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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 10, 2021 (May 10, 2021)

 

 SIRIUSPOINT LTD.

(Exact name of registrant as specified in its charter)

  

Bermuda

001-36052

98-1039994

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

Point House

3 Waterloo Lane

Pembroke HM 08 Bermuda

(Address of principal executive offices and Zip Code)

Registrant’s telephone number, including area code: +1 441 542-3300

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol			Name of each exchange on which registered
Common Shares, $0.10 par value			SPNT			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02			Results of Operations and Financial Condition.

On May 10, 2021, SiriusPoint Ltd. issued a press release reporting its financial results for the first quarter ended March 31, 2021 and announcing the availability of its first quarter financial supplement. A copy of the press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, are being furnished pursuant to this Item 2.02. This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01			Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.						Description
99.1						Press Release dated May 10, 2021, announcing the earnings of SiriusPoint Ltd. for the First Quarter Ended March 31, 2021.
99.2						First Quarter Ended March 31, 2021 Financial Supplement.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 10, 2021						/s/ David W. Junius
						Name:			David W. Junius
						Title:			Chief Financial Officer

SiriusPoint Announces First Quarter 2021 Earnings Results

Net Income Available to Common Shareholders of $130.9 million, or $1.05 per Diluted Common Share

Tangible Diluted Book Value per Share of $13.97 as of March 31, 2021

Combined Ratio of 96.6%

Annualized Return on Average Common Equity of 26.4%

HAMILTON, Bermuda, May 10, 2021 - SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its first quarter ended March 31, 2021.

First Quarter 2021 Highlights

•Net income of $130.9 million, or $1.05 per diluted common share

•Tangible diluted book value per share of $13.97 as of March 31, 2021

•Combined ratio of 96.6%

•On a reported basis, catastrophe losses were $5.7 million or 2.2 percentage points on the Company’s combined ratio

•Annualized return on average common equity of 26.4%

•Net investment income of $186.5 million

•A- ratings confirmed from AM Best, S&P and Fitch during the first quarter 2021

Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint said: “I am delighted in our launch of SiriusPoint in the first quarter. We believe our combined company has the platform, capabilities and expertise to take advantage of changing market conditions and compete in a differentiated and effective fashion in the global (re)insurance marketplace. I am extremely proud that by the closing of our transaction we added world-class talent to our team, strengthened the quality of our balance sheet and refocused our underwriting strategy allowing us to benefit from a strong 1/1 renewal season. We are creating an entrepreneurial and innovative company that is just at the beginning of its transformation.

“SiriusPoint produced an underwriting profit of $9 million and a combined ratio of 96.6% this quarter, reflecting our focus on writing a profitable and more balanced book of business. We benefited from a focus on underwriting discipline and positive rate improvement across classes of business at January 1. We made great strides in refining our property cat portfolio, reducing catastrophe volatility through modest additional retro reinsurance purchases and rebalancing the overall portfolio to non-cat lines, including Accident and Health, Credit, Aviation, and niche U.S. Casualty lines. Through the rest of 2021, we plan to continue to execute on our underwriting strategy and be disciplined in our approach to managing risk. We are focused on better managing our catastrophe exposure and return on capital. We also plan to be disciplined in reducing classes which have been unprofitable. We believe our global platform and entrepreneurial culture will give us flexibility and culture to adapt to market conditions and be responsive to opportunities. While there is much work ahead we are confident we are making progress in our execution.

“We intend to remain nimble and optimize our global platform by partnering with and investing in innovative businesses and teams in the (re)insurance industry. We see these strategic partnerships as a key differentiator and a means by which we can add value and drive disruptive change in the industry. We aspire to be great allocators of capital to the best underwriting risks to drive returns.

“Investment results in the quarter were strong and above trend with notable contributions from the Third Point Enhanced Fund and legacy Sirius Group strategic investments. In rebalancing our portfolio, we increased the allocation to fixed income and cash from TPRe’s position at year end. Third Point LLP also reduced leverage in the TP Enhanced fund.

“We expect the steps we have taken this quarter towards refining our business to achieve underwriting excellence and establishing a high quality balance sheet will result in less volatility going forward. We are confident the path of sustained higher underwriting returns, less volatile investment results and growth in book value will translate into long-term value creation for our shareholders.”

Earnings Summary

•Net income available to SiriusPoint common shareholders of $130.9 million, or $1.05 per diluted common share, for the three months ended March 31, 2021, compared to a net loss attributable to SiriusPoint common shareholders of $183.6 million, or $1.99 per diluted common share, for the three months ended March 31, 2020.

•Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders of 26.4% for the three months ended March 31, 2021.

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•Tangible diluted book value per share decreased $2.74, or 16.4%, from year end 2020 to $13.97. The decrease was primarily due to the dilutive impact of shares and other securities issued in conjunction with the acquisition of Sirius Group, partially offset by net income in the current year period.

Acquisition of Sirius International Insurance Group, Ltd.

On February 26, 2021, the Company completed the acquisition of Sirius International Insurance Group, Ltd. (“Sirius Group”) and changed its name from Third Point Reinsurance Ltd. (“TPRe”) to SiriusPoint Ltd. (“SiriusPoint”). The financial condition and results of operations presented herein for SiriusPoint are those of TPRe and its subsidiaries and do not include the financial conditions and results of operations of legacy Sirius Group and its subsidiaries prior to the acquisition date. The results of operations of Sirius Group are included from the acquisition date forward.

The total deal consideration was $1,077.2 million, which was comprised of stock, cash, and other contingent value components. The associated bargain purchase gain from the Sirius Group acquisition was $8.6 million, which represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the total deal consideration. The gain from bargain purchase is included in other revenues in the condensed consolidated statements of income (loss). The bargain purchase determination is consistent with the fact that Sirius Group’s shares traded at a discount to book value and the need for Sirius Group to quickly diversify its ownership base.

During the first quarter of 2021, the Company recorded $40.4 million of corporate expenses associated with the acquisition of Sirius Group, comprised of $29.7 million of professional and advisory fees and $10.7 million of compensation-related expenses.

Key Financial Metrics

The following table shows certain key financial metrics for the three months ended March 31, 2021 and 2020:

			2021						2020
			($ in millions, except for per share data and ratios)
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders			26.4		%				(55.5)		%
Net underwriting income (1)			$	8.7					$	2.0
Combined ratio (1)			96.6		%				98.6		%
Basic book value per share (2) (4)			$	15.19					$	16.88
Tangible basic book value per share (2) (4)			$	14.10					$	16.88
Diluted book value per share (2) (3) (4)			$	15.04					$	16.71
Tangible diluted book value per share (2) (4)			$	13.97					$	16.71

(1)See the accompanying Segment Reporting for a calculation of net underwriting income and combined ratio.

(2)Basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share are non-GAAP financial measures.

(3)In the first quarter of 2021, we changed the method for calculating the dilutive effect of restricted shares, restricted share units and options to calculate the dilutive impact in a manner consistent with how dilution is calculated using the treasury stock method for earnings per share. See the accompanying reconciliations in “Non-GAAP Measures and Reconciliations & Key Performance Indicators”.

(4)Prior year comparatives represent amounts as of December 31, 2020.

First Quarter 2021 Summary

Underwriting Results

The acquisition of Sirius Group has created a highly diversified portfolio with expanded underwriting capabilities, geographic footprint and product offerings. Effective January 1, 2021, the Company reports four operating segments: Accident & Health (“A&H”), Specialty, Property and Runoff & Other.

In addition, effective January 1, 2021, the Company changed its accounting policy for assumed written premium recognition. Previously, the Company estimated ultimate premium written for the entire contract period and recorded this estimate at inception of the contract. The Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty. The change in accounting policy had no impact on the previously reported net income (loss) or shareholders’ equity attributable to SiriusPoint common shareholders.

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Net premiums earned increased by $109.7 million, or 75.0%, to $256.0 million for the three months ended March 31, 2021 from $146.3 million for the three months ended March 31, 2020, primarily driven by an increase in net premiums earned of $115.9 million as a result of new premiums from the legacy Sirius Group companies from the date of acquisition.

We generated net underwriting income of $8.7 million and a combined ratio of 96.6% for the three months ended March 31, 2021, compared to net underwriting income of $2.0 million and a combined ratio of 98.6% for the three months ended March 31, 2020. The improvement in net underwriting income was primarily driven by net underwriting income of $8.1 million from the legacy Sirius Group companies from the date of acquisition.

Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended March 31, 2021 were $5.7 million, or 2.2 percentage points on the combined ratio, from winter storm Uri compared to no catastrophe losses recorded for the three months ended March 31, 2020. Sirius Group’s Uri losses fell into the pre-acquisition period which, when included Q1 results total catastrophe losses, were $39.5 million.

Prior period segment results have been adjusted to conform to the current period presentation.

A&H Segment

Gross premiums written in the A&H segment were $134.8 million for the three months ended March 31, 2021, an increase of $133.5 million compared to the three months ended March 31, 2020, primarily driven by an increase in premiums of $135.0 million as a result of new premiums from the legacy Sirius Group companies from the date of acquisition.

The A&H segment generated net underwriting income of $5.3 million and a combined ratio of 84.9% for the three months ended March 31, 2021, compared to a minimal net underwriting loss for the three months ended March 31, 2020. The change in net underwriting results for the three months ended March 31, 2021, compared to the three months ended March 31, 2020, was primarily driven by net underwriting income from the legacy Sirius Group companies from the date of acquisition.

Specialty Segment

Gross premiums written in the Specialty segment were $167.7 million for the three months ended March 31, 2021, an increase of $88.3 million, or 111.2%, compared to the three months ended March 31, 2020, primarily driven by an increase in premiums of $49.5 million as a result of new premiums from the legacy Sirius Group companies from the date of acquisition, and due to new casualty premium of $28.7 million in the period written by our Bermuda incorporated MGU, Arcadian Risk, in which we invest capital and expertise.

The Specialty segment generated a net underwriting loss of $0.3 million and a combined ratio of 100.2% for the three months ended March 31, 2021, compared to a net underwriting loss of $6.0 million and a combined ratio of 106.0% for the three months ended March 31, 2020. The change in underwriting results for the three months ended March 31, 2021, compared to the three months ended March 31, 2020, was primarily driven by lower COVID-19 losses and a net underwriting loss of $0.7 million as result of the legacy Sirius Group companies from the date of acquisition.

Property Segment

Gross premiums written in the Property segment were $62.1 million for the three months ended March 31, 2021, an increase of $17.1 million, or 38.0%, compared to the three months ended March 31, 2020, primarily driven by an increase in premiums of $33.5 million as a result of new premiums from the legacy Sirius Group companies from the date of acquisition.

The Property segment generated net underwriting income of $5.4 million and a combined ratio of 93.3% for the three months ended March 31, 2021, compared to net underwriting income of $9.5 million and a combined ratio of 78.9% for the three months ended March 31, 2020. The change in underwriting results for the three months ended March 31, 2021, compared to the three months ended March 31, 2020, was primarily driven by higher catastrophe losses, partially offset by net underwriting income of $3.9 million as a result of the legacy Sirius Group companies from the date of acquisition.

Investments

Net investment income was $186.5 million for the three months ended March 31, 2021, compared to a net investment loss of $185.0 million for the three months ended March 31, 2020.

Net investment income for the three months ended March 31, 2021 was primarily attributable to net investment income of $153.2 million from our investment in the TP Enhanced Fund, corresponding to a 14.6% return in the quarter. The return was primarily attributable to long event/fundamental equities, in particular exposure to recently listed public equities and private companies that are preparing to list in public markets later in 2021. In addition, the Company recognized a $35.4 million gain from our investment in Pie Insurance for the three months ended March 31, 2021, partially offset by unrealized losses in debt securities of $16.9 million.

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The net investment loss for the three months ended March 31, 2020 was primarily attributable to financial market volatility from the COVID-19 pandemic.

The Third Point Enhanced Fund plus other invested assets were one-quarter of total invested assets and cash as of March 31, 2021, down from more than one-third as of December 31, 2020 due to the additional assets acquired in the merger with Sirius Group.

Conference Call Details

The Company will hold a conference call to discuss its first quarter 2021 results at 8:30 a.m. Eastern Time on May 11, 2021. The call will be webcast live over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will also be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. first quarter 2021 earnings call.

A replay of the live conference call will be available approximately two hours after the call. The replay will be available on the Company’s website at www.siriuspt.com under the “Investor Relations” section.

Safe Harbor Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected benefits of the acquisition of Sirius Group and the prospects of the combined company. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: the costs, expense and difficulties of the integration of the operations of Sirius Group; the impact of the novel coronavirus (COVID-19) pandemic or other unpredictable catastrophic events; fluctuations in our results of operations; a downgrade or withdrawal of our financial ratings; inadequacy of loss and loss adjustment expenses reserves; the effects of global climate change; periods characterized by excess underwriting capacity and unfavorable premium rates; reduced returns or losses in SiriusPoint’s investment portfolio; adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; SiriusPoint’s significant deferred tax assets, which could become devalued if either SiriusPoint does not generate sufficient future taxable income or applicable corporate tax rates are reduced; the lack of availability of capital; future strategic transactions such as acquisitions, dispositions, mergers, investments or joint ventures; technology breaches; our concentrated exposure in Third Point Enhanced LP (the “TP Fund”) whose investment strategy may bear substantial investment risks; conflicts of interest among various members of TP Fund, Third Point LLC and SiriusPoint; and other risks and uncertainties listed in the Company’s most recent Quarterly Report on Form 10-Q and any subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures and Other Financial Metrics

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Book value per share metrics are non-GAAP financial measures. We believe that long-term growth in book value per share is an important measure of our financial performance because it allows our management and investors to track over time the value created by the retention of earnings. In addition, we believe this metric is used by investors because it provides a basis for comparison with other companies in our industry that also report a similar measure. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

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About the Company

SiriusPoint is a top 20 global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident & Health, Specialty, Property and Runoff & Other business, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital as of March 31, 2021, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information please visit www.siriuspt.com.

Contacts

Investor Relations

Clare Kerrigan - Corporate Communications and Investor Relations

[email protected]

+1 441 542-3333

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SIRIUSPOINT LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of March 31, 2021 and December 31, 2020

(expressed in millions of U.S. dollars, except per share and share amounts)

			March 31, 2021						December 31, 2020
Assets
Investments in related party investment funds, at fair value (cost - $891.9; 2020 - $891.9)			$	1,208.8					$	1,055.6
Debt securities, trading, at fair value (cost - $2,903.5; 2020 - $91.4)			2,940.3						101.3
Equity securities, trading, at fair value (cost - $5.8; 2020 - N/A)			5.9						—
Other long-term investments, at fair value (cost - $432.8; 2020 - $4.0)			473.1						4.0
Total investments			4,628.1						1,160.9
Cash and cash equivalents			932.4						526.0
Restricted cash and cash equivalents			1,411.3						1,187.9
Due from brokers			37.8						94.9
Interest and dividends receivable			10.3						0.9
Insurance and reinsurance balances receivable, net			1,613.8						441.9
Deferred acquisition costs, net and value of business acquired			218.8						68.6
Unearned premiums ceded			247.7						20.5
Loss and loss adjustment expenses recoverable, net			492.6						14.4
Deferred tax asset			256.5						0.4
Intangible assets			174.2						—
Other assets			146.2						18.8
Total assets			$	10,169.7					$	3,535.2
Liabilities
Loss and loss adjustment expense reserves			$	4,259.3					$	1,310.1
Unearned premium reserves			1,244.8						284.8
Reinsurance balances payable			528.8						78.1
Deposit liabilities			150.7						153.0
Securities sold, not yet purchased, at fair value			9.2						12.0
Due to brokers			26.2						—
Accounts payable, accrued expenses and other liabilities			154.4						17.6
Deferred tax liability			223.0						—
Liability-classified capital instruments			135.0						—
Debt			829.0						114.3
Total liabilities			7,560.4						1,969.9
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)			200.0						—
Common shares (issued and outstanding: 161,891,354; 2020 - 95,582,733)			16.2						9.6
Additional paid-in capital			1,639.6						933.9
Retained earnings			751.3						620.4
Accumulated other comprehensive income			0.4						—
Shareholders’ equity attributable to SiriusPoint shareholders			2,607.5						1,563.9
Noncontrolling interests			1.8						1.4
Total shareholders' equity			2,609.3						1,565.3
Total liabilities, noncontrolling interests and shareholders’ equity			$	10,169.7					$	3,535.2

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SIRIUSPOINT LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

For the three months ended March 31, 2021 and 2020

(expressed in millions of U.S. dollars, except per share and share amounts)

			2021						2020
Revenues
Net premiums earned			$	256.0					$	146.3
Net realized and unrealized investment gains			31.5						11.6
Net investment income (loss) from investments in related party investment funds			153.2						(200.8)
Other net investment income			1.8						4.2
Net investment income (loss)			186.5						(185.0)
Other revenues			8.6						—
Total revenues			451.1						(38.7)
Expenses
Loss and loss adjustment expenses incurred, net			148.1						87.8
Acquisition costs, net			69.0						49.3
Other underwriting expenses			30.2						7.2
Net corporate and other expenses			68.3						6.4
Intangible asset amortization			0.8						—
Interest expense			4.9						2.0
Foreign exchange gains			(12.4)						(8.2)
Total expenses			308.9						144.5
Income (loss) before income tax expense			142.2						(183.2)
Income tax expense			(9.8)						(0.4)
Net income (loss)			132.4						(183.6)
Net (income) loss attributable to noncontrolling interests			—						—
Net income (loss) available to SiriusPoint			132.4						(183.6)
Dividends on Series B preference shares			(1.5)						—
Net income (loss) available to SiriusPoint common shareholders			$	130.9					$	(183.6)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders			$	1.07					$	(1.99)
Diluted earnings (loss) per share available to SiriusPoint common shareholders			$	1.05					$	(1.99)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic			116,760,760						92,191,837
Diluted			118,146,341						92,191,837

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SIRIUSPOINT LTD.

SEGMENT REPORTING

			Three months ended March 31, 2021
			A&H						Specialty						Property						Runoff & Other						Total
Gross premiums written (1)			$	134.8					$	167.7					$	62.1					$	2.0					$	366.6
Net premiums written (1)			103.6						144.5						60.3						1.9						310.3
Net premiums earned (1)			35.0						139.0						80.2						1.8						256.0
Loss and loss adjustment expenses incurred, net (2)			14.0						87.1						45.4						1.6						148.1
Acquisition costs, net			5.1						42.3						21.2						0.4						69.0
Other underwriting expenses (2)			10.6						9.9						8.2						1.5						30.2
Net underwriting income (loss)			$	5.3					$	(0.3)					$	5.4					$	(1.7)					8.7
Other revenues																											8.6
Net investment income																											186.5
Net corporate and other expenses																											(68.3)
Intangible asset amortization																											(0.8)
Interest expense																											(4.9)
Foreign exchange gains																											12.4
Income before income tax expense																											$	142.2
Underwriting Ratios: (3)
Loss ratio			40.0		%				62.7		%				56.6		%				NM						57.8		%
Acquisition cost ratio			14.6		%				30.4		%				26.5		%				NM						27.0		%
Other underwriting expenses ratio			30.3		%				7.1		%				10.2		%				NM						11.8		%
Combined ratio (4)			84.9		%				100.2		%				93.3		%				NM						96.6		%
			Three months ended March 31, 2020
			A&H						Specialty						Property						Runoff & Other						Total
Gross premiums written (1)			$	1.3					$	79.4					$	45.0					$	—					$	125.7
Net premiums written (1)			1.3						76.9						45.0						—						123.2
Net premiums earned (1)			1.2						99.4						45.1						0.6						146.3
Loss and loss adjustment expenses incurred, net (2)			1.0						67.4						18.1						1.3						87.8
Acquisition costs, net			0.2						33.5						16.0						(0.4)						49.3
Other underwriting expenses (2)			—						4.5						1.5						1.2						7.2
Net underwriting income (loss)			$	—					$	(6.0)					$	9.5					$	(1.5)					2.0
Net investment loss																											(185.0)
Net corporate and other expenses																											(6.4)
Interest expense																											(2.0)
Foreign exchange gains																											8.2
Loss before income tax expense																											$	(183.2)
Underwriting Ratios: (3)
Loss ratio			83.3		%				67.8		%				40.1		%				NM						60.0		%
Acquisition cost ratio			16.7		%				33.7		%				35.5		%				NM						33.7		%
Other underwriting expenses ratio			—		%				4.5		%				3.3		%				NM						4.9		%
Combined ratio (4)			100.0		%				106.0		%				78.9		%				NM						98.6		%

(1)Includes service fee revenue from the Company’s MGUs of $10.8 million for the three months ended March 31, 2021 (2020 - $nil).

(2)Loss and loss adjustment expenses incurred, net and other underwriting expenses include expenses associated with the Company’s MGUs of $1.0 million and $7.3 million, respectively, for the three months ended March 31, 2021 (2020 - $nil).

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

(4)Ratios considered not meaningful ("NM") to Runoff & Other.

(5)The Company modified the presentation of its operating segments in the three months ended March 31, 2021 to better align with the manner in which management monitors the performance of its operations. This change was primarily due to the Company’s acquisition of Sirius Group. Prior period segment results have been adjusted to conform to the current period presentation.

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SIRIUSPOINT LTD.

NON-GAAP MEASURES AND RECONCILIATIONS & KEY PERFORMANCE INDICATORS

Key Performance Indicator

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

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended March 31, 2021 and 2020 was calculated as follows:

			2021						2020
			($ in millions)
Net income (loss) available to SiriusPoint common shareholders			$	130.9					$	(183.6)
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period			$	1,563.9					$	1,414.1
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period			2,407.5						1,231.7
Average common shareholders’ equity attributable to SiriusPoint common shareholders			$	1,985.7					$	1,322.9
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders			26.4		%				(55.5)		%

Net Underwriting Income

We measure segment performance for our underwriting segments based on net underwriting income or loss. Net underwriting income is a pre-tax measure of underwriting profitability that takes into account net premiums earned as revenues, including service fee revenue from the Company’s managing general underwriting subsidiaries, and loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses as expenses. Other underwriting expenses include those operating expenses that are incremental and/or directly attributable to our individual underwriting operations. See the accompanying Segment Reporting above for a calculation of net underwriting income.

Combined Ratio

Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by net premiums earned. This ratio is a key indicator of a company’s underwriting profitability. See the accompanying Segment Reporting above for a calculation of the combined ratio.

Basic Book Value Per Share, Tangible Basic Book Value Per Share, Diluted Book Value Per Share, Tangible Diluted Book Value Per Share

In the first quarter of 2021, we changed the method for calculating the dilutive effect of restricted shares, restricted share units and options to calculate the dilutive impact in a manner consistent with how dilution is calculated using the treasury stock method for earnings per share. This change had no impact on previously presented basic book value per share. The following table shows the revised diluted book value per share compared to the diluted book value per share as previously presented:

						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Diluted book value per share						$	16.71					$	15.37					$	14.62					$	13.30					$	15.19
Diluted book value per share, as previously presented						16.42						15.06						14.37						13.05						15.04
Difference						$	0.29					$	0.31					$	0.25					$	0.25					$	0.15

Basic book value per share, as presented, is a non-GAAP financial measure and is calculated by dividing common shareholders’ equity attributable to SiriusPoint common shareholders by the number of common shares outstanding, excluding the total number of issued unvested restricted shares, at period end.

Tangible basic book value per share, as presented, is a non-GAAP financial measure and is calculated by dividing tangible common shareholders’ equity attributable to SiriusPoint common shareholders by the number of common shares outstanding, excluding the total number of unvested restricted shares, at period end. Tangible book value per share is useful to investors because it measures the realizable value of shareholder returns, excluding the impact of intangible assets.

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Diluted book value per share and tangible diluted book value per share, as presented, are non-GAAP financial measures and are calculated using the treasury stock method. Under the treasury stock method, we assume that proceeds received from in-the-money options and/or warrants exercised are used to repurchase common shares in the market. The dilutive effect of restricted shares, restricted share units and options are calculated in a manner consistent with how dilution is calculated using the treasury stock method for earnings per share. We have also followed a similar approach for calculating dilution for warrants, Series A preference shares, Upside Rights and other potentially dilutive securities issued as part of our acquisition of Sirius Group.

The following table sets forth the computation of basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share as of March 31, 2021 and December 31, 2020:

			March 31, 2021						December 31, 2020
Basic and diluted book value per share numerator:			($ in millions, except share and per share amounts)
Shareholders' equity attributable to SiriusPoint shareholders			$	2,607.5					$	1,563.9
Less: Series B preference shares			(200.0)						—
Common shareholders’ equity attributable to SiriusPoint common shareholders - basic			2,407.5						1,563.9
Plus: carrying value of series A preference share issued in merger			40.8						—
Common shareholders’ equity attributable to SiriusPoint common shareholders - diluted			2,448.3						1,563.9
Less: intangible assets			(174.2)						—
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - basic			2,233.3						1,563.9
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - diluted			$	2,274.1					$	1,563.9
Basic and diluted book value per share denominator:
Common shares outstanding			161,891,354						95,582,733
Unvested restricted shares			(3,450,338)						(2,933,993)
Basic book value per share denominator			158,441,016						92,648,740
Effect of dilutive Series A preference shares issued in merger			1,888,145						—
Effect of dilutive warrants			58,421						—
Effect of dilutive stock options, restricted shares and restricted share units issued to directors and employees			2,426,816						969,386
Diluted book value per share denominator			162,814,398						93,618,126
Basic book value per share			$	15.19					$	16.88
Tangible basic book value per share			$	14.10					$	16.88
Diluted book value per share			$	15.04					$	16.71
Tangible diluted book value per share			$	13.97					$	16.71

SiriusPoint Ltd.

Financial Supplement

March 31, 2021

(UNAUDITED)

This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by SiriusPoint Ltd., including the Company’s Quarterly Report on Form 10-Q.

Point House						Clare Kerrigan - Corporate Communications and Investor Relations
3 Waterloo Lane						Tel: (441) 542-3333
Pembroke HM 08						Email: [email protected]
Bermuda						Website: www.siriuspt.com

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SiriusPoint Ltd.

Basis of Presentation and Non-GAAP Financial Measures:

Unless the context otherwise indicates or requires, as used in this financial supplement references to “we,” “our,” “us,” the “Company,” and "SiriusPoint" refer to SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint Ltd. exclusive of its subsidiaries. We have made rounding adjustments to reach some of the figures included in this financial supplement and, unless otherwise indicated, percentages presented in this financial supplement are approximate.

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Book value per share metrics are non-GAAP financial measures. We believe that long-term growth in book value per share is an important measure of our financial performance because it allows our management and investors to track over time the value created by the retention of earnings. In addition, we believe this metric is used by investors because it provides a basis for comparison with other companies in our industry that also report a similar measure. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

Safe Harbor Statement Regarding Forward-Looking Statements:

This Financial Supplement includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this Financial Supplement is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this Financial Supplement. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: the costs, expense and difficulties of the integration of the operations of Sirius Group; the impact of the novel coronavirus (COVID-19) pandemic or other unpredictable catastrophic events; fluctuations in our results of operations; a downgrade or withdrawal of our financial ratings; inadequacy of loss and loss adjustment expenses reserves; the effects of global climate change; periods characterized by excess underwriting capacity and unfavorable premium rates; reduced returns or losses in SiriusPoint’s investment portfolio; adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; SiriusPoint’s significant deferred tax assets, which could become devalued if either SiriusPoint does not generate sufficient future taxable income or applicable corporate tax rates are reduced; the lack of availability of capital; future strategic transactions such as acquisitions, dispositions, mergers, investments or joint ventures; technology breaches; our concentrated exposure in Third Point Enhanced LP (the “TP Fund”) whose investment strategy may bear substantial investment risks; conflicts of interest among various members of TP Fund, Third Point LLC and SiriusPoint; and other risks and uncertainties listed in the Company’s most recent Quarterly Report on Form 10-Q and any subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Page 1 of 16                                 

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SiriusPoint Ltd.

Table of Contents

Key Performance Indicators
Key Performance Indicators						3
Consolidated Financial Statements
Condensed Consolidated Balance Sheets - by Quarter						4
Condensed Consolidated Statements of Income (Loss)						5
Condensed Consolidated Statements of Income (Loss) - by Quarter						6
Operating Segment Information
Segment Reporting - Three months ended March 31, 2021						7
Segment Reporting - Three months ended March 31, 2020						8
A&H Segment - by Quarter						9
Specialty Segment - by Quarter						10
Property Segment - by Quarter						11
Runoff & Other Segment - by Quarter						12
Investments
Investments - by Quarter						13
Other
Basic and Diluted Book Value per Share - by Quarter						14
Earnings (Loss) per Share - by Quarter						15
Annualized Return on Average Common Shareholders’ Equity - by Quarter						16

Page 2 of 16                                 

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SiriusPoint Ltd.

Key Performance Indicators

March 31, 2021 and 2020

(expressed in millions of U.S. dollars, except per share data and ratios)

									Three months ended
															March 31, 2021						March 31, 2020
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders															26.4		%				(55.5)		%
Net underwriting income (1)															$	8.7					$	2.0
Combined ratio (1)															96.6		%				98.6		%
Basic book value per share (2) (4)															$	15.19					$	16.88
Tangible basic book value per share (2) (4)															$	14.10					$	16.88
Diluted book value per share (2) (3) (4)															$	15.04					$	16.71
Tangible diluted book value per share (2) (4)															$	13.97					$	16.71

(1)Refer to accompanying “Segment Reporting - Three months ended March 31, 2021 and 2020” for a calculation of net underwriting income and combined ratio.

(2)Basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share are non-GAAP financial measures.

(3)In the first quarter of 2021, we changed the method for calculating the dilutive effect of restricted shares, restricted share units and options to calculate the dilutive impact in a manner consistent with how dilution is calculated using the treasury stock method for earnings per share.

(4)Prior year comparatives represent amounts as of December 31, 2020.

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SiriusPoint Ltd.

Condensed Consolidated Balance Sheets - by Quarter

(expressed in millions of U.S. dollars)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Assets
Investments in related party investment funds, at fair value						$	1,208.8					$	1,055.6					$	869.0					$	758.4					$	659.8
Debt securities, trading, at fair value						2,940.3						101.3						186.3						238.6						363.1
Equity securities, trading, at fair value						5.9						—						—						—						—
Other long-term investments, at fair value						473.1						4.0						4.0						4.0						4.0
Total investments						4,628.1						1,160.9						1,059.3						1,001.0						1,026.9
Cash and cash equivalents						932.4						526.0						513.8						584.8						445.8
Restricted cash and cash equivalents						1,411.3						1,187.9						1,101.7						887.3						975.1
Due from brokers						37.8						94.9						81.1						169.1						57.9
Interest and dividends receivable						10.3						0.9						1.8						2.2						3.7
Insurance and reinsurance balances receivable, net						1,613.8						441.9						440.5						444.7						452.3
Deferred acquisition costs, net and value of business acquired						218.8						68.6						69.3						75.9						79.0
Unearned premiums ceded						247.7						20.5						12.9						12.7						2.4
Loss and loss adjustment expenses recoverable, net						492.6						14.4						13.6						10.1						6.9
Deferred tax asset						256.5						0.4						4.0						4.6						7.9
Intangible assets						174.2						—						—						—						—
Other assets						146.2						18.8						16.2						13.2						13.5
Total assets						$	10,169.7					$	3,535.2					$	3,314.2					$	3,205.6					$	3,071.4
Liabilities
Loss and loss adjustment expense reserves						$	4,259.3					$	1,310.1					$	1,186.1					$	1,134.0					$	1,107.9
Unearned premium reserves						1,244.8						284.8						286.0						311.1						312.3
Reinsurance balances payable						528.8						78.1						113.1						83.7						74.3
Deposit liabilities						150.7						153.0						155.7						168.9						170.4
Securities sold, not yet purchased, at fair value						9.2						12.0						15.4						19.6						47.4
Due to brokers						26.2						—						—						1.5						3.1
Accounts payable, accrued expenses and other liabilities						154.4						17.6						15.1						15.3						10.2
Deferred tax liability						223.0						—						—						—						—
Liability-classified capital instruments						135.0						—						—						—						—
Debt						829.0						114.3						114.2						114.2						114.1
Total liabilities						7,560.4						1,969.9						1,885.6						1,848.3						1,839.7
Shareholders’ equity
Series B preference shares						200.0						—						—						—						—
Common shares						16.2						9.6						9.5						9.5						9.5
Additional paid-in capital						1,639.6						933.9						932.0						930.5						928.9
Retained earnings						751.3						620.4						486.1						417.3						293.3
Accumulated other comprehensive income						0.4						—						—						—						—
Shareholders’ equity attributable to SiriusPoint shareholders						2,607.5						1,563.9						1,427.6						1,357.3						1,231.7
Noncontrolling interests						1.8						1.4						1.0						—						—
Total shareholders’ equity						2,609.3						1,565.3						1,428.6						1,357.3						1,231.7
Total liabilities, noncontrolling interests and shareholders’ equity						$	10,169.7					$	3,535.2					$	3,314.2					$	3,205.6					$	3,071.4

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SiriusPoint Ltd.

Condensed Consolidated Statements of Income (Loss)

(expressed in millions of U.S. dollars, except share and per share data)

			Three months ended
			March 31, 2021						March 31, 2020
Revenues
Net premiums earned			$	256.0					$	146.3
Net realized and unrealized investment gains			31.5						11.6
Net investment income (loss) from investments in related party investment funds			153.2						(200.8)
Other net investment income			1.8						4.2
Net investment income (loss)			186.5						(185.0)
Other revenues			8.6						—
Total revenues			451.1						(38.7)
Expenses
Loss and loss adjustment expenses incurred, net			148.1						87.8
Acquisition costs, net			69.0						49.3
Other underwriting expenses			30.2						7.2
Net corporate and other expenses			68.3						6.4
Intangible asset amortization			0.8						—
Interest expense			4.9						2.0
Foreign exchange gains			(12.4)						(8.2)
Total expenses			308.9						144.5
Income (loss) before income tax expense			142.2						(183.2)
Income tax expense			(9.8)						(0.4)
Net income (loss)			132.4						(183.6)
Net (income) loss attributable to noncontrolling interests			—						—
Net income (loss) available to SiriusPoint			132.4						(183.6)
Dividends on Series B preference shares			(1.5)						—
Net income (loss) available to SiriusPoint common shareholders			$	130.9					$	(183.6)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders (1)			$	1.07					$	(1.99)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (1)			$	1.05					$	(1.99)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic			116,760,760						92,191,837
Diluted			118,146,341						92,191,837

(1)    Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that participating securities, be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

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SiriusPoint Ltd.

Condensed Consolidated Statements of Income (Loss) - by Quarter

(expressed in millions of U.S. dollars, except share and per share data)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Revenues
Net premiums earned						$	256.0					$	182.0					$	141.7					$	140.8					$	146.3
Net realized and unrealized investment gains						31.5						14.7						7.0						36.0						11.6
Net investment income (loss) from investment in related party investment fund						153.2						186.6						110.6						98.6						(200.8)
Other net investment income						1.8						3.5						4.4						2.6						4.2
Net investment income (loss)						186.5						204.8						122.0						137.2						(185.0)
Other revenues						8.6						—						—						—						—
Total revenues						451.1						386.8						263.7						278.0						(38.7)
Expenses
Loss and loss adjustment expenses incurred, net						148.1						177.9						110.5						89.1						87.8
Acquisition costs, net						69.0						39.3						54.8						43.7						49.3
Other underwriting expenses						30.2						9.7						6.1						7.8						7.2
Net corporate and other expenses						68.3						11.0						15.0						8.9						6.4
Intangible asset amortization						0.8						—						—						—						—
Interest expense						4.9						2.1						2.1						2.0						2.0
Foreign exchange (gains) losses						(12.4)						8.3						5.9						(0.8)						(8.2)
Total expenses						308.9						248.3						194.3						150.7						144.5
Income (loss) before income tax expense						142.2						138.5						69.4						127.3						(183.2)
Income tax expense						(9.8)						(3.7)						(0.7)						(3.3)						(0.4)
Net income (loss)						132.4						134.8						68.7						124.0						(183.6)
Net income attributable to noncontrolling interests						—						(0.4)						—						—						—
Net income (loss) attributable to SiriusPoint						132.4						134.4						68.7						124.0						(183.6)
Dividends on Series B preference shares						(1.5)						—						—						—						—
Net income (loss) available to SiriusPoint common shareholders						$	130.9					$	134.4					$	68.7					$	124.0					$	(183.6)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders (1)						$	1.07					$	1.43					$	0.74					$	1.33					$	(1.99)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (1)						$	1.05					$	1.43					$	0.73					$	1.33					$	(1.99)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic						116,760,760						92,638,978						92,613,393						92,593,599						92,191,837
Diluted						118,146,341						93,165,559						92,969,646						92,738,293						92,191,837

(1)     Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that participating securities, be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

Page 6 of 16                                 

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SiriusPoint Ltd.

Segment Reporting - Three months ended March 31, 2021

(expressed in millions of U.S. dollars, except ratios)

			A&H						Specialty						Property						Runoff & Other						Total
Gross premiums written (1)			$	134.8					$	167.7					$	62.1					$	2.0					$	366.6
Net premiums written (1)			103.6						144.5						60.3						1.9						310.3
Net premiums earned (1)			35.0						139.0						80.2						1.8						256.0
Loss and loss adjustment expenses incurred, net (2)			14.0						87.1						45.4						1.6						148.1
Acquisition costs, net			5.1						42.3						21.2						0.4						69.0
Other underwriting expenses (2)			10.6						9.9						8.2						1.5						30.2
Net underwriting income (loss)			$	5.3					$	(0.3)					$	5.4					$	(1.7)					8.7
Other revenues																											8.6
Net investment income																											186.5
Net corporate and other expenses																											(68.3)
Intangible asset amortization																											(0.8)
Interest expense																											(4.9)
Foreign exchange gains																											12.4
Income before income tax expense																											$	142.2
Underwriting Ratios (3):
Loss ratio			40.0		%				62.7		%				56.6		%				NM						57.8		%
Acquisition cost ratio			14.6		%				30.4		%				26.5		%				NM						27.0		%
Other underwriting expenses ratio			30.3		%				7.1		%				10.2		%				NM						11.8		%
Combined ratio (4)			84.9		%				100.2		%				93.3		%				NM						96.6		%

(1)Includes service fee revenue from the Company’s MGUs of $10.8 million in the three months ended March 31, 2021.

(2)Loss and loss adjustment expenses incurred, net and other underwriting expenses include expenses associated with the Company’s MGUs of $1.0 million and $7.3 million, respectively, for the three months ended March 31, 2021

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

(4)Ratios considered not meaningful ("NM") to Runoff & Other.

(5)The Company modified the presentation of its operating segments in the three months ended March 31, 2021 to better align with the manner in which management monitors the performance of its operations. This change was primarily due to the Company’s acquisition of Sirius Group. Prior period segment results have been adjusted to conform to the current period presentation.

Page 7 of 16                                 

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SiriusPoint Ltd.

Segment Reporting - Three months ended March 31, 2020

(expressed in millions of U.S. dollars, except ratios)

			A&H						Specialty						Property						Runoff & Other						Total
Gross premiums written (1)			$	1.3					$	79.4					$	45.0					$	—					$	125.7
Net premiums written (1)			1.3						76.9						45.0						—						123.2
Net premiums earned (1)			1.2						99.4						45.1						0.6						146.3
Loss and loss adjustment expenses incurred, net (1)			1.0						67.4						18.1						1.3						87.8
Acquisition costs, net			0.2						33.5						16.0						(0.4)						49.3
Other underwriting expenses (1)			—						4.5						1.5						1.2						7.2
Net underwriting income (loss)			$	—					$	(6.0)					$	9.5					$	(1.5)					2.0
Net investment loss																											(185.0)
Net corporate and other expenses																											(6.4)
Interest expense																											(2.0)
Foreign exchange gains																											8.2
Net loss attributable to SiriusPoint common shareholders																											$	(183.2)
Underwriting Ratios (2):
Loss ratio			83.3		%				67.8		%				40.1		%				NM						60.0		%
Acquisition cost ratio			16.7		%				33.7		%				35.5		%				NM						33.7		%
Other underwriting expenses ratio			—		%				4.5		%				3.3		%				NM						4.9		%
Combined ratio (3)			100.0		%				106.0		%				78.9		%				NM						98.6		%

(1)No MGUs existed in the three months ended March 31, 2020, therefore no service fee revenue or fees are included.

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

(3)Ratios considered not meaningful ("NM") to Runoff & Other.

(4)The Company modified the presentation of its operating segments in the three months ended March 31, 2021 to better align with the manner in which management monitors the performance of its operations. This change was primarily due to the Company’s acquisition of Sirius Group. Prior period segment results have been adjusted to conform to the current period presentation.

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SiriusPoint Ltd.

A&H Segment - by Quarter (1)

(expressed in millions of U.S. dollars, except ratios)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Gross premiums written						$	134.8					$	0.5					$	0.2					$	1.3					$	1.3
Net premiums written						103.6						0.5						0.2						1.3						1.3
Net premiums earned						35.0						0.6						0.6						0.9						1.2
Loss and loss adjustment expenses incurred, net						14.0						(0.5)						0.4						2.3						1.0
Acquisition costs, net						5.1						—						0.1						—						0.2
Other underwriting expenses						10.6						—						—						—						—
Net underwriting income (loss)						$	5.3					$	1.1					$	0.1					$	(1.4)					$	—
Underwriting Ratios (2):
Loss ratio						40.0		%				(82.0)		%				68.8		%				273.8		%				83.3		%
Acquisition cost ratio						14.6		%				5.4		%				9.2		%				4.8		%				16.7		%
Other underwriting expense ratio						30.3		%				3.6		%				3.2		%				4.0		%				—		%
Combined ratio						84.9		%				(73.0)		%				81.3		%				282.6		%				100.0		%

(1)The Company modified the presentation of its operating segments in the three months ended March 31, 2021 to better align with the manner in which management monitors the performance of its operations. This change was primarily due to the Company’s acquisition of Sirius Group. Prior period segment results have been adjusted to conform to the current period presentation.

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

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SiriusPoint Ltd.

Specialty Segment - by Quarter (1)

(expressed in millions of U.S. dollars, except ratios)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Gross premiums written						$	167.7					$	136.7					$	78.7					$	73.8					$	79.4
Net premiums written						144.5						135.1						76.4						70.7						76.9
Net premiums earned						139.0						122.4						87.7						98.5						99.4
Loss and loss adjustment expenses incurred, net						87.1						139.5						67.9						67.8						67.4
Acquisition costs, net						42.3						27.2						18.0						33.8						33.5
Other underwriting expenses						9.9						6.3						3.1						4.8						4.5
Net underwriting loss						$	(0.3)					$	(50.6)					$	(1.3)					$	(7.9)					$	(6.0)
Underwriting Ratios (2):
Loss ratio						62.7		%				114.0		%				77.4		%				68.8		%				67.8		%
Acquisition cost ratio						30.4		%				22.2		%				20.5		%				34.3		%				33.7		%
Other underwriting expense ratio						7.1		%				5.2		%				3.5		%				4.9		%				4.5		%
Combined ratio						100.2		%				141.4		%				101.4		%				108.0		%				106.0		%

(1)The Company modified the presentation of its operating segments in the three months ended March 31, 2021 to better align with the manner in which management monitors the performance of its operations. This change was primarily due to the Company’s acquisition of Sirius Group. Prior period segment results have been adjusted to conform to the current period presentation.

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

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SiriusPoint Ltd.

Property Segment - by Quarter (1)

(expressed in millions of U.S. dollars, except ratios)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Gross premiums written						$	62.1					$	27.0					$	42.9					$	72.6					$	45.0
Net premiums written						60.3						30.5						36.9						64.2						45.0
Net premiums earned						80.2						35.8						49.8						40.8						45.1
Loss and loss adjustment expenses incurred, net						45.4						20.1						62.1						19.2						18.1
Acquisition costs, net						21.2						10.0						13.0						9.7						16.0
Other underwriting expenses						8.2						1.3						1.6						1.6						1.5
Net underwriting income (loss)						$	5.4					$	4.4					$	(26.9)					$	10.3					$	9.5
Underwriting Ratios (2):
Loss ratio						56.6		%				56.1		%				124.7		%				47.1		%				40.1		%
Acquisition cost ratio						26.5		%				27.9		%				26.1		%				23.8		%				35.5		%
Other underwriting expense ratio						10.2		%				3.6		%				3.2		%				3.9		%				3.3		%
Combined ratio						93.3		%				87.6		%				154.0		%				74.8		%				78.9		%

(1)The Company modified the presentation of its operating segments in the three months ended March 31, 2021 to better align with the manner in which management monitors the performance of its operations. This change was primarily due to the Company’s acquisition of Sirius Group. Prior period segment results have been adjusted to conform to the current period presentation.

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

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SiriusPoint Ltd.

Runoff & Other Segment - by Quarter (1)

(expressed in millions of U.S. dollars)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Gross premiums written						$	2.0					$	26.0					$	2.9					$	—					$	—
Net premiums written						1.9						26.0						2.9						—						—
Net premiums earned						1.8						23.3						3.6						0.6						0.6
Loss and loss adjustment expenses incurred, net						1.6						18.8						(20.0)						(0.2)						1.3
Acquisition costs, net						0.4						2.1						23.7						0.1						(0.4)
Other underwriting expenses						1.5						2.1						1.4						1.3						1.2
Net underwriting income (loss)						$	(1.7)					$	0.3					$	(1.5)					$	(0.6)					$	(1.5)

(1)The Company modified the presentation of its operating segments in the three months ended March 31, 2021 to better align with the manner in which management monitors the performance of its operations. This change was primarily due to the Company’s acquisition of Sirius Group. Prior period segment results have been adjusted to conform to the current period presentation.

(2)Underwriting ratios are not considered not meaningful to Runoff & Other

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SiriusPoint Ltd.

Investments - by Quarter

(expressed in millions of U.S. dollars)

																					March 31, 2021												December 31, 2020												September 30, 2020												June 30, 2020												March 31, 2020
																					Fair Value						%						Fair Value						%						Fair Value						%						Fair Value						%						Fair Value						%
Asset-backed securities																					$	594.6					12.8		%				$	1.3					0.1		%				$	20.6					2.0		%				$	35.7					3.5		%				$	32.2					3.2		%
Residential mortgage-backed securities																					392.2						8.5		%				8.7						0.7		%				8.7						0.8		%				12.7						1.3		%				47.7						4.6		%
Commercial mortgage-backed securities																					123.0						2.6		%				—						—		%				—						—		%				—						—		%				—						—		%
Bank debt																					—						—		%				0.4						—		%				0.7						0.1		%				1.3						0.1		%				1.4						0.1		%
Corporate debt securities																					564.6						12.2		%				37.7						3.3		%				56.8						5.4		%				66.9						6.7		%				159.0						15.5		%
U.S. government and government agency																					1,140.9						24.7		%				53.2						4.6		%				99.5						9.3		%				100.0						10.0		%				100.5						9.8		%
Non-U.S. government and government agency																					121.3						2.6		%				—						—		%				—						—		%				22.0						2.2		%				22.3						2.2		%
U.S. states, municipalities and political subdivision																					0.9						—		%				—						—		%				—						—		%				—						—		%				—						—		%
Preferred stocks																					2.8						0.1		%				—						—		%				—						—		%				—						—		%				—						—		%
Total debt securities																					2,940.3						63.5		%				101.3						8.7		%				186.3						17.6		%				238.6						23.8		%				363.1						35.4		%
Fixed income mutual funds																					1.8						—		%				—						—		%				—						—		%				—						—		%				—						—		%
Common stocks																					4.1						0.1		%				—						—		%				—						—		%				—						—		%				—						—		%
Total equity securities																					5.9						0.1		%				—						—		%				—						—		%				—						—		%				—						—		%
Other long-term investments																					311.2						6.8		%				4.0						0.3		%				4.0						0.4		%				4.0						0.4		%				4.0						0.4		%
Investments in funds valued at net asset value																					1,370.7						29.6		%				1,055.6						91.0		%				869.0						82.0		%				758.4						75.8		%				659.8						64.3		%
Total investments																					$	4,628.1					100.0		%				$	1,160.9					100.0		%				$	1,059.3					100.0		%				$	1,001.0					100.0		%				$	1,026.9					100.0		%

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SiriusPoint Ltd.

Basic and Diluted Book Value per Share - by Quarter

(expressed in millions of U.S. dollars, except share and per share data)

			March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Basic and diluted book value per share numerator:
Shareholders' equity attributable to SiriusPoint shareholders			$	2,607.5					$	1,563.9					$	1,427.6					$	1,357.3					$	1,231.7
Less: Series B preference shares			(200.0)						—						—						—						—
Common shareholders’ equity attributable to SiriusPoint common shareholders - basic			2,407.5						1,563.9						1,427.6						1,357.3						1,231.7
Plus: carrying value of series A preference share issued in merger			40.8						—						—						—						—
Common shareholders’ equity attributable to SiriusPoint common shareholders - diluted			2,448.3						1,563.9						1,427.6						1,357.3						1,231.7
Less: intangible assets			(174.2)						—						—						—						—
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - basic			2,233.3						1,563.9						1,427.6						1,357.3						1,231.7
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - diluted			$	2,274.1					$	1,563.9					$	1,427.6					$	1,357.3					$	1,231.7
Basic and diluted book value per share denominator:
Common shares outstanding			161,891,354						95,582,733						95,314,893						94,920,203						94,881,229
Unvested restricted shares			(3,450,338)						(2,933,993)						(2,695,127)						(2,319,354)						(2,315,172)
Basic book value per share denominator			158,441,016						92,648,740						92,619,766						92,600,849						92,566,057
Effect of dilutive Series A preference shares issued in merger			1,888,145						—						—						—						—
Effect of dilutive warrants (1)			58,421						—						—						—						—
Effect of dilutive stock options, restricted shares and restricted share units issued to directors and employees (2)			2,426,816						969,386						284,486						227,204						33,527
Diluted book value per share denominator			162,814,398						93,618,126						92,904,252						92,828,053						92,599,584
Basic book value per share (2)			$	15.19					$	16.88					$	15.41					$	14.66					$	13.31
Tangible basic book value per share (2)			$	14.10					$	16.88					$	15.41					$	14.66					$	13.31
Diluted book value per share (2) (3)			$	15.04					$	16.71					$	15.37					$	14.62					$	13.30
Tangible diluted book value per share (2)			$	13.97					$	16.71					$	15.37					$	14.62					$	13.30

(1)As of December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020 there was no dilution as a result of the Company’s share price being under the lowest exercise price for warrants.

(2)Basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share are non-GAAP financial measures. Basic book value per share, as presented, is a non-GAAP financial measure and is calculated by dividing common shareholders’ equity attributable to SiriusPoint common shareholders by the number of common shares outstanding, excluding the total number of issued unvested restricted shares, at period end. Tangible basic book value per share, as presented, is a non-GAAP financial measure and is calculated by dividing tangible common shareholders’ equity attributable to SiriusPoint common shareholders by the number of common shares outstanding, excluding the total number of unvested restricted shares, at period end. Tangible book value per share is useful to investors because it measures the realizable value of shareholder returns, excluding the impact of intangible assets. Diluted book value per share and tangible diluted book value per share, as presented, are non-GAAP financial measures and are calculated using the treasury stock method. Under the treasury stock method, we assume that proceeds received from in-the-money options and/or warrants exercised are used to repurchase common shares in the market. The dilutive effect of restricted shares, restricted share units and options are calculated in a manner consistent with how dilution is calculated using the treasury stock method for earnings per share. We have also followed a similar approach for calculating dilution for warrants, Series A preference shares, Upside Rights and other potentially dilutive securities issued as part of our acquisition of Sirius Group.

(3)In the first quarter of 2021, we changed the method for calculating the dilutive effect of restricted shares, restricted share units and options to calculate the dilutive impact in a manner consistent with how dilution is calculated using the treasury stock method for earnings per share. This change had no impact on previously presented basic book value per share.

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SiriusPoint Ltd.

Earnings (Loss) per Share - by Quarter

(expressed in millions of U.S. dollars, except share and per share data)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding						116,760,760						92,638,978						92,613,393						92,593,599						92,191,837
Dilutive effect of options (1)						184,470						—						—						—						—
Dilutive effect of warrants (1)						51,650						—						—						—						—
Dilutive effect of restricted shares with service and performance condition						1,149,461						526,581						356,253						144,694						—
Diluted number of common shares outstanding						118,146,341						93,165,559						92,969,646						92,738,293						92,191,837
Basic earnings (loss) per common share:
Net income (loss) available to SiriusPoint common shareholders						$	130.9					$	134.4					$	68.7					$	124.0					$	(183.6)
Net income allocated to SiriusPoint participating common shareholders						(6.5)						(1.6)						(0.5)						(0.7)						—
Net income (loss) allocated to SiriusPoint common shareholders						$	124.4					$	132.8					$	68.2					$	123.3					$	(183.6)
Basic earnings (loss) per share available to SiriusPoint common shareholders (2)						$	1.07					$	1.43					$	0.74					$	1.33					$	(1.99)
Diluted earnings (loss) per common share:
Net income (loss) available to SiriusPoint common shareholders						$	130.9					$	134.4					$	68.7					$	124.0					$	(183.6)
Net income allocated to SiriusPoint participating common shareholders						(6.5)						(1.6)						(0.5)						(0.7)						—
Net income (loss) allocated to SiriusPoint common shareholders						$	124.4					$	132.8					$	68.2					$	123.3					$	(183.6)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (2)						$	1.05					$	1.43					$	0.73					$	1.33					$	(1.99)

(1)As of December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, there was no dilution as a result of the Company’s average share price for the quarter being under the lowest exercise price for warrants and options. As of March 31, 2020 there was no dilution as a result of the net loss allocated to SiriusPoint common shareholders in the quarter.

(2)Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that participating securities, be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

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SiriusPoint Ltd.

Annualized Return on Average Common Shareholders’ Equity - by Quarter

(expressed in millions of U.S. dollars, except share and per share data and ratios)

						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020
Net income (loss) available to SiriusPoint common shareholders						$	130.9					$	134.4					$	68.7					$	124.0					$	(183.6)
Shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period						1,563.9						1,427.6						1,357.3						1,231.7						1,414.1
Shareholders’ equity attributable to SiriusPoint common shareholders - end of period						2,407.5						1,563.9						1,427.6						1,357.3						1,231.7
Average shareholders’ equity attributable to SiriusPoint common shareholders						$	1,985.7					$	1,495.7					$	1,392.4					$	1,294.5					$	1,322.9
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (1)						26.4		%				35.9		%				19.7		%				38.3		%				(55.5)		%

(1)Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period.

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