tpre-20210730

SiriusPoint Announces Second Quarter 2021 Earnings Results

Net Income Available to Common Shareholders of $64.5 million, or $0.37 per Diluted Common Share

Tangible Diluted Book Value per Share of $14.30 as of June 30, 2021

Combined Ratio of 92.8%

Annualized Return on Average Common Equity of 10.6%

HAMILTON, Bermuda, August 5, 2021 - SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

•Net income of $64.5 million, or $0.37 per diluted common share

•Tangible diluted book value per share increased $0.33, or 2.4%, from the first quarter of 2021 to $14.30

•Combined ratio of 92.8% and net underwriting income of $33.3 million

•Catastrophe losses were $12.7 million or 2.7 percentage points on the Company’s combined ratio

•Annualized return on average common equity of 10.6%

•Net investment income of $77.4 million

•$417 million loss portfolio transfer transaction with Compre

Sid Sankaran, Chairman and Chief Executive Officer, SiriusPoint, said: “I am very pleased with our team’s execution through SiriusPoint's first full quarter. Underwriting this quarter has been keenly focused on remediation. We have made progress on re-balancing the portfolio between reinsurance and insurance to stabilize our book, manage volatility and deliver underwriting profit, over time. We are off to a great start and have established strong momentum that is reflected in the number of deals closed in our first four months of operations. We have attracted experienced and innovative partners and launched businesses including insurtech Joyn Insurance, with Seraina Macia, Banyan Risk, with Tim Usher-Jones, and Hestia Capital with Jean Francois Bahier and Peter Norris. Our existing partnerships with MGUs including Pie, and Arcadian Risk led by industry veteran John Boylan, also continue to add value and offer long term opportunity.”

SiriusPoint also announced today a loss portfolio transfer transaction with Compre, a legacy runoff specialist. The loss portfolio transfer, which is subject to regulatory approval, covers $417 million of loss reserves subject to or associated with the transaction, including much of the legacy Sirius Group Runoff business, including Asbestos and Environmental, for a premium of $430 million.

Mr. Sankaran commented: “Our transaction with Compre underscores the ongoing transformation of SiriusPoint, our focus on optimizing capital allocation and rebalancing towards insurance and higher margin and growth lines, and provides further clarity on SiriusPoint's reserve position.

“With SiriusPoint, we are embarking on a journey to create a company with a sustainable long-term franchise and a focus on book value creation” Mr. Sankaran continued. “Our approach to capital allocation and our ability to be nimble has allowed us to take advantage of current market conditions, but our strategy does not rely on a hard market. We are building a company with a strong entrepreneurial culture under the premise that soft markets are the norm, while planning around long term macro trends that require disciplined investments and a growth mindset.”

Key Financial Metrics

The following table shows certain key financial metrics for the three and six months ended June 30, 2021 and 2020:


	Three months ended						Six months ended
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
	($ in millions, except for per share data and ratios)
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	10.6		%	38.3		%	19.3		%	(8.6)		%
Net underwriting income (1)	$	33.3		$	0.2		$	42.0		$	2.3
Combined ratio (1)	92.8		%	99.8		%	94.2		%	99.2		%
Basic book value per share (2) (4)	$	15.59		$	16.88		$	15.59		$	16.88
Tangible basic book value per share (2) (4)	$	14.48		$	16.88		$	14.48		$	16.88
Diluted book value per share (2) (3) (4)	$	15.37		$	16.71		$	15.37		$	16.71
Tangible diluted book value per share (2) (4)	$	14.30		$	16.71		$	14.30		$	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.

Second Quarter 2021 Summary

Underwriting Results

The acquisition of Sirius Group, which occurred on February 26, 2021, 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. Prior period segment results have been adjusted to conform to the current period presentation.

Net premiums earned increased by $325.5 million, or 231.2%, to $466.3 million for the three months ended June 30, 2021 from $140.8 million for the three months ended June 30, 2020, primarily driven by an increase in net premiums earned of $359.9 million as a result of new premiums from the legacy Sirius Group companies.

Net premiums earned increased by $435.2 million, or 151.6%, to $722.3 million for the six months ended June 30, 2021 from $287.1 million for the six months ended June 30, 2020, primarily driven by an increase in net premiums earned of $475.8 million as a result of new premiums from the legacy Sirius Group companies from the date of acquisition.

We generated net underwriting income of $33.3 million and a combined ratio of 92.8% for the three months ended June 30, 2021, compared to net underwriting income of $0.2 million and a combined ratio of 99.8% for the three months ended June 30, 2020. The improvement in net underwriting results was primarily driven by net underwriting income of $25.8 million from the legacy Sirius Group companies, mainly in the Property and A&H segments.

We generated net underwriting income of $42.0 million and a combined ratio of 94.2% for the six months ended June 30, 2021, compared to net underwriting income of $2.3 million and a combined ratio of 99.2% for the six months ended June 30, 2020. The improvement in net underwriting results was primarily driven by net underwriting income of $33.9 million from the legacy Sirius Group companies from the date of acquisition, mainly in the Property and A&H segments.

Catastrophe losses, net of reinsurance and reinstatement premiums, for the three and six months ended June 30, 2021 were $12.7 million and $18.4 million, respectively, or 2.7 and 2.5 percentage points, respectively, on the combined ratio, from European windstorms in the second quarter and winter storm Uri in the first quarter compared to no catastrophe losses recorded for the three and six months ended June 30, 2020.

A&H Segment

Gross premiums written in the A&H segment were $90.6 million for the three months ended June 30, 2021, an increase of $89.3 million compared to the three months ended June 30, 2020, primarily driven by an increase in premiums of $90.6 million as a result of new premiums from the legacy Sirius Group companies.

For the three months ended June 30, 2021, the A&H segment generated net underwriting income of $3.1 million and a combined ratio of 97.0%, compared to a net underwriting loss of $1.7 million for the three months ended June 30, 2020.

Specialty Segment

Gross premiums written in the Specialty segment were $289.3 million for the three months ended June 30, 2021, an increase of $215.5 million, or 292.0%, compared to the three months ended June 30, 2020, primarily driven by an increase in premiums of $150.6 million as a result of new premiums from the legacy Sirius Group companies, and due to new casualty premium of $59.8 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 $0.1 million and a combined ratio of 100.0% for the three months ended June 30, 2021, compared to a net underwriting loss of $7.9 million and a combined ratio of 108.0% for the three months ended June 30, 2020. The change in underwriting results for the three months ended June 30, 2021, compared to the three months ended June 30, 2020, was primarily driven by lower COVID-19 losses.

Property Segment

Gross premiums written in the Property segment were $213.2 million for the three months ended June 30, 2021, an increase of $140.6 million, or 193.7%, compared to the three months ended June 30, 2020, primarily driven by an increase in premiums of $193.1 million as a result of new premiums from the legacy Sirius Group companies.

The Property segment generated net underwriting income of $30.2 million and a combined ratio of 80.4% for the three months ended June 30, 2021, compared to net underwriting income of $10.4 million and a combined ratio of 74.6% for the three months ended June 30, 2020. The change in underwriting results for the three months ended June 30, 2021, compared to the three months ended June 30, 2020, was primarily driven by net underwriting income of $25.0 million as a result of the legacy Sirius Group companies. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended June 30, 2021 were $12.7 million, primarily from European Windstorms compared to no catastrophe losses recorded for the three months ended June 30, 2020. Net favorable prior year loss reserve development was $8.6 million for the three months ended June 30, 2021 compared to minimal prior year loss reserve development for the three months ended June 30, 2020.

Investments

Net investment income was $77.4 million for the three months ended June 30, 2021, compared to net investment income of $137.2 million for the three months ended June 30, 2020.

Net investment income for the three months ended June 30, 2021 was primarily attributable to net investment income of $44.7 million from our investment in the TP Enhanced Fund, corresponding to a 3.7% return. The return was primarily attributable to long event/fundamental equities, particularly in the enterprise technology and healthcare sectors, as well as corporate and structured credit. In addition, the Company recognized net investment income of $35.5 million on fixed maturity, short term, cash equivalents and alternative investments. This was mainly attributable to unrealized gains of $25.5 million resulting from both market appreciation and favorable foreign exchange developments.

Net investment income for the three months ended June 30, 2020 was primarily attributable to net investment income of $98.6 million from our investment in the TP Enhanced Fund, as well as investment income from our opportunistic credit investments made at the end of the first quarter of 2020 to take advantage of dislocations in the credit market brought on by the COVID-19 pandemic.

Conference Call Details

The Company will hold a conference call to discuss its second quarter 2021 results at 8:30 a.m. Eastern Time on August 6, 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 1-877-300-8521 (domestic) or 1-412-317-6026 (international). Participants should ask for the SiriusPoint Ltd. second 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 optimizing capital allocation, rebalancing towards insurance, creating a sustainable long-term franchise and book value. 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 Enhanced Fund”) whose investment strategy may bear substantial investment risks; conflicts of interest among various members of TP Enhanced Fund, Third Point LLC and SiriusPoint; and other risks and uncertainties listed in the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, 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.

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 June 30, 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

SIRIUSPOINT LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of June 30, 2021 and December 31, 2020

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



	June 30, 2021		December 31, 2020
Assets
Investments in related party investment funds, at fair value (cost - $891.9; 2020 - $891.9)	$	1,254.4	$	1,055.6
Debt securities, trading, at fair value (cost - $2,006.3; 2020 - $91.4)	2,009.3		101.3
Short-term investments, at fair value (cost - $767.7; 2020 - N/A)	766.7		—
Equity securities, trading, at fair value (cost - $4.9; 2020 - N/A)	5.0		—
Other long-term investments, at fair value (cost - $414.9; 2020 - $4.0)	463.7		4.0
Total investments	4,499.1		1,160.9
Cash and cash equivalents	1,032.6		526.0
Restricted cash and cash equivalents	1,554.4		1,187.9


Due from brokers	55.7		94.9
Interest and dividends receivable	11.1		0.9
Insurance and reinsurance balances receivable, net	1,515.3		441.9
Deferred acquisition costs, net and value of business acquired	212.1		68.6
Unearned premiums ceded	247.0		20.5
Loss and loss adjustment expenses recoverable, net	516.6		14.4
Deferred tax asset	216.3		0.4
Intangible assets	176.7		—
Other assets	153.7		18.8
Total assets	$	10,190.6	$	3,535.2
Liabilities
Loss and loss adjustment expense reserves	$	4,232.3	$	1,310.1
Unearned premium reserves	1,238.1		284.8
Reinsurance balances payable	526.3		78.1
Deposit liabilities	148.6		153.0
Securities sold, not yet purchased, at fair value	10.0		12.0
Due to brokers	38.9		—
Accounts payable, accrued expenses and other liabilities	164.1		17.6
Deferred tax liability	190.2		—
Liability-classified capital instruments	122.2		—
Debt	836.5		114.3
Total liabilities	7,507.2		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: 161,945,750; 2020 - 95,582,733)	16.2		9.6
Additional paid-in capital	1,646.6		933.9
Retained earnings	815.8		620.4
Accumulated other comprehensive income	1.5		—
Shareholders’ equity attributable to SiriusPoint shareholders	2,680.1		1,563.9
Noncontrolling interests	3.3		1.4
Total shareholders’ equity	2,683.4		1,565.3
Total liabilities, noncontrolling interests and shareholders’ equity	$	10,190.6	$	3,535.2

SIRIUSPOINT LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

For the three and six months ended June 30, 2021 and 2020

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


	Three months ended				Six months ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues




Net premiums earned	$	466.3	$	140.8	$	722.3	$	287.1
Net realized and unrealized investment gains	23.9		36.0		55.4		47.6
Net investment income (loss) from investments in related party investment funds	45.6		98.6		198.8		(102.2)
Other net investment income	7.9		2.6		9.7		6.8

Net investment income (loss)	77.4		137.2		263.9		(47.8)
Other revenues	17.8		—		26.4		—
Total revenues	561.5		278.0		1,012.6		239.3
Expenses
Loss and loss adjustment expenses incurred, net	255.1		89.1		403.2		176.9
Acquisition costs, net	105.6		43.7		174.6		92.9
Other underwriting expenses	72.3		7.8		102.5		15.0
Net corporate and other expenses	25.7		8.9		94.0		15.3
Intangible asset amortization	1.3		—		2.1		—
Interest expense	9.8		2.0		14.7		4.1
Foreign exchange (gains) losses	12.0		(0.8)		(0.4)		(9.0)
Total expenses	481.8		150.7		790.7		295.2
Income (loss) before income tax expense	79.7		127.3		221.9		(55.9)
Income tax expense	(9.6)		(3.3)		(19.4)		(3.7)
Net income (loss)	70.1		124.0		202.5		(59.6)
Net income attributable to noncontrolling interests	(1.6)		—		(1.6)		—
Net income (loss) available to SiriusPoint	68.5		124.0		200.9		(59.6)
Dividends on Series B preference shares	(4.0)		—		(5.5)		—
Net income (loss) available to SiriusPoint common shareholders	$	64.5	$	124.0	$	195.4	$	(59.6)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders	$	0.37	$	1.33	$	1.32	$	(0.65)
Diluted earnings (loss) per share available to SiriusPoint common shareholders	$	0.37	$	1.33	$	1.30	$	(0.65)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic	158,832,629		92,593,599		137,912,915		92,392,718
Diluted	160,894,216		92,738,293		139,561,196		92,392,718

SIRIUSPOINT LTD.

SEGMENT REPORTING


	Three months ended June 30, 2021
	A&H			Specialty			Property			Runoff & Other		Total
Gross premiums written (1)	$	90.6		$	289.3		$	213.2		$	(30.4)	$	562.7
Net premiums written (1)	75.8			241.1			173.3			(31.2)		459.0
Net premiums earned (1)	103.7			231.1			154.4			(22.9)		466.3
Loss and loss adjustment expenses incurred, net (2)	52.1			151.2			74.3			(22.5)		255.1
Acquisition costs, net	19.8			60.8			27.6			(2.6)		105.6
Other underwriting expenses (2)	28.7			19.2			22.3			2.1		72.3
Net underwriting income (loss)	$	3.1		$	(0.1)		$	30.2		$	0.1	33.3
Other revenues												17.8
Net investment income												77.4
Net corporate and other expenses												(25.7)
Intangible asset amortization												(1.3)
Interest expense												(9.8)
Foreign exchange losses												(12.0)
Income before income tax expense												$	79.7

Underwriting Ratios: (3)
Loss ratio	50.2		%	65.4		%	48.1		%	NM		54.7		%
Acquisition cost ratio	19.1		%	26.3		%	17.9		%	NM		22.6		%
Other underwriting expenses ratio	27.7		%	8.3		%	14.4		%	NM		15.5		%
Combined ratio (4)	97.0		%	100.0		%	80.4		%	NM		92.8		%

	Three months ended June 30, 2020
	A&H			Specialty			Property			Runoff & Other		Total
Gross premiums written (1)	$	1.3		$	73.8		$	72.6		$	—	$	147.7
Net premiums written (1)	1.3			70.7			57.3			—		129.3
Net premiums earned (1)	0.7			98.5			41.0			0.6		140.8
Loss and loss adjustment expenses incurred, net (2)	2.3			67.8			19.2			(0.2)		89.1
Acquisition costs, net	—			33.8			9.8			0.1		43.7
Other underwriting expenses (2)	0.1			4.8			1.6			1.3		7.8
Net underwriting income (loss)	$	(1.7)		$	(7.9)		$	10.4		$	(0.6)	0.2
Net investment income												137.2
Net corporate and other expenses												(8.9)

Interest expense												(2.0)
Foreign exchange gains												0.8
Income before income tax expense												$	127.3

Underwriting Ratios: (3)
Loss ratio	328.6		%	68.8		%	46.8		%	NM		63.3		%
Acquisition cost ratio	—		%	34.3		%	23.9		%	NM		31.0		%
Other underwriting expenses ratio	14.3		%	4.9		%	3.9		%	NM		5.5		%
Combined ratio (4)	342.9		%	108.0		%	74.6		%	NM		99.8		%

(1)Includes service fee revenue from the Company’s MGUs of $14.0 million for the three months ended June 30, 2021 (2020 - $nil).

(2)Loss and loss adjustment expenses incurred, net and other underwriting expenses include expenses associated with the Company’s MGUs of $3.5 million and $23.6 million, respectively, for the three months ended June 30, 2021 (2020 - $nil and $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 first quarter of 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.


	Six months ended June 30, 2021
	A&H			Specialty			Property			Runoff & Other		Total
Gross premiums written (1)	$	225.4		$	457.0		$	275.3		$	(28.4)	$	929.3
Net premiums written (1)	179.4			385.6			233.6			(29.3)		769.3
Net premiums earned (1)	138.7			370.1			234.6			(21.1)		722.3
Loss and loss adjustment expenses incurred, net (2)	66.1			238.3			119.7			(20.9)		403.2
Acquisition costs, net	24.9			103.1			48.8			(2.2)		174.6
Other underwriting expenses (2)	39.3			29.1			30.5			3.6		102.5
Net underwriting income	$	8.4		$	(0.4)		$	35.6		$	(1.6)	42.0
Other revenues												26.4
Net investment income												263.9
Net corporate and other expenses												(94.0)
Intangible asset amortization												(2.1)
Interest expense												(14.7)
Foreign exchange gains												0.4
Income before income tax expense												$	221.9

Underwriting Ratios: (3)
Loss ratio	47.7		%	64.4		%	51.0		%	NM		55.8		%
Acquisition cost ratio	18.0		%	27.9		%	20.8		%	NM		24.2		%
Other underwriting expenses ratio	28.3		%	7.9		%	13.0		%	NM		14.2		%
Combined ratio	94.0		%	100.2		%	84.8		%	NM		94.2		%

	Six months ended June 30, 2020
	A&H			Specialty			Property			Runoff & Other		Total
Gross premiums written (1)	$	2.6		$	153.2		$	117.6		$	—	$	273.4
Net premiums written (1)	2.6			147.6			102.3			—		252.5
Net premiums earned (1)	1.9			197.9			86.1			1.2		287.1
Loss and loss adjustment expenses incurred, net (2)	3.3			135.2			37.3			1.1		176.9
Acquisition costs, net	0.2			67.3			25.7			(0.3)		92.9
Other underwriting expenses (2)	0.1			9.3			3.1			2.5		15.0
Net underwriting income (loss)	$	(1.7)		$	(13.9)		$	20.0		$	(2.1)	2.3

Net investment loss												(47.8)
Net corporate and other expenses												(15.3)

Interest expense												(4.1)
Foreign exchange gains												9.0
Loss before income tax expense												$	(55.9)

Underwriting Ratios: (3)
Loss ratio	173.7		%	68.3		%	43.3		%	NM		61.6		%
Acquisition cost ratio	10.5		%	34.0		%	29.8		%	NM		32.4		%
Other underwriting expenses ratio	5.3		%	4.7		%	3.6		%	NM		5.2		%
Combined ratio	189.5		%	107.0		%	76.7		%	NM		99.2		%

(1)Includes service fee revenue from the Company’s MGUs of $24.8 million for the six months ended June 30, 2021 (2020 - $nil).

(2)Loss and loss adjustment expenses incurred, net and other underwriting expenses include expenses associated with the Company’s MGUs of $4.4 million and $30.9 million, respectively, for the six months ended June 30, 2021 (2020 - $nil and $nil).

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

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

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 and six months ended June 30, 2021 and 2020 was calculated as follows:


	Three months ended						Six months ended
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
	($ in millions)
Net income (loss) available to SiriusPoint common shareholders	$	64.5		$	124.0		$	195.4		$	(59.6)

Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period	$	2,407.5		$	1,231.7		$	1,563.9		$	1,414.1
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period	2,480.1			1,357.3			2,480.1			1,357.3
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,443.8		$	1,294.5		$	2,022.0		$	1,385.7

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	10.6		%	38.3		%	19.3		%	(8.6)		%

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

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.

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 June 30, 2021 and December 31, 2020:


	June 30, 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	$	2,680.1	$	1,563.9
Less: Series B preference shares	(200.0)		—
Common shareholders’ equity attributable to SiriusPoint common shareholders - basic	2,480.1		1,563.9
Plus: carrying value of Series A preference shares issued in merger	38.4		—
Common shareholders’ equity attributable to SiriusPoint common shareholders - diluted	2,518.5		1,563.9
Less: intangible assets	(176.7)		—
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - basic	2,303.4		1,563.9
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - diluted	$	2,341.8	$	1,563.9
Basic and diluted book value per share denominator:
Common shares outstanding	161,945,750		95,582,733
Unvested restricted shares	(2,879,187)		(2,933,993)
Basic book value per share denominator	159,066,563		92,648,740
Effect of dilutive Series A preference shares issued in merger	2,088,464		—
Effect of dilutive warrants	24,295		—
Effect of dilutive stock options, restricted shares and restricted share units issued to directors and employees	2,629,954		969,386
Diluted book value per share denominator	163,809,276		93,618,126

Basic book value per share	$	15.59	$	16.88
Tangible basic book value per share	$	14.48	$	16.88
Diluted book value per share	$	15.37	$	16.71
Tangible diluted book value per share	$	14.30	$	16.71

SiriusPoint Ltd.

Financial Supplement

June 30, 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

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 Enhanced Fund”) whose investment strategy may bear substantial investment risks; conflicts of interest among various members of TP Enhanced Fund, Third Point LLC and SiriusPoint; and other risks and uncertainties listed in the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, 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 2 of 19

SiriusPoint Ltd.

Table of Contents



Key Performance Indicators
Key Performance Indicators						4

Consolidated Financial Statements
Condensed Consolidated Balance Sheets - by Quarter						5
Condensed Consolidated Statements of Income (Loss)						6
Condensed Consolidated Statements of Income - by Quarter						7

Operating Segment Information
Segment Reporting - Three months ended June 30, 2021						8
Segment Reporting - Three months ended June 30, 2020						9
Segment Reporting - Six months ended June 30, 2021						10
Segment Reporting - Six months ended June 30, 2020						11


A&H Segment - by Quarter						12


Specialty Segment - by Quarter						13
Property Segment - by Quarter						14
Runoff & Other Segment - by Quarter						15

Investments
Investments - by Quarter						16


Other

Basic and Diluted Book Value per Share - by Quarter						17
Earnings per Share - by Quarter						18
Annualized Return on Average Common Shareholders’ Equity - by Quarter						19

Page 3 of 19

SiriusPoint Ltd.

Key Performance Indicators

June 30, 2021 and 2020

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


	Three months ended						Six months ended
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020


Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	10.6		%	38.3		%	19.3		%	(8.6)		%
Net underwriting income (1)	$	33.3		$	0.2		$	42.0		$	2.3
Combined ratio (1)	92.8		%	99.8		%	94.2		%	99.2		%
Basic book value per share (2) (4)	$	15.59		$	16.88		$	15.59		$	16.88
Tangible basic book value per share (2) (4)	$	14.48		$	16.88		$	14.48		$	16.88
Diluted book value per share (2) (3) (4)	$	15.37		$	16.71		$	15.37		$	16.71
Tangible diluted book value per share (2) (4)	$	14.30		$	16.71		$	14.30		$	16.71

(1)Refer to accompanying “Segment Reporting - Three and six months ended June 30, 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.

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

Page 4 of 19

SiriusPoint Ltd.

Condensed Consolidated Balance Sheets - by Quarter

(expressed in millions of U.S. dollars)


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Assets
Investments in related party investment funds, at fair value	$	1,254.4	$	1,208.8	$	1,055.6	$	869.0	$	758.4
Debt securities, trading, at fair value	2,009.3		2,940.3		101.3		186.3		238.6
Short-term investments, at fair value	766.7		—		—		—		—
Equity securities, trading, at fair value	5.0		5.9		—		—		—
Other long-term investments, at fair value	463.7		473.1		4.0		4.0		4.0
Total investments	4,499.1		4,628.1		1,160.9		1,059.3		1,001.0
Cash and cash equivalents	1,032.6		932.4		526.0		513.8		584.8
Restricted cash and cash equivalents	1,554.4		1,411.3		1,187.9		1,101.7		887.3


Due from brokers	55.7		37.8		94.9		81.1		169.1


Interest and dividends receivable	11.1		10.3		0.9		1.8		2.2
Insurance and reinsurance balances receivable, net	1,515.3		1,613.8		441.9		440.5		444.7
Deferred acquisition costs, net and value of business acquired	212.1		218.8		68.6		69.3		75.9
Unearned premiums ceded	247.0		247.7		20.5		12.9		12.7
Loss and loss adjustment expenses recoverable, net	516.6		492.6		14.4		13.6		10.1
Deferred tax asset	216.3		256.5		0.4		4.0		4.6
Intangible assets	176.7		174.2		—		—		—
Other assets	153.7		146.2		18.8		16.2		13.2
Total assets	$	10,190.6	$	10,169.7	$	3,535.2	$	3,314.2	$	3,205.6
Liabilities
Loss and loss adjustment expense reserves	$	4,232.3	$	4,259.3	$	1,310.1	$	1,186.1	$	1,134.0
Unearned premium reserves	1,238.1		1,244.8		284.8		286.0		311.1
Reinsurance balances payable	526.3		528.8		78.1		113.1		83.7
Deposit liabilities	148.6		150.7		153.0		155.7		168.9
Securities sold, not yet purchased, at fair value	10.0		9.2		12.0		15.4		19.6

Due to brokers	38.9		26.2		—		—		1.5
Accounts payable, accrued expenses and other liabilities	164.1		154.4		17.6		15.1		15.3
Deferred tax liability	190.2		223.0		—		—		—
Liability-classified capital instruments	122.2		135.0		—		—		—



Debt	836.5		829.0		114.3		114.2		114.2
Total liabilities	7,507.2		7,560.4		1,969.9		1,885.6		1,848.3

Shareholders’ equity

Series B preference shares	200.0		200.0		—		—		—
Common shares	16.2		16.2		9.6		9.5		9.5

Additional paid-in capital	1,646.6		1,639.6		933.9		932.0		930.5
Retained earnings	815.8		751.3		620.4		486.1		417.3
Accumulated other comprehensive income	1.5		0.4		—		—		—
Shareholders’ equity attributable to SiriusPoint shareholders	2,680.1		2,607.5		1,563.9		1,427.6		1,357.3
Noncontrolling interests	3.3		1.8		1.4		1.0		—
Total shareholders’ equity	2,683.4		2,609.3		1,565.3		1,428.6		1,357.3
Total liabilities, noncontrolling interests and shareholders’ equity	$	10,190.6	$	10,169.7	$	3,535.2	$	3,314.2	$	3,205.6

Page 5 of 19

SiriusPoint Ltd.

Condensed Consolidated Statements of Income (Loss)

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


	Three months ended				Six months ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenues




Net premiums earned	$	466.3	$	140.8	$	722.3	$	287.1
Net realized and unrealized investment gains	23.9		36.0		55.4		47.6
Net investment income (loss) from investments in related party investment funds	45.6		98.6		198.8		(102.2)
Other net investment income	7.9		2.6		9.7		6.8

Net investment income (loss)	77.4		137.2		263.9		(47.8)
Other revenues	17.8		—		26.4		—
Total revenues	561.5		278.0		1,012.6		239.3
Expenses
Loss and loss adjustment expenses incurred, net	255.1		89.1		403.2		176.9
Acquisition costs, net	105.6		43.7		174.6		92.9
Other underwriting expenses	72.3		7.8		102.5		15.0
Net corporate and other expenses	25.7		8.9		94.0		15.3
Intangible asset amortization	1.3		—		2.1		—
Interest expense	9.8		2.0		14.7		4.1
Foreign exchange (gains) losses	12.0		(0.8)		(0.4)		(9.0)
Total expenses	481.8		150.7		790.7		295.2
Income (loss) before income tax expense	79.7		127.3		221.9		(55.9)
Income tax expense	(9.6)		(3.3)		(19.4)		(3.7)
Net income (loss)	70.1		124.0		202.5		(59.6)
Net income attributable to noncontrolling interests	(1.6)		—		(1.6)		—
Net income (loss) available to SiriusPoint	68.5		124.0		200.9		(59.6)
Dividends on Series B preference shares	(4.0)		—		(5.5)		—
Net income (loss) available to SiriusPoint common shareholders	$	64.5	$	124.0	$	195.4	$	(59.6)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders (1)	$	0.37	$	1.33	$	1.32	$	(0.65)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (1)	$	0.37	$	1.33	$	1.30	$	(0.65)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic	158,832,629		92,593,599		137,912,915		92,392,718
Diluted	160,894,216		92,738,293		139,561,196		92,392,718

(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 19

SiriusPoint Ltd.

Condensed Consolidated Statements of Income (Loss) - by Quarter

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


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Revenues




Net premiums earned	$	466.3	$	256.0	$	182.0	$	141.7	$	140.8
Net realized and unrealized investment gains	23.9		31.5		14.7		7.0		36.0
Net investment income from investment in related party investment fund	45.6		153.2		186.6		110.6		98.6
Other net investment income	7.9		1.8		3.5		4.4		2.6

Net investment income	77.4		186.5		204.8		122.0		137.2
Other revenues	17.8		8.6		—		—		—
Total revenues	561.5		451.1		386.8		263.7		278.0
Expenses
Loss and loss adjustment expenses incurred, net	255.1		148.1		177.9		110.5		89.1
Acquisition costs, net	105.6		69.0		39.3		54.8		43.7
Other underwriting expenses	72.3		30.2		9.7		6.1		7.8
Net corporate and other expenses	25.7		68.3		11.0		14.9		8.9
Intangible asset amortization	1.3		0.8		—		—		—
Interest expense	9.8		4.9		2.1		2.1		2.0
Foreign exchange (gains) losses	12.0		(12.4)		8.3		5.9		(0.8)
Total expenses	481.8		308.9		248.3		194.3		150.7
Income before income tax expense	79.7		142.2		138.5		69.4		127.3
Income tax expense	(9.6)		(9.8)		(3.7)		(0.7)		(3.3)
Net income	70.1		132.4		134.8		68.7		124.0
Net income attributable to noncontrolling interests	(1.6)		—		(0.4)		—		—
Net income available to SiriusPoint	68.5		132.4		134.4		68.7		124.0
Dividends on Series B preference shares	(4.0)		(1.5)		—		—		—
Net income available to SiriusPoint common shareholders	$	64.5	$	130.9	$	134.4	$	68.7	$	124.0
Earnings per share available to SiriusPoint common shareholders
Basic earnings per share available to SiriusPoint common shareholders (1)	$	0.37	$	1.07	$	1.43	$	0.74	$	1.33
Diluted earnings per share available to SiriusPoint common shareholders (1)	$	0.37	$	1.05	$	1.43	$	0.73	$	1.33
Weighted average number of common shares used in the determination of earnings per share
Basic	158,832,629		116,760,760		92,638,978		92,613,393		92,593,599
Diluted	160,894,216		118,146,341		93,165,559		92,969,646		92,738,293

Page 7 of 19

SiriusPoint Ltd.

Segment Reporting - Three months ended June 30, 2021

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


	A&H			Specialty			Property			Runoff & Other		Total

Gross premiums written (1)	$	90.6		$	289.3		$	213.2		$	(30.4)	$	562.7

Net premiums written (1)	75.8			241.1			173.3			(31.2)		459.0

Net premiums earned (1)	103.7			231.1			154.4			(22.9)		466.3

Loss and loss adjustment expenses incurred, net (2)	52.1			151.2			74.3			(22.5)		255.1
Acquisition costs, net	19.8			60.8			27.6			(2.6)		105.6
Other underwriting expenses (2)	28.7			19.2			22.3			2.1		72.3

Net underwriting income (loss)	$	3.1		$	(0.1)		$	30.2		$	0.1	33.3
Other revenues												17.8
Net investment income												77.4
Net corporate and other expenses												(25.7)
Intangible asset amortization												(1.3)
Interest expense												(9.8)
Foreign exchange losses												(12.0)
Income before income tax expense												$	79.7

Underwriting Ratios (3):
Loss ratio	50.2		%	65.4		%	48.1		%	NM		54.7		%
Acquisition cost ratio	19.1		%	26.3		%	17.9		%	NM		22.6		%
Other underwriting expenses ratio	27.7		%	8.3		%	14.4		%	NM		15.5		%
Combined ratio (4)	97.0		%	100.0		%	80.4		%	NM		92.8		%

(1)Includes service fee revenue from the Company’s MGUs of $14.0 million in the three months ended June 30, 2021.

(2)Loss and loss adjustment expenses incurred, net and other underwriting expenses include expenses associated with the Company’s MGUs of $3.5 million and $23.6 million for the three months ended June 30, 2021, respectively.

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

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

Page 8 of 19

SiriusPoint Ltd.

Segment Reporting - Three months ended June 30, 2020

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


	A&H			Specialty			Property			Runoff & Other		Total

Gross premiums written (1)	$	1.3		$	73.8		$	72.6		$	—	$	147.7

Net premiums written (1)	1.3			70.7			57.3			—		129.3

Net premiums earned (1)	0.7			98.5			41.0			0.6		140.8

Loss and loss adjustment expenses incurred, net (1)	2.3			67.8			19.2			(0.2)		89.1
Acquisition costs, net	—			33.8			9.8			0.1		43.7
Other underwriting expenses (1)	0.1			4.8			1.6			1.3		7.8

Net underwriting income (loss)	$	(1.7)		$	(7.9)		$	10.4		$	(0.6)	0.2





Net investment income												137.2
Net corporate and other expenses												(8.9)

Interest expense												(2.0)
Foreign exchange gains												0.8
Income before income tax expense												$	127.3

Underwriting Ratios (2):
Loss ratio	328.6		%	68.8		%	46.8		%	NM		63.3		%
Acquisition cost ratio	—		%	34.3		%	23.9		%	NM		31.0		%
Other underwriting expenses ratio	14.3		%	4.9		%	3.9		%	NM		5.5		%
Combined ratio (3)	342.9		%	108.0		%	74.6		%	NM		99.8		%

(1)No MGUs existed in the three months ended June 30, 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 first quarter of 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 9 of 19

SiriusPoint Ltd.

Segment Reporting - Six months ended June 30, 2021

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


	A&H			Specialty			Property			Runoff & Other		Total

Gross premiums written (1)	$	225.4		$	457.0		$	275.3		$	(28.4)	$	929.3

Net premiums written (1)	179.4			385.6			233.6			(29.3)		769.3

Net premiums earned (1)	138.7			370.1			234.6			(21.1)		722.3

Loss and loss adjustment expenses incurred, net (2)	66.1			238.3			119.7			(20.9)		403.2
Acquisition costs, net	24.9			103.1			48.8			(2.2)		174.6
Other underwriting expenses (2)	39.3			29.1			30.5			3.6		102.5

Net underwriting income (loss)	$	8.4		$	(0.4)		$	35.6		$	(1.6)	42.0
Other revenues												26.4
Net investment income												263.9
Net corporate and other expenses												(94.0)
Intangible asset amortization												(2.1)
Interest expense												(14.7)
Foreign exchange gains												0.4
Income before income tax expense												$	221.9

Underwriting Ratios (3):
Loss ratio	47.7		%	64.4		%	51.0		%	NM		55.8		%
Acquisition cost ratio	18.0		%	27.9		%	20.8		%	NM		24.2		%
Other underwriting expenses ratio	28.3		%	7.9		%	13.0		%	NM		14.2		%
Combined ratio (4)	94.0		%	100.2		%	84.8		%	NM		94.2		%

(1)Includes service fee revenue from the Company’s MGUs of $24.8 million in the six months ended June 30, 2021.

(2)Loss and loss adjustment expenses incurred, net and other underwriting expenses include expenses associated with the Company’s MGUs of $4.4 million and $30.9 million for the six months ended June 30, 2021, respectively.

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

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

Page 10 of 19

SiriusPoint Ltd.

Segment Reporting - Six months ended June 30, 2020

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


	A&H					Specialty					Property					Runoff & Other		Total

Gross premiums written (1)	$	2.6				$	153.2				$	117.6				$	—	$	273.4

Net premiums written (1)	2.6					147.6					102.3					—		252.5

Net premiums earned (1)	1.9					197.9					86.1					1.2		287.1

Loss and loss adjustment expenses incurred, net (1)	3.3					135.2					37.3					1.1		176.9
Acquisition costs, net	0.2					67.3					25.7					(0.3)		92.9
Other underwriting expenses (1)	0.1					9.3					3.1					2.5		15.0

Net underwriting income (loss)	$	(1.7)				$	(13.9)				$	20.0				$	(2.1)	2.3

Net investment loss																		(47.8)
Net corporate and other expenses																		(15.3)

Interest expense																		(4.1)
Foreign exchange gains																		9.0
Loss before income tax expense																		$	(55.9)

Underwriting Ratios (2):
Loss ratio	173.7		%	—	%	68.3		%	—	%	43.3		%	—	%	NM		61.6		%
Acquisition cost ratio	10.5		%	—	%	34.0		%	—	%	29.8		%	—	%	NM		32.4		%
Other underwriting expenses ratio	5.3		%	—	%	4.7		%	—	%	3.6		%	—	%	NM		5.2		%
Combined ratio (3)	189.5		%			107.0		%			76.7		%			NM		99.2		%

(1)No MGUs existed in the six months ended June 30, 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.

Page 11 of 19

SiriusPoint Ltd.

A&H Segment - by Quarter (1)

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


	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020

Gross premiums written	$	90.6		$	134.8		$	0.6		$	0.2		$	1.3

Net premiums written	75.8			103.6			0.6			0.2			1.3

Net premiums earned	103.7			35.0			0.7			0.6			0.7

Loss and loss adjustment expenses incurred, net	52.1			14.0			(0.4)			0.4			2.3
Acquisition costs, net	19.8			5.1			—			0.1			—
Other underwriting expenses	28.7			10.6			—			—			0.1

Net underwriting income (loss)	$	3.1		$	5.3		$	1.1		$	0.1		$	(1.7)






Underwriting Ratios (2):
Loss ratio	50.2		%	40.0		%	(57.1)		%	66.7		%	328.6		%
Acquisition cost ratio	19.1		%	14.6		%	—		%	16.7		%	—		%
Other underwriting expense ratio	27.7		%	30.3		%	—		%	—		%	14.3		%
Combined ratio	97.0		%	84.9		%	(57.1)		%	83.3		%	342.9		%

(1)The Company modified the presentation of its operating segments in the first quarter of 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.

Page 12 of 19

SiriusPoint Ltd.

Specialty Segment - by Quarter (1)

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


	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020

Gross premiums written	$	289.3		$	167.7		$	136.5		$	79.0		$	73.8

Net premiums written	241.1			144.5			125.5			76.7			70.7

Net premiums earned	231.1			139.0			122.4			87.7			98.5

Loss and loss adjustment expenses incurred, net	151.2			87.1			139.5			67.9			67.8
Acquisition costs, net	60.8			42.3			27.2			18.0			33.8
Other underwriting expenses	19.2			9.9			6.3			3.1			4.8

Net underwriting loss	$	(0.1)		$	(0.3)		$	(50.6)		$	(1.3)		$	(7.9)






Underwriting Ratios (2):
Loss ratio	65.4		%	62.7		%	114.0		%	77.4		%	68.8		%
Acquisition cost ratio	26.3		%	30.4		%	22.2		%	20.5		%	34.3		%
Other underwriting expense ratio	8.3		%	7.1		%	5.1		%	3.5		%	4.9		%
Combined ratio	100.0		%	100.2		%	141.3		%	101.4		%	108.0		%

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

Page 13 of 19

SiriusPoint Ltd.

Property Segment - by Quarter (1)

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


	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020

Gross premiums written	$	213.2		$	62.1		$	27.3		$	42.6		$	72.6

Net premiums written	173.3			60.3			21.2			36.6			57.3

Net premiums earned	154.4			80.2			35.7			49.8			41.0

Loss and loss adjustment expenses incurred, net	74.3			45.4			20.1			62.1			19.2
Acquisition costs, net	27.6			21.2			9.9			13.0			9.8
Other underwriting expenses	22.3			8.2			1.3			1.6			1.6

Net underwriting income (loss)	$	30.2		$	5.4		$	4.4		$	(26.9)		$	10.4






Underwriting Ratios (2):
Loss ratio	48.1		%	56.6		%	56.3		%	124.7		%	46.8		%
Acquisition cost ratio	17.9		%	26.4		%	27.7		%	26.1		%	23.9		%
Other underwriting expense ratio	14.4		%	10.2		%	3.6		%	3.2		%	3.9		%
Combined ratio	80.4		%	93.2		%	87.6		%	154.0		%	74.6		%

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

Page 14 of 19

SiriusPoint Ltd.

Runoff & Other Segment - by Quarter (1)

(expressed in millions of U.S. dollars)


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020

Gross premiums written	$	(30.4)	$	2.0	$	26.0	$	2.9	$	—

Net premiums written	(31.2)		1.9		26.0		2.9		—

Net premiums earned	(22.9)		1.8		23.3		3.6		0.6

Loss and loss adjustment expenses incurred, net	(22.5)		1.6		18.8		(20.0)		(0.2)
Acquisition costs, net	(2.6)		0.4		2.1		23.7		0.1
Other underwriting expenses	2.1		1.5		2.0		1.4		1.3

Net underwriting income (loss)	$	0.1	$	(1.7)	$	0.4	$	(1.5)	$	(0.6)

(1)The Company modified the presentation of its operating segments in the the first quarter of 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

Page 15 of 19

SiriusPoint Ltd.

Investments - by Quarter

(expressed in millions of U.S. dollars)


	June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020
	Fair Value		%		Fair Value		%		Fair Value		%		Fair Value		%		Fair Value		%

Asset-backed securities	$	543.6	12.1	%	$	594.6	12.8	%	$	1.3	0.1	%	$	20.6	2.0	%	$	35.7	3.5	%
Residential mortgage-backed securities	367.8		8.2	%	392.2		8.5	%	8.7		0.7	%	8.7		0.8	%	12.7		1.3	%
Commercial mortgage-backed securities	123.6		2.7	%	123.0		2.6	%	—		—	%	—		—	%	—		—	%
Bank debt	—		—	%	—		—	%	0.4		—	%	0.7		0.1	%	1.3		0.1	%
Corporate debt securities	595.0		13.2	%	564.6		12.2	%	37.7		3.3	%	56.8		5.4	%	66.9		6.7	%
U.S. government and government agency	264.3		5.9	%	1,140.9		24.7	%	53.2		4.6	%	99.5		9.3	%	100.0		10.0	%
Non-U.S. government and government agency	101.5		2.3	%	121.3		2.6	%	—		—	%	—		—	%	22.0		2.2	%
U.S. states, municipalities and political subdivision	0.7		—	%	0.9		—	%	—		—	%	—		—	%	—		—	%
Preferred stocks	12.8		0.3	%	2.8		0.1	%	—		—	%	—		—	%	—		—	%
Total debt securities	2,009.3		44.7	%	2,940.3		63.5	%	101.3		8.7	%	186.3		17.6	%	238.6		23.8	%
Fixed income mutual funds	1.9		—	%	1.8		—	%	—		—	%	—		—	%	—		—	%
Common stocks	3.1		0.1	%	4.1		0.1	%	—		—	%	—		—	%	—		—	%

Total equity securities	5.0		0.1	%	5.9		0.1	%	—		—	%	—		—	%	—		—	%
Short-term investments	766.7		17.0	%	—		—	%	—		—	%	—		—	%	—		—	%
Other long-term investments	322.5		7.2	%	311.2		6.8	%	4.0		0.3	%	4.0		0.4	%	4.0		0.4	%

Investments in funds valued at net asset value	1,395.6		31.0	%	1,370.7		29.6	%	1,055.6		91.0	%	869.0		82.0	%	758.4		75.8	%
Total investments	$	4,499.1	100.0	%	$	4,628.1	100.0	%	$	1,160.9	100.0	%	$	1,059.3	100.0	%	$	1,001.0	100.0	%

Page 16 of 19

SiriusPoint Ltd.

Basic and Diluted Book Value per Share - by Quarter

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


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Basic and diluted book value per share numerator:


Shareholders' equity attributable to SiriusPoint shareholders	$	2,680.1	$	2,607.5	$	1,563.9	$	1,427.6	$	1,357.3
Less: Series B preference shares	(200.0)		(200.0)		—		—		—
Common shareholders’ equity attributable to SiriusPoint common shareholders - basic	2,480.1		2,407.5		1,563.9		1,427.6		1,357.3
Plus: carrying value of Series A preference shares issued in merger	38.4		40.8		—		—		—
Common shareholders’ equity attributable to SiriusPoint common shareholders - diluted	2,518.5		2,448.3		1,563.9		1,427.6		1,357.3
Less: intangible assets	(176.7)		(174.2)		—		—		—
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - basic	2,303.4		2,233.3		1,563.9		1,427.6		1,357.3
Tangible common shareholders' equity attributable to SiriusPoint common shareholders - diluted	$	2,341.8	$	2,274.1	$	1,563.9	$	1,427.6	$	1,357.3
Basic and diluted book value per share denominator:
Common shares outstanding	161,945,750		161,891,354		95,582,733		95,314,893		94,920,203
Unvested restricted shares	(2,879,187)		(3,450,338)		(2,933,993)		(2,695,127)		(2,319,354)
Basic book value per share denominator	159,066,563		158,441,016		92,648,740		92,619,766		92,600,849
Effect of dilutive Series A preference shares issued in merger	2,088,464		1,888,145		—		—		—
Effect of dilutive warrants (1)	24,295		58,421		—		—		—
Effect of dilutive stock options, restricted shares and restricted share units issued to directors and employees (2)	2,629,954		2,426,816		969,386		284,486		227,204
Diluted book value per share denominator	163,809,276		162,814,398		93,618,126		92,904,252		92,828,053

Basic book value per share (2)	$	15.59	$	15.19	$	16.88	$	15.41	$	14.66
Tangible basic book value per share (2)	$	14.48	$	14.10	$	16.88	$	15.41	$	14.66
Diluted book value per share (2) (3)	$	15.37	$	15.04	$	16.71	$	15.37	$	14.62
Tangible diluted book value per share (2)	$	14.30	$	13.97	$	16.71	$	15.37	$	14.62

(1)As of December 31, 2020, September 30, 2020 and June 30, 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.

Page 17 of 19

SiriusPoint Ltd.

Earnings per Share - by Quarter

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


	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding	158,832,629		116,760,760		92,638,978		92,613,393		92,593,599
Dilutive effect of options (1)	313,758		184,470		—		—		—
Dilutive effect of warrants (1)	160,075		51,650		—		—		—
Dilutive effect of restricted share units	1,587,754		1,149,461		526,581		356,253		144,694
Diluted number of common shares outstanding	160,894,216		118,146,341		93,165,559		92,969,646		92,738,293

Basic earnings per common share:
Net income available to SiriusPoint common shareholders	$	64.5	$	130.9	$	134.4	$	68.7	$	124.0
Net income allocated to SiriusPoint participating common shareholders	(5.4)		(6.5)		(1.6)		(0.5)		(0.7)
Net income allocated to SiriusPoint common shareholders	$	59.1	$	124.4	$	132.8	$	68.2	$	123.3

Basic earnings per share available to SiriusPoint common shareholders	$	0.37	$	1.07	$	1.43	$	0.74	$	1.33

Diluted earnings per common share:
Net income available to SiriusPoint common shareholders	$	64.5	$	130.9	$	134.4	$	68.7	$	124.0
Net income allocated to SiriusPoint participating common shareholders	(5.4)		(6.5)		(1.6)		(0.5)		(0.7)
Net income allocated to SiriusPoint common shareholders	$	59.1	$	124.4	$	132.8	$	68.2	$	123.3

Diluted earnings per share available to SiriusPoint common shareholders (2)	$	0.37	$	1.05	$	1.43	$	0.73	$	1.33

(1)As of December 31, 2020, September 30, 2020 and June 30, 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.

(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.

Page 18 of 19

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)


	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Net income available to SiriusPoint common shareholders	$	64.5		$	130.9		$	134.4		$	68.7		$	124.0
Shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period	2,407.5			1,563.9			1,427.6			1,357.3			1,231.7
Shareholders’ equity attributable to SiriusPoint common shareholders - end of period	2,480.1			2,407.5			1,563.9			1,427.6			1,357.3
Average shareholders’ equity attributable to SiriusPoint common shareholders	$	2,443.8		$	1,985.7		$	1,495.7		$	1,392.4		$	1,294.5
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (1)	10.6		%	26.4		%	35.9		%	19.7		%	38.3		%

(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.

Page 19 of 19

August 2021 siriuspt.com A TOP 20 STRONGLY CAPITALIZED AND WELL POSITIONED GLOBAL (RE)INSURER Top 20 Global (re)insurer per S&P Global’s 2020 Global Reinsurance Highlights;

DISCLAIMER For informational purposes only 2 Forward‐ Looking Statements We make statements in this presentation that are “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 International Insurance Group, Ltd.; 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 Enhanced Fund”) whose investment strategy may bear substantial investment risks; conflicts of interest among various members of TP Enhanced Fund, Third Point LLC and SiriusPoint; and other risks and uncertainties listed in the Company's Quarterly Report on Form 10‐Q for the quarters ended March 31, 2021 and June 30, 2021, 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 This presentation may also contain non‐GAAP financial information. 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, and there are no comparable GAAP 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.

CONTENTS For informational purposes only 3 4 SIRIUSPOINT: A STRONG GLOBAL REINSURER 5 ACCOMPLISHED SENIOR MANAGEMENT TEAM 6 PROVENMANAGEMENT TEAM WITH SHARED VALUES 13 SIRIUSPOINT LTD. ISSUED CAPITAL INSTRUMENTS AS AT JUNE 30, 2021 8 SIRIUSPOINT PLATFORM UNDERWRITING CAPABILITIES, GEOGRAPHIC FOOTPRINT AND PRODUCT OFFERINGS 9 BUSINESS SEGMENTS 10 SIRIUSPOINT INVESTMENT PORTFOLIO 7 OVERVIEW OF SIRIUSPOINT: KEY HIGHLIGHTS 11 GROWING OUR BUSINESS AND ADDING VALUE APPENDIX

SIRIUSPOINT: A STRONG GLOBAL (RE)INSURER For informational purposes only 4 STRATEGIC RENEWAL Third Point Reinsurance Ltd.’s (“TPRe”) merger with Sirius International Insurance Group, Ltd. (“Sirius”) has created a diversified company with an attractive business profile backed by a strong balance sheet  Transformational transaction which has created a global, diversified (re) insurance franchise with presence across A&H, property, liability and specialty lines  Enhanced scale and underwriting capabilities, well‐positioned for profitable growth  Reconstituted strategic partnership with Third Point LLC, with the continuation of strong investment returns  Strong capitalization with further ability to reposition risk profile  Proven management team with focus on underwriting profitability  CMIH, previously Sirius’ majority shareholder, owns 34% of SiriusPoint, with a 9.9% voting cap1 Note: (1) Does not include potential impact of dilutive instruments.

EXECUTIVE LEADERSHIP TEAM 5 Monica Cramér Manhem President, International Reinsurance Vievette Henry Chief People Officer Prashanth Gangu Chief Operating Officer and President, Insurance and Services SEGMENT LEADERS

PROVEN MANAGEMENT TEAM WITH SHARED VALUES For informational purposes only 6 The SiriusPoint Board is comprised of individuals with deep industry and business experience, including two new appointments which were announced upon the closing of the merger. • Franklin (Tad) Montross, the former Chairman and Chief Executive Officer of General Reinsurance, who brings 43 years of experience in the (re)insurance industry to the SiriusPoint board • Sharon M. Ludlow, a seasoned C‐suite executive and corporate director, with more than 25 years of experience in the Life and Health, and Property and Casualty re‐insurance industries. During the course of her career, Ms. Ludlow served as President and CEO of the Canadian operations of Swiss Re and as President of Aviva Insurance Company of Canada Significant global underwriting talent: • Nick Campbell, Global Head of Specialty • Patrick Chamberland, EVP International Reinsurance • Stuart Liddell, Global President of Accident & Health • Jan Onselius, Chief Underwriting Officer, International Reinsurance • Ian Sawyer, Global Head of Casualty • Warren Trace, Head of US and Canada • Tim Mardon, Global Head of Property Reinsurance

A- AM Best A- S&P A- Fitch Financial strength ratings $3 Billion Total GAAP capital1 $7 Billion Total investments & cash 2 $2.3 Billion Gross premiums written 3 Clients in nearly 150 countries 8,000 Treaties & Accounts 20 Global underwriting & representative offices Top 20 Global (re)insurer 4 ~1,000 Employees (including MGUs)5 OVERVIEW OF SIRIUSPOINT: KEY HIGHLIGHTS For informational purposes only 7 Note: Information is accurate as at June 30 2021 unless otherwise indicated. (1) Total GAAP capital includes common and preferred equity, and debt; (2) Including restricted cash, (3) Proforma data as of December 31 2020, (4) Top 20 Global (re)insurer per S&P Global’s 2020 Global Reinsurance Highlights; (5) International Medical Group and ArmadaCorp Capital

SIRIUSPOINT PLATFORM UNDERWRITING CAPABILITIES, GEOGRAPHIC FOOTPRINT AND PRODUCT OFFERINGS For informational purposes only 8 (Re)insurance franchise  Long‐standing relationships and track record of underwriting profitability  Diverse businesses, scalable with larger underwriting platform US specialty business growth  Proven teams  Data‐enabled small‐commercial business Accident & Health vertical platform  Decades of market leadership and performance  Two in‐house MGUs  Sticky relationships with MGUs that are profit‐aligned with SiriusPoint  Unique opportunities for growth GLASTONBURY, CT BERWYN, PA LONDON BALTIMORE, MD MIAMI, FL BERMUDA SIRIUS EXPANDS: UNDERWRITING CAPABILITIES GEOGRAPHIC FOOTPRINT PRODUCT OFFERINGS NEW YORK, NY SAN FRANCISCO, CA INDIANAPOLIS, IN TORONTO CARDIFF STOCKHOLM HAMBURG ZURICH LIÈGE SINGAPORE

BUSINESS SEGMENTS 9 Accident & Health Insurance and Reinsurance Underwriting A&H insurance, as well as medical, travel and personal accident reinsurance International Medical Group, Inc. (“IMG”) full‐service global health and travel insurance, and assistance ArmadaCorp Capital, LLC (“Armada”) U.S. supplemental medical insurance Specialty Aviation & Space aviation operations and satellite insurance Marine & Energy marine reinsurance and yacht insurance Credit short‐term commercial credit and bond reinsurance Contingency event cancellation and non‐appearance Casualty cross section of all casualty lines including general liability, umbrella, auto, workers compensation, professional liability and others Environmental insurance for pollution coverage Mortgage mortgage reinsurance & retrocession Property Property Catastrophe Excess Reinsurance covers losses from catastrophic events Agriculture Reinsurance reinsurance coverage for Gov’t‐sponsored multi‐peril crop insurance Property Risk and Pro Rata Runoff & Other

SIRIUSPOINT INVESTMENT PORTFOLIO For informational purposes only 10 • Total return investment strategy • Investment portfolio heavily weighted towards traditional fixed income, cash, and cash equivalents to support regulatory collateral requirements • Strong partnership with Third Point LLC with positions in their long/short equity, credit, and venture funds • Strategic investments in InsurTech companies Note (1) . Risk Assets includes TP Enhanced, TP Venture, Strategic Investments and SG Legacy Alternatives (results inclusive of PGAAP adjustment of ‐$20m). (2) Fixed Income and Cash & Cash Equivalent includes debt securities and unrestricted cash and cash equivalents. (3) Collateral Assets includes restricted securities and restricted cash and cash equivalents 1 2 3 25% 40% 35% Risk Assests Fixed Income and Cash & Cash Equivalents Collateral Assets 1 2 3

Transitioning to a Specialty (Re)insurer Attracting experienced talent Expanding into higher margin business lines Improving profitability Capital markets expertise to drive value via strategic partnerships Best‐in‐class investment manager Designed to deliver attractive risk adjusted returns VISION: TO GROW OUR BUSINESS, CREATE VALUE AND POSITIVELY IMPACT A CHANGING WORLD BY BEING THE MOST ADAPTIVE (RE)INSURER IN THE MARKET GROWING OUR BUSINESS AND CREATING VALUE For informational purposes only 11

PRESENTATION TITLE OES HERE APPENDIX 12For informational purposes only

For information purposes only SIRIUSPOINT LTD. ISSUED CAPITAL INSTRUMENTS Notes: [1] Excludes unvested restricted shares. [2] In relation only to the warrants issued as consideration. Summary terms only presented here. For the full terms and conditions of each of the above securities, please see SiriusPoint’s final joint proxy statement / prospectus, filed on October 23, 2020, and our other SEC filings, which can be found in the Investor Relations section of www.siriuspt.com. For the full terms and conditions of Sirius Group’s sub‐debt and senior‐debt, please see Sirius Group’s historical SEC filings. as of June 30, 2021 Instrument Number Outstanding (millions) Face Amount ($, millions) Maturity Rating Listing 2Q FV Change ($, millions) 2Q Ending FV ($, millions) Basic common shares 1581 - - - NYSE - ticker SPNT - - Contingent value rights 5 - 2/26/2023 - OTCQX - ticker SSPCF ($4.1) $22.9 Upside rights - Shares equal to $100 2/26/2022 - - ($4.9) $1.6 Warrants 21 - 2/26/2026 - Pink Sheet - ticker SSPFF ($3.0) $50.4 Preference shares - Series A 12 - 2/26/2024 - - ($2.4) $38.4 Preference shares - Series B 8 $200 Perpetual NC5 BB+ (S&P, Fitch) NYSE - ticker SPNT-PB - - SEK-denominated sub debt - SEK 2,750 2047 BB+ (S&P, Fitch) Irish Stock Exchange - - Sirius senior debt - $400 2026 BBB (S&P), BBB- (Fitch) Bermuda Stock Exchange - - TPRe senior debt - $115 2025 BBB- (AMB) OTCQX - SPNT/25 - - Subtotal ($14.5) $113.3 Sirius Group private warrants 4 - 11/5/2023 - - ($1.0) $6.3 Sirius public warrants 4 - 10/27/2023 - - - $2.6 Total ($15.5) $122.2 13F r informational urposes only

For information purposes only THANK YOU


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Shares, $0.10 par value	SPNT	New York Stock Exchange
8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share	SPNT PB	New York Stock Exchange



Exhibit No.						Description

99.1						Press release dated August 5, 2021, announcing strategic deal with Compre.
99.2						Press Release dated August 5, 2021, announcing the earnings of SiriusPoint Ltd. for the Second Quarter Ended June 30, 2021.
99.3						Second Quarter Ended June 30, 2021 Financial Supplement.
99.4						SiriusPoint Ltd. presentation to investors, dated August 5, 2021.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)



Date: August 5, 2021	/s/ David W. Junius
	Name:	David W. Junius
	Title:	Chief Financial Officer


☐			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))


Item 1.01			Material Definitive Agreement.


Item 2.02			Results of Operations and Financial Condition.


Item 7.01			Regulation FD Disclosure.


Item 9.01			Financial Statements and Exhibits.