (December 31, 2023 - $114.8 million).

See Note 14 “Debt and letter of credit facilities” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the 2024 Senior Notes, 2017 SEK Subordinated Notes, 2016 Senior Notes, and 2015 Senior Notes.

Debt Covenants

As of December 31, 2024, SiriusPoint was in compliance with all of the covenants under the 2024 Senior Notes and 2017 SEK Subordinated Notes.

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Series A Preference Shares

Pursuant to the CMIG Series A and Repurchase Agreement, the Company settled all Series A Preference Shares held by CM Bermuda during the year ended December 31, 2024.

For further details and discussion with respect to the Series A Preference Shares, see Note 3 “Significant transactions” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

Series B Preference Shares

The Series B preference shares are listed on the New York Stock Exchange under the symbol “SPNT PB”. The Company has 8,000,000 of Series B preference shares outstanding, par value $0.10. Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum. The preference shareholders have no voting rights with respect to the Series B preference shares unless dividends have not been paid for six dividend periods, whether or not consecutive, in which case the holders of the Series B preference shares have the right to elect two directors.

As of December 31, 2024, the carrying value of the Series B preference shares was $200.0 million and reflected in shareholders’ equity attributable to SiriusPoint shareholders in the consolidated balance sheets. During the year ended December 31, 2024, the Company declared and paid dividends of $16.0 million to the Series B preference shareholders. The Company has declared and paid dividends to the Series B preference shareholders every quarter beginning June 30, 2021.

See Note 17 “Shareholders' equity” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

Letter of Credit Facilities

As of December 31, 2024, $1.2 billion of letters of credit had been issued. Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements and a minimum rating from rating agencies. Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists, under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of December 31, 2024.

See Note 14 “Debt and letter of credit facilities” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

Cash Secured Letter of Credit Agreements

Under the cash secured letter of credit facilities, we provide collateral that consists of cash and cash equivalents and debt securities. As of December 31, 2024, total cash and cash equivalents and debt securities with a fair value of $1.3 billion were pledged as collateral against the letters of credit issued.

We believe that we have adequate capacity between our existing cash secured letter of credit agreements as well as available investments to post in reinsurance trusts to meet our collateral obligations under our existing and future reinsurance business.

For further details and discussion with respect to cash secured letter of credit agreements, see Note 14 “Debt and letter of credit facilities” in our audited consolidated financial statements included elsewhere in this Annual Report.

Cash, Restricted Cash and Cash Equivalents and Restricted Investments

Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of 90 days or less. We invest a portion of the collateral securing certain reinsurance contracts in U.S. treasury securities and sovereign debt. This portion of the collateral is included in debt securities in the consolidated balance sheets and is disclosed as part of restricted investments. In addition, restricted investments also pertain to limited partnership interests in TP Enhanced Fund 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 cash and cash equivalents and restricted investments decreased by $372.5 million, or 13.3%, to $2.4 billion as of December 31, 2024 from $2.8 billion as of December 31, 2023. The decrease was primarily due to a decrease in investments securing reinsurance contracts and letters of credit.

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For additional information on restricted cash, cash equivalents and investments, see Note 5 “Cash, cash equivalents, restricted cash and restricted investments” in our consolidated financial statements included elsewhere in this Annual Report.

Cash Flows

Our cash flows from operations generally represent the difference between: (1) premiums collected and investment income and (2) loss and loss expenses paid, reinsurance purchased, underwriting and other expenses paid. Cash flows from operations may differ substantially from net income (loss) and may be volatile from period to period depending on the underwriting opportunities available to us and other factors. Due to the nature of our underwriting portfolio, claim payments can be unpredictable and may need to be made within relatively short periods of time. Claim payments can also be required several months or years after premiums are collected. In addition, as discussed above, SiriusPoint has access to the $400.0 million Facility that provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes.

Operating, investing and financing cash flows for the years ended December 31, 2024 and 2023 were as follows:

Operating Activities

Cash flows provided by operating activities can fluctuate due to timing differences between the collection of premiums and reinsurance recoverables and the payment of losses and loss expenses, and the payment of premiums to reinsurers. The decrease in cash flows from operating activities in the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily due to a decrease in net income, partially due to the losses on settlement of the Series A Preference shares and Merger Warrants as part of the transactions with CM Bermuda.

Investing Activities

Cash flows provided by investing activities for the year ended December 31, 2024 are driven by higher proceeds from sales and maturities of debt securities compared to purchases during the period, primarily to fund financing activities. Cash flows used in investing activities for the year ended December 31, 2023 primarily relates to the purchases of debt securities during the period.

Financing Activities

Cash flows used in financing activities for the year ended December 31, 2024 primarily consisted of a $517.9 million payment for the redemption of debt, a $299.7 million payment for share repurchases, $99.2 million related to the settlement of the Series A Preference shares and Merger Warrants, and $94.4 million for net payments deposit liability contracts, partially offset by $393.9 million of proceeds from the issuance of debt and $18.4 million of proceeds from the exercise of options. Cash flows used in financing activities for the year ended December 31, 2023 primarily consisted of $38.5 million for the settlement of CVRs, $18.0 million for the repayment of loans related to repurchase agreements, $16.0 million for cash dividends paid to preference shareholders, $11.5 million for taxes paid on withholding shares and $6.1 million for payments on deposit liability contracts, partially offset by $27.8 million of proceeds from the exercise warrants and options.

Financial Condition

As of December 31, 2024, total shareholders’ equity was $1,938.8 million compared to $2,530.6 million as of December 31, 2023. The decrease was primarily due to the share repurchases during the year, partially offset by net income of $202.4 million for the year ended December 31, 2024.

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Contractual Obligations

Our contractual obligations as of December 31, 2024 by estimated maturity are presented below:

(1)    See Note 14 to our audited consolidated financial statements included elsewhere in this Annual Report for detailed information on our debt obligations.

(2)    We have estimated the expected payout pattern of the loss and loss adjustment expense reserves by applying estimated payout patterns from actuarial analyses. The amount and timing of actual loss payments could differ materially from the estimated payouts in the table above. Refer to “Critical Accounting Policies and Estimates - Loss and Loss Adjustment Expense Reserves” for additional information. The timing of claim payments is subject to significant uncertainty. SiriusPoint maintains a portfolio of marketable investments with varying maturities and a substantial amount of short-term investments to provide adequate liquidity for the payment of claims. We have not taken into account corresponding reinsurance recoverable amounts that would be due to us.

(3)    We have estimated balances based on the projected payout pattern of the underlying subject business ceded to our counterparties with funds held provisions.

(4)    See Note 21 to our audited consolidated financial statements included elsewhere in this Annual Report for detailed information on our leases.

(5)    For purposes of this table, we have included estimates of future interest accruals and the amount we expect the deposit liability contracts would settle for at their probable settlement dates.

(6) See Note 3 to our audited consolidated financial statements included elsewhere in this Annual Report for additional information regarding the CMIG Securities Purchase Agreement.

(7)    We have future binding commitments to fund certain other long-term investments. These commitments totaled $7.2 million as of December 31, 2024. These commitments do not have fixed funding dates. Therefore, these commitments are excluded from the table above.

(8)    The Series B preference shares contain both a mandatory conversion and optional redemption features, with the optional redemption features allowing for settlement in either common shares or cash. Obligations arising from these incentives are excluded from the table above.

Critical Accounting Policies and Estimates

See Note 2 “Significant accounting policies” in our audited consolidated financial statements included elsewhere in this Annual Report for a summary of our significant accounting and reporting policies.

Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions. We believe that the accounting policies that require the most significant judgments and estimations by management are: (1) premium revenue recognition, (2) loss and loss adjustment expense reserves, (3) fair value measurements related to our investments and (4) income taxes. If actual events differ significantly from the underlying judgments or estimates used by management in the application of these accounting policies, there could be a material adverse effect on our results of operations and financial condition.

Premium Revenue Recognition Including Evaluation of Risk Transfer

Premium Estimates

The Company recognizes premiums written ratably over the term of the related policy or reinsurance treaty consistent with the timing of when the ceding company has recognized the written premiums. Premiums written include amounts reported by brokers and ceding companies for reinsurance and MGAs for direct insurance, supplemented by the Company's own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company's experience with the ceding companies and MGAs, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the

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impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company's underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company's historical experience with the brokers, ceding companies or MGAs. See Note 2 “Significant accounting policies” in our audited consolidated financial statements for additional information on premium revenue recognition.

Changes in premium estimates are expected and may result in adjustments in any reporting period. These estimates change over time as additional information regarding the underlying business volume is obtained. Along with uncertainty regarding the underlying business volume, our contracts may also contain a number of contractual features that can significantly impact the amount of premium that we ultimately recognize including commutation provisions, multi-year contracts with cancellation provisions and provisions to return premium at the expiration of the contract in certain circumstances. In certain contracts, these provisions can be exercised by the client, in some cases provisions can be exercised by us and in other cases by mutual consent. We regularly monitor the premium estimates for each of our contracts considering the cash premiums received, reported premiums, discussions with our clients regarding their premium projections as well as evaluating the potential impact of contractual features. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined.

Changes in premium estimates may not result in a direct impact to net income or shareholders’ equity since changes in premium estimates do not necessarily impact the amount of net premiums earned at the time of the premium estimate change and would generally be offset by proportional changes in acquisition costs and net loss and loss adjustment expenses.

The following table summarizes premium estimates and related commissions and expenses by segment as of December 31, 2024 and 2023:

Risk Transfer

Determining whether or not a reinsurance contract meets the condition for risk transfer requires judgment. The determination of risk transfer is critical to recognizing premiums written and is based, in part, on the use of actuarial pricing models and assumptions and evaluating contractual features that could impact the determination of whether a contract meets risk transfer. If we determine that a reinsurance contract does not transfer sufficient risk, we record under the deposit accounting method.

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Loss and Loss Adjustment Expense Reserves

Loss and Loss Adjustment Expense Reserves by Reportable Segment

The following table summarize loss and loss adjustment expenses reserves net of reinsurance recoveries separated between (i) case reserves for claims reported ("Case") and (ii) incurred but not reported ("IBNR") reserves for losses that have occurred but for which claims have not yet been reported and for expected future development on case reserves as of December 31, 2024 and 2023:

(1)Excludes deferred gains on retroactive reinsurance contracts.

In order to reduce the potential uncertainty of loss reserve estimation, we obtain information from numerous sources to assist in the reserving process for both our reinsurance and primary business. Our underwriters and pricing actuaries devote considerable effort to understanding and analyzing a ceding company or MGA’s operations and loss history during the underwriting of the business, using a combination of client and industry statistics. Such statistics normally include historical premium and loss data by class of business, individual claim information for larger claims, distributions of insurance limits provided and the risk characteristics of the underlying insureds, loss reporting and payment patterns and rate change history. In cases where there is limited history or no history for a particular cedent, we rely on other available information based on industry data or other sources. Our analysis is used to project expected ultimate loss ratios for each contract or MGA during the upcoming contract period, which are considered in the loss reserving process.

We rely heavily on information reported by MGAs and ceding companies, as discussed above. In order to determine the accuracy and completeness of such information, our underwriters, actuaries, and claims advocates perform audits of certain MGAs and ceding companies, where customary. Any material findings are discussed with the ceding companies. When we encounter situations where a claim presentation from a ceding company is not in accordance with contract terms our focus is to resolve the issue without the need for litigation or arbitration. However, in the infrequent situations where a resolution is not possible, SiriusPoint defends its position in arbitration or litigation.

See Note 11 “Loss and loss adjustment expense reserves” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information regarding loss and loss adjustment expense reserves including reserving methodologies.

As part of our risk management process, we periodically engage external actuarial and claims consultants to independently evaluate the adequacy of the net carried loss and loss adjustment expense reserves. Management considers the results of the independent analysis as a supplement to internal recommendations when determining carried loss and loss adjustment expenses reserve amounts.

The following table details our prior year loss reserve development of liability for net unpaid claims and claim expenses for the years ended December 31, 2024 and 2023:

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Loss and loss adjustment expense development - 2024

The $107.9 million net decrease in prior years’ reserves for the year ended December 31, 2024 was driven by:

•$75.0 million of net favorable prior year reserve development in the Reinsurance segment primarily driven by favorable development in Property and Specialty, mainly from reserve releases relating to prior year’s catastrophe events;

•$25.7 million of net favorable prior year reserve development in the Insurance & Services segment mainly in A&H due to lower than expected reported attritional losses; and

•$7.2 million of net favorable prior year reserve development in Corporate mainly due to lower than expected reported attritional losses.

Loss and loss adjustment expense development - 2023

The $174.2 million net decrease in prior years’ reserves for the year ended December 31, 2023 was driven by:

•$140.8 million of net favorable prior year reserve development in the Reinsurance segment due to management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, in addition to a reduction in unallocated loss adjustment expense reserves related to the claims that will no longer be managed by SiriusPoint under the terms of the 2023 LPT;

•$26.6 million of net favorable prior year reserve development in the Insurance & Services segment which was primarily driven by favorable loss reserve emergence in A&H and lower adverse prior year loss development in workers’ compensation; and

•$6.8 million of net favorable prior year reserve development in Corporate due to various actions taken for the year ended December 31, 2023 including favorable reported emergence in prior accident year loss reserves as validated by the pricing from external reinsurers of the 2023 LPT, and a reduction in unallocated loss adjustment expense reserves related to the claims that will no longer be managed by SiriusPoint under the terms of the 2023 LPT. These favorable loss reserve movements were partially offset by reserve strengthening for specific areas of uncertainty for the loss reserves.

Sensitivity Analysis

Actual Results vs. Initial Estimates

Generally, initial actuarial estimates of IBNR reserves not related to a specific large event are based on the loss ratio method applied to each class of business. SiriusPoint regularly reviews the adequacy of its recorded reserves by using a variety of generally accepted actuarial methods, including historical incurred and paid loss development methods. Estimates of the initial expected ultimate losses involve management judgment and are based on historical information for that class of business, which includes loss ratios, market conditions, changes in pricing and conditions, underwriting changes, changes in claims emergence, and other factors that may influence expected ultimate losses. If actual loss activity differs substantially from expectations, an adjustment to recorded reserves may be warranted. As time passes, loss reserve estimates for a given year will rely more on actual loss activity and historical patterns than on initial assumptions.

For major events, particularly natural catastrophe, SiriusPoint develops assessments of the ultimate losses associated with each individual event. Estimates are based on information from ceding companies, third party and internal catastrophe models, and by applying overall estimates of insured industry losses to SiriusPoint's exposure information.

Changes in all estimates will be recorded in the period in which the changes occur. In accident years where the updated estimates are lower than our initial estimates, we experience favorable development. Conversely, in accident years where the revised estimates are higher than our original estimates, there is adverse development on prior accident year reserves.

Potential Variability in Loss Reserve Estimates

There are possible variations from current estimates of loss reserves due to changes in key assumptions. In order to quantify the potential volatility in the loss reserve estimates, SiriusPoint employs a stochastic simulation approach to produce a range of results around the central estimate and estimated probabilities of possible outcomes. Both the probabilities and the related modeling are subject to inherent uncertainties. The simulation relies on a significant number of assumptions, such as variation

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in historical loss development patterns and industry losses for major events, potential mis-estimation of the initial expected loss ratios during the pricing process, and unanticipated inflation.

Fair value measurements

Fair Value Hierarchy

Fair value measurements are categorized into a hierarchy that distinguishes between inputs based on market data from independent sources ("observable inputs") and a reporting entity's internal assumptions based upon the best information available when external market data is limited or unavailable ("unobservable inputs"). Quoted prices in active markets for identical assets or liabilities have the highest priority ("Level 1"), followed by observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities ("Level 2"), and unobservable inputs, including the reporting entity's estimates of the assumptions that market participants would use, having the lowest priority ("Level 3").

The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. See Note 6 “Fair value measurements” to our audited consolidated financial statements for additional information on the framework for measuring fair value established by U.S. GAAP disclosure requirements.

Strategic investments

The Company’s strategic investments are carried at fair value, using the equity method, or the cost adjusted for market observable events less impairment method. For strategic investments carried at fair value, management generally engages third-party valuation specialist to assist in determination of the fair value based on commonly accepted valuation methods (e.g., income approach, market approach). Where appropriate to utilize equity method, the Company recognizes its share of the investees’ income in net realized and unrealized investment losses. 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.

As of December 31, 2024, the Company’s strategic investments totaled $105.0 million. See Note 6 “Fair value measurements” to our audited consolidated financial statements for additional information on the framework for measuring fair value established by U.S. GAAP disclosure requirements related to investments.

Investments measured using Net Asset Value

We value our investments in limited partnerships, including our investments in related party investment funds, at fair value. We have elected the practical expedient for fair value for these investments which is estimated based on our share of the NAV of the limited partnerships, as provided by the independent fund administrator, as we believe it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents our proportionate interest in the members’ equity of the limited partnerships.

The fair value of our 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 our 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 quarterly or semi-annual partnership capital statements with a 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 with respect to the underlying investments, as necessary.

See Note 6 “Fair value measurements” to our audited consolidated financial statements for additional information on the framework for measuring fair value established by U.S. GAAP disclosure requirements related to investments measured using NAV.

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Income Taxes

We have subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which our subsidiaries and branches are subject to tax are Belgium, Bermuda, Canada, Germany, Luxembourg, Sweden, Switzerland, the United Kingdom, and the United States.

Recoverability of Net Deferred Tax Asset

We record a valuation allowance against deferred tax assets if it becomes more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in income tax expense in the period of change. In determining whether or not a valuation allowance, or change therein, is warranted, we consider factors such as prior earnings history, expected future earnings, carryback and carryforward periods and strategies that, if executed, would result in the realization of a deferred tax asset. It is possible that certain planning strategies or projected earnings in certain subsidiaries may not be feasible to utilize the entire deferred tax asset, which could result in material changes to the deferred tax assets and tax expense.

Uncertain Tax Positions

Recognition of the benefit of a given tax position is based upon whether a company determines that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. In evaluating the more likely than not recognition threshold, we must presume that the tax position will be subject to examination by a taxing authority with full knowledge of all relevant information. If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement. As of December 31, 2024, the total reserve for unrecognized tax benefits of $0.9 million. With few exceptions, we are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2020.

Change in Tax Laws or Rates

In December 2021, the OECD published two global anti-base erosion model rules under Pillar Two (the “GloBE Rules”), which implement a 15% global minimum tax applicable for multinational groups. The first GloBE Rule is the income inclusion rule (“IIR”), which imposes “top-up” tax on a parent entity in respect of the income of a subsidiary that is taxed at less than 15%. The second GloBE Rule is the “undertaxed payments” rule, which denies deductions or requires an equivalent adjustment to the extent the income of an affiliate which is taxed at less than 15%. On January 1, 2024, the GloBE Rules went into effect in the EU, including a minimum top-up tax rate of 15% for multinational companies, with many E.U. member states enacting corollary legislation as part of their respective domestic tax laws. Consistent with accounting guidance, the Company will treat the global minimum tax as an in-period tax charge when incurred in future periods for which no deferred taxes need to be provided. No provision for top-up tax was recorded as of December 31, 2024.

Earnings of Certain Subsidiaries

SiriusPoint has capital and liquidity in many of its subsidiaries, some of which may reflect undistributed earnings. If such capital or liquidity were to be paid or distributed to us or our subsidiaries, as dividends or otherwise, they may be subject to income or withholding taxes. SiriusPoint Group generally intends to operate, and manage its capital and liquidity, in a tax-efficient manner. However, the applicable tax laws in the relevant countries are subject to change, possibly with retroactive effect, including in response to OECD guidance. Accordingly, such payments or earnings may be subject to income or withholding tax in jurisdictions where they are not currently taxed or at higher rates of tax than currently taxed, and the applicable tax authorities could also attempt to apply income or withholding tax to past earnings or payments.

See Note 16 “Income taxes” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on income taxes.

Recent Accounting Pronouncements

See Note 2 “Significant accounting policies” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on recently issued accounting standards.