# EDGAR Filing Document

**Accession Number:** 0001576018
**File Stem:** 0001576018-25-000044
**Filing Date:** 2025-10
**Character Count:** 353261
**Document Hash:** 9b1017e71ec11463e623401208dcc736
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576018-25-000044.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001576018-25-000044

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 107

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SiriusPoint Ltd
- **CENTRAL INDEX KEY:** 0001576018
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36052
- **FILM NUMBER:** 251435934

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **STREET 2:** 285 FULTON STREET, 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 1 441 542 3300

**MAIL ADDRESS:**
- **STREET 1:** POINT BUILDING
- **STREET 2:** 3 WATERLOO LANE
- **CITY:** PEMBROKE
- **STATE:** D0
- **ZIP:** HM 08

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Third Point Reinsurance Ltd.
- **DATE OF NAME CHANGE:** 20130503

?xml version='1.0' encoding='ASCII'? spnt-20250930

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

___________________________

**FORM 10-Q** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended September 30, 2025

OR

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)** **OF THE SECURITIES EXCHANGE ACT OF 1934** For the transition period from to

**Commission File Number 001-36052**

**SIRIUSPOINT LTD.** 

(Exact name of registrant as specified in its charter)

Bermuda 98-1599372 <br> (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

Point Building

3 Waterloo Lane

Pembroke HM 08, Bermuda

+1 441 542-3300

(Address of Principal Executive Offices) (Registrant's Telephone Number, Including Area Code)

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

---

| | | |
|:---|:---|:---|
| Title of each 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,<br> Series B, $0.10 par value, <br>$25.00 liquidation preference per share | SPNT PB | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes&nbsp;&nbsp;&nbsp;&nbsp;☒&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes&nbsp;&nbsp;&nbsp;&nbsp;☒&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). &nbsp;&nbsp;&nbsp;&nbsp;☐

As of October 29, 2025, the registrant had 116,814,640 common shares issued and outstanding.

------

**SiriusPoint Ltd.**

**INDEX**

---

| | |
|:---|:---|
| | Page |
| [PART I](#i657980e222c04e0fb7ad0cd7c9de22ef_13). FINANCIAL INFORMATION | <u>[1](#i657980e222c04e0fb7ad0cd7c9de22ef_13)</u> |
| [Item 1.](#i657980e222c04e0fb7ad0cd7c9de22ef_16) Financial Statements | <u>[1](#i657980e222c04e0fb7ad0cd7c9de22ef_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#i657980e222c04e0fb7ad0cd7c9de22ef_19) as of September 30, 2025 (unaudited) and December 31, 2024 | <u>[1](#i657980e222c04e0fb7ad0cd7c9de22ef_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Income](#i657980e222c04e0fb7ad0cd7c9de22ef_25) for the three and nine months ended September 30, 2025 and 2024 (unaudited) | <u>[2](#i657980e222c04e0fb7ad0cd7c9de22ef_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Comprehensive Income](#i657980e222c04e0fb7ad0cd7c9de22ef_28) for the three and nine months ended September 30, 2025 and 2024 (unaudited) | <u>[3](#i657980e222c04e0fb7ad0cd7c9de22ef_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Shareholders' Equity](#i657980e222c04e0fb7ad0cd7c9de22ef_31) for the three and nine months ended September 30, 2025 and 2024 (unaudited) | <u>[4](#i657980e222c04e0fb7ad0cd7c9de22ef_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#i657980e222c04e0fb7ad0cd7c9de22ef_34) for the three and nine months ended September 30, 2025 and 2024 (unaudited) | <u>[5](#i657980e222c04e0fb7ad0cd7c9de22ef_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to the Consolidated Financial Statements](#i657980e222c04e0fb7ad0cd7c9de22ef_40)  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_43) 1. Organization | <u>[6](#i657980e222c04e0fb7ad0cd7c9de22ef_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_46) 2. Significant accounting policies | <u>[6](#i657980e222c04e0fb7ad0cd7c9de22ef_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_49) 3. Significant transactions | <u>[7](#i657980e222c04e0fb7ad0cd7c9de22ef_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_52) 4. Segment reporting | <u>[7](#i657980e222c04e0fb7ad0cd7c9de22ef_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_58) 5. Cash, cash equivalents, restricted cash and restricted investments | <u>[13](#i657980e222c04e0fb7ad0cd7c9de22ef_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_61) 6. Fair value measurements | <u>[13](#i657980e222c04e0fb7ad0cd7c9de22ef_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_64) 7. Investments | <u>[19](#i657980e222c04e0fb7ad0cd7c9de22ef_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_67) 8. Total net investment income and net realized and unrealized investment gains (losses) | <u>[23](#i657980e222c04e0fb7ad0cd7c9de22ef_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_70) 9. Derivatives | <u>[25](#i657980e222c04e0fb7ad0cd7c9de22ef_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_73) 10. Variable and voting interest entities | <u>[26](#i657980e222c04e0fb7ad0cd7c9de22ef_73)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_76) 11. Loss and loss adjustment expense reserves | <u>[28](#i657980e222c04e0fb7ad0cd7c9de22ef_76)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_79) 12. Allowance for expected credit losses | <u>[29](#i657980e222c04e0fb7ad0cd7c9de22ef_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_82) 13. Debt and letter of credit facilities | <u>[30](#i657980e222c04e0fb7ad0cd7c9de22ef_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_85) 14. Income taxes | <u>[31](#i657980e222c04e0fb7ad0cd7c9de22ef_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_88) 15. Shareholders' equity | <u>[32](#i657980e222c04e0fb7ad0cd7c9de22ef_88)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_91) 16. Earnings per share available to SiriusPoint common shareholders | <u>[34](#i657980e222c04e0fb7ad0cd7c9de22ef_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_94) 17. Related party transactions | <u>[34](#i657980e222c04e0fb7ad0cd7c9de22ef_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_97) 18. Commitments and contingencies | <u>[35](#i657980e222c04e0fb7ad0cd7c9de22ef_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i657980e222c04e0fb7ad0cd7c9de22ef_100) 19. Subsequent events | <u>[37](#i657980e222c04e0fb7ad0cd7c9de22ef_100)</u> |
| [Item 2.](#i657980e222c04e0fb7ad0cd7c9de22ef_103)Management's Discussion and Analysis of Financial Condition and Results of Operations | <u>[38](#i657980e222c04e0fb7ad0cd7c9de22ef_103)</u> |
| [Item 3.](#i657980e222c04e0fb7ad0cd7c9de22ef_151)Quantitative and Qualitative Disclosures About Market Risk | <u>[62](#i657980e222c04e0fb7ad0cd7c9de22ef_151)</u> |
| [Item 4.](#i657980e222c04e0fb7ad0cd7c9de22ef_154)Controls and Procedures | <u>[63](#i657980e222c04e0fb7ad0cd7c9de22ef_154)</u> |
| <u>[PART II. OTHER INFORMATION](#i657980e222c04e0fb7ad0cd7c9de22ef_157)</u> | <u>[63](#i657980e222c04e0fb7ad0cd7c9de22ef_160)</u> |
| [Item](#i657980e222c04e0fb7ad0cd7c9de22ef_160)1. Legal Proceedings | <u>[63](#i657980e222c04e0fb7ad0cd7c9de22ef_160)</u> |
| [Item](#i657980e222c04e0fb7ad0cd7c9de22ef_163)1A. Risk Factors | <u>[64](#i657980e222c04e0fb7ad0cd7c9de22ef_163)</u> |
| &nbsp;&nbsp;[Item](#i657980e222c04e0fb7ad0cd7c9de22ef_166)2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities | <u>[64](#i657980e222c04e0fb7ad0cd7c9de22ef_166)</u> |
| [Item](#i657980e222c04e0fb7ad0cd7c9de22ef_169)3. Defaults Upon Senior Securities | <u>[64](#i657980e222c04e0fb7ad0cd7c9de22ef_169)</u> |
| [Item](#i657980e222c04e0fb7ad0cd7c9de22ef_172)4. Mine Safety Disclosures | <u>[64](#i657980e222c04e0fb7ad0cd7c9de22ef_172)</u> |
| [Item](#i657980e222c04e0fb7ad0cd7c9de22ef_175)5. Other Information | <u>[64](#i657980e222c04e0fb7ad0cd7c9de22ef_175)</u> |
| [Item](#i657980e222c04e0fb7ad0cd7c9de22ef_178)6. Exhibits | <u>[65](#i657980e222c04e0fb7ad0cd7c9de22ef_178)</u> |

---

------

**PART I - Financial Information**

**ITEM 1. Financial Statements**

**SIRIUSPOINT LTD.**

**CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**As of September 30, 2025 and December 31, 2024**

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

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2024 - $1.1) (cost - $5,097.3; 2024 - $5,143.8) | $5145.6 | $5131 |
| Debt securities, trading, at fair value (cost - $119.5; 2024 - $187.3) | 98.7 | 162.2 |
| Short-term investments, at fair value (cost - $24.3; 2024 - $95.3) | 24.6 | 95.8 |
| Other long-term investments, at fair value (cost - $432.8; 2024 - $438.2) (includes related party investments at fair value of $221.5 (2024 - $217.2)) | 318.3 | 316.5 |
| Total investments | 5587.2 | 5705.5 |
| Cash and cash equivalents | 582.4 | 682.0 |
| Restricted cash and cash equivalents | 135.3 | 212.6 |
| Due from brokers | 10.0 | 11.2 |
| Interest and dividends receivable | 43.9 | 44.0 |
| Insurance and reinsurance balances receivable, net | 2291.4 | 2054.4 |
| Deferred acquisition costs, net | 381.1 | 327.5 |
| Unearned premiums ceded | 487.1 | 463.9 |
| Loss and loss adjustment expenses recoverable, net | 2162.9 | 2315.3 |
| Deferred tax asset | 282.2 | 297.0 |
| Intangible assets | 123.6 | 140.8 |
| Other assets | 330.0 | 270.7 |
| Assets held for sale | 43.1 |  |
| **Total assets** | $12460.2 | $12524.9 |
| **Liabilities** |  |  |
| Loss and loss adjustment expense reserves | $5811.7 | $5653.9 |
| Unearned premium reserves | 1867.9 | 1639.2 |
| Reinsurance balances payable | 1492.1 | 1781.6 |
| Deferred gain on retroactive reinsurance |  | 8.5 |
| Debt | 682.5 | 639.1 |
| Due to brokers | 27.5 | 18.0 |
| Deferred tax liability | 78.5 | 76.2 |
| Share repurchase liability |  | 483.0 |
| Other liabilities | 263.2 | 286.6 |
| Liabilities held for sale | 25.8 |  |
| **Total liabilities** | 10249.2 | 10586.1 |
| Commitments and contingent liabilities (refer to Note 18) |  |  |
| **Shareholders' equity** |  |  |
| Series B preference shares (par value $0.10; authorized and issued: 8,000,000) | 200.0 | 200.0 |
| Common shares (issued and outstanding: 116,807,497; 2024 - 116,429,057) | 11.7 | 11.6 |
| Additional paid-in capital | 957.4 | 945.0 |
| Retained earnings | 988.5 | 784.9 |
| Accumulated other comprehensive income (loss), net of tax | 52.3 | (4.1) |
| **Shareholders' equity attributable to SiriusPoint shareholders** | 2209.9 | 1937.4 |
| Noncontrolling interests | 1.1 | 1.4 |
| **Total shareholders' equity** | 2211.0 | 1938.8 |
| **Total liabilities, noncontrolling interests and shareholders' equity** | $12460.2 | $12524.9 |
| **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** |

---

------

**SIRIUSPOINT LTD.**

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)**

**For the three and nine months ended September 30, 2025 and 2024**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Revenues** | | | | |
| Net premiums earned | $647.7 | $568.9 | $1926.4 | $1753.2 |
| Net investment income | 66.5 | 77.7 | 205.9 | 234.7 |
| Net realized and unrealized investment gains (losses) | 6.2 | 14.8 | 6.6 | (39.1) |
| Net investment income and net realized and unrealized investment gains (losses) | 72.7 | 92.5 | 212.5 | 195.6 |
| Other revenues | 35.5 | 18.1 | 92.5 | 164.8 |
| Loss on settlement and change in fair value of liability-classified capital instruments |  | (117.3) |  | (122.6) |
| Total revenues | 755.9 | 562.2 | 2231.4 | 1991.0 |
| **Expenses** |  |  |  |  |
| Loss and loss adjustment expenses incurred, net | 372.9 | 317.5 | 1147.3 | 999.4 |
| Acquisition costs, net | 139.8 | 117.5 | 410.4 | 382.3 |
| Other underwriting expenses | 43.6 | 44.9 | 133.0 | 127.8 |
| Net corporate and other expenses | 62.5 | 51.4 | 194.0 | 174.0 |
| Intangible asset amortization | 2.8 | 3.0 | 8.5 | 8.9 |
| Interest expense | 21.0 | 13.8 | 60.2 | 50.0 |
| Foreign exchange losses | 2.4 | 3.0 | 16.9 | 2.9 |
| Total expenses | 645.0 | 551.1 | 1970.3 | 1745.3 |
| Income before income tax expense | 110.9 | 11.1 | 261.1 | 245.7 |
| Income tax expense | (20.2) | (2.4) | (45.1) | (26.3) |
| **Net income** | 90.7 | 8.7 | 216.0 | 219.4 |
| Net (income) loss attributable to noncontrolling interests | 0.1 | (0.2) | (0.4) | (2.2) |
| **Net income available to SiriusPoint** | 90.8 | 8.5 | 215.6 | 217.2 |
| Dividends on Series B preference shares | (4.0) | (4.0) | (12.0) | (12.0) |
| **Net income available to SiriusPoint common shareholders** | $86.8 | $4.5 | $203.6 | $205.2 |
| **Earnings per share available to SiriusPoint common shareholders** |  |  |  |  |
| Basic earnings per share available to SiriusPoint common shareholders | $0.74 | $0.03 | $1.75 | $1.15 |
| Diluted earnings per share available to SiriusPoint common shareholders | $0.73 | $0.03 | $1.71 | $1.11 |
| **Weighted average number of common shares used in the determination of earnings per share** |  |  |  |  |
| Basic | 116726540 | 165659401 | 116412996 | 168275970 |
| Diluted | 118817903 | 172803298 | 118655606 | 174261326 |
| **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** |

---

------

**SIRIUSPOINT LTD.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)**

**For the three and nine months ended September 30, 2025 and 2024**

**(expressed in millions of U.S. dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Comprehensive income** | | | | |
| Net income | $90.7 | $8.7 | $216 | $219.4 |
| **Other comprehensive income (loss), net of tax** |  |  |  |  |
| Change in foreign currency translation adjustment | (3.3) | 0.4 | (0.1) | (1.5) |
| Unrealized gains (losses) from debt securities held as available for sale investments | 2.2 | 112.2 | 54.0 | 90.4 |
| Reclassifications from accumulated other comprehensive income (loss) | 6.9 | (3.1) | 2.5 | (10.5) |
| **Total other comprehensive income (loss)** | 5.8 | 109.5 | 56.4 | 78.4 |
| **Comprehensive income** | 96.5 | 118.2 | 272.4 | 297.8 |
| Net (income) loss attributable to noncontrolling interests | 0.1 | (0.2) | (0.4) | (2.2) |
| **Comprehensive income available to SiriusPoint** | $96.6 | $118.0 | $272.0 | $295.6 |
| **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** |

---

------

**SIRIUSPOINT LTD.**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)**

**For the three and nine months ended September 30, 2025 and 2024**

**(expressed in millions of U.S. dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Series B preference shares** | | | | |
| Balance, beginning of period | $200 | $200 | $200 | $200 |
| Issuance of preference shares, net |  |  |  |  |
| Balance, end of period | 200.0 | 200.0 | 200.0 | 200.0 |
| **Common shares** |  |  |  |  |
| Balance, beginning of period | 11.7 | 17.1 | 11.6 | 16.8 |
| Issuance of common shares, net |  |  | 0.2 | 0.1 |
| Exercise of options |  |  |  | 0.2 |
| Common shares repurchased and retired |  | (0.9) | (0.1) | (0.9) |
| Balance, end of period | 11.7 | 16.2 | 11.7 | 16.2 |
| **Additional paid-in capital** |  |  |  |  |
| Balance, beginning of period | 945.8 | 1713.3 | 945.0 | 1693.0 |
| Share compensation | 11.6 | 4.3 | 19.5 | 8.4 |
| Exercise of options |  | 2.2 | 0.6 | 18.4 |
| Common shares repurchased and retired |  | (128.8) | (7.7) | (128.8) |
| Balance, end of period | 957.4 | 1591.0 | 957.4 | 1591.0 |
| **Retained earnings** |  |  |  |  |
| Balance, beginning of period | 901.7 | 801.7 | 784.9 | 601.0 |
| Net income | 90.7 | 8.7 | 216.0 | 219.4 |
| Net (income) loss attributable to noncontrolling interests | 0.1 | (0.2) | (0.4) | (2.2) |
| Dividends on preference shares | (4.0) | (4.0) | (12.0) | (12.0) |
| Balance, end of period | 988.5 | 806.2 | 988.5 | 806.2 |
| **Accumulated other comprehensive income, net of tax** |  |  |  |  |
| Balance, beginning of period | 46.5 | (28.0) | (4.1) | 3.1 |
| &nbsp;&nbsp;Change in foreign currency translation adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | 0.2 | (6.0) | (3.0) | (4.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in foreign currency translation adjustment | (3.3) | 0.4 | (0.1) | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | (3.1) | (5.6) | (3.1) | (5.6) |
| &nbsp;&nbsp;Unrealized gains from debt securities held as available for sale investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | 46.3 | (22.0) | (1.1) | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains from debt securities held as available for sale investments | 2.2 | 112.2 | 54.0 | 90.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassifications from accumulated other comprehensive income (loss) | 6.9 | (3.1) | 2.5 | (10.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | 55.4 | 87.1 | 55.4 | 87.1 |
| Balance, end of period | 52.3 | 81.5 | 52.3 | 81.5 |
| **Shareholders' equity attributable to SiriusPoint shareholders** | 2209.9 | 2694.9 | 2209.9 | 2694.9 |
| Noncontrolling interests | 1.1 | 1.6 | 1.1 | 1.6 |
| **Total shareholders' equity** | $2211 | $2696.5 | $2211 | $2696.5 |
| **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br>an integral part of the Consolidated Financial Statements.** |

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------

**SIRIUSPOINT LTD.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**For the nine months ended September 30, 2025 and 2024**

**(expressed in millions of U.S. dollars)**

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Operating activities** |  |  |
| Net income | $216 | $219.4 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| Share compensation | 24.1 | 15.9 |
| Net realized and unrealized (gain) loss on investments and derivatives | (6.6) | 39.1 |
| Change in fair value of liability-classified capital instruments |  | 31.9 |
| Amortization of premium and accretion of discount, net | (28.6) | (49.8) |
| Amortization of intangible assets | 8.5 | 8.9 |
| Other items, net | 39.1 | (26.3) |
| **Changes in assets and liabilities:** |  |  |
| Insurance and reinsurance balances receivable, net | (237.9) | (102.8) |
| Deferred acquisition costs, net | (53.6) | (21.1) |
| Unearned premiums ceded | (23.2) | (18.0) |
| Loss and loss adjustment expenses recoverable, net | 152.4 | 96.4 |
| Deferred tax asset/liability | 10.0 | 0.8 |
| Other assets | (69.0) | (127.1) |
| Interest and dividends receivable | 0.1 | (7.1) |
| Loss and loss adjustment expense reserves | 157.8 | 94.0 |
| Unearned premium reserves | 228.7 | 56.7 |
| Deferred gain on retroactive reinsurance | (8.5) | (6.2) |
| Reinsurance balances payable | (289.5) | (227.1) |
| Other liabilities | (6.0) | (10.6) |
| Intangible assets | 8.7 |  |
| Held for sale asset | (19.5) |  |
| Held for sale liability | 25.8 |  |
| Net cash provided by (used in) operating activities | 128.8 | (33.0) |
| **Investing activities** |  |  |
| Purchases of debt securities, available-for-sale | (1743.0) | (1893.1) |
| Purchases of short-term investments | (101.6) | (375.7) |
| Purchases of other investments | (19.0) | (25.8) |
| Proceeds from sales and maturities of debt securities, available-for-sale | 1832.0 | 1365.7 |
| Proceeds from sales and maturities of debt securities, trading and short-term investments | 239.8 | 1009.3 |
| Proceeds from sales and maturities of other investments | 16.0 | 51.4 |
| Change in due to/from brokers, net | 10.7 | 8.6 |
| Net cash provided by investing activities | 234.9 | 140.4 |
| **Financing activities** |  |  |
| Payment of redemption of debt |  | (517.9) |
| Proceeds from issuance of debt, net of costs |  | 393.9 |
| Purchases of SiriusPoint common shares under share repurchase program | (490.8) | (129.7) |
| Net payments on deposit liability contracts | (9.7) | (98.2) |
| Settlement of liability-classified capital instruments |  | (40.8) |
| Net proceeds from exercise of options | 0.8 | 18.5 |
| Cash dividends paid to preference shareholders | (12.0) | (12.0) |
| Taxes paid on withholding shares | (4.6) | (7.5) |
| Change in total noncontrolling interests, net | (0.7) | 0.2 |
| Net cash used in financing activities | (517.0) | (393.5) |
| Net decrease in cash, cash equivalents and restricted cash | (153.3) | (286.1) |
| Cash, cash equivalents and restricted cash at beginning of period | 894.6 | 1101.3 |
| Change in cash, cash equivalents and restricted cash classified as assets held for sale | (23.6) |  |
| **Cash, cash equivalents and restricted cash at end of period** | $717.7 | $815.2 |
| **The accompanying Notes to the Consolidated Financial Statements are<br> an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br> an integral part of the Consolidated Financial Statements.** | **The accompanying Notes to the Consolidated Financial Statements are<br> an integral part of the Consolidated Financial Statements.** |

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**SiriusPoint Ltd.** 

**Notes to the Consolidated Financial Statements (UNAUDITED)**

***(Expressed in U.S. Dollars)***

**1. Organization** 

SiriusPoint Ltd. (together with its consolidated subsidiaries, "SiriusPoint" or the "Company") was incorporated under the laws of Bermuda on October 6, 2011. Through its subsidiaries, the Company is a provider of global multi-line insurance and reinsurance products and services.

These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In addition, the year-end consolidated balance sheet was derived from audited financial statements. It does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q ("Form 10-Q") should be read in conjunction with the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K") filed with the U.S. Securities and Exchange Commission on February 21, 2025.

In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company's financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated.

The results for the nine months ended September 30, 2025 are not necessarily indicative of the results expected for the full calendar year.

Tabular amounts are in U.S. Dollars in millions, except share amounts, unless otherwise noted.

**2. Significant accounting policies** 

There have been no material changes to the Company's significant accounting policies as described in its 2024 Form 10-K.

**Recently issued accounting standards**

***Issued but not yet effective as of September 30, 2025***

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-09, Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. This new pronouncement is not expected to have a material impact on the Company's consolidated financial statements.

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). The amendment provides guidance for estimating expected credit losses on current accounts receivable and current contract assets. ASU 2025-05 is effective for all entities for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Management is in the process of reviewing this FASB update to assess the impact on future reporting periods.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The amendment updates accounting guidelines around capitalizing software costs. ASU 2025-06 is effective for all entities for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Management is in the process of reviewing this FASB update to assess the impact on future reporting periods.

The Company considers the applicability and impact of all accounting standard updates ("ASUs") issued by the FASB. ASUs issued during the three and nine months ended September 30, 2025, and not listed above were assessed and either determined to be not applicable or expected to have minimal impact on the Company's consolidated financial statements.

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**Reclassifications** 

Certain comparative figures have been reclassified to conform to the current year presentation.

**3. Significant transactions**

**Sale of Armada**

On September 29, 2025 the Company entered into an agreement to sell its wholly owned subsidiary, ArmadaCorp Capital, LLC ("Armada"), to Ambac Financial Group Inc. for $250 million. SiriusPoint will continue its capacity partnership with Armada until the end of 2030. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and receipt of regulatory approvals. Upon completion of the transaction, the Company is expected to recognize a pre-tax gain of $220 million to $230 million.

As of September 30, 2025 the Company classified Armada as held-for-sale on the consolidated balance sheets. Armada's held-for-sale assets and liabilities include restricted cash and cash equivalents, intangible assets, other assets and other liabilities.

**4. Segment reporting**

The determination of the Company's business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments: Insurance & Services and Reinsurance. The Company's segments each have managers who are responsible for the overall profitability of their segments and who are directly accountable to the Company's chief operating decision maker, the Chief Executive Officer ("CEO"). The CEO assesses segment operating performance, allocates capital, and makes resource allocation decisions based on Segment income (loss). The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments.

**Insurance & Services**

Through the Insurance & Services segment, the Company underwrites primary insurance in a number of sectors. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Other Specialties.

Accident and Health ("A&H") – the Company provides flexible insurance products to meet the risk management needs of diverse populations in select markets. This includes employer groups, associations, affinity groups, higher education and other niche markets. The Company also owns 100% of International Medical Group, Inc. ("IMG") and Armada, who receive fees for services provided within the Insurance & Services segment and to third parties. IMG offers a full line of international medical insurance products, trip cancellation programs, medical management services and 24/7 emergency medical and travel assistance. Armada operates as a supplemental medical insurance managing general agent ("MGA").

Property & Casualty – the Company is a leading carrier for program administrators and MGAs. The majority of its insurance business is written through partners in the property and casualty space, covering professional liability, workers' compensation, and commercial auto lines in Bermuda, London, Europe, North America and around the world.

Other Specialties – the Company's business encompasses a broad range of worldwide insurance coverages. Other Specialties business lines in the Insurance & Services segment include Aviation & Space, Credit, Surety, Marine & Energy and Mortgage.

**Reinsurance**

In the Reinsurance segment, the Company provides reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, the Company participates in the reinsurance market with a global focus through the broker market distribution channel. The Company primarily writes treaty reinsurance, on both a proportional and excess of loss basis, and provides facultative reinsurance in some of its business lines. In the United States and Bermuda, the Company's core focus is on distribution, risk and clients located in North America, while our international operation is focused primarily on distribution, risks and clients located in Europe.

The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis.

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Casualty – the Company provides reinsurance to casualty insurers who underwrite a diverse range of casualty classes. The Company works with clients all over the world, including multi-national, nationwide and regional carriers, as well as risk retention groups and captives. The Company also partners with MGAs and sponsoring cover holders. The Company's underwriting focus is on proportional transactions covering all major commercial casualty lines, as well as professional liability with an emphasis on specialty niche classes of business, including personal lines.

Property – the Company works with leading global brokers as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, underwriting residential, commercial, and industrial risks in the United States, Europe and Asia. The Company's property reinsurance offering includes: property catastrophe protection, risk excess of loss, cannabis - pro rata, where permitted, building risk and structured property specifically in the United States.

Other Specialties – the Company's business encompasses a broad range of worldwide reinsurance coverages, including proportional and excess of loss, treaty and facultative. Other Specialties business lines in the Reinsurance segment include Aviation & Space, Marine & Energy and Credit.

Management uses segment income (loss) as the primary basis for assessing segment performance. Segment income (loss) is comprised of two components, underwriting income (loss) and net services income (loss). The Company calculates underwriting income (loss) by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned. Net services income (loss) consists of services revenues (fees for services revenues), services expenses, and services non-controlling (income) loss. This definition of segment income (loss) aligns with how business performance is managed and monitored. We continue to evaluate our segments as our business evolves and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the consolidated statements of income. These items are reconciled to the consolidated presentation in the segment measure reclass column below. Included in Insurance & Services segment income (loss) are services noncontrolling loss (income) attributable to minority shareholders on non-wholly-owned subsidiaries. In addition, services revenues and services expenses are reconciled to other revenues and net corporate and other expenses, respectively.

Segment results are shown prior to corporate eliminations. Corporate eliminations are included in the elimination column below as necessary to reconcile to underwriting income (loss), net services income (loss), and segment income (loss) to the consolidated statements of income.

Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers' compensation and cyber programs which the Company no longer writes. In addition, revenue and expenses managed at the corporate level, including realized and unrealized gains (losses), other investment income, including gains (losses) from strategic investments, non services-related other revenues, non services-related net corporate and other expenses, intangible asset amortization, interest expense, foreign exchange (gains) losses and income tax (expense) benefit are reported within Corporate. The CEO does not manage segment results or allocate resources to segments when considering these items and they are therefore excluded from our definition of segment income (loss).

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The following is a summary of the Company's operating segment results for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| Gross premiums written  | $562.0 | $309.6 | $871.6 | $— | $2.8 | $— | $874.4 |
| Net premiums written | 396.8 | 268.1 | 664.9 |  | 5.4 |  | 670.3 |
| Net premiums earned | 381.2 | 262.3 | 643.5 |  | 4.2 |  | 647.7 |
| Loss and loss adjustment expenses incurred, net | 225.3 | 145.5 | 370.8 | (1.5) | 3.6 |  | 372.9 |
| Acquisition costs, net | 98.3 | 64.7 | 163.0 | (26.9) | 3.7 |  | 139.8 |
| Other underwriting expenses | 19.9 | 20.2 | 40.1 |  | 3.5 |  | 43.6 |
| **Underwriting income (loss)** | 37.7 | 31.9 | 69.6 | 28.4 | (6.6) |  | 91.4 |
| Services revenues | 58.5 |  | 58.5 | (32.7) |  | (25.8) |  |
| Services expenses | 48.5 |  | 48.5 |  |  | (48.5) |  |
| **Net services fee income** | 10.0 |  | 10.0 | (32.7) |  | 22.7 |  |
| Services noncontrolling loss | 0.1 |  | 0.1 |  |  | (0.1) |  |
| **Net services income** | 10.1 |  | 10.1 | (32.7) |  | 22.6 |  |
| **Segment income (loss)** | 47.8 | 31.9 | 79.7 | (4.3) | (6.6) | 22.6 | 91.4 |
| Net investment income | Net investment income | Net investment income | Net investment income | Net investment income | 66.5 |  | 66.5 |
| Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | 6.2 |  | 6.2 |
| Other revenues |  |  |  |  | 9.7 | 25.8 | 35.5 |
| Net corporate and other expenses |  |  |  |  | (14.0) | (48.5) | (62.5) |
| Intangible asset amortization |  |  |  |  | (2.8) |  | (2.8) |
| Interest expense |  |  |  |  | (21.0) |  | (21.0) |
| Foreign exchange losses |  |  |  |  | (2.4) |  | (2.4) |
| **Income (loss) before income tax expense** | $47.8 | $31.9 | 79.7 | (4.3) | 35.6 | (0.1) | 110.9 |
| Income tax expense |  |  |  |  | (20.2) |  | (20.2) |
| **Net income** |  |  | 79.7 | (4.3) | 15.4 | (0.1) | 90.7 |
| Net loss attributable to noncontrolling interest | Net loss attributable to noncontrolling interest | Net loss attributable to noncontrolling interest |  |  |  | 0.1 | 0.1 |
| **Net income available to SiriusPoint** | **Net income available to SiriusPoint** | **Net income available to SiriusPoint** | $79.7 | $(4.3) | $15.4 | $— | $90.8 |
| Attritional losses | $234.8 | $145.1 | $379.9 | $(1.5) | $3.4 | $— | $381.8 |
| Catastrophe losses |  |  |  |  |  |  |  |
| Prior year loss reserve development | (9.5) | 0.4 | (9.1) |  | 0.2 |  | (8.9) |
| Loss and loss adjustment expenses incurred, net | $225.3 | $145.5 | $370.8 | $(1.5) | $3.6 | $— | $372.9 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 61.6% | 55.3% | 59.0% |  |  |  | 59.0% |
| Catastrophe loss ratio | —% | —% | —% |  |  |  | —% |
| Prior year loss development ratio | (2.5)% | 0.2% | (1.4)% |  |  |  | (1.4)% |
| Loss ratio | 59.1% | 55.5% | 57.6% |  |  |  | 57.6% |
| Acquisition cost ratio | 25.8% | 24.7% | 25.3% |  |  |  | 21.6% |
| Other underwriting expenses ratio | 5.2% | 7.7% | 6.2% |  |  |  | 6.7% |
| Combined ratio  | 90.1% | 87.9% | 89.1% |  |  |  | 85.9% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| Gross premiums written  | $376.0 | $314.5 | $690.5 | $— | $23.5 | $— | $714.0 |
| Net premiums written | 235.3 | 268.3 | 503.6 |  | 0.6 |  | 504.2 |
| Net premiums earned | 276.9 | 269.4 | 546.3 |  | 22.6 |  | 568.9 |
| Loss and loss adjustment expenses incurred, net | 170.1 | 137.6 | 307.7 | (1.4) | 11.2 |  | 317.5 |
| Acquisition costs, net | 65.9 | 69.8 | 135.7 | (24.1) | 5.9 |  | 117.5 |
| Other underwriting expenses | 20.0 | 20.4 | 40.4 |  | 4.5 |  | 44.9 |
| **Underwriting income** | 20.9 | 41.6 | 62.5 | 25.5 | 1.0 |  | 89.0 |
| Services revenues | 48.1 |  | 48.1 | (29.9) |  | (18.2) |  |
| Services expenses | 41.3 |  | 41.3 |  |  | (41.3) |  |
| **Net services fee income** | 6.8 |  | 6.8 | (29.9) |  | 23.1 |  |
| Services noncontrolling loss | 0.2 |  | 0.2 |  |  | (0.2) |  |
| **Net services income** | 7.0 |  | 7.0 | (29.9) |  | 22.9 |  |
| **Segment income** | 27.9 | 41.6 | 69.5 | (4.4) | 1.0 | 22.9 | 89.0 |
| Net investment income | Net investment income | Net investment income | Net investment income | Net investment income | 77.7 |  | 77.7 |
| Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | 14.8 |  | 14.8 |
| Other revenues |  |  |  |  | (0.1) | 18.2 | 18.1 |
| Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | (117.3) |  | (117.3) |
| Net corporate and other expenses |  |  |  |  | (10.1) | (41.3) | (51.4) |
| Intangible asset amortization |  |  |  |  | (3.0) |  | (3.0) |
| Interest expense |  |  |  |  | (13.8) |  | (13.8) |
| Foreign exchange losses |  |  |  |  | (3.0) |  | (3.0) |
| **Income (loss) before income tax expense** | $27.9 | $41.6 | 69.5 | (4.4) | (53.8) | (0.2) | 11.1 |
| Income tax expense |  |  |  |  | (2.4) |  | (2.4) |
| **Net income (loss)** |  |  | 69.5 | (4.4) | (56.2) | (0.2) | 8.7 |
| Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests |  |  | (0.4) | 0.2 | (0.2) |
| **Net income (loss) available to SiriusPoint** | **Net income (loss) available to SiriusPoint** | **Net income (loss) available to SiriusPoint** | $69.5 | $(4.4) | $(56.6) | $— | $8.5 |
| Attritional losses | $183.9 | $142.9 | $326.8 | $(1.4) | $12.1 | $— | $337.5 |
| Catastrophe losses | (0.7) | 11.3 | 10.6 |  |  |  | 10.6 |
| Prior year loss reserve development | (13.1) | (16.6) | (29.7) |  | (0.9) |  | (30.6) |
| Loss and loss adjustment expenses incurred, net | $170.1 | $137.6 | $307.7 | $(1.4) | $11.2 | $— | $317.5 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 66.4% | 53.1% | 59.8% |  |  |  | 59.3% |
| Catastrophe loss ratio | (0.3)% | 4.2% | 1.9% |  |  |  | 1.9% |
| Prior year loss development ratio | (4.7)% | (6.2)% | (5.4)% |  |  |  | (5.4)% |
| Loss ratio | 61.4% | 51.1% | 56.3% |  |  |  | 55.8% |
| Acquisition cost ratio | 23.8% | 25.9% | 24.8% |  |  |  | 20.7% |
| Other underwriting expenses ratio | 7.2% | 7.6% | 7.4% |  |  |  | 7.9% |
| Combined ratio | 92.4% | 84.6% | 88.5% |  |  |  | 84.4% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| Gross premiums written  | $1757.5 | $1034.1 | $2791.6 | $— | $15.7 | $— | $2807.3 |
| Net premiums written | 1273.1 | 843.6 | 2116.7 |  | 1.0 |  | 2117.7 |
| Net premiums earned | 1086.6 | 828.3 | 1914.9 |  | 11.5 |  | 1926.4 |
| Loss and loss adjustment expenses incurred, net | 644.4 | 497.2 | 1141.6 | (5.0) | 10.7 |  | 1147.3 |
| Acquisition costs, net | 283.5 | 202.3 | 485.8 | (83.1) | 7.7 |  | 410.4 |
| Other underwriting expenses | 61.4 | 60.4 | 121.8 |  | 11.2 |  | 133.0 |
| **Underwriting income (loss)** | 97.3 | 68.4 | 165.7 | 88.1 | (18.1) |  | 235.7 |
| Services revenues | 178.7 |  | 178.7 | (94.6) |  | (84.1) |  |
| Services expenses | 141.2 |  | 141.2 |  |  | (141.2) |  |
| **Net services fee income** | 37.5 |  | 37.5 | (94.6) |  | 57.1 |  |
| Services noncontrolling loss | 0.2 |  | 0.2 |  |  | (0.2) |  |
| **Net services income** | 37.7 |  | 37.7 | (94.6) |  | 56.9 |  |
| **Segment income (loss)** | 135.0 | 68.4 | 203.4 | (6.5) | (18.1) | 56.9 | 235.7 |
| Net investment income |  |  |  |  | 205.9 |  | 205.9 |
| Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | Net realized and unrealized investment gains | 6.6 |  | 6.6 |
| Other revenues |  |  |  |  | 8.4 | 84.1 | 92.5 |
| Net corporate and other expenses |  |  |  |  | (52.8) | (141.2) | (194.0) |
| Intangible asset amortization |  |  |  |  | (8.5) |  | (8.5) |
| Interest expense |  |  |  |  | (60.2) |  | (60.2) |
| Foreign exchange losses |  |  |  |  | (16.9) |  | (16.9) |
| **Income (loss) before income tax expense** | $135.0 | $68.4 | 203.4 | (6.5) | 64.4 | (0.2) | 261.1 |
| Income tax expense |  |  |  |  | (45.1) |  | (45.1) |
| **Net income** |  |  | 203.4 | (6.5) | 19.3 | (0.2) | 216.0 |
| Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests |  |  | (0.6) | 0.2 | (0.4) |
| **Net income available to SiriusPoint** | **Net income available to SiriusPoint** | **Net income available to SiriusPoint** | $203.4 | $(6.5) | $18.7 | $— | $215.6 |
| Attritional losses | $661.3 | $470.1 | $1131.4 | $(5.0) | $5.3 | $— | $1131.7 |
| Catastrophe losses | 4.8 | 62.6 | 67.4 |  |  |  | 67.4 |
| Prior year loss reserve development | (21.7) | (35.5) | (57.2) |  | 5.4 |  | (51.8) |
| Loss and loss adjustment expenses incurred, net | $644.4 | $497.2 | $1141.6 | $(5.0) | $10.7 | $— | $1147.3 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 60.9% | 56.7% | 59.1% |  |  |  | 58.8% |
| Catastrophe loss ratio | 0.4% | 7.6% | 3.5% |  |  |  | 3.5% |
| Prior year loss development ratio | (2.0)% | (4.3)% | (3.0)% |  |  |  | (2.7)% |
| Loss ratio | 59.3% | 60.0% | 59.6% |  |  |  | 59.6% |
| Acquisition cost ratio | 26.1% | 24.4% | 25.4% |  |  |  | 21.3% |
| Other underwriting expenses ratio | 5.7% | 7.3% | 6.4% |  |  |  | 6.9% |
| Combined ratio  | 91.1% | 91.7% | 91.4% |  |  |  | 87.8% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| Gross premiums written  | $1390.5 | $1023.4 | $2413.9 | $— | $71.2 | $— | $2485.1 |
| Net premiums written | 913.5 | 867.2 | 1780.7 |  | 6.4 |  | 1787.1 |
| Net premiums earned | 838.3 | 779.2 | 1617.5 |  | 135.7 |  | 1753.2 |
| Loss and loss adjustment expenses incurred, net | 538.8 | 406.0 | 944.8 | (4.1) | 58.7 |  | 999.4 |
| Acquisition costs, net | 206.9 | 206.8 | 413.7 | (93.8) | 62.4 |  | 382.3 |
| Other underwriting expenses | 55.4 | 59.9 | 115.3 |  | 12.5 |  | 127.8 |
| **Underwriting income** | 37.2 | 106.5 | 143.7 | 97.9 | 2.1 |  | 243.7 |
| Services revenues | 171.3 |  | 171.3 | (101.4) |  | (69.9) |  |
| Services expenses | 135.0 |  | 135.0 |  |  | (135.0) |  |
| **Net services fee income** | 36.3 |  | 36.3 | (101.4) |  | 65.1 |  |
| Services noncontrolling income | (2.1) |  | (2.1) |  |  | 2.1 |  |
| **Net services income** | 34.2 |  | 34.2 | (101.4) |  | 67.2 |  |
| **Segment income** | 71.4 | 106.5 | 177.9 | (3.5) | 2.1 | 67.2 | 243.7 |
| Net investment income |  |  |  |  | 234.7 |  | 234.7 |
| Net realized and unrealized investment losses | Net realized and unrealized investment losses | Net realized and unrealized investment losses | Net realized and unrealized investment losses | Net realized and unrealized investment losses | (39.1) |  | (39.1) |
| Other revenues |  |  |  |  | 94.9 | 69.9 | 164.8 |
| Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | Loss on settlement and change in fair value of liability-classified capital instruments | (122.6) |  | (122.6) |
| Net corporate and other expenses |  |  |  |  | (39.0) | (135.0) | (174.0) |
| Intangible asset amortization |  |  |  |  | (8.9) |  | (8.9) |
| Interest expense |  |  |  |  | (50.0) |  | (50.0) |
| Foreign exchange losses |  |  |  |  | (2.9) |  | (2.9) |
| **Income before income tax expense** | $71.4 | $106.5 | 177.9 | (3.5) | 69.2 | 2.1 | 245.7 |
| Income tax expense |  |  |  |  | (26.3) |  | (26.3) |
| **Net income** |  |  | 177.9 | (3.5) | 42.9 | 2.1 | 219.4 |
| Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests |  |  | (0.1) | (2.1) | (2.2) |
| **Net income available to SiriusPoint** | **Net income available to SiriusPoint** | **Net income available to SiriusPoint** | $177.9 | $(3.5) | $42.8 | $— | $217.2 |
| Attritional losses | $546.3 | $424.9 | $971.2 | $(4.1) | $86.7 | $— | $1053.8 |
| Catastrophe losses | 1.9 | 14.3 | 16.2 |  |  |  | 16.2 |
| Prior year loss reserve development | (9.4) | (33.2) | (42.6) |  | (28.0) |  | (70.6) |
| Loss and loss adjustment expenses incurred, net | $538.8 | $406.0 | $944.8 | $(4.1) | $58.7 | $— | $999.4 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 65.2% | 54.6% | 60.0% |  |  |  | 60.1% |
| Catastrophe loss ratio | 0.2% | 1.8% | 1.0% |  |  |  | 0.9% |
| Prior year loss development ratio | (1.1)% | (4.3)% | (2.6)% |  |  |  | (4.0)% |
| Loss ratio | 64.3% | 52.1% | 58.4% |  |  |  | 57.0% |
| Acquisition cost ratio | 24.7% | 26.5% | 25.6% |  |  |  | 21.8% |
| Other underwriting expenses ratio | 6.6% | 7.7% | 7.1% |  |  |  | 7.3% |
| Combined ratio | 95.6% | 86.3% | 91.1% |  |  |  | 86.1% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

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**5. Cash, cash equivalents, restricted cash and restricted investments** 

The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Cash and cash equivalents <sup>(5)</sup> | $582.4 | $682.0 |
| Restricted cash securing letter of credit facilities <sup>(1)</sup> | 36.2 | 36.5 |
| Restricted cash securing reinsurance contracts <sup>(2)</sup> | 84.4 | 149.3 |
| Restricted cash held by managing general underwriters <sup>(5)</sup> | 14.7 | 26.8 |
| Total cash, cash equivalents and restricted cash <sup>(3)</sup> | 717.7 | 894.6 |
| Restricted investments securing reinsurance contracts and letter of credit facilities <sup>(1) (2) (4)</sup> | 2162.5 | 2215.0 |
| Total cash, cash equivalents, restricted cash and restricted investments | $2880.2 | $3109.6 |

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(1)Restricted cash and restricted investments securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company's clients in support of its obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years.

(2)Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company's contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities, short-term investments and limited partnership interests in Third Point Enhanced LP ("TP Enhanced Fund"). The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years.

(3)Cash, cash equivalents and restricted cash as reported in the Company's consolidated statements of cash flows.

(4)Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses.

(5)Cash and cash equivalents and Restricted cash held by managing general underwriters are exclusive of balances related to Armada which has been classified as held for sale. Refer to Note 3 - Significant transactions.

**6. Fair value measurements** 

U.S. GAAP disclosure requirements establish a framework for measuring fair value, including a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy of inputs is summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Observable inputs to the valuation methodology other than unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include, but are not limited to, prices quoted for similar assets or liabilities in active markets/exchanges, prices quoted for identical or similar assets or liabilities in markets that are not active and fair values determined through the use of models or other valuation methodologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs are based all or in part on significant unobservable inputs for the investment, and include situations where there is little, if any, market activity for the investment. The inputs applied in the determination of fair value require significant management judgment and estimation.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. An example is the risk inherent in a particular valuation technique used to measure fair value including pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources other than those of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and considers factors specific to the investment.

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The following tables present the Company's investments measured and reported at fair value, categorized by the level of the fair value hierarchy as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | | | | **Total** |
| | **Quoted prices in active markets**<br> **(Level 1)** | **Significant other observable inputs**<br> **(Level 2)** | **Significant unobservable inputs**<br> **(Level 3)** | **Total** |
| **Assets** | | | | |
| Asset-backed securities | $— | $914.4 | $— | $914.4 |
| Residential mortgage-backed securities |  | 974.4 |  | 974.4 |
| Commercial mortgage-backed securities |  | 204.4 |  | 204.4 |
| Corporate debt securities |  | 2043.0 |  | 2043.0 |
| U.S. government and government agency | 990.1 |  |  | 990.1 |
| Non-U.S. government and government agency |  | 19.3 |  | 19.3 |
| Total debt securities, available for sale | 990.1 | 4155.5 |  | 5145.6 |
| Asset-backed securities |  | 8.6 |  | 8.6 |
| Residential mortgage-backed securities |  | 46.1 |  | 46.1 |
| Commercial mortgage-backed securities |  | 36.1 |  | 36.1 |
| Corporate debt securities |  | 3.7 |  | 3.7 |
| U.S. government and government agency | 4.2 |  |  | 4.2 |
| Total debt securities, trading | 4.2 | 94.5 |  | 98.7 |
| Short-term investments | 24.6 |  |  | 24.6 |
| Other long-term investments | 0.2 | 5.2 | 88.1 | 93.5 |
| Derivative assets |  |  | 7.7 | 7.7 |
|  | $1019.1 | $4255.2 | $95.8 | 5370.1 |
| Cost and equity method investments |  |  |  | 66.8 |
| Investments in funds valued at NAV |  |  |  | 158.0 |
| **Total assets** |  |  |  | $5594.9 |
| **Liabilities** |  |  |  |  |
| Derivative liabilities | $— | $— | $7.7 | $7.7 |
| **Total liabilities** | $— | $— | $7.7 | $7.7 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | | | **Total** |
| | **Quoted prices in active markets**<br> **(Level 1)** | **Significant other observable inputs**<br> **(Level 2)** | **Significant unobservable inputs**<br> **(Level 3)** | **Total** |
| **Assets** | | | | |
| Asset-backed securities | $— | $1149.7 | $— | $1149.7 |
| Residential mortgage-backed securities |  | 973.8 |  | 973.8 |
| Commercial mortgage-backed securities |  | 224.5 |  | 224.5 |
| Corporate debt securities |  | 1899.9 |  | 1899.9 |
| U.S. government and government agency | 859.0 |  |  | 859.0 |
| Non-U.S. government and government agency |  | 24.1 |  | 24.1 |
| Total debt securities, available for sale | 859.0 | 4272.0 |  | 5131.0 |
| Asset-backed securities |  | 53.1 |  | 53.1 |
| Residential mortgage-backed securities |  | 48.7 |  | 48.7 |
| Commercial mortgage-backed securities |  | 51.8 |  | 51.8 |
| Corporate debt securities |  | 4.6 |  | 4.6 |
| U.S. Government and government agency | 4.0 |  |  | 4.0 |
| Total debt securities, trading | 4.0 | 158.2 |  | 162.2 |
| Short-term investments | 73.6 | 22.2 |  | 95.8 |
| Other long-term investments | 0.3 | 3.0 | 86.6 | 89.9 |
| Derivative assets |  |  | 0.9 | 0.9 |
|  | $936.9 | $4455.4 | $87.5 | 5479.8 |
| Cost and equity method investments |  |  |  | 64.7 |
| Investments in funds valued at NAV |  |  |  | 161.9 |
| **Total assets** |  |  |  | $5706.4 |
| **Liabilities** |  |  |  |  |
| Derivative liabilities | $— | $— | $14.3 | $14.3 |
| **Total liabilities** | $— | $— | $14.3 | $14.3 |

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During the nine months ended September 30, 2025, and the year ended December 31, 2024, the Company did not reclassify its assets or liabilities between Levels 2 and 3.

**Valuation techniques**

The Company uses independent pricing services to assist in determining fair values for its investments. For investments in active markets, the Company uses the quoted market prices provided by independent pricing services to determine fair value. In circumstances where quoted market prices are unavailable or are not considered reasonable, the Company estimates the fair value using industry standard pricing models and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, prepayment speeds, reference data including research publications, and other relevant inputs. Given that many debt securities do not trade on a daily basis, the independent pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable debt securities vary by asset type and take into account market convention.

The techniques and inputs specific to asset classes within the Company's debt securities and short-term investments for Level 2 securities that use observable inputs are as follows:

***Asset-backed and mortgage-backed securities***

The fair value of mortgage and asset-backed securities is primarily priced by independent pricing services using a pricing model that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer

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quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including issuer, vintage, loan type, collateral attributes, prepayment speeds, default rates, recovery rates, cash flow stress testing, credit quality ratings and market research publications.

***Corporate debt securities***

Corporate debt securities consist primarily of investment-grade debt of a wide variety of U.S. and non-U.S. corporate issuers and industries. The corporate fixed maturity investments are primarily priced by independent pricing services. When evaluating these securities, the independent pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The independent pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk.

***U.S. government and government agency***

U.S. government and government agency securities consist primarily of debt securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. Fixed maturity investments included in U.S. government and government agency securities are primarily priced by independent pricing services. When evaluating these securities, the independent pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

***Non-U.S. government and government agency***

Non-U.S. government and government agency securities consist of debt securities issued by non-U.S. governments and their agencies along with supranational organizations (also known as sovereign debt securities). Securities held in these sectors are primarily priced by independent pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The independent pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the independent pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

***U.S. states, municipalities, and political subdivisions***

The U.S. states, municipalities and political subdivisions portfolio contains debt securities issued by U.S. domiciled state and municipal entities. These securities are generally priced by independent pricing services using the techniques for U.S. government and government agency securities described above.

***Short-term investments***

Short-term investments consist of U.S. treasury bills, certificates of deposit and other securities, which, at the time of purchase, mature within a period of greater than three months but less than one year. These investments are generally priced by independent pricing services using the techniques for U.S. government and government agency securities and Corporate debt securities described above.

**Investments measured using Net Asset Value** 

The Company values its investments in limited partnerships, including its investments in related party investment funds, at fair value. The Company has elected the practical expedient for fair value for these investments which is estimated based on the Company's share of the net asset value ("NAV") of the limited partnerships, as provided by the independent fund administrator, as the Company believes it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents the Company's proportionate interest in the members' equity of the limited partnerships.

The fair value of the Company's investments in certain hedge funds and certain private equity funds are also determined using NAV. The hedge fund's administrator provides quarterly updates of fair value in the form of the Company's proportional interest in the underlying fund's NAV, which is deemed to approximate fair value, generally with a three month delay in

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valuation. The private equity funds provide monthly, quarterly, or semi-annual partnership capital statements primarily with a one- or three-month delay which are used as a basis for valuation. These private equity investments vary in investment strategies and are not actively traded in any open markets. Due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company's reporting date. This includes utilizing preliminary estimates reported by its fund managers and using other information that is available to the Company with respect to the underlying investments, as necessary.

In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a monthly, quarterly and annual basis, to assess the quality of the information provided by the investment manager and fund administrator underlying the preparation of the NAV. These procedures include, but are not limited to, regular review and discussion of the fund's performance with the investment manager.

These investments are included in investment in funds valued at NAV and excluded from the presentation of investments categorized by the level of the fair value hierarchy.

**Level 3 Investments**

Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable assumptions reflect the Company's assumptions, that market participants would use in valuing the investment. Generally, certain securities may start out as Level 3 when they are originally issued but as observable inputs become available in the market, they may be reclassified to Level 2.

The Company employs a number of procedures to assess the reasonableness of the fair value measurements for its other long-term investments, including obtaining and reviewing the audited annual financial statements of hedge funds and private equity funds and periodically discussing each fund's pricing with the fund manager. However, since the fund managers do not provide sufficient information to evaluate the pricing inputs and methods for each underlying investment, the inputs are considered to be unobservable.

The fair values of the Company's investments in private equity securities, private debt instruments, certain private equity funds, and certain hedge funds have been classified as Level 3 measurements. Private equity securities and private debt instruments are initially valued based on transaction price and their valuation is subsequently estimated based on available evidence such as a market transaction in similar instruments and other financial information for the issuer.

For strategic investments carried at fair value, management either engages a third-party valuation specialist to assist in determination of the fair value based on commonly accepted valuation methods (e.g., income approach, market approach) as of the valuation date or performs valuation internally. In addition, investors fair value analyses prepared by third party valuation specialists working with strategic investment operating management are referenced where available. Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available.

See Note 9 for additional information on the fair values of derivative financial instruments used for both risk management and investment purposes.

***Underwriting-related derivatives***

Underwriting-related derivatives include reinsurance contracts that are accounted for as derivatives. These derivative contracts are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3.

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The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **July 1,<br>2025** | **Transfers in to (out of) Level 3** | **Purchases** | **Sales & Settlements** | **Realized and Unrealized Gains (Losses)**<sup>(1)</sup> | **September 30,<br>2025** |
| **Assets** | | | | | | |
| Other long-term investments | $87.0 | $— | $— | $— | $1.1 | $88.1 |
| Derivative assets | 19.1 |  |  |  | (11.4) | 7.7 |
| **Total assets** | $106.1 | $— | $— | $— | $(10.3) | $95.8 |
| **Liabilities** |  |  |  |  |  |  |
| Derivative liabilities | $(12.3) | $— | $— | $— | $4.6 | $(7.7) |
| **Total liabilities** | $(12.3) | $— | $— | $— | $4.6 | $(7.7) |
|  | **January 1,<br>2025** | **Transfers in to (out of) Level 3** | **Purchases** | **Sales & Settlements** | **Realized and Unrealized Gains (Losses)**<sup>(1)</sup> | **September 30,<br>2025** |
| **Assets** |  |  |  |  |  |  |
| Other long-term investments | $86.6 | $— | $— | $— | $1.5 | $88.1 |
| Derivative assets | 0.9 |  |  |  | 6.8 | 7.7 |
| **Total assets** | $87.5 | $— | $— | $— | $8.3 | $95.8 |
| **Liabilities** |  |  |  |  |  |  |
| Derivative liabilities | $(14.3) | $— | $— | $5.4 | $1.2 | $(7.7) |
| **Total liabilities** | $(14.3) | $— | $— | $5.4 | $1.2 | $(7.7) |

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(1)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains in the consolidated statements of income. Realized and unrealized gains (losses) on liability-classified capital instruments are included in loss on settlement and change in fair value of liability-classified capital instruments, in the consolidated statements of income. See Note 9 for classifications of gains (losses) on derivatives.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **July 1,<br>2024** | **Transfers in to (out of) Level 3** | **Purchases** | **Sales & Settlements** | **Realized and Unrealized Gains (Losses)**<sup>(1)</sup> | **September 30,<br>2024** |
| **Assets** | | | | | | |
| Other long-term investments | $119.6 | $— | $1.1 | $— | $(3.2) | $117.5 |
| Derivative assets | 7.3 |  |  |  | (5.8) | 1.5 |
| **Total assets** | $126.9 | $— | $1.1 | $— | $(9.0) | $119.0 |
| **Liabilities** |  |  |  |  |  |  |
| Liability-classified capital instruments | $(72.6) | $— | $— | $131.5 | $(117.3) | $(58.4) |
| Derivative liabilities | (18.7) |  |  |  | 8.9 | (9.8) |
| **Total liabilities** | $(91.3) | $— | $— | $131.5 | $(108.4) | $(68.2) |
|  | **January 1,<br>2024** | **Transfers in to (out of) Level 3** | **Purchases** | **Sales & Settlements** | **Realized and Unrealized Gains (Losses)** <sup>(1)</sup> | **September 30,<br>2024** |
| **Assets** |  |  |  |  |  |  |
| Other long-term investments | $169.7 | $— | $1.1 | $— | $(53.3) | $117.5 |
| Derivative assets | 15.7 |  |  | (5.0) | (9.2) | 1.5 |
| **Total assets** | $185.4 | $— | $1.1 | $(5.0) | $(62.5) | $119.0 |
| **Liabilities** |  |  |  |  |  |  |
| Liability-classified capital instruments | $(67.3) | $— | $— | $131.5 | $(122.6) | $(58.4) |
| Derivative liabilities | (6.4) |  |  | 1.1 | (4.5) | (9.8) |
| **Total liabilities** | $(73.7) | $— | $— | $132.6 | $(127.1) | $(68.2) |

---

(1)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains in the consolidated statements of income. Realized and unrealized gains (losses) on liability-classified capital instruments are included in loss on settlement and change in fair value of liability-classified capital instruments, in the consolidated statements of

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income. See Note 9 for classifications of gains (losses) on derivatives.

For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred out of Level 3 at the beginning of the period.

The following table includes financial instruments for which the carrying value differs from the estimated fair values as of September 30, 2025 and December 31, 2024. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Carrying Value** | **Fair Value** | **Carrying Value** |
| 2024 Senior Notes | $423.0 | $395.7 | $411.2 | $394.8 |
| 2017 SEK Subordinated Notes | 280.7 | 286.8 | 228.7 | 244.3 |
| Series B preference shares | $202.9 | $200.0 | $206.0 | $200.0 |

---

**7. Investments** 

The Company's invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes debt securities available for sale, debt securities held for trading, short-term investments, and other long-term investments. Realized investment gains and losses on debt securities are reported in pre-tax revenues. Unrealized investment gains and losses on debt securities are reported based on classification. Trading securities flow through pre-tax revenues, whereas securities classified as available for sale ("AFS") flow through other comprehensive income.

For debt securities classified as AFS for which a decline in the fair value between the amortized cost is due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding impact to the consolidated statements of income. The allowance is limited to the difference between amortized cost and fair value. A credit loss impairment assessment is performed on securities using both quantitative and qualitative factors. Qualitative factors include significant declines in fair value below amortized cost. Additionally, a qualitative assessment is also performed over debt securities to evaluate potential credit losses. Examples of qualitative indicators include issuer credit downgrades as well as changes to credit spreads.

Declines in fair value related to a debt security that do not relate to a credit loss are recorded as a component of accumulated other comprehensive income.

------

**Debt securities** 

The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of the Company's debt securities as of September 30, 2025 and December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Cost or<br>amortized<br>cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Net foreign <br>currency <br>gains (losses)** | **Fair value** |
| **Debt securities, available for sale** | | | | | |
| Asset-backed securities | $910.1 | $8.1 | $(3.8) | $— | $914.4 |
| Residential mortgage-backed securities | 964.7 | 16.1 | (6.4) |  | 974.4 |
| Commercial mortgage-backed securities | 202.9 | 3.2 | (1.7) |  | 204.4 |
| Corporate debt securities | 2015.1 | 32.9 | (3.3) | (1.7) | 2043.0 |
| U.S. government and government agency | 985.5 | 5.2 | (0.6) |  | 990.1 |
| Non-U.S. government and government agency | 19.0 | 0.2 |  | 0.1 | 19.3 |
| **Total debt securities, available for sale** <sup>(1)</sup> | $5097.3 | $65.7 | $(15.8) | $(1.6) | $5145.6 |
| **Debt securities, trading** |  |  |  |  |  |
| Asset-backed securities | $9.3 | $— | $(0.7) | $— | $8.6 |
| Residential mortgage-backed securities | 51.7 | 0.1 | (5.7) |  | 46.1 |
| Commercial mortgage-backed securities | 38.9 | 0.5 | (3.3) |  | 36.1 |
| Corporate debt securities | 15.3 |  | (11.6) |  | 3.7 |
| U.S. government and government agency | 4.3 |  | (0.1) |  | 4.2 |
| **Total debt securities, trading** | $119.5 | $0.6 | $(21.4) | $— | $98.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost or<br>amortized<br>cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Net foreign<br>currency <br>losses** | **Fair value** |
| **Debt securities, available for sale** | | | | | |
| Asset-backed securities | $1142.7 | $11.2 | $(4.2) | $— | $1149.7 |
| Residential mortgage-backed securities | 985.8 | 8.3 | (20.3) |  | 973.8 |
| Commercial mortgage-backed securities | 224.2 | 1.4 | (1.1) |  | 224.5 |
| Corporate debt securities | 1905.2 | 9.1 | (10.4) | (4.0) | 1899.9 |
| U.S. government and government agency | 861.0 | 2.2 | (4.2) |  | 859.0 |
| Non-U.S. government and government agency | 24.9 | 0.1 |  | (0.9) | 24.1 |
| **Total debt securities, available for sale** <sup>(1)</sup> | $5143.8 | $32.3 | $(40.2) | $(4.9) | $5131.0 |
| **Debt securities, trading** |  |  |  |  |  |
| Asset-backed securities | $54.7 | $— | $(1.6) | $— | $53.1 |
| Residential mortgage-backed securities | 56.4 |  | (7.7) |  | 48.7 |
| Commercial mortgage-backed securities | 56.8 | 0.5 | (5.5) |  | 51.8 |
| Corporate debt securities | 15.1 | 0.1 | (10.6) |  | 4.6 |
| U.S. government and government agency | 4.3 |  | (0.3) |  | 4.0 |
| **Total debt securities, trading** | $187.3 | $0.6 | $(25.7) | $— | $162.2 |

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(1)As of September 30, 2025, the Company did not record an allowance for credit losses on the AFS portfolio (December 31, 2024 - $1.1 million).

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As of September 30, 2025, 381 unique debt securities classified as AFS were in a gross unrealized loss position for greater than 12 months (December 31, 2024 - 518 unique debt securities). Refer to the tables below for the Company's breakdown of AFS debt securities in a gross unrealized loss position as of September 30, 2025 and December 31, 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **12 Months or Less** | **12 Months or Less** | **Greater than 12 Months** | **Greater than 12 Months** | **Total** | **Total** |
| | **Fair value** | **Gross unrealized losses** | **Fair value** | **Gross unrealized losses** | **Fair value** | **Gross unrealized losses** |
| **Debt securities, available for sale** | | | | | | |
| Asset-backed securities | $177.5 | $(1.6) | $20.6 | $(2.2) | $198.1 | $(3.8) |
| Residential mortgage-backed securities | 136.4 | (0.8) | 204.8 | (5.6) | 341.2 | (6.4) |
| Commercial mortgage-backed securities | 21.4 | (1.4) | 3.8 | (0.3) | 25.2 | (1.7) |
| Corporate debt securities | 255.6 | (3.1) | 43.9 | (0.2) | 299.5 | (3.3) |
| U.S. government and government agency | 156.7 | (0.3) | 42.4 | (0.3) | 199.1 | (0.6) |
| Non-U.S. government and government agency |  |  |  |  |  |  |
| **Total debt securities, available for sale**  | $747.6 | $(7.2) | $315.5 | $(8.6) | $1063.1 | $(15.8) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **12 Months or Less** | **12 Months or Less** | **Greater than 12 Months** | **Greater than 12 Months** | **Total** | **Total** |
| | **Fair value** | **Gross unrealized losses** | **Fair value** | **Gross unrealized losses** | **Fair value** | **Gross unrealized losses** |
| **Debt securities, available for sale** | | | | | | |
| Asset-backed securities | $180.4 | $(1.8) | $23.8 | $(2.4) | $204.2 | $(4.2) |
| Residential mortgage-backed securities | 437.4 | (7.9) | 223.9 | (12.4) | 661.3 | (20.3) |
| Commercial mortgage-backed securities | 67.4 | (0.7) | 7.5 | (0.4) | 74.9 | (1.1) |
| Corporate debt securities | 738.5 | (10.0) | 46.8 | (0.4) | 785.3 | (10.4) |
| U.S. government and government agency | 247.2 | (3.0) | 62.7 | (1.2) | 309.9 | (4.2) |
| **Total debt securities, available for sale**  | $1670.9 | $(23.4) | $364.7 | $(16.8) | $2035.6 | $(40.2) |

---

The weighted average duration of the Company's debt securities, net of short positions in U.S. treasuries, as of September 30, 2025 was approximately 3.1 years, including short-term investments (December 31, 2024 - approximately 3.1 years).

The following table provides the cost or amortized cost and fair value of the Company's debt securities bifurcated into debt securities held for trading and AFS as of September 30, 2025 and December 31, 2024 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Debt securities, AFS** | **Debt securities, AFS** | **Debt securities, trading** | **Debt securities, trading** | **Debt securities, AFS** | **Debt securities, AFS** | **Debt securities, trading** | **Debt securities, trading** |
| | **Cost or<br>amortized cost** | **Fair value** | **Cost or<br>amortized cost** | **Fair value** | **Cost or<br>amortized cost** | **Fair value** | **Cost or<br>amortized cost** | **Fair value** |
| Due in one year or less | $415.3 | $415.9 | $2.0 | $1.9 | $449.3 | $448.2 | $0.5 | $0.5 |
| Due after one year through five years | 1780.0 | 1801.3 | 4.9 | 4.7 | 1648.0 | 1646.7 | 6.7 | 6.3 |
| Due after five years through ten years | 674.0 | 684.0 |  |  | 589.5 | 586.2 | 0.3 | 0.3 |
| Due after ten years | 150.3 | 151.1 | 12.6 | 1.1 | 104.3 | 101.9 | 11.9 | 1.6 |
| Mortgage-backed and asset-backed securities | 2077.7 | 2093.3 | 100.0 | 91.0 | 2352.7 | 2348.0 | 167.9 | 153.5 |
| Total debt securities | $5097.3 | $5145.6 | $119.5 | $98.7 | $5143.8 | $5131.0 | $187.3 | $162.2 |

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------

The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of September 30, 2025 and December 31, 2024. Credit ratings are assigned based on ratings provided by nationally recognized statistical rating organizations.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Debt securities, AFS** | **Debt securities, trading** | **Debt securities, AFS** | **Debt securities, trading** |
| AAA | $659.9 | $25.7 | $808.5 | $74.0 |
| AA | 2295.6 | 40.2 | 2227.9 | 54.0 |
| A | 1312.9 | 11.0 | 1375.0 | 6.9 |
| BBB | 804.8 | 19.4 | 659.2 | 24.2 |
| Other | 72.4 | 2.4 | 60.4 | 3.1 |
| Total debt securities | $5145.6 | $98.7 | $5131.0 | $162.2 |

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As of September 30, 2025, the above totals included $240.2 million of securities collateralized by sub-prime assets. Of this total, $112.3 million were rated AAA, $44.0 million were rated AA, $15.1 million were rated A, $64.1 million were rated BBB and $4.7 million are unrated. As of December 31, 2024, the above totals included $161.2 million of securities collateralized by sub-prime assets. Of this total, $94.9 million were rated AAA, $31.8 million were rated AA, $8.2 million were rated A, $24.9 million were rated BBB and $1.4 million were unrated.

**Other long-term investments**

The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains, and fair values of the Company's other long-term investments as of September 30, 2025 and December 31, 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Cost or<br>amortized<br>cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Net foreign<br>currency<br>gains** | **Fair value** |
| **September 30, 2025** | | | | | |
| Other long-term investments | $432.8 | $36.4 | $(152.6) | $1.7 | $318.3 |
| **December 31, 2024** |  |  |  |  |  |
| Other long-term investments | $438.2 | $37.5 | $(162.7) | $3.5 | $316.5 |

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The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. The following table presents the carrying value of other long-term investments as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31, 2024** |
| Hedge funds and private equity funds <sup>(1) (2)</sup> | $184.0 | $186.0 |
| Strategic investments <sup>(2)</sup> | 106.5 | 105.0 |
| Other investments <sup>(2)</sup> | 27.8 | 25.5 |
| Total other long-term investments | $318.3 | $316.5 |

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(1)Includes $182.3 million of investments carried at NAV (December 31, 2024 - $182.8 million) and no investments classified as Level 3 (December 31, 2024 - no investments classified as Level 3) within the fair value hierarchy.

(2)As of September 30, 2025, the Company had $40.4 million of unfunded commitments relating to these investments (December 31, 2024 - $36.1 million).

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The Company's other long-term investments may be accounted for under either the equity method ("equity method investments") or the fair value option ("equity method eligible unconsolidated entities"). The following table presents the components of other long-term investments as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31, 2024** |
| Equity method eligible unconsolidated entities, using the fair value option | $66.5 | $66.6 |
| Equity method investments | 31.0 | 26.1 |
| Other unconsolidated investments, at fair value <sup>(1)</sup> | 185.0 | 185.2 |
| Other unconsolidated investments, at cost <sup>(2)</sup> | 35.8 | 38.6 |
| Total other long-term investments | $318.3 | $316.5 |

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(1)Includes other long-term investments that are not equity method eligible and are measured at fair value.

(2)The Company has elected to apply the cost adjusted for market observable events impairment measurement alternative to investments that do not meet the criteria to be accounted for under the equity method, in which the investment is measured at cost and remeasured to fair value when impaired or upon observable transaction prices.

**8. Total net investment income and net realized and unrealized investment gains (losses)**

Net investment income and net realized and unrealized investment gains (losses) for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Debt securities, available for sale | $72.3 | $71.6 | $190.8 | $196.9 |
| Debt securities, trading | 3.6 | 8.1 | 9.9 | 22.5 |
| Short-term investments | 0.4 | 1.8 | 1.4 | 9.1 |
| Other long-term investments | (4.2) | 7.1 | 1.6 | (41.1) |
| Derivative instruments | 0.3 | 3.7 | (0.2) | 5.4 |
| Net investment income and net realized and unrealized investment gains (losses) before other investment expenses and investment income on cash and cash equivalents | 72.4 | 92.3 | 203.5 | 192.8 |
| Investment expenses | (4.9) | (7.4) | (13.9) | (18.9) |
| Net investment income on cash and cash equivalents | 5.2 | 7.6 | 22.9 | 21.7 |
| Total net investment income and net realized and unrealized investment gains (losses) | $72.7 | $92.5 | $212.5 | $195.6 |

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**Net realized and unrealized gains (losses) on investments**

Net realized and unrealized investment gains (losses) for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Gross realized gains | $10.9 | $17.6 | $21.3 | $27.0 |
| Gross realized losses | (6.8) | (10.0) | (26.0) | (42.7) |
| Net realized gains (losses) on investments | 4.1 | 7.6 | (4.7) | (15.7) |
| Net unrealized gains (losses) on investments | 2.1 | 7.2 | 11.3 | (23.4) |
| Net realized and unrealized investment gains (losses) ⁽¹⁾⁽²⁾ | $6.2 | $14.8 | $6.6 | $(39.1) |

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(1)Excludes unrealized gains from available for sale investments, net of tax.

(2)Includes net realized and unrealized gains (losses) of $(5.3) million and $(2.1) million from related party investments included in other-long term investments for the three and nine months ended September 30, 2025, respectively (2024 - $8.1 million and $(24.9) million, respectively).

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***Net realized investment gains (losses)***

Net realized investment gains (losses) for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Debt securities, available for sale | $9.1 | $(3.0) | $4.7 | $(10.4) |
| Debt securities, trading | 0.1 | (0.7) | (1.7) | (7.8) |
| Short-term investments |  |  | 0.2 | 0.7 |
| Derivative instruments |  | 4.9 |  | 4.9 |
| Other long-term investments | (4.9) | 5.2 | (7.2) | (4.9) |
| Net investment income (loss) on cash and cash equivalents | (0.2) | 1.2 | (0.7) | 1.8 |
| Net realized investment gains (losses) | $4.1 | $7.6 | $(4.7) | $(15.7) |

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Net realized investment gains (losses) on Other long-term investments for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Hedge funds and private equity funds | $0.1 | $5.2 | $(1.4) | $4.9 |
| Strategic investments | (5.0) |  | (5.8) | (9.8) |
| Net realized investment gains (losses) on Other long-term investments | $(4.9) | $5.2 | $(7.2) | $(4.9) |

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***Net unrealized investment gains (losses)***

Net unrealized investment gains (losses) for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Debt securities, trading | $1.5 | $6.0 | $5.3 | $15.7 |
| Short-term investments |  | 0.3 | (0.2) | (0.7) |
| Derivative instruments | 0.3 | (1.2) | (0.2) | 0.2 |
| Other long-term investments | 0.4 | 1.4 | 4.1 | (36.9) |
| Net investment income (loss) on cash and cash equivalents | (0.1) | 0.7 | 2.3 | (1.7) |
| Net unrealized investment gains (losses) | $2.1 | $7.2 | $11.3 | $(23.4) |

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Net unrealized investment gains (losses) on Other long-term investments for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Hedge funds and private equity funds | $(5.7) | $4.8 | $(2.2) | $9.4 |
| Strategic investments | 6.1 | (3.3) | 6.2 | (35.4) |
| Other investments |  | (0.1) | 0.1 | (10.9) |
| Net unrealized investment gains (losses) on Other long-term investments | $0.4 | $1.4 | $4.1 | $(36.9) |

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The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) – Level 3 investments for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Other long-term investments | $1.2 | $(2.7) | $1.3 | $(46.3) |

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**9. Derivatives**

The Company holds derivatives for both risk management and investment purposes.

**Foreign currency exchange rate derivatives**

The Company executes foreign currency forwards, swaps, and futures to manage foreign currency exposure. The foreign currency exchange rate derivatives are not designated or accounted for under hedge accounting. The fair value of the swaps and forwards are estimated using a single broker quote, and accordingly, are classified as a Level 3 measurement. The fair value of the futures is widely available and have quoted prices in active markets, and accordingly, were classified as a Level 1 measurement. As of September 30, 2025, the Company pledged no securities collateral associated with the foreign currency derivatives (December 31, 2024 - none). Securities pledged as collateral are included in debt securities, available for sale, in the Company's consolidated balance sheets.

**Weather derivatives**

The Company holds assets and assumes liabilities related to weather and weather contingent risk management products. Weather and weather contingent derivative contracts are entered into with the objective of generating profits in normal climatic conditions. Accordingly, the Company's weather and weather contingent derivatives are not designed to meet the criteria for hedge accounting under U.S. GAAP. The Company receives payment of premium at the contract inception in exchange for bearing the risk of variations in a quantifiable weather index. Management uses available market data and internal pricing models based upon consistent statistical methodologies to estimate the fair value. Because of the significance of the unobservable inputs used to estimate the fair value of the Company's weather risk contracts, the fair value measurements of the contracts are deemed to be Level 3 measurements in the fair value hierarchy. The Company does not provide or hold any collateral associated with the weather derivatives.

**Credit default swap**

Credit default swaps protect the buyer against the loss of principal on one or more underlying bonds, loans, or mortgages in the event the issuer suffers a credit event. The Company provides its clients with protection against financial non-performance of a subsidiary. The fair value of the swap is estimated using a single broker quote, and accordingly, is classified as a Level 3 measurement. As of September 30, 2025, the Company has $14.9 million pledged in securities collateral associated with the credit default swap (December 31, 2024 - $9.9 million). Securities pledged as collateral are included in debt securities, available for sale, in the Company's consolidated balance sheets.

The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments within the Company's consolidated balance sheets as of September 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Derivatives not designated as hedging instruments** | **Derivative assets**<br>**at fair value**<sup>(1)</sup> | **Derivative liabilities**<br>**at fair value**<sup>(2)</sup> | **Notional <br>Value** | **Derivative assets**<br>**at fair value**<sup>(1)</sup> | **Derivative liabilities**<br>**at fair value**<sup>(2)</sup> | **Notional<br>Value** |
| Foreign currency forwards | $7.2 | $2.5 | $848.0 | $0.9 | $3.3 | $768.6 |
| Weather derivatives |  |  |  |  | 5.6 | 3.7 |
| Interest rate swaps |  |  | 29.8 |  |  | 29.8 |
| Credit default swap | 0.5 |  | 73.1 |  | 0.5 | 49.1 |
| Reinsurance contracts accounted for as derivatives | $— | $5.2 | $77.9 | $— | $4.9 | $100.1 |

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(1)Derivative assets are classified within Other assets in the Company's consolidated balance sheets.

(2)Derivative liabilities are classified within Other liabilities in the Company's consolidated balance sheets.

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The following table summarizes information on the classification and net impact on earnings, recognized in the Company's consolidated statements of income relating to derivatives during the three and nine months ended September 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|<br>**Derivatives not designated as hedging instruments** |<br>**Classification of gains (losses) recognized in earnings** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Foreign currency forwards | Foreign exchange losses | $(5.4) | $(22.2) | $74.3 | $(33.7) |
| Weather derivatives | Other revenues | 0.2 | (0.1) | 0.7 | (1.9) |
| Interest rate swaps | Net realized and unrealized investment gains (losses) | (0.2) | 0.9 | (0.7) | 2.6 |
| Reinsurance contracts accounted for as derivatives | Other revenues | $(0.3) | $0.4 | $(0.4) | $0.7 |

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**10. Variable and voting interest entities** 

The Company consolidates the results of operations and financial position of every voting interest entity ("VOE") in which it has a controlling financial interest and variable interest entities ("VIE") in which it is considered to be the primary beneficiary in accordance with guidance in ASC 810, Consolidation. The consolidation assessment, including the determination as to whether an entity qualifies as a VOE or VIE, depends on the facts and circumstances surrounding each entity.

**Consolidated variable interest entities**

***Alstead Re***

Alstead Reinsurance Ltd. ("Alstead Re") is considered a VIE and the Company has concluded that it is the primary beneficiary of Alstead Re because the Company can exercise control over the activities that most significantly impact the economic performance of Alstead Re. As a result, the Company has consolidated the results of Alstead Re in its consolidated financial statements. As of September 30, 2025, Alstead Re's assets and liabilities included in the Company's consolidated balance sheets were $6.5 million and $0.8 million, respectively (December 31, 2024 - $6.3 million and $0.8 million, respectively).

***Arcadian***

Prior to June 30, 2024, Arcadian was considered a VIE and the Company concluded that it was the primary beneficiary of Arcadian because the Company could exercise control over the activities that most significantly impacted the economic performance of Arcadian. As a result, the Company consolidated the results of Arcadian in its consolidated financial statements.

Effective June 30, 2024, the Company deconsolidated Arcadian when the Company's management and Arcadian consented to certain amendments to the shareholders' agreement and termination of the unsecured promissory note which resulted in the Company ceasing to have control over Arcadian. On June 30, 2024, the Company accounted for its retained equity investment in Arcadian under the equity method of accounting and recorded its noncontrolling interest in Arcadian at an estimated fair value of approximately $115.0 million, which was determined by an independent valuation specialist, in Other assets in the Company's consolidated balance sheets. A gain of $95.9 million was recognized by the Company during the three months ended June 30, 2024 as a result of deconsolidation, which was recorded in Other revenues in the Company's consolidated income statement. During the three and nine months ended September 30, 2025, the Company recorded its share of net income in Other revenues in its consolidated income statement. The Company's ownership in Arcadian remained 49% as of September 30, 2025. See Note 19 "Subsequent events" for further discussion on Arcadian.

**Consolidated voting interest entities**

***Alta Signa***

Alta Signa Holdings ("Alta Signa") is considered a VOE and the Company holds a majority of the voting interests through its seats on Alta Signa's board of directors. As a result, the Company has consolidated the results of Alta Signa in its consolidated financial statements. The Company's ownership in Alta Signa as of September 30, 2025 was 75.1%. As of September 30, 2025, Alta Signa's assets and liabilities, before intercompany eliminations, included in the Company's

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consolidated balance sheets were $2.1 million and $1.6 million, respectively (December 31, 2024 - $1.8 million and $0.8 million, respectively).

**Noncontrolling interests**

Noncontrolling interests represent the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. The following table is a reconciliation of the beginning and ending carrying amount of noncontrolling interests for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Balance, beginning of period | $1.1 | $1.4 | $1.4 | $16.7 |
| Net income (loss) attributable to noncontrolling interests | (0.1) | 0.2 | 0.4 | 2.2 |
| Contributions (redemptions) | 0.1 |  | (0.7) | 0.2 |
| Derecognition of noncontrolling interest <sup>(1)</sup> |  |  |  | (17.5) |
| Balance, end of period | $1.1 | $1.6 | $1.1 | $1.6 |

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(1)See above for additional information on the derecognition of noncontrolling interest in Arcadian.

**Non-consolidated variable interest entities**

The Company is a passive investor in certain third-party-managed hedge and private equity funds, some of which are VIEs. The Company is not involved in the design or establishment of these VIEs, nor does it actively participate in the management of the VIEs. The exposure to loss from these investments is limited to the carrying value of the investments at the balance sheet date.

The Company calculates maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where the Company has also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. The Company does not have any VIEs that it sponsors, nor any VIEs where it has recourse to it or has provided a guarantee to the VIE interest holders.

The following table presents the carrying amount of unconsolidated VIEs in which the Company holds a variable interest, as well as the maximum exposure to loss associated with these VIEs as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Amount** | **Maximum Exposure to Loss** <sup>(1)</sup> | **Carrying Amount** | **Maximum Exposure to Loss** <sup>(1)</sup> |
| Debt securities, available for sale | $51.7 | $79.4 | $21.1 | $79.3 |
| Other long-term investments <sup>(2)</sup> | 206.3 | 267.2 | 202.7 | 267.2 |
|  | $258.0 | $346.6 | $223.8 | $346.5 |

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(1)Maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments.

(2)Includes investments in related parties, which are also VIEs and are discussed below.

***Third Point Enhanced LP***

As of September 30, 2025, the Company and Third Point Advisors LLC ("TP GP") hold interests of approximately 89.1% and 10.9%, respectively, of the net asset value of TP Enhanced Fund. As a result, both entities hold significant financial interests in TP Enhanced Fund. However, TP GP controls all of the investment decision-making authority and the Company does not have the power to direct the activities which most significantly impact the economic performance of TP Enhanced Fund. As a result, the Company is not considered the primary beneficiary and does not consolidate TP Enhanced Fund. We have no unfunded commitments on this investment, and the Company's maximum exposure to loss on this investment corresponds to the carrying amount, which is included in Other long-term investments in the table above. For further details on the Company's investment in the TP Enhanced Fund, please refer to Note 7 "Investments" of Part II, Item 8. "Financial Statements and Supplementary Data" included in the 2024 Form 10-K.

On February 28, 2025, the Company provided notice to Third Point LLC of its intent to redeem all of its capital accounts for Third Point Enhanced LP by March 31, 2026.

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***Investment in Third Point Venture Offshore Fund I LP***

Third Point Venture GP LLC controls all of the investment decision-making authority of the TP Venture Fund. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund. As of September 30, 2025, the Company's maximum exposure to loss on this investment corresponds to the carrying amount plus unfunded commitments of $7.1 million (December 31, 2024 - $9.3 million), which is included in Other long-term investments in the table above. For further details on the Company's investment in the TP Venture Fund, please refer to Note 7 "Investments" of Part II, Item 8. "Financial Statements and Supplementary Data" included in the 2024 Form 10-K.

***Investment in Third Point Venture Offshore Fund II LP***

Third Point Venture GP II LLC controls all of the investment decision-making authority of the TP Venture Fund II. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund II. As of September 30, 2025, the Company's maximum exposure to loss on this investment corresponds to the carrying amount plus unfunded commitments of $18.2 million (December 31, 2024 - $19.7 million), which is included in Other long-term investments in the table above. For further details on the Company's investment in the TP Venture Fund II, please refer to Note 7 "Investments" of Part II, Item 8. "Financial Statements and Supplementary Data" included in the 2024 Form 10-K.

***Investment in Third Point Insurance Solutions Fund I LLC***

On July 18, 2025, the Company entered into an agreement to purchase up to $25 million of securities issued by Third Point Insurance Solutions Fund I LLC ("TP ISF"). There was no initial cash outlay, and the commitment is expected to be funded ratably over the next twelve months. TP GP ultimately controls all of the investment decision-making authority and the Company does not have the power to direct the activities which most significantly impact the economic performance of TP ISF, and so the Company is not considered the primary beneficiary and will not consolidate TP ISF. This unfunded commitment is not included in the maximum exposure to loss table above.

**11. Loss and loss adjustment expense reserves** 

The following table represents the activity in the loss and loss adjustment expense reserves for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2024** |
| Gross reserves for loss and loss adjustment expenses, beginning of period | $5653.9 | $5608.1 |
| Less: loss and loss adjustment expenses recoverable, beginning of period | (2315.3) | (2295.1) |
| Less: deferred gains on retroactive reinsurance contracts | 8.5 | 27.5 |
| Net reserves for loss and loss adjustment expenses, beginning of period | 3347.1 | 3340.5 |
| Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | 1199.1 | 1070.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (51.8) | (70.6) |
| Total incurred loss and loss adjustment expenses | 1147.3 | 999.4 |
| Net loss and loss adjustment expenses paid in respect of losses occurring in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | (445.2) | (159.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (451.8) | (659.5) |
| Total net paid losses | (897.0) | (818.5) |
| Foreign currency translation | 51.4 | 3.6 |
| Net reserves for loss and loss adjustment expenses, end of period | 3648.8 | 3525.0 |
| Plus: loss and loss adjustment expenses recoverable, end of period | 2162.9 | 2198.7 |
| Plus: deferred gains on retroactive reinsurance <sup>(1)</sup> |  | (21.6) |
| Gross reserves for loss and loss adjustment expenses, end of period | $5811.7 | $5702.1 |

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(1)Deferred charges on retroactive reinsurance are recorded in Other assets on the Company's consolidated balance sheets. Deferred gains on retroactive reinsurance are presented as a separate line item on the Company's consolidated balance sheets.

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The Company's prior year reserve development arises from changes to estimates of losses and loss adjustment expenses related to loss events that occurred in previous calendar years.

For the nine months ended September 30, 2025, the Company recorded $51.8 million of net favorable prior year loss reserve development primarily driven by favorable development in Property, mainly from reserve releases relating to prior year's catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses.

For the nine months ended September 30, 2024, the Company recorded $70.6 million of net favorable prior year loss reserve development primarily resulting from favorable development in Property, mainly driven by reserve releases relating to favorable COVID-19 development trends, as well as favorable development in A&H and the runoff business due to lower than expected reported attritional losses.

**Loss Portfolio Transfers**

***Workers' Compensation Loss Portfolio Transfer***

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

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

The transaction price of approximately $400 million covered SiriusPoint loss and unearned premium reserves, including commuted liabilities, and the reinsurance premium as of the December 31, 2023 valuation date. The subject loss reserves are included in Loss and loss adjustment expenses recoverable in the Company's consolidated balance sheets. The agreement between SiriusPoint America and Clarendon National is on a funds withheld basis, and the funds held liability (including reinsurance premium) of $234.7 million as of September 30, 2025 is included within Reinsurance balances payable in the Company's consolidated balance sheets. The aggregate limit under the 2024 LPT is 150% of the premium paid.

***SiriusPoint International Loss Portfolio Transfer***

On March 2, 2023, the Company agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction (the "2023 LPT"), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The transaction covered loss reserves ceded initially estimated at $1.3 billion as of the valuation date of September 30, 2022, which were reduced to $905.6 million as of June 30, 2023 at closing, as a result of paid losses and favorable prior accident year reserve development recognized during the interim period, and included in Loss and loss adjustment expenses recoverable in the Company's consolidated balance sheets. As of September 30, 2025, the Company recorded funds held payable of $419.1 million in Reinsurance balances payable and reinsurance recoverable of $422.9 million. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of roll forward reserves at the inception of the contract.

**12. Allowance for expected credit losses**

The Company is exposed to credit losses primarily through sales of its insurance and reinsurance products and services. The financial assets in scope of the current expected credit losses impairment model primarily include the Company's insurance

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and reinsurance balances receivable and loss and loss adjustment expenses recoverable. The Company pools these amounts by counterparty credit rating and applies a credit default rate that is determined based on the studies published by the rating agencies (e.g., AM Best, Standard & Poor's ("S&P"), Fitch Ratings, Demotech). In circumstances where ratings are unavailable, the Company applies an internally developed default rate based on historical experience, reference data including research publications, and other relevant inputs.

The Company's assets in scope of the current expected credit loss assessment as of September 30, 2025 and December 31, 2024 are as follows:

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31, 2024** |
| Insurance and reinsurance balances receivable, net | $2291.4 | $2054.4 |
| Loss and loss adjustment expenses recoverable, net | 2162.9 | 2315.3 |
| Other assets <sup>(1)</sup> | 74.6 | 87.8 |
| Total assets in scope | $4528.9 | $4457.5 |

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(1)Relates to MGA trade receivables (included in Other assets in the Company's consolidated balance sheets), loans receivables (included in Other long-term investments in the Company's consolidated balance sheets) and interest and dividend receivables.

The Company's allowance for expected credit losses was $25.4 million as of September 30, 2025 (December 31, 2024 - $28.8 million). For the three and nine months ended September 30, 2025, the Company recorded a current expected credit gain of $(3.4) million (2024 - none and $0.4 million, respectively). Changes to the current expected credit losses are included in net corporate and other expenses in the consolidated statements of income.

The Company monitors counterparty credit ratings and macroeconomic conditions, and considers the most current ratings from credit rating agencies to determine the allowance each quarter. As of September 30, 2025, approximately 64% of the total gross assets in scope were balances with counterparties rated by major credit rating agencies and, of the total rated, 96% were rated A- or better.&nbsp;&nbsp;&nbsp;&nbsp;

**13. Debt and letter of credit facilities**

**Debt obligations**

The following table represents a summary of the Company's debt obligations on its consolidated balance sheets as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amount** | **Effective rate** <sup>(1)</sup> | **Amount** | **Effective rate** <sup>(1)</sup> |
| 2024 Senior Notes, at face value | $400.0 | 7.4% | $400.0 | 7.4% |
| &nbsp;&nbsp;&nbsp;Unamortized discount and issuance costs | (4.3) |  | (5.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Senior Notes, carrying value | 395.7 |  | 394.8 |  |
| 2017 SEK Subordinated Notes, at face value | 292.4 | 7.1% | 249.2 | 7.9% |
| &nbsp;&nbsp;&nbsp;Unamortized discount | (5.6) |  | (4.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 SEK Subordinated Notes, carrying value | 286.8 |  | 244.3 |  |
| Total debt | $682.5 |  | $639.1 |  |

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(1)Effective rate considers the effect of the debt issuance costs, discount, and premium.

The Company was in compliance with all debt covenants as of and for the periods ended September 30, 2025 and December 31, 2024.

**Interest expense**

For the three and nine months ended September 30, 2025 total interest expense includes $12.1 million and $35.9 million, respectively, associated with debt obligations (2024 - $12.4 million and $36.2 million, respectively) and $7.2 million and $23.7 million, respectively, of funds withheld interest from loss portfolio transfers (2024 - $5.9 million and $20.1 million, respectively). See Note 11 "Loss and loss adjustment expense reserves" for further discussion on the 2024 LPT and 2023 LPT.

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**Standby letter of credit facilities**

As of September 30, 2025, the Company had entered into the following letter of credit facilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Letters of Credit** | **Letters of Credit** | **Collateral** | **Collateral** |
| | **Committed Capacity** | **Issued** | **Cash and Cash Equivalents** | **Debt securities** |
| Committed - Secured letters of credit facilities | $355.0 | $276.9 | $16.7 | $535.1 |
| Uncommitted - Secured letters of credit facilities | n/a | 800.4 | 19.5 | 727.2 |
|  |  | $1077.3 | $36.2 | $1262.3 |

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The Company's secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. The above referenced facilities are subject to various affirmative, negative and financial covenants that the Company considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. See Note 5 for additional information.

**Revolving credit facility**

In addition to the letter of credit facilities above, the Company entered into a four-year, $400.0 million senior unsecured revolving credit facility (the "Facility") with JPMorgan Chase Bank, N.A. as administrative agent, effective December 19, 2024. The Facility includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the Facility maturity date. Subject to customary conditions precedent upon any Company borrowing request, the Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. As of September 30, 2025, there were no outstanding borrowings under the Facility. In addition, as of and for the periods ended September 30, 2025 and December 31, 2024, the Company was in compliance with all of the covenants under the Facility.

**Federal Home Loan Bank**

On September 25, 2025, SiriusPoint America Insurance Company ("SiriusPoint America"), a subsidiary of the Company, was approved as a new member to the Federal Home Loan Bank of New York ("FHLBNY"). As a member of the FHLBNY, the Company will have access to FHLBNY borrowings to support general corporate purposes. We have the ability to obtain this funding from the FHLBNY based on a percentage of the value of our admitted assets in the State of New York, and our ability to borrow is subject to availability of eligible collateral. The borrowing limit for this program is 5% of the admitted assets of SiriusPoint America. As of December 31, 2024 SiriusPoint America's admitted assets were $2.7 billion. The Company did not receive advances or make repayments of FHLBNY borrowings during the three and nine months ended September 30, 2025. There were no advances from the FHLBNY outstanding at September 30, 2025.

**14. Income taxes**

The Company recognizes income tax expense or benefit based upon pre-tax income or loss reported in the consolidated statements of income and the provisions of currently enacted tax laws. Starting in 2025, a 15% corporate income tax is applied to the Company's Bermuda operations as a result of the enactment of the Corporate Income Tax Act 2023 (the "Bermuda CIT") on December 27, 2023. We expect that our in-scope entities will incur increased tax expense in Bermuda beginning in 2025. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which the Company's subsidiaries and branches are subject to tax are Belgium, Bermuda, Canada, Germany, Luxembourg, Sweden, Switzerland, the United Kingdom, and the United States.

For the three and nine months ended September 30, 2025, the Company recorded income tax expense of $20.2 million and $45.1 million, respectively (2024 - $2.4 million and $26.3 million, respectively) on pre-tax income of $110.9 million and $261.1 million, respectively (2024 - $11.1 million and $245.7 million, respectively). The effective tax rates for the three and nine months ended September 30, 2025 were 18.2% and 17.3%, respectively. The difference between the effective tax rate on income from continuing operations and the Bermuda statutory tax rate of 15% is primarily because of income recognized in jurisdictions with higher tax rates than Bermuda, and adjustments pursuant to applicable U.S. GAAP guidance on interim period financial reporting of taxes, which are based on the annual estimated effective tax rate.

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In arriving at the estimated annual effective tax rate for the nine months ended September 30, 2025 and 2024, the Company took into consideration all year-to-date income and expense items including the change in unrealized investment gains (losses) and realized investment gains (losses) and such items on a forecasted basis for the remainder of each year.

In December 2021, the Organisation for Economic Co-Operation and Development ("OECD") published two global anti-base erosion model rules under Pillar Two (the "GloBE Rules"), which implement a 15% global minimum tax applicable for in-scope multinational groups ("GMT"). The first GloBE Rule is the income inclusion rule ("IIR"), which imposes "top-up" tax on a parent entity in respect of the income of a subsidiary that is taxed at less than 15%. The second GloBE Rule is the "undertaxed payments" rule, which denies deductions or requires an equivalent adjustment to the extent the income of an affiliate which is taxed at less than 15%. On January 1, 2024, the GloBE Rules went into effect in the E.U., including a minimum top-up tax rate of 15% for multinational companies, with many E.U. member states enacting corollary legislation as part of their respective domestic tax laws. Consistent with accounting guidance, the Company will treat the global minimum tax as an in-period tax charge when incurred in future periods for which no deferred taxes need to be provided. No provision for top-up tax was recorded as of September 30, 2025, because, based on a country-by-country analysis, it has been determined that for each tested jurisdiction there would be no material amount of top-up tax.

The One Big Beautiful Bill Act ("OBBBA") was enacted on July 4, 2025. Based on the Company's review and assessment of OBBBA, some of its provisions pertaining to corporate and international taxation are relevant to the Company but are not expected to have a material impact the Company's financial statements as of December 31, 2025. However, in light of OBBBA's potential broader implications for the US federal government's fiscal position, the OECD Pillar Two framework above and other future tax legislation, and financial markets, the Company will continue to monitor the longer term impact of OBBBA and related legislative and geopolitical developments.

**Uncertain tax positions**

Recognition of the benefit of a given tax position is based upon whether a company determines that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. In evaluating the more likely than not recognition threshold, the Company must presume that the tax position will be subject to examination by a taxing authority with full knowledge of all relevant information. If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement.

The total reserve for unrecognized tax benefits is $0.9 million as of September 30, 2025, which did not materially change compared to December 31, 2024. If the Company determines in the future that its reserves for unrecognized tax benefits on permanent differences and interest and penalties are not needed, the reversal of $0.8 million of such reserves as of September 30, 2025 would be recorded as an income tax benefit and would impact the effective tax rate. The remaining balance is accrued interest and penalties.

**15. Shareholders' equity** 

**Common shares**

The following table presents a summary of the common shares issued and outstanding and shares repurchased as of and for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Common shares issued and outstanding, beginning of period | 116429057 | 168120022 |
| Issuance of common shares, net of forfeitures and shares withheld | 767427 | 789339 |
| Issuance of common shares upon exercise of options | 100000 | 2035211 |
| Shares repurchased | (500000) | (9077705) |
| Issuance of common shares upon exercise of warrants | 11013 |  |
| Common shares issued and outstanding, end of period | 116807497 | 161866867 |

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The Company's authorized share capital consists of 300,000,000 common shares with a par value of $0.10 each. During the nine months ended September 30, 2025 and 2024, the Company did not pay any dividends to its common shareholders.

**Preference shares**

The Company's authorized share capital also consists of 30,000,000 preference shares with a par value of $0.10 each.

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**Series B preference shares**

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

The dividend rate will reset on each five-year anniversary of issuance at a rate equal to the five-year U.S. treasury rate at such time plus 7.298%. The Series B preference shares are perpetual and have no fixed maturity date. The Series B preference shares provide for redemption rights by the Company (i) in whole, or in part, on each five-year anniversary of issuance at 100%, (ii) in whole, but not in part, (a) upon certain rating agency events, at 102%, (b) upon certain capital disqualification events, at 100%, and (c) upon certain tax events, at 100%.

During the three and nine months ended September 30, 2025, the Company declared and paid dividends of $4.0 million and $12.0 million, respectively, to the Series B preference shareholders (2024 - $4.0 million and $12.0 million, respectively). The Company has declared and paid dividends to the Series B preference shareholders every quarter beginning June 30, 2021.

**Share repurchases**

Under the share repurchase program, the Company may repurchase its common stock from time to time, in amounts, at prices and at times the Company deems appropriate in its sole discretion, subject to market conditions and other considerations. The share repurchases may be effected through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades and accelerated share repurchase programs, including in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, or any combination of such methods. The share repurchase program does not have an expiration date. As of September 30, 2025, a maximum value of approximately $180.8 million of common shares may yet be purchased under the program.

During the three and nine months ended September 30, 2025, the Company repurchased 0 and 500,000 of its common shares from Daniel S. Loeb at the public offering price of $14.00 per share. During the three and nine months ended September 30, 2024, the Company repurchased 9,077,705 of its common shares from CM Bermuda Ltd. Common shares repurchased by the Company during the period were cancelled and retired.

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**16. Earnings per share available to SiriusPoint common shareholders** 

The following sets forth the computation of basic and diluted earnings per share available to SiriusPoint common shareholders for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Weighted-average number of common shares outstanding:** | | | | |
| Basic number of common shares outstanding | 116726540 | 165659401 | 116412996 | 168275970 |
| Dilutive effect of restricted share awards and units | 866941 | 1636809 | 1046481 | 1981156 |
| Dilutive effect of options | 1224422 | 1028706 | 1196129 | 1049764 |
| Dilutive effect of warrants |  | 4478382 |  | 2954436 |
| Dilutive effect of Series A preference shares |  |  |  |  |
| Diluted number of common shares outstanding | 118817903 | 172803298 | 118655606 | 174261326 |
| **Basic earnings per common share:** |  |  |  |  |
| Net income available to SiriusPoint common shareholders | $86.8 | $4.5 | $203.6 | $205.2 |
| Net income allocated to SiriusPoint participating shareholders | (0.1) | (0.1) | (0.2) | (11.2) |
| Net income allocated to SiriusPoint common shareholders | $86.7 | $4.4 | $203.4 | $194.0 |
| Basic earnings per share available to SiriusPoint common shareholders | $0.74 | $0.03 | $1.75 | $1.15 |
| **Diluted earnings per common share:** |  |  |  |  |
| Net income available to SiriusPoint common shareholders | $86.8 | $4.5 | $203.6 | $205.2 |
| Net income allocated to SiriusPoint participating shareholders | (0.1) | (0.1) | (0.2) | (11.2) |
| Net income allocated to SiriusPoint common shareholders | $86.7 | $4.4 | $203.4 | $194.0 |
| Diluted earnings per share available to SiriusPoint common shareholders | $0.73 | $0.03 | $1.71 | $1.11 |

---

For the three and nine months ended September 30, 2025, anti-dilutive restricted share units of 38 and 14,271, respectively, were excluded from the computation of diluted earnings per share attributable to SiriusPoint common shareholders. For the three and nine months ended September 30, 2024, anti-dilutive restricted share units of 17,208 and 18,165, respectively, were excluded from the computation of diluted earnings per share attributable to SiriusPoint common shareholders.

**17. Related party transactions**

In addition to the transactions disclosed in Notes 10, 15 and 18 to these consolidated financial statements, the following transactions are classified as related party transactions, as the counterparties have either a direct or indirect shareholding in the Company or the Company has an investment in such counterparty.

**(Re)insurance contracts**

During the three and nine months ended September 30, 2025, insurance and reinsurance contracts with certain of the Company's insurance and MGA related parties resulted in gross premiums written of $42.2 million and $53.9 million, respectively (2024 - $35.5 million and $90.8 million, respectively). As of September 30, 2025, the Company had total receivables from these related parties of $100.7 million and no payables (December 31, 2024 - receivables of $127.2 million and no payables).

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**Investments managed by related parties**

The following table provides the fair value of the Company's investments managed by related parties as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Third Point Enhanced LP <sup>(1) (2)</sup> | $82.7 | $87.6 |
| Third Point Venture Offshore Fund I LP <sup>(2)</sup> | 27.4 | 24.0 |
| Third Point Venture Offshore Fund II LP <sup>(2)</sup> | 6.2 | 4.9 |
| Third Point Optimized Credit Portfolio <sup>(3)</sup> | 653.5 | 595.8 |
| Total investments managed by related parties | $769.8 | $712.3 |

---

(1)On February 28, 2025, the Company provided notice to Third Point LLC of its intent to redeem all of its capital accounts for Third Point Enhanced LP as of March 31, 2026.

(2)The Third Point Enhanced LP, Third Point venture Offshore Fund I LP, and Third Point Venture Offshore Fund II LP are reported in Other long-term investments in the consolidated balance sheets.

(3)The Third Point Optimized Credit Portfolio is primarily reported in Debt securities, available for sale and trading, in the consolidated balance sheets.

On September 23, 2025, the Company provided notice to Third Point LLC of its intent to withdraw all of its investments from the Third Point Enhanced Optimized Credit Portfolio on March 31, 2026. The withdrawal allows for, but does not require, liquidation of assets at their fair market value on the withdrawal date. Upon withdrawal, the investment management agreement for this portfolio will be terminated. The Company is not restricted from reallocating investments or cash from this action to another third-party investment manager, and is not required to reinvest any amounts with Third Point.

**Management, advisory and performance fees to related parties**

The total management, advisory and performance fees to related parties for the three and nine months ended September 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Management and advisory fees | $1.4 | $0.5 | $3.8 | $4.1 |
| Performance fees (income) |  | (0.3) | (0.4) | 0.1 |
| Total management, advisory and performance fees to related parties <sup>(1)</sup> | $1.4 | $0.2 | $3.4 | $4.2 |

---

(1)Management, advisory and performance fees to related parties, where applicable, are presented within Net realized and unrealized investment gains in the consolidated statements of income.

**18. Commitments and contingencies** 

**Liability-classified capital instruments**

On February 26, 2021, the Company completed its acquisition of Sirius International Insurance Group, Ltd. ("Sirius Group"). The aggregate consideration for the transaction included the issuance of preference shares, warrants, and other contingent value components.

***Series A Preference Shares***

On February 26, 2021, certain holders of Sirius Group shares elected to receive Series A preference shares, par value $0.10 per share ("Series A Preference Shares"), with respect to the consideration price of the Sirius Group acquisition, and the Company issued 11,720,987 Series A Preference Shares. On August 1, 2024, the Company entered into a Confidential Settlement and Mutual Release Agreement with CM Bermuda Limited ("CM Bermuda") and CMIG International Holding

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Pte. Ltd, and on the closing of the transaction, all Series A Preference shares held by CM Bermuda were cancelled and retired.

Pursuant to the CMIG Agreement, the Company settled all Series A Preference Shares held by CM Bermuda Ltd. during the three months ended September 30, 2024. The settlement resulted in a loss of $90.7 million for the three and nine months ended September 30, 2024.

During the nine months ended September 30, 2024, the Company did not declare or pay dividends to holders of Series A Preference Shares.

***Merger Warrants***

On February 26, 2021, the Company issued certain warrants with respect to the consideration price of the Sirius Group acquisition (the "Merger Warrants"). On December 30, 2024, the Company entered into a securities purchase agreement with CM Bermuda, under which the Company repurchased 20,991,337 warrants held by CM Bermuda at $3.56 per warrant, and the warrants were cancelled upon the closing of the transaction.

During the three and nine months ended September 30, 2024, the Company recorded a loss of $26.7 million and $28.7 million, respectively, from the change in fair value of the Merger Warrants.

**Litigation**

From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution processes, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company's insurance and reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or to collect funds owed to it. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. The Company may also be involved, from time to time in the normal course of business, in formal and informal dispute resolution processes that do not arise from, or are not directly related to, claims activity. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations.

**Leases**

The Company operates globally and leases office space under various non-cancelable operating lease agreements.&nbsp;&nbsp;&nbsp;&nbsp;

During the three and nine months ended September 30, 2025, the Company recognized operating lease expense of $2.5 million and $7.0 million, respectively (2024 - $2.1 million and $6.8 million, respectively), including property taxes and routine maintenance expense as well as rental expenses related to short-term leases.

The following table presents the lease balances within the consolidated balance sheets as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Operating lease right-of-use assets <sup>(1)</sup> | $23.3 | $22.8 |
| Operating lease liabilities <sup>(2)</sup> | $27.0 | $24.5 |
| Weighted average lease term (years) | 4.7 | 5.2 |
| Weighted average discount rate | 3.2% | 3.0% |

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(1) Operating lease right-of-use assets are included in Other assets on the Company's consolidated balance sheets.

(2) Operating lease liabilities are included in Other liabilities on the Company's consolidated balance sheets.

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Future minimum rental commitments as of September 30, 2025 under these leases are expected to be as follows:

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| | |
|:---|:---|
| | **Future Payments** |
| Remainder of 2025 | $1.4 |
| 2026 | 6.5 |
| 2027 | 5.8 |
| 2028 | 6.1 |
| 2029 and thereafter | 8.0 |
| Total future annual minimum rental payments | 27.8 |
| Less: present value discount | (0.8) |
| Total lease liability as of September 30, 2025 | $27.0 |

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**19. Subsequent events**

***Sale of Arcadian***

On October 3, 2025 the Company entered into an agreement to sell its 49% equity stake in managing general agent, Arcadian Holdings Limited ("Arcadian"), to Lee Equity Partners for total consideration of $139 million, inclusive of a pre-close dividend. The Company has also renewed and extended its capacity agreement with Arcadian until the end of 2031. The transaction is expected to close prior to the end of the first quarter of 2026, subject to regulatory approvals and satisfaction of customary closing conditions. Upon completion of the transaction, the Company is expected to recognize a pre-tax gain of $25 million to $30 million.

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**ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our unaudited consolidated financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q ("Form 10-Q") and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The terms "we," "our," "us" and the "Company," as used in this report, refer to SiriusPoint Ltd. ("SiriusPoint") 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 exclusive of its subsidiaries.

The statements in this discussion regarding business outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K") and in "Cautionary Note Regarding Forward-Looking Statements" below. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements in this Form 10-Q may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this discussion, the words "believes," "intends," "seeks," "anticipates," "aims," "plans," "targets," "estimates," "expects," "assumes," "continues," "should," "could," "will," "may" and the negative of these or similar terms and phrases are intended to identify forward-looking statements. Specific forward-looking statements in this Form 10-Q include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the current insurtech market trends, our ability to generate shareholder value, and whether we will continue to have momentum in our business in the future.

Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of unpredictable catastrophic events, including uncertainties with respect to losses from health pandemics across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of global climate change, including wildfires, and increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the uncertainty from policies under the current presidential administration in the U.S., such as the federal government shutdown and financial markets' and business reactions to such events;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global economic uncertainty caused by the imposition and/or announcement of tariffs imposed on the import of certain goods into the U.S. from various countries which may have unpredictable consequences including, but not limited to, inflation or trade wars, potential impact on the Company's credit and mortgage business and potential increase in credit spreads which could impact the Company's short-term capital and liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain key senior management and key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a downgrade or withdrawal of our financial ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal restrictions on certain of SiriusPoint's insurance and reinsurance subsidiaries' ability to pay dividends and other distributions to SiriusPoint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of legal and regulatory proceedings and regulatory constraints on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced returns or losses in SiriusPoint's investment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with delegating authority to third party managing general agents ("MGAs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and factors listed under "Risk Factors" in our 2024 Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In addition, while we do, from time to time, communicate with security analysts, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, shareholders should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts, or opinions, such reports are not our responsibility.

**Overview** 

We are a global underwriter of insurance and reinsurance, domiciled in Bermuda. We have licenses to write property, casualty and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd's of London ("Lloyd's") syndicate and managing agency, and an internationally licensed company domiciled in Sweden. Our operating companies have a financial strength rating of A- (Positive) from AM Best, Fitch Ratings ("Fitch") and Standard & Poor's ("S&P") and A3 (Stable) from Moody's Ratings ("Moody's").

We are an underwriting first company as we aim to create a business model which is simplified, fully-integrated and globally connected. Distribution relationships are important to us, as we generate premiums from various carefully selected partners, including our consolidated MGAs and non-consolidated MGAs. We seek to apply our underwriting talent, capabilities and proven management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and reactive to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and consistent within our specified risk tolerances and areas of expertise. Our MGA strategy is to partner with high integrity and transparent leaders and teams with deep underwriting expertise and a track record of success. Our partnerships are structured to incentivize all parties to deliver thereby allowing capable teams to do what they do best, while providing complementary services. As of September 30, 2025, we had equity stakes in 20 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, commercial automobile, workers' compensation, accident & health, and other specialty insurance classes.

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***Products & Services***

*Insurance & Services Segment*

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

*Reinsurance Segment*

In our Reinsurance segment, we provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, we participate in the reinsurance market with a global focus through the broker market distribution channel. We primarily write treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of our business lines. In the United States and Bermuda, our core focus is on distribution, risk and clients located in North America while our international operation is focused primarily on distribution, risks and clients located in Europe. The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis.

***Investment Management***

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

**Recent Developments**

***Sale of Armada***

On September 29, 2025 the Company entered into an agreement to sell its wholly owned subsidiary, ArmadaCorp Capital, LLC ("Armada"), to Ambac Financial Group Inc. for $250 million. SiriusPoint will continue its capacity partnership with Armada until the end of 2030. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and receipt of regulatory approvals. Upon completion of the transaction, the Company is expected to recognize a pre-tax gain of $220 million to $230 million.

***Sale of Arcadian***

On October 3, 2025 the Company entered into an agreement to sell its 49% equity stake in managing general agent, Arcadian Holdings Limited ("Arcadian"), to Lee Equity Partners for total consideration of $139 million, inclusive of a pre-close dividend. The Company has also renewed and extended its capacity agreement with Arcadian until the end of 2031. The transaction is expected to close prior to the end of the first quarter of 2026, subject to regulatory approvals and satisfaction of customary closing conditions. Upon completion of the transaction, the Company is expected to recognize a pre-tax gain of $25 million to $30 million.

***Ratings***

On March 5, 2025, April 25, 2025 and October 2, 2025, Fitch, AM Best and S&P, respectively, affirmed our ratings and revised our outlook to Positive from Stable. These revisions reflect our improved balance sheet strength, continued underwriting performance improvement and reduced risk profile.

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**Key Performance Indicators** 

We believe that the following key financial indicators are the most important in evaluating our performance for the three and nine months ended September 30, 2025 and 2024, and as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| | **($ in millions, except for ratios)** | **($ in millions, except for ratios)** | **($ in millions, except for ratios)** | **($ in millions, except for ratios)** |
| Combined ratio | 85.9% | 84.4% | 87.8% | 86.1% |
| Core underwriting income ⁽¹⁾ | $69.6 | $62.5 | $165.7 | $143.7 |
| Core net services income ⁽¹⁾ | $10.1 | $7.0 | $37.7 | $34.2 |
| Core income ⁽¹⁾ | $79.7 | $69.5 | $203.4 | $177.9 |
| Core combined ratio ⁽¹⁾ | 89.1% | 88.5% | 91.4% | 91.1% |
| Annualized return on average common shareholders' equity attributable to SiriusPoint common shareholders | 17.7% | 0.7% | 14.5% | 11.4% |

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Book value per common share | $17.21 | $14.92 |
| Book value per diluted common share | $16.91 | $14.60 |
| Tangible book value per diluted common share ⁽¹⁾ | $15.87 | $13.42 |

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(1)Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in "Non-GAAP Financial Measures" and reconciliations in "Segment Results" below and Note 4 "Segment reporting" in our unaudited consolidated financial statements included elsewhere in this Form 10-Q. Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in "Non-GAAP Financial Measures."

***Core Results***

See "Segment Results" below for additional information.

***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 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 nine months ended September 30, 2025 and 2024 was calculated as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Net income available to SiriusPoint common shareholders | $86.8 | $4.5 | $203.6 | $205.2 |
| Common shareholders' equity attributable to SiriusPoint common shareholders - beginning of period | 1905.7 | 2504.1 | 1737.4 | 2313.9 |
| Common shareholders' equity attributable to SiriusPoint common shareholders - end of period | 2009.9 | 2494.9 | 2009.9 | 2494.9 |
| Average common shareholders' equity attributable to SiriusPoint common shareholders | $1957.8 | $2499.5 | $1873.7 | $2404.4 |
| Annualized return on average common shareholders' equity attributable to SiriusPoint common shareholders | 17.7% | 0.7% | 14.5% | 11.4% |

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KPI

The increase in annualized return on average common shareholders' equity attributable to SiriusPoint common shareholders was driven by higher net income for the three months ended September 30, 2025, due to the 2024 loss on the settlement of liability classified instruments of $117.3 million, partially offset by lower net investment income.

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The increase in annualized return on average common shareholders' equity attributable to SiriusPoint common shareholders for the nine months ended September 30, 2025 is the result of consistent net income combined with a decrease in shareholders' equity subsequent to the share repurchases in the fourth quarter of 2024 and first quarter of 2025.

***Book Value Per Share***

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

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

As of September 30, 2025, book value per common share was $17.21, representing an increase of $0.89 per share, or 5.5%, from $16.32 per share as of June 30, 2025. As of September 30, 2025, book value per diluted common share was $16.91, representing an increase of $0.88 per share, or 5.5%, from $16.03 per share as of June 30, 2025. As of September 30, 2025, tangible book value per diluted common share was $15.87, representing an increase of $0.98 per share, or 6.6%, from $14.89 per share as of June 30, 2025.

As of September 30, 2025, book value per common share was $17.21, representing an increase of $2.29 per share, or 15.3%, from $14.92 per share as of December 31, 2024. As of September 30, 2025, book value per diluted common share was $16.91, representing an increase of $2.31 per share, or 15.8%, from $14.60 per share as of December 31, 2024. As of September 30, 2025, tangible book value per diluted common share was $15.87, representing an increase of $2.45 per share, or 18.3%, from $13.42 per share as of December 31, 2024.

The increases reflect continued positive underwriting and investment results during the three and nine months ended September 30, 2025.

**Consolidated Results of Operations—Three and nine months ended September 30, 2025 and 2024**

The following table sets forth the key items discussed in the consolidated results of operations section, and the period over period change, for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **Change** | **September 30, 2025** | **September 30, 2024** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Total underwriting income | $91.4 | $89.0 | $2.4 | $235.7 | $243.7 | $(8.0) |
| Net investment income and net realized and unrealized investment gains (losses) | 72.7 | 92.5 | (19.8) | 212.5 | 195.6 | 16.9 |
| Other revenues | 35.5 | 18.1 | 17.4 | 92.5 | 164.8 | (72.3) |
| Loss on settlement and change in fair value of liability-classified capital instruments |  | (117.3) | 117.3 |  | (122.6) | 122.6 |
| Net corporate and other expenses | (62.5) | (51.4) | (11.1) | (194.0) | (174.0) | (20.0) |
| Intangible asset amortization | (2.8) | (3.0) | 0.2 | (8.5) | (8.9) | 0.4 |
| Interest expense | (21.0) | (13.8) | (7.2) | (60.2) | (50.0) | (10.2) |
| Foreign exchange losses | (2.4) | (3.0) | 0.6 | (16.9) | (2.9) | (14.0) |
| Income tax expense | (20.2) | (2.4) | (17.8) | (45.1) | (26.3) | (18.8) |
| Net income | $90.7 | $8.7 | $82.0 | $216.0 | $219.4 | $(3.4) |

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The key changes in our consolidated results for the three and nine months ended September 30, 2025 compared to the prior year periods are discussed below.

***Underwriting results***

The improvement in net underwriting results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily driven by premium growth at a lower attritional loss ratio and a decrease in catastrophe losses of $10.6 million offset by a decrease in favorable prior year development of $21.7 million.

The decrease in net underwriting results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by increased catastrophe losses from the California wildfires, partially offset by a decrease in attritional loss ratio.

***Investments***

*Investment Portfolio*

The following table presents the carrying value of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | **($ in millions)** | **($ in millions)** |
| Debt securities, available for sale | $5145.6 | $5131.0 |
| Debt securities, trading | 98.7 | 162.2 |
| Total debt securities <sup>(1)</sup> | 5244.3 | 5293.2 |
| Short-term investments | 24.6 | 95.8 |
| Other long-term investments | 318.3 | 316.5 |
| Total investments | 5587.2 | 5705.5 |
| Cash and cash equivalents | 582.4 | 682.0 |
| Restricted cash and cash equivalents <sup>(2)</sup> | 135.3 | 212.6 |
| Total invested assets and cash <sup>(1)</sup> | $6304.9 | $6600.1 |

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(1)Includes $653.5 million of investments in the Third Point Optimized Credit portfolio ("TPOC Portfolio") as of September 30, 2025 (December 31, 2024 - $595.8 million).

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

The decrease in total invested assets and cash was primarily driven by the use of $483.0 million of investments to fund the share repurchase from CM Bermuda Limited ("CM Bermuda") under a securities purchase agreement entered into in December 2024, partially offset by a $54.0 million gain on the AFS portfolio, primarily driven by changes in the Federal Reserve's monetary policies, and reinvestment of cash generated from investment income and underwriting operations.

The duration of our fixed income portfolio, excluding cash and cash equivalents, is 3.1 years (December 31, 2024 - 3.1 years). The duration remained consistent from the comparative period due to our efforts to match our asset duration with economic liabilities in the current interest rate environment. The average credit rating of our investment portfolio is "AA-" as of September 30, 2025 (December 31, 2024 - "AA-") with no defaults in the investment portfolio.

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The following table provides a breakdown of structured products between investment and non-investment grade securities as of September 30, 2025 and December 31, 2024. These are fixed income investments which are included in debt securities in the table above. Refer to Note 7 "Investments" to our unaudited consolidated financial statements included elsewhere in this Form 10-Q for further discussion of these securities.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Investment Grade** <sup>(1)</sup> | **Non-investment Grade** <sup>(2)</sup> | **Investment Grade** <sup>(1)</sup> | **Non-investment Grade** <sup>(2)</sup> |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Asset-backed securities | $578.6 | $18.7 | $719.4 | $33.7 |
| Collateralized loan obligations | 325.8 |  | 447.5 | 2.2 |
| Total asset-backed securities | 904.4 | 18.7 | 1166.9 | 35.9 |
| Agency residential mortgage-backed securities | 807.0 |  | 852.2 |  |
| Non-agency residential mortgage-backed securities | 190.7 | 23.0 | 159.1 | 11.2 |
| Total residential mortgage-backed securities | 997.7 | 23.0 | 1011.3 | 11.2 |
| Agency commercial mortgage-backed securities | 48.3 |  | 48.6 |  |
| Non-agency commercial mortgage-backed securities | 191.7 | 0.5 | 226.8 | 0.9 |
| Total commercial mortgage-backed securities | 240.0 | 0.5 | 275.4 | 0.9 |
| Total mortgage-backed securities | 1237.7 | 23.5 | 1286.7 | 12.1 |
| Total asset and mortgage-backed securities | $2142.1 | $42.2 | $2453.6 | $48.0 |

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

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

*Investment Results*

The following is a summary of the results from investments and cash for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross investment income | $71.4 | $85.1 | $219.8 | $253.6 |
| Change in fair value of trading portfolio <sup>(1)</sup> | 2.1 | 7.2 | 11.3 | (23.4) |
| Net realized investment gains (losses) | 4.1 | 7.6 | (4.7) | (15.7) |
| Investment results | 77.6 | 99.9 | 226.4 | 214.5 |
| Investment expenses | (4.9) | (7.4) | (13.9) | (18.9) |
| Total net investment income and net realized and unrealized investment gains (losses) | $72.7 | $92.5 | $212.5 | $195.6 |

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

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The following is a summary of the results from investments by investment classification for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Debt securities, available for sale | $72.3 | $71.6 | $190.8 | $196.9 |
| Debt securities, trading | 3.6 | 8.1 | 9.9 | 22.5 |
| Short-term investments | 0.4 | 1.8 | 1.4 | 9.1 |
| Other long-term investments | (4.2) | 7.1 | 1.6 | (41.1) |
| Derivative instruments | 0.3 | 3.7 | (0.2) | 5.4 |
| Net investment income and net realized and unrealized investment gains (losses) before other investment expenses and investment income on cash and cash equivalents | 72.4 | 92.3 | 203.5 | 192.8 |
| Investment expenses | (4.9) | (7.4) | (13.9) | (18.9) |
| Net investment income on cash and cash equivalents | 5.2 | 7.6 | 22.9 | 21.7 |
| Net investment income and net realized and unrealized investment gains (losses) | $72.7 | $92.5 | $212.5 | $195.6 |

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Net investment income and net realized and unrealized investment gains (losses) for the three months ended September 30, 2025 decreased as a result of the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.

Net investment income and net realized and unrealized investment gains (losses) for the nine months ended September 30, 2025 increased due to losses on strategic investments in 2024 of $56.2 million resulting from the Company's recurring valuations of its portfolio. Excluding the losses on strategic investments and other items, the primary components of income for the nine months ended September 30, 2025 and September 30, 2024 were $202.1 million and $228.5 million, respectively, on our debt securities and short-term investments. The year over year decrease is a result of the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.

Refer to Part I, Item 3. "Quantitative and Qualitative Disclosures about Market Risks" of this Form 10-Q for a discussion of certain risks and factors that could adversely impact our investments results.

***Other Revenues***

For the three months ended September 30, 2025, other revenues primarily consisted of $25.8 million of service fee revenue from MGAs in addition to a non-recurring $11.0 million insurance recovery related to a legacy litigation, compared to $18.2 million of service fee revenue from MGAs for the three months ended September 30, 2024. The increase in service fee revenue for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 is primarily driven by increases in the travel insurance business of International Medical Group, Inc. ("IMG").

For the nine months ended September 30, 2025, other revenues primarily consisted of $84.1 million of service fee revenue from MGAs in addition to a non-recurring $11.0 million insurance recovery related to a legacy litigation compared to a gain of $95.9 million from the deconsolidation of Arcadian and $69.9 million of service fee revenue from MGAs for the nine months ended September 30, 2024. The increase in service fee revenue for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 is primarily driven by increases in IMG's travel insurance business, partially offset by a decrease from the deconsolidation of Arcadian.

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

For the three and nine months ended September 30, 2025, we did not incur a loss on settlement and change in fair value of liability classified instruments as all instruments were previously settled or exercised, compared to a loss of $117.3 million and $122.6 million for the three and nine months ended September 30, 2024, respectively, driven by the settlement of the

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Series A preference shares under the CMIG Agreement and the change in fair value of the Merger Warrants primarily driven by changes in our share price.

***Net Corporate and Other Expenses***

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

The increase in net corporate and other expenses for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was primarily driven by increases in service expenses and expenses associated with non-recurring projects.

For the three months ended September 30, 2025, services expenses increased to $48.5 million compared to $41.3 million for the three months ended September 30, 2024, primarily driven by increases in expenses proportional to IMG revenue growth.

For the nine months ended September 30, 2025 services expenses increased to $141.2 million compared to $135.0 million for the nine months ended September 30, 2024, primarily driven by increases in expenses related to IMG, slightly offset by decreases from the deconsolidation of Arcadian.

***Amortization of Intangible Assets***

Amortization of intangible assets for the three and nine months ended September 30, 2025 was $2.8 million and $8.5 million, respectively (2024 - $3.0 million and $8.9 million, respectively). The changes in amortization are due to the use of amortization patterns which are based on the period over which they are expected to generate future net cash inflows from the use of the underlying intangible assets.

***Interest Expense***

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

Interest expense for the three and nine months ended September 30, 2025 was $21.0 million and $60.2 million, respectively, compared to $13.8 million and $50.0 million for the three and nine months ended September 30, 2024. The increases were primarily driven by funds withheld interest on the loss portfolio transfer with Clarendon National Insurance Company which was completed in October 2024 (the "2024 LPT") and included in the three and nine months ended September 30, 2025.

***Foreign Currency Translation***

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

The foreign exchange losses for the three and nine months ended September 30, 2025 of $2.4 million and $16.9 million, respectively, were primarily driven by the impact of certain foreign exchange exposures related to our underwriting activities, partially offset by the impact of our currency hedges.

The foreign exchange losses of $3.0 million for the three months ended September 30, 2024 were primarily due to $3.7 million of foreign exchange losses from our international operations. The foreign exchange losses of $2.9 million for the nine months ended September 30, 2024 were primarily due to $1.0 million of foreign exchange losses from our international operations.

In addition to the foreign exchange losses noted above, foreign currency losses for the three and nine months ended September 30, 2025 of $0.8 million and $3.0 million, respectively, were recorded as part of investments results. See Note 8 "Total net investment income and net realized and unrealized investment gains (losses)" in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

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On an aggregate basis, the effects of foreign exchange resulted in charges to net income of $2.6 million and $18.3 million as well as charges (benefits) to comprehensive income of $(3.1) million and $1.9 million for the three and nine months ended September 30, 2025, respectively. The effects of foreign exchange are consistent with the recent market fluctuations in rates and the Company's economic currency hedging strategy.

***Income Tax Expense***

The increases in income tax expense for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 were consistent with the increases in pre-tax income.

**Segment Results — Three and nine months ended September 30, 2025 and 2024**

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

Corporate results include all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 (the "Restructuring Plan") and certain reinsurance contracts that have interest crediting features. Corporate results include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers' compensation and cyber programs which we no longer write.

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The following tables set forth the operating segment results and ratios for the three months ended September 30, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| | | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $562.0 | $309.6 | $871.6 | $— | $2.8 | $— | $874.4 |
| Net premiums written | 396.8 | 268.1 | 664.9 |  | 5.4 |  | 670.3 |
| Net premiums earned | 381.2 | 262.3 | 643.5 |  | 4.2 |  | 647.7 |
| Loss and loss adjustment expenses incurred, net | 225.3 | 145.5 | 370.8 | (1.5) | 3.6 |  | 372.9 |
| Acquisition costs, net | 98.3 | 64.7 | 163.0 | (26.9) | 3.7 |  | 139.8 |
| Other underwriting expenses | 19.9 | 20.2 | 40.1 |  | 3.5 |  | 43.6 |
| **Underwriting income (loss)** | 37.7 | 31.9 | 69.6 | 28.4 | (6.6) |  | 91.4 |
| Services revenues | 58.5 |  | 58.5 | (32.7) |  | (25.8) |  |
| Services expenses | 48.5 |  | 48.5 |  |  | (48.5) |  |
| **Net services fee income** | 10.0 |  | 10.0 | (32.7) |  | 22.7 |  |
| Services noncontrolling loss | 0.1 |  | 0.1 |  |  | (0.1) |  |
| **Net services income** | 10.1 |  | 10.1 | (32.7) |  | 22.6 |  |
| **Segment income (loss)** | $47.8 | $31.9 | $79.7 | $(4.3) | $(6.6) | $22.6 | $91.4 |
| Attritional losses | $234.8 | $145.1 | $379.9 | $(1.5) | $3.4 | $— | $381.8 |
| Catastrophe losses |  |  |  |  |  |  |  |
| Prior year loss reserve development | (9.5) | 0.4 | (9.1) |  | 0.2 |  | (8.9) |
| Loss and loss adjustment expenses incurred, net | $225.3 | $145.5 | $370.8 | $(1.5) | $3.6 | $— | $372.9 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 61.6% | 55.3% | 59.0% |  |  |  | 59.0% |
| Catastrophe loss ratio | —% | —% | —% |  |  |  | —% |
| Prior year loss development ratio | (2.5)% | 0.2% | (1.4)% |  |  |  | (1.4)% |
| Loss ratio | 59.1% | 55.5% | 57.6% |  |  |  | 57.6% |
| Acquisition cost ratio | 25.8% | 24.7% | 25.3% |  |  |  | 21.6% |
| Other underwriting expenses ratio | 5.2% | 7.7% | 6.2% |  |  |  | 6.7% |
| Combined ratio | 90.1% | 87.9% | 89.1% |  |  |  | 85.9% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| | | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $376 | $314.5 | $690.5 | $— | $23.5 | $— | $714 |
| Net premiums written | 235.3 | 268.3 | 503.6 |  | 0.6 |  | 504.2 |
| Net premiums earned | 276.9 | 269.4 | 546.3 |  | 22.6 |  | 568.9 |
| Loss and loss adjustment expenses incurred, net | 170.1 | 137.6 | 307.7 | (1.4) | 11.2 |  | 317.5 |
| Acquisition costs, net | 65.9 | 69.8 | 135.7 | (24.1) | 5.9 |  | 117.5 |
| Other underwriting expenses | 20.0 | 20.4 | 40.4 |  | 4.5 |  | 44.9 |
| **Underwriting income** | 20.9 | 41.6 | 62.5 | 25.5 | 1.0 |  | 89.0 |
| Services revenues | 48.1 |  | 48.1 | (29.9) |  | (18.2) |  |
| Services expenses | 41.3 |  | 41.3 |  |  | (41.3) |  |
| **Net services fee income** | 6.8 |  | 6.8 | (29.9) |  | 23.1 |  |
| Services noncontrolling loss | 0.2 |  | 0.2 |  |  | (0.2) |  |
| **Net services income** | 7.0 |  | 7.0 | (29.9) |  | 22.9 |  |
| **Segment income** | $27.9 | $41.6 | $69.5 | $(4.4) | $1.0 | $22.9 | $89.0 |
| Attritional losses | $183.9 | $142.9 | $326.8 | $(1.4) | $12.1 | $— | $337.5 |
| Catastrophe losses | (0.7) | 11.3 | 10.6 |  |  |  | 10.6 |
| Prior year loss reserve development | (13.1) | (16.6) | (29.7) |  | (0.9) |  | (30.6) |
| Loss and loss adjustment expenses incurred, net | $170.1 | $137.6 | $307.7 | $(1.4) | $11.2 | $— | $317.5 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 66.4% | 53.1% | 59.8% |  |  |  | 59.3% |
| Catastrophe loss ratio | (0.3)% | 4.2% | 1.9% |  |  |  | 1.9% |
| Prior year loss development ratio | (4.7)% | (6.2)% | (5.4)% |  |  |  | (5.4)% |
| Loss ratio | 61.4% | 51.1% | 56.3% |  |  |  | 55.8% |
| Acquisition cost ratio | 23.8% | 25.9% | 24.8% |  |  |  | 20.7% |
| Other underwriting expenses ratio | 7.2% | 7.6% | 7.4% |  |  |  | 7.9% |
| Combined ratio | 92.4% | 84.6% | 88.5% |  |  |  | 84.4% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

***Core Premium Volume***

Gross premiums written increased by $181.1 million, or 26.2%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Net premiums written increased by $161.3 million, or 32.0%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Net premiums earned increased by $97.2 million, or 17.8%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including expansion of Surety within our Other Specialties business line, growth across A&H including Life, and continued strategic organic and new program growth in our international P&C business.

***Core Underwriting Results***

The improvement in net underwriting results of $7.1 million was primarily driven by premium growth coupled with a slight improvement in attritional losses as well as decreased catastrophe losses, offset by a decrease in favorable prior year

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development. Effects of catastrophes were limited for the three months ended September 30, 2025, compared to $10.6 million of catastrophe losses for the three months ended September 30, 2024. For the three months ended September 30, 2025 favorable prior year loss reserve development was $9.1 million primarily driven by favorable development in A&H business due to lower than expected reported attritional losses, compared to $29.7 million for the three months ended September 30, 2024 primarily driven by favorable development within Property business.

***Core Services Results***

Services revenues increased to $58.5 million for the three months ended September 30, 2025 compared to $48.1 million for the three months ended September 30, 2024 due to growth in the IMG travel business.

Net services income increased to $10.1 million for the three months ended September 30, 2025 compared to $7.0 million during the three months ended September 30, 2024, primarily driven by growth in IMG's travel business. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 17.1% for the three months ended September 30, 2025 from 14.1% for the three months ended September 30, 2024 driven by enhanced profitability at both IMG through the travel program as well as Armada.

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The following tables set forth the operating segment results and ratios for the nine months ended September 30, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| | | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $1757.5 | $1034.1 | $2791.6 | $— | $15.7 | $— | $2807.3 |
| Net premiums written | 1273.1 | 843.6 | 2116.7 |  | 1.0 |  | 2117.7 |
| Net premiums earned | 1086.6 | 828.3 | 1914.9 |  | 11.5 |  | 1926.4 |
| Loss and loss adjustment expenses incurred, net | 644.4 | 497.2 | 1141.6 | (5.0) | 10.7 |  | 1147.3 |
| Acquisition costs, net | 283.5 | 202.3 | 485.8 | (83.1) | 7.7 |  | 410.4 |
| Other underwriting expenses | 61.4 | 60.4 | 121.8 |  | 11.2 |  | 133.0 |
| **Underwriting income (loss)** | 97.3 | 68.4 | 165.7 | 88.1 | (18.1) |  | 235.7 |
| Services revenues | 178.7 |  | 178.7 | (94.6) |  | (84.1) |  |
| Services expenses | 141.2 |  | 141.2 |  |  | (141.2) |  |
| **Net services fee income** | 37.5 |  | 37.5 | (94.6) |  | 57.1 |  |
| Services noncontrolling loss | 0.2 |  | 0.2 |  |  | (0.2) |  |
| **Net services income** | 37.7 |  | 37.7 | (94.6) |  | 56.9 |  |
| **Segment income (loss)** | $135.0 | $68.4 | $203.4 | $(6.5) | $(18.1) | $56.9 | $235.7 |
| Attritional losses | $661.3 | $470.1 | $1131.4 | $(5.0) | $5.3 | $— | $1131.7 |
| Catastrophe losses | 4.8 | 62.6 | 67.4 |  |  |  | 67.4 |
| Prior year loss reserve development | (21.7) | (35.5) | (57.2) |  | 5.4 |  | (51.8) |
| Loss and loss adjustment expenses incurred, net | $644.4 | $497.2 | $1141.6 | $(5.0) | $10.7 | $— | $1147.3 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 60.9% | 56.7% | 59.1% |  |  |  | 58.8% |
| Catastrophe loss ratio | 0.4% | 7.6% | 3.5% |  |  |  | 3.5% |
| Prior year loss development ratio | (2.0)% | (4.3)% | (3.0)% |  |  |  | (2.7)% |
| Loss ratio | 59.3% | 60.0% | 59.6% |  |  |  | 59.6% |
| Acquisition cost ratio | 26.1% | 24.4% | 25.4% |  |  |  | 21.3% |
| Other underwriting expenses ratio | 5.7% | 7.3% | 6.4% |  |  |  | 6.9% |
| Combined ratio | 91.1% | 91.7% | 91.4% |  |  |  | 87.8% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| | **Insurance & Services** | **Reinsurance** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| | | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $1390.5 | $1023.4 | $2413.9 | $— | $71.2 | $— | $2485.1 |
| Net premiums written | 913.5 | 867.2 | 1780.7 |  | 6.4 |  | 1787.1 |
| Net premiums earned | 838.3 | 779.2 | 1617.5 |  | 135.7 |  | 1753.2 |
| Loss and loss adjustment expenses incurred, net | 538.8 | 406.0 | 944.8 | (4.1) | 58.7 |  | 999.4 |
| Acquisition costs, net | 206.9 | 206.8 | 413.7 | (93.8) | 62.4 |  | 382.3 |
| Other underwriting expenses | 55.4 | 59.9 | 115.3 |  | 12.5 |  | 127.8 |
| **Underwriting income** | 37.2 | 106.5 | 143.7 | 97.9 | 2.1 |  | 243.7 |
| Services revenues | 171.3 |  | 171.3 | (101.4) |  | (69.9) |  |
| Services expenses | 135.0 |  | 135.0 |  |  | (135.0) |  |
| **Net services fee income** | 36.3 |  | 36.3 | (101.4) |  | 65.1 |  |
| Services noncontrolling income | (2.1) |  | (2.1) |  |  | 2.1 |  |
| **Net services income** | 34.2 |  | 34.2 | (101.4) |  | 67.2 |  |
| **Segment income** | $71.4 | $106.5 | $177.9 | $(3.5) | $2.1 | $67.2 | $243.7 |
| Attritional losses | $546.3 | $424.9 | $971.2 | $(4.1) | $86.7 | $— | $1053.8 |
| Catastrophe losses | 1.9 | 14.3 | 16.2 |  |  |  | 16.2 |
| Prior year loss reserve development | (9.4) | (33.2) | (42.6) |  | (28.0) |  | (70.6) |
| Loss and loss adjustment expenses incurred, net | $538.8 | $406.0 | $944.8 | $(4.1) | $58.7 | $— | $999.4 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Attritional loss ratio | 65.2% | 54.6% | 60.0% |  |  |  | 60.1% |
| Catastrophe loss ratio | 0.2% | 1.8% | 1.0% |  |  |  | 0.9% |
| Prior year loss development ratio | (1.1)% | (4.3)% | (2.6)% |  |  |  | (4.0)% |
| Loss ratio | 64.3% | 52.1% | 58.4% |  |  |  | 57.0% |
| Acquisition cost ratio | 24.7% | 26.5% | 25.6% |  |  |  | 21.8% |
| Other underwriting expenses ratio | 6.6% | 7.7% | 7.1% |  |  |  | 7.3% |
| Combined ratio | 95.6% | 86.3% | 91.1% |  |  |  | 86.1% |

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

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

***Core Premium Volume***

Gross premiums written increased by $377.7 million, or 15.6%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Net premiums written increased by $336.0 million, or 18.9%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Net premiums earned increased by $297.4 million, or 18.4%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including growth across A&H, expansion of Surety within our Other Specialties business line, continued strategic organic and new program growth in our international business.

***Core Underwriting Results***

The improvement in net underwriting results of $22.0 million for the nine months ended September 30, 2025 in comparison to the nine months ended September 30, 2024 was primarily driven by premium growth combined with improved attritional

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loss and acquisition cost ratios. The improved attritional and acquisition cost ratios resulted in an additional income of $21.1 million for the nine months ended September 30, 2025 while there was a $14.6 million increase in favorable prior year loss reserve development, offset by $51.2 million increase in catastrophe losses driven by the California wildfires.

***Core Services Results***

Services revenues increased to $178.7 million for the nine months ended September 30, 2025 compared to $171.3 million for the nine months ended September 30, 2024 primarily due to growth in IMG's travel business, offset by the effects of the Arcadian deconsolidation.

Net services fee income increased to $37.5 million for the nine months ended September 30, 2025 from $36.3 million for the nine months ended September 30, 2024 also driven by growth in IMG's travel business. Service margin, which is calculated as net service fee income as a percentage of services revenues, decreased to 21.0% for the nine months ended September 30, 2025 compared to 21.2% for the nine months ended September 30, 2024.

We generated net services income of $37.7 million for the nine months ended September 30, 2025, compared to $34.2 million for the nine months ended September 30, 2024, primarily driven by growth in IMG's travel business and offset by the deconsolidation of Arcadian, which generated net services income of $5.2 million for the nine months ended September 30, 2024.

**Insurance & Services Segment**

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

As of September 30, 2025, we have equity stakes in 20 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, workers' compensation, accident & health, and other specialty insurance classes. As of September 30, 2025, we consolidated three MGAs in our financial statements: ArmadaCorp Capital, LLC ("Armada"), Alta Signa Holdings ("Alta Signa") and IMG. Effective June 30, 2024, we deconsolidated Arcadian when our management and Arcadian consented to certain amendments to the shareholders' agreement and termination of the unsecured promissory note which resulted in our Company ceasing to have control over Arcadian. There has been no change to our underwriting relationship with Arcadian. We provide underwriting capacity in the form of insurance or reinsurance to 10 non-consolidated entities in addition to the three consolidated MGAs. We also have investment stakes in 7 other entities where we have no underwriting relationships. The investment interests in the non-consolidated entities are included in strategic investments within Other long term investments on the consolidated balance sheet.

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The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the period over period changes, for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **Change** | **September 30, 2025** | **September 30, 2024** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written | $562.0 | $376.0 | $186.0 | $1757.5 | $1390.5 | $367.0 |
| Net premiums written | 396.8 | 235.3 | 161.5 | 1273.1 | 913.5 | 359.6 |
| Net premiums earned | 381.2 | 276.9 | 104.3 | 1086.6 | 838.3 | 248.3 |
| Loss and loss adjustment expenses incurred, net | 225.3 | 170.1 | 55.2 | 644.4 | 538.8 | 105.6 |
| Acquisition costs, net | 98.3 | 65.9 | 32.4 | 283.5 | 206.9 | 76.6 |
| Other underwriting expenses | 19.9 | 20.0 | (0.1) | 61.4 | 55.4 | 6.0 |
| **Underwriting income** | 37.7 | 20.9 | 16.8 | 97.3 | 37.2 | 60.1 |
| Services revenues | 58.5 | 48.1 | 10.4 | 178.7 | 171.3 | 7.4 |
| Services expenses | 48.5 | 41.3 | 7.2 | 141.2 | 135.0 | 6.2 |
| **Net services fee income** | 10.0 | 6.8 | 3.2 | 37.5 | 36.3 | 1.2 |
| Services noncontrolling (income) loss | 0.1 | 0.2 | (0.1) | 0.2 | (2.1) | 2.3 |
| **Net services income** | 10.1 | 7.0 | 3.1 | 37.7 | 34.2 | 3.5 |
| **Segment income** | $47.8 | $27.9 | $19.9 | $135.0 | $71.4 | $63.6 |
| **Underwriting ratios:** <sup>(1)</sup> |  |  |  |  |  |  |
| Loss ratio | 59.1% | 61.4% | (2.3)% | 59.3% | 64.3% | (5.0)% |
| Acquisition cost ratio | 25.8% | 23.8% | 2.0% | 26.1% | 24.7% | 1.4% |
| Other underwriting expense ratio | 5.2% | 7.2% | (2.0)% | 5.7% | 6.6% | (0.9)% |
| Combined ratio | 90.1% | 92.4% | (2.3)% | 91.1% | 95.6% | (4.5)% |

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

***Premium Volume***

Gross premiums written increased by $186.0 million, or 49.5%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by growth across Life, Accident & Health, expansion of Surety within our Other Specialties business line, growth across A&H, and continued strategic organic and new program growth in our international business, specifically London MGAs.

Gross premiums written increased by $367.0 million, or 26.4%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by Life, Accident & Health, expansion of Surety within our Other Specialties business line, and continued strategic organic and new program growth in our international business, specifically London MGAs.

*Consolidated MGAs*

Gross premiums written by the consolidated MGAs in the aggregate increased by $16.1 million, or 27.3%, to $75.0 million for the three months ended September 30, 2025 compared to $58.9 million for the three months ended September 30, 2024, primarily resulting from growth from IMG.

Gross premiums written generated by the consolidated MGAs in the aggregate increased by $42.9 million, or 21.4%, to $243.0 million for the nine months ended September 30, 2025 compared to $200.1 million for the nine months ended September 30, 2024, primarily resulting from the growth from IMG.

Book value for the consolidated MGAs was $90.8 million as of September 30, 2025, compared to $90.1 million as of December 31, 2024. The increase in book value from December 31, 2024 was the result of income in the period offset by intercompany dividends used to fund the share repurchase.

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***Underwriting Results***

The improvement in underwriting income of $16.8 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily driven by a lower attritional loss ratio, partially offset by slightly lower prior year loss reserve development of $9.5 million for the three months ended September 30, 2025, mainly in A&H, compared to net favorable prior year loss reserve development of $13.1 million for the three months ended September 30, 2024.

The improvement in underwriting income of $60.1 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by growth combined with an improving attritional loss ratio as well as net favorable prior year loss reserve development of $21.7 million for the nine months ended September 30, 2025, mainly in A&H, compared to net favorable prior year loss reserve development of $9.4 million for the nine months ended September 30, 2024.

***Services Results***

The increase in services revenues of $10.4 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to growth in the IMG travel business.

The increase in services revenues of $7.4 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to growth in IMG's travel business. Excluding Arcadian, service revenues increased by $20.4 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Net services income increased to $10.1 million for the three months ended September 30, 2025 compared to $7.0 million during the three months ended September 30, 2024, primarily driven by growth in IMG's travel business.

Net services income increased to $37.7 million for the nine months ended September 30, 2025 compared to $34.2 million during the nine months ended September 30, 2024, primarily driven by growth in IMG's travel business and offset by the deconsolidation of Arcadian which generated net services income of $5.2 million for the nine months ended September 30, 2024.

**Reinsurance Segment**

The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business on a worldwide basis. The following table sets forth underwriting results and ratios, and the period over period changes for the Reinsurance segment, for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **Change** | **September 30, 2025** | **September 30, 2024** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written | $309.6 | $314.5 | $(4.9) | $1034.1 | $1023.4 | $10.7 |
| Net premiums written | 268.1 | 268.3 | (0.2) | 843.6 | 867.2 | (23.6) |
| Net premiums earned | 262.3 | 269.4 | (7.1) | 828.3 | 779.2 | 49.1 |
| Loss and loss adjustment expenses incurred, net | 145.5 | 137.6 | 7.9 | 497.2 | 406.0 | 91.2 |
| Acquisition costs, net | 64.7 | 69.8 | (5.1) | 202.3 | 206.8 | (4.5) |
| Other underwriting expenses | 20.2 | 20.4 | (0.2) | 60.4 | 59.9 | 0.5 |
| **Underwriting income** | $31.9 | $41.6 | $(9.7) | $68.4 | $106.5 | $(38.1) |
| **Underwriting ratios:** <sup>(1)</sup> |  |  |  |  |  |  |
| Loss ratio | 55.5% | 51.1% | 4.4% | 60.0% | 52.1% | 7.9% |
| Acquisition cost ratio | 24.7% | 25.9% | (1.2)% | 24.4% | 26.5% | (2.1)% |
| Other underwriting expense ratio | 7.7% | 7.6% | 0.1% | 7.3% | 7.7% | (0.4)% |
| Combined ratio | 87.9% | 84.6% | 3.3% | 91.7% | 86.3% | 5.4% |

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

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***Premium Volume***

Gross premiums written in the Reinsurance segment decreased by $4.9 million, or 1.6%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by slight decreases in Aviation and International Credit offset by growth in Bermuda Specialty.

Gross premiums written in the Reinsurance segment increased by $10.7 million, or 1.0%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by growth in Bermuda Specialty and reinstatement premiums of $8.9 million related to Property Catastrophe business offset by decreases in Aviation.

***Underwriting Results***

The decrease in net underwriting results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was the result of a decrease in favorable prior year development of $17.0 million offset by a decrease in catastrophe losses of $11.3 million .

The decrease in net underwriting results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was primarily driven by increased catastrophe losses of $62.6 million or 7.6 percentage points on the combined ratio, primarily from the California wildfires, compared to $14.3 million, or 1.8 percentage points on the combined ratio, for the nine months ended September 30, 2024. Favorable prior year loss reserve development was relatively flat and was $35.5 million for the nine months ended September 30, 2025, primarily driven by favorable development in Property, mainly from reserve releases relating to prior year's catastrophe events, compared to $33.2 million for the nine months ended September 30, 2024 primarily driven by decreased ultimate losses in the Credit reinsurance portfolio.

**Corporate**

Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effects of the restructuring of the underwriting platform announced in 2022 and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers' compensation and cyber programs which we no longer write. The following table sets forth underwriting results and the period over period changes for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **Change** | **September 30, 2025** | **September 30, 2024** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written | $2.8 | $23.5 | $(20.7) | $15.7 | $71.2 | $(55.5) |
| Net premiums written | 5.4 | 0.6 | 4.8 | 1.0 | 6.4 | (5.4) |
| Net premiums earned | 4.2 | 22.6 | (18.4) | 11.5 | 135.7 | (124.2) |
| Loss and loss adjustment expenses incurred, net | 3.6 | 11.2 | (7.6) | 10.7 | 58.7 | (48.0) |
| Acquisition costs, net | 3.7 | 5.9 | (2.2) | 7.7 | 62.4 | (54.7) |
| Other underwriting expenses | 3.5 | 4.5 | (1.0) | 11.2 | 12.5 | (1.3) |
| **Underwriting income (loss)** | $(6.6) | $1.0 | $(7.6) | $(18.1) | $2.1 | $(20.2) |

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The changes in premium volume for the three and nine months ended September 30, 2025 were primarily driven by the decreases in business from specific workers' compensation and cyber programs that were placed in runoff in the first quarter of 2024 and are expected to have limited volume in 2025. Gross premium volume decreases were partially offset by premiums from a fronting agreement during the three and nine months ended September 30, 2025.

The underwriting loss for the three months ended September 30, 2025 compared to underwriting income for the three months ended September 30, 2024 was primarily the result of decreased underwriting activity following the runoff of existing portfolios.

The underwriting loss for the nine months ended September 30, 2025 compared to underwriting income for the nine months ended September 30, 2024 was the result of an increase in reported losses on legacy international property contracts.

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**Liquidity and Capital Resources** 

***Liquidity Requirements***

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

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

For additional commitments and contingencies that may affect our liquidity requirements see Note 18 "Commitments and contingencies" in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

***Dividend Capacity and Capital***

We are subject to regulatory and other constraints that affect our ability to pay dividends. During the three and nine months ended September 30, 2025, SiriusPoint declared and paid dividends of $4.0 million and $12.0 million, respectively, to the Series B preference shareholders (2024 - $4.0 million and $12.0 million, respectively). During the three and nine months ended September 30, 2025, SiriusPoint did not pay any dividends to its common shareholders.

For the three and nine months ended September 30, 2025, SiriusPoint received $17.0 million and $452.0 million, respectively (2024 - $283.0 million and $428.0 million, respectively) of distributions from SiriusPoint Bermuda Insurance Company Ltd. ("SiriusPoint Bermuda"), its immediate wholly-owned subsidiary. We believe the dividend/distribution capacity of SiriusPoint's subsidiaries, which was approximately $712.7 million as of December 31, 2024, provides SiriusPoint with sufficient liquidity for the foreseeable future. For a further discussion of the various restrictions on SiriusPoint Bermuda's ability to pay dividends, see Part I, Item 1 "Business - Regulation" in our 2024 Form 10-K.

In addition to the regulatory and other contractual constraints to paying dividends, we manage the capital of the group and each of our operating subsidiaries to support our current ratings from AM Best, Fitch, S&P and Moody's. This could further reduce the ability and amount of dividends that could be paid from subsidiaries to SiriusPoint. In addition, the Company annually files the prescribed form of capital and solvency return, which comprises the insurer's Bermuda Solvency Capital Requirement ("BSCR") model. The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer's capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer's business. Our 2024 filed BSCR ratio was 228%. We are also currently completing our third quarter 2025 Bermuda Quarterly Financial Return, with an estimated ratio of 226%.

***Sources of Liquidity***

Our operating subsidiaries sources of liquidity have primarily consisted of net premiums written, reinsurance recoveries, investment income and proceeds from sales of or dividends or distributions attributable to investments. Other potential sources of liquidity include borrowings under our credit facilities, the Federal Home Loan Bank of New York ("FHLBNY") advance program and issuances of securities.

Effective December 19, 2024, we entered into a four-year, $400.0 million senior unsecured revolving credit facility (the "Facility") with JPMorgan Chase Bank, N.A. as administrative agent. The Facility includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders

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representing a majority-in-interest of commitments, of the Facility maturity date. Subject to customary conditions precedent upon any borrowing request, the Facility provides access to loans for working capital and general corporate purposes, as well as letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. As of September 30, 2025, the Company was in compliance with all of the covenants under the Facility and there were no outstanding borrowings under the Facility.

Effective September 2025, we became a member of the FHLBNY. As a member, we may borrow through the advance program of the FHLBNY. The FHLBNY advance program provides short- and long-term, fully collateralized loans, called advances, to their members. We have the ability to obtain this funding based on a percentage of the value of our admitted assets in the State of New York, subject to availability of eligible collateral. As of September 30, 2025, there were no outstanding FHLBNY borrowings.

***Financing***

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

The following table represents a summary of our debt obligations as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amount** | **Effective rate** <sup>(1)</sup> | **Amount** | **Effective rate** <sup>(1)</sup> |
| 2024 Senior Notes, at face value | $400.0 | 7.4% | $400.0 | 7.4% |
| &nbsp;&nbsp;&nbsp;Unamortized discount and issuance costs | (4.3) |  | (5.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Senior Notes, carrying value | 395.7 |  | 394.8 |  |
| 2017 SEK Subordinated Notes, at face value | 292.4 | 7.1% | 249.2 | 7.9% |
| &nbsp;&nbsp;&nbsp;Unamortized discount | (5.6) |  | (4.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 SEK Subordinated Notes, carrying value | 286.8 |  | 244.3 |  |
| Total debt | $682.5 |  | $639.1 |  |

---

(1)Effective rate considers the effect of the debt issuance costs, discount, and premium.

For further details and discussion with respect to the 2024 Senior Notes and 2017 SEK Subordinated Notes, please refer to Note 14 "Debt and letter of credit facilities" of Part II, Item 8. "Financial Statements and Supplementary Data" included in our 2024 Form 10-K.

*Debt Covenants*

As of September 30, 2025, we were in compliance with all of the covenants under the 2024 Senior Notes and the 2017 SEK Subordinated Notes.

*Series B Preference Shares*

We have 8,000,000 of Series B preference shares outstanding, par value $0.10, which are listed on the New York Stock Exchange under the symbol "SPNT PB." Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0%.

As of September 30, 2025, the carrying value of the Series B preference shares was $200.0 million and reflected in shareholders' equity attributable to SiriusPoint shareholders in the consolidated balance sheets. During the three and nine months ended September 30, 2025, the Company declared and paid dividends of $4.0 million and $12.0 million, respectively, to the Series B preference shareholders. The Company has declared and paid dividends to the Series B preference shareholders every quarter beginning June 30, 2021.

------

For further details and discussion with respect to the Series B preference shares, see Note 15 "Shareholders' equity" in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

***Letter of Credit Facilities***

As of September 30, 2025, letters of credit in the amount of $1,077.3 million had been issued by the Company to various insurance and reinsurance counterparties. Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements and a minimum rating from rating agencies. Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of September 30, 2025.

For further details and discussion with respect to letter of credit facilities, see Note 13 "Debt and letter of credit facilities" in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

***Cash Secured Letter of Credit Agreements***

Under the cash secured letter of credit facilities, we provide collateral that consists of cash and cash equivalents and debt securities. As of September 30, 2025, total cash and cash equivalents and debt securities with a fair value of $1,298.5 million were pledged as collateral against the letters of credit issued.

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

For further details and discussion with respect to cash secured letter of credit agreements, see Note 13 "Debt and letter of credit facilities" in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

***Cash, Restricted Cash and Cash Equivalents and Restricted Investments***

Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of 90 days or less. We invest a portion of the collateral securing certain reinsurance contracts in U.S. treasury securities and sovereign debt. This portion of the collateral is included in debt securities in the consolidated balance sheets and is disclosed as part of restricted investments. In addition, restricted investments also pertain to limited partnership interests in Third Point funds securing the Company's contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled.

Restricted cash and cash equivalents and restricted investments decreased to $2,297.8 million as of September 30, 2025 from $2,427.6 million as of December 31, 2024.

For additional information on restricted cash, cash equivalents and investments, see Note 5 "Cash, cash equivalents, restricted cash and restricted investments" in our unaudited consolidated financial statements included elsewhere in this Form 10-Q.

***Cash Flows***

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

------

Operating, investing and financing cash flows for the nine months ended September 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| | **($ in millions)** | **($ in millions)** |
| Net cash provided by (used in) operating activities | $128.8 | $(33.0) |
| Net cash provided by investing activities | 234.9 | 140.4 |
| Net cash used in financing activities | (517.0) | (393.5) |
| Net decrease in cash, cash equivalents and restricted cash | (153.3) | (286.1) |
| Cash, cash equivalents and restricted cash at beginning of period | 894.6 | 1101.3 |
| Change in cash, cash equivalents and restricted cash classified as assets held for sale | (23.6) |  |
| Cash, cash equivalents and restricted cash at end of period | $717.7 | $815.2 |

---

*Operating Activities* 

Cash flows provided by operating activities can fluctuate due to timing differences between the collection of premiums and reinsurance recoverables, the payment of losses and loss expenses, and the payment of premiums to reinsurers. The change in cash flows in operating activities for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by an increase in the collection of premiums consistent with the underlying growth of the business, offset by payments related to California wildfire claims.

*Investing Activities*

Cash flows provided by investing activities for the nine months ended September 30, 2025 were driven by higher proceeds from sales and maturities of debt securities compared to purchases during the period. Cash flows provided by investing activities for the nine months ended September 30, 2024 were driven by changes in our investment portfolio, primarily purchases and sales of fixed income and short-term investments.

*Financing Activities* 

Cash flows used in financing activities for the nine months ended September 30, 2025 primarily consisted of $490.8 million in payments for share repurchases. Cash flows used in financing activities for the nine months ended September 30, 2024 primarily consisted of a $517.9 million payment for the redemption of debt and $98.2 million net payments on deposit liability contracts, offset by $393.9 million of proceeds from the issuance of debt, net of costs and $18.5 million of proceeds from the exercise of options.

**Non-GAAP Financial Measures**

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

***Core Results***

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

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

Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, as well as services expenses which include direct expenses related to consolidated

------

MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.

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

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

See Note 4 "Segment reporting" to our unaudited consolidated financial statements included elsewhere in this Form 10-Q for additional information and a calculation of Core results.

***Tangible Book Value Per Diluted Common Share***

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

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | **($ in millions, except share and per share amounts)** | **($ in millions, except share and per share amounts)** |
| Common shareholders' equity attributable to SiriusPoint common shareholders | $2009.9 | $1737.4 |
| Intangible assets | 123.6 | 140.8 |
| Tangible common shareholders' equity attributable to SiriusPoint common shareholders | $1886.3 | $1596.6 |
| Common shares outstanding | 116807497 | 116429057 |
| Effect of dilutive stock options, restricted share units and warrants | 2034652 | 2559359 |
| Book value per diluted common share denominator | 118842149 | 118988416 |
| **Book value per common share** | $**17.21** | $**14.92** |
| **Book value per diluted common share** | $**16.91** | $**14.60** |
| **Tangible book value per diluted common share** | $**15.87** | $**13.42** |

---

**Financial Condition** 

As of September 30, 2025, total shareholders' equity was $2,211.0 million, compared to $1,938.8 million as of December 31, 2024. The increase was due to net income of $203.6 million and accumulated other comprehensive income from unrealized gains from AFS debt securities of $54.0 million for the nine months ended September 30, 2025.

**Contractual Obligations**

There have been no material changes to our contractual obligations from our 2024 Form 10-K.

**Critical Accounting Policies and Estimates** 

For a summary of our significant accounting and reporting policies, please refer to Note 2 "Significant accounting policies" of Part II, Item 8. "Financial Statements and Supplementary Data" included in our 2024 Form 10-K.

------

Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions. As of December 31, 2024, the accounting policies that required the most significant judgments and estimations by management were: (1) premium revenue recognition, (2) loss and loss adjustment expense reserves, (3) fair value measurements related to our investments and (4) income taxes. If actual events differ significantly from the underlying judgments or estimates used by management in the application of these accounting policies, there could be a material adverse effect on our results of operations and financial condition. Refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in our 2024 Form 10-K.

**ITEM 3. Quantitative and Qualitative Disclosures About Market Risk**

Our consolidated balance sheets include a substantial amount of assets and liabilities whose fair values are subject to market risk. The term market risk refers to the risk of loss arising from adverse changes in interest rates, credit spreads, equity markets prices, and other relevant market rates and prices. Due to our sizable investment portfolio, market risk can have a significant effect on our consolidated financial position.

We believe we are principally exposed to the following types of market risk:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ interest rate risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ foreign currency exchange risk.

***Interest Rate Risk***

Interest rate risk is the price sensitivity of a security to changes in interest rates. Our investment portfolio includes fixed income investments, whose fair values will fluctuate with changes in interest rates. Increases and decreases in prevailing interest rates generally translate into decreases and increases in fair values of fixed income investments, respectively. Additionally, fair values of interest rate sensitive instruments may be affected by the creditworthiness of the issuer, prepayment options, relative values of alternative investments, the liquidity of the instrument, and other market factors.

We manage the interest rate risk associated with our portfolio of fixed income investments by matching assets backing reserves with that of our economic liabilities, in addition to monitoring the average of investment-grade corporate securities; U.S. government and agency securities; foreign government, agency and provincial obligations; preferred stocks; asset-backed and mortgage-backed securities; and municipal obligations.

The following table summarizes the estimated effects of hypothetical increases and decreases in market interest rates on our debt securities as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair value** | **Assumed change in interest rate** | **Estimated fair value after change in interest rate** | **Pre-tax increase (decrease) in carrying value** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Debt securities | $5244.3 | 300 bp decrease | $5648.0 | $403.7 |
|  |  | 200 bp decrease | 5511.0 | 266.7 |
|  |  | 100 bp decrease | 5374.0 | 129.7 |
|  |  | 50 bp decrease | 5305.5 | 61.2 |
|  |  | 50 bp increase | 5154.8 | (89.5) |
|  |  | 100 bp increase | 5071.6 | (172.7) |
|  |  | 200 bp increase | 4901.9 | (342.4) |
|  |  | 300 bp increase | 4728.1 | (516.2) |

---

The magnitude of the fair value decrease in rising rates scenarios may be more significant than the fair value increase in comparable falling rates scenarios. This can occur because (i) the analysis floors interest rates at a de minimis level in falling rate scenarios, muting price increases, (ii) portions of the fixed income investment portfolio may be callable, muting price increases in falling interest rate scenarios and/or (iii) portions of the fixed income investment portfolio may experience cash flow extension in higher interest rate environments, which generally results in lower fixed income asset prices.

Interest payments on our 2017 SEK Subordinated Notes are required to be serviced in Swedish kronor by reference to Stockholm Interbank Offered Rate, a floating interest rate benchmark. This benchmark rate has decreased year to date and it is possible that it will continue to do so, which could result in changes to our interest expense.

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***Foreign Currency Exchange Risk***

In the ordinary course of business, we hold non-U.S. dollar denominated assets and liabilities, which are valued using period-end exchange rates. Non-U.S. dollar denominated foreign revenues and expenses are valued using average exchange rates over the period. Foreign currency exchange-rate risk is the risk that we will incur losses on a U.S. dollar basis due to adverse changes in foreign currency exchange rates.

The following table summarizes the estimated effects of a hypothetical 10% increase and decrease in the value of the U.S. dollar against select foreign currencies would have had on the carrying value of our net assets as of September 30, 2025:

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| | | |
|:---|:---|:---|
| | **10% increase** | **10% decrease** |
| | **($ in millions)** | **($ in millions)** |
| Swedish Krona to U.S. Dollar | $(0.5) | $0.5 |
| British Pound to U.S. Dollar | 0.1 | (0.1) |
| Swiss Franc to U.S. dollar | 0.6 | (0.6) |
| Euro to U.S. Dollar | (0.3) | 0.3 |
| Canadian Dollar to U.S. Dollar | $(0.7) | $0.7 |

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**ITEM 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of September 30, 2025. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2025.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II - Other Information**

**ITEM 1. Legal Proceedings**

The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company's industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from the Company's business ventures. The Company's operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company's direct insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, which involve or arise out of claims on policies issued by the Company's subsidiaries, are typical to the insurance industry in general and in the normal course of our business. These claims are considered in the Company's loss and loss expense reserves. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company's ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process, contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations.

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**ITEM 1A. Risk Factors** &nbsp;&nbsp;&nbsp;&nbsp;

Our business is subject to a number of risks, including those described in the Company's risk factors disclosed in Part I, Item 1A of our 2024 Form 10-K, that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, cash flows and results of operations.

***We may be adversely impacted by inflation and the changing tariff landscape.***

Economies around the world continue to experience heightened levels of inflation. Inflation can be caused by any number of factors including, but not limited to, expansionary monetary policy and deficit spending by the government, rising wages, an imbalance of the supply and demand for goods, supply chain disruptions and the imposition of tariffs. Recently, the U.S. administration imposed and/or announced (and in some cases postponed) tariffs on imports from various countries and on certain products, which may lead to retaliatory tariffs on U.S. exports, unpredictable economic consequences including inflation, trade wars and capital market volatility. In operating our business, we are continuing to experience the effects of inflation, along with potential further economic impact from the changing tariff landscape. Furthermore, our business, like those of other insurers and reinsurers, are susceptible to the effects of inflation because premiums are established before the ultimate amounts of losses and loss expenses are known. Although we consider the potential effects of inflation when setting premium rates, premiums may not fully offset the effects of inflation and thereby essentially result in underpricing the risks we insure and reinsure. Loss reserves include assumptions about future payments for settlement of claims and claims-handling expenses, such as the value of replacing property, associated labor costs for the property business we write and litigation costs. To the extent inflation causes costs to increase above loss reserves established for claims, we will be required to increase loss reserves with a corresponding reduction in net income in the period in which the deficiency is identified, which may have a material adverse effect on our results of operations or financial condition. Unanticipated higher inflation could lead to additional interest rate increases, which would negatively impact the value of our fixed income securities and potentially other investments. The changing tariff landscape may hinder economic growth that may in turn impact our credit and mortgage business. Heightened market volatility could lead to a rise in credit spread which could impact the company's short-term capital and liquidity positions. To the extent higher inflation could lead to currency fluctuations, we may also experience increased volatility in foreign exchange gains and losses in our financial statements.

Except as otherwise set forth above, there have been no material changes to the risk factors disclosed in our 2024 Form 10-K.

**ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities**

On February 27, 2025, the Company completed a previously announced transaction with CM Bermuda and repurchased 45,720,732 of its common shares from CM Bermuda at $14.25 per common share. This share repurchase was accounted for during the year ended December 31, 2024 in accordance with U.S. GAAP. For further detail on this transaction, please refer to Note 3 "Significant Transactions" of Part II, Item 8. "Financial Statements and Supplementary Data" included in our 2024 Form 10-K.

Also on February 27, 2025, the Company repurchased 500,000 of its common shares from Daniel S. Loeb at the public offering price of $14.00 per common share.

As of September 30, 2025, a maximum value of approximately $180.8 million of common shares may yet be purchased under the share repurchase programs previously authorized on May 4, 2016, February 28, 2018, and July 31, 2024.

**ITEM 3. Defaults Upon Senior Securities**

None.

**ITEM 4. Mine Safety Disclosures**

Not applicable.

**ITEM 5. Other Information**

During the three months ended September 30, 2025, none of the Company's directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

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**ITEM 6. Exhibits** 

---

| | |
|:---|:---|
| 10.1 | <u>[SiriusPoint Ltd. Executive Severance Plan and Summary Plan Description (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 5, 2025).](https://www.sec.gov/Archives/edgar/data/1576018/000119312525173569/d19408dex101.htm)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit31193025.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit31293025.htm)</u> |
| 32.1\*\* | <u>[Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit32193025.htm)</u> |
| 32.2\*\* | <u>[Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit32293025.htm)</u> |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Management contracts or compensatory plans or arrangements.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.

------

**SIGNATURES**

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

---

| | |
|:---|:---|
| | SiriusPoint Ltd. |
| Date: October 30, 2025 |  |
|  | /s/ Scott Egan |
|  | Scott Egan |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
|  | /s/ Jim McKinney |
|  | Jim McKinney |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |
|  | /s/ Evan Cabat |
|  | Evan Cabat |
|  | Chief Accounting Officer |
|  | (Principal Accounting Officer) |

---

## Exhibit 10.1

**SIRIUSPOINT LTD. EXECUTIVE SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION**

The Company has adopted this SiriusPoint Ltd. Executive Severance Plan, which defines those circumstances under which the Company may provide Severance Benefits to a Participant in the event of such Participant's Qualifying Termination (each, as defined below), subject to the terms and conditions of the Plan.

This Plan supersedes all prior severance plans and practices, whether formal or informal or written or unwritten, of the Company and any Affiliate, other than (A) payments outstanding under the Sirius Group Severance and Change in Control Plan; (B) any individual employment or other agreement between an Executive and the Company or Affiliate providing for severance pay; or (C) payments under the Equity Governing Documents, unless specifically provided herein.

This document contains the official text of the Plan and also serves as the summary plan description for the Plan.

**<u>SECTION 1 – PURPOSE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The purpose of this Plan is to define those circumstances under which a Participant is eligible for Severance Benefits. This Plan shall be applicable with respect to certain Qualifying Terminations that occur on or after August 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2It is the intention of the Company that this Plan be an "employee welfare benefit plan" within the meaning of Section 3(1) of ERISA.

**<u>SECTION 2 – DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1"***Accrued Amounts***" has the meaning set forth in Section 4 of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2"***Active Employment***" means actively working for the Company or an Affiliate or being on a Company- or Affiliate-approved paid leave of absence. For the avoidance of doubt, actively working does not include any period of non-working notice, which includes, but is not limited to, a garden leave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3"***Affiliate***" means any subsidiary or affiliate of the Company that is either a member of a "controlled group of corporations" of which the Company is a member, a group under "common control" with the Company, or an affiliated service group of which the Company is a member, as determined under Sections 414(b), (c) and (m) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4"***Annual Incentive Target***" means a Participant's target annual performance bonus amount in effect as of the Participant's Termination Date under the Company's then current short-term incentive plan, assuming such Participant achieved any applicable individual performance goals at target, with such amount subject to modification based on the Company's performance modifier as applied to similarly situated Participants, all as determined by the Plan Administrator in its sole and absolute discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5"***Base Pay***" means the Participant's base salary in effect immediately prior to his or her Termination Date (excluding any reduction that forms the basis of the Participant's resignation for Good Reason). Base Pay does not include variable forms of compensation, including, but not limited to, overtime or premium pay, bonuses, short or long term incentive compensation, commissions, expense allowances, pay differential or compensation recognized in connection with any form of equity or equity-based awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6"***Board***" means the Board of Directors of SiriusPoint Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7"***Buy-out Equity Awards***" means awards granted to a Participant pursuant to the Equity Governing Documents as compensation for any equity awards the Participant forfeited under the terms of an equity plan or arrangement with the Participant's former employer as a direct result of the Participant's commencement of employment with the Company, as determined pursuant to the terms of the Equity Governing Documents or, in the event that the Equity Governing Documents are silent, as determined in the sole and absolute discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7"***Cash Bonus***" means, with respect to a Participant, any cash-based sign-on or retention bonus that is outstanding and unvested as of the Participant's Termination Date, as determined by the Plan Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8"***Cause***" with respect to a Participant shall mean (i) the refusal or neglect of the Participant to perform substantially his or her employment-related duties; (ii) the Participant's personal dishonesty, incompetence, willful misconduct, or breach of ﬁduciary duty; (iii) the Participant's conviction of or entering a plea of guilty or nolo contendere (or any applicable equivalent thereof) to a crime constituting a felony (or a crime or oﬀense of equivalent magnitude in any jurisdiction) or his or her willful violation of any other law, rule, or regulation (other than a traﬃc violation or other oﬀense or violation outside of the course of employment that in no way adversely aﬀects the Company or any Aﬃliate or its reputation or the ability of the Participant to perform his or her employment-related duties or to represent the Company or any Aﬃliate); (iv) the Participant's material violation of the Company's or any Affiliate's policies or standards or of any statutory or common law duty of loyalty or good faith to the Company of Affiliate; (v) the material breach by the Participant of any covenant or agreement with the Company or any Aﬃliate, or any written policy of the Company or any Aﬃliate, not to disclose any information pertaining to the Company or any Aﬃliate or not to compete or interfere with the Company or any Aﬃliate; or (vi) the termination of a Participant's employment for serious misconduct, repeated misconduct or repeated unsatisfactory performance; provided that with respect to any Participant who is party to an employment agreement or other applicable agreement with the Company or any Affiliate then in eﬀect and that contains a deﬁnition of "Cause", "Cause" shall have the meaning speciﬁed in such Participant's employment agreement or such other applicable agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9"***Change in Control***" means the ﬁrst to occur of the following:

(a)the acquisition (whether by purchase, merger, amalgamation, consolidation,

or other similar transaction) by any person, entity, or "group" (as deﬁned in Section 13(d) of the

U.S. Securities Exchange Act of 1934, as amended) of beneﬁcial ownership of more than 50% of

the combined voting power of the Company's then outstanding voting securities, other than any

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such acquisition by the Company, any of its subsidiaries, any employee beneﬁt plan of the

Company or any of its subsidiaries, or any Aﬃliates of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the sale, transfer, or other disposition of all or substantially all of the assets of the Company and the subsidiaries, taken as a whole, to one or more persons or entities that are not, immediately prior to such sale, transfer, or other disposition, Aﬃliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)within any 24-month period, the persons who were directors of the Company at the beginning of such period (the "Incumbent Directors") shall cease to constitute at least a majority of the Board, provided that any director nominated for election to the Board by a majority of the Incumbent Directors still in oﬃce shall be deemed to be an Incumbent Director for purpose of this clause (c); provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

in each case, with respect to any amount payable hereunder that constitutes "deferred compensation" subject to Section 409A of the Code and that is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall only occur if such event also constitutes a "change in the ownership," "change in eﬀective control," and/or "change in the ownership of a substantial portion of the assets" of the Company as those terms are deﬁned under Treasury Regulation

§1.409A-3(i)(5), but only to the extent necessary to establish a time or form of payment that complies with Section 409A of the Code, without altering the deﬁnition of Change in Control for purposes of determining whether a participant's rights to such Award become vested or otherwise unconditional upon the Change in Control.

to time.

1.10"***Code***" means the Internal Revenue Code of 1986, as amended from time

1.11"***Company***" means SiriusPoint Ltd. and any successor of SiriusPoint Ltd.,

its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation or otherwise) that assumes this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12"***Company Property***" means all documents (and all copies thereof) and other property of the Company or any Affiliate which the Participant had in his or her possession at any time, including, but not limited to, files, notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, financial information, research and development information, sales and marketing information, operational and personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited to, computers, printers, facsimile machines, mobile telephones and other mobile devices, and servers), credit cards, entry cards, identification badges and keys, and any materials of any kind which is owned by the Company or any Affiliate or contain or embody any proprietary or confidential information of the Company or any Affiliate (and all reproductions thereof in whole or in part).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13"***Compensation Committee***" means the Compensation Committee established by the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14"***Eligible Employee***" means any employee of the Company or an Affiliate who (i) is classified by the Company as being employed in one of the positions listed in the attached Appendix A or is otherwise designated in writing by the Plan Administrator as eligible to participate in this Plan, (ii) is not eligible for severance benefits under any severance plan of any predecessor of the Company or Affiliate, and (iii) is in Active Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15"***Equity Benefits***" has the meaning set forth in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16"***Equity Governing Documents***" has the meaning set forth in Section 5.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17"***ERISA***" means the Employee Retirement Income Security Act of 1974, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18"***Executive Leadership Team***" means the Chief Executive Officer of the Company ("***CEO***") or one of the CEO's direct reports, as determined in the Plan Administrator's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19"***Existing Restrictive Covenants***" has the meaning set forth in Section

3.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20"***Good Reason***" means one of the conditions described below which occurs

without the Participant's consent: (i) a material diminution in the Participant's Base Pay; or (ii) a material change in the geographic location at which the Participant must perform services (i.e., a change of 50 miles or more). For purposes of this definition, a Participant will not be deemed to have incurred a resignation for Good Reason unless (x) the Participant provides written notice to the Company of the existence of the condition constituting a Good Reason within thirty (30) days of the initial existence of the condition constituting the Good Reason, (y) the Company is given thirty (30) days to cure ("***Cure Period***") such condition and fails to do so and (z) the Participant resigns from employment with the Company and its Affiliates, as applicable, within thirty (30) days following the end of such Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21"***Participant***" means any Eligible Employee who is designated by the Plan Administrator in writing as eligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22"***Omnibus Plan***" means the SiriusPoint, Ltd. 2023 Omnibus Incentive Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23"***Plan***" means this SiriusPoint Ltd. Executive Severance Plan, which includes any supplements attached hereto, as it may be amended from time to time.

1.24"***Plan Administrator***" means the Compensation Committee or its delegate.

1.25"***Qualifying Termination***" means, with respect to any Participant, either

(i) a termination by the Company without Cause (which, for the avoidance of doubt, does not

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include termination due to death or disability) or (ii) a resignation from the Company by the Participant for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26"***Release***" has the meaning set forth in Section 6.1 of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27"***Release Date***" means the date on which the Release becomes effective and

irrevocable. Plan.

Plan.

1.28"***Release Requirement***" has the meaning set forth in Section 6.1 of this

1.29"***Severance Benefits***" means the benefits described under Section 4 of this

1.30"***Sign-on Equity Awards***" means awards granted to a Participant pursuant

to the Equity Governing Documents as a sign-on bonus, as determined pursuant to the terms of the Equity Governing Documents or, in the event that the Equity Governing Documents are silent, as determined in the sole and absolute discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31"***Termination Date***" means the date a Participant ceases active service with the Company and all of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32"***Years of Service***" means, with respect to each Participant, the number of such Participant's complete twelve (12)-month periods of service in the Active Employment of the Company or Affiliate or predecessors thereof as of the date of the Participant's termination, based on the Participant's most recent date of hire, as determined from the books and records of the Company or Affiliate, as applicable, by the Plan Administrator in its sole and absolute discretion. For purposes of determining a Participant's complete months of service in the year of termination, a partially-completed (12)-month period of service of at least six (6) months will be deemed to be a complete twelve (12)-month period of service. Notwithstanding the foregoing, former employees of the Company or Affiliate (or their predecessors) that are rehired within twelve (12) months from their most recent termination date will have their original hire date (or the hire date immediately before their most recent rehire date, if later) used for purposes of calculating their respective Years of Service.

**<u>SECTION 3 – ELIGBILITY FOR BENEFITS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1***General Rules***. Subject to Sections 3.2 and 3.3 below and the Participant's satisfaction of the Release Requirement and any other terms and limitations set forth in this Plan, in the event of a Participant's Qualifying Termination, the Company shall provide to the Participant the Severance Benefits described in Section 4 of this Plan and the Equity Benefits described in Section 5 of this Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2***Conditions to the Provision of Severance Benefits***. Notwithstanding anything herein to the contrary, a Participant will only be eligible to receive the Severance Benefits and Equity Benefits if all of the following have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Participant experiences a Qualifying Termination;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Participant satisfies the Release Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Participant returns all Company Property in the Participant's possession promptly following the Qualifying Termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Participant&nbsp;&nbsp;&nbsp;&nbsp;complies with any&nbsp;&nbsp;&nbsp;&nbsp;applicable Existing Restrictive

Covenants.

If any of the conditions set forth in this Section 3.2 are not satisfied by a

Participant, such Participant will not earn or receive any Severance Benefits (other than the Accrued Amounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3***Termination of Benefits.*** A Participant's right to receive Severance Benefits (other than the Accrued Amounts) shall terminate immediately if, at any time prior to or during the period for which the Participant is receiving such Severance Benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Participant, without the prior written approval of the Plan Administrator, breaches a material provision of the Participant's non-disclosure, confidentiality, non-competition, non-solicitation, and non-disparagement covenants it may have to the Company and/or Affiliate entered into by the Participant in connection with his or her employment with the Company and/or Affiliate, or any other applicable restrictive covenants in favor of the Company or any of its Affiliates (collectively, the "***Existing Restrictive Covenants***"), provided that (i) the Company provides written notice to the Participant of such breach, (ii) the Participant is given thirty (30) days to cure such breach, and (iii) the Participant fails to fully cure such breach within such time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Participant becomes employed by the Company or any of its Affiliates.

**<u>SECTION 4 – SEVERANCE BENEFITS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1***Qualifying Termination Other than Within Twelve (12) Months Following a Change in Control: Participants Listed on Appendix A***. If a Participant who is classified in a position listed on Appendix A experiences a Qualifying Termination other than within twelve (12) months immediately following a Change in Control, the Company shall pay to such Participant any (i) earned but unpaid Base Pay; (ii) vested and accrued benefits under the benefit plans maintained by the Company or its Affiliates determined in accordance with their applicable terms; (iii) any unused vacation accrued through the Termination Date determined in accordance with applicable Company or Affiliate policy, in each case less any applicable deductions and withholdings (collectively, "***Accrued Amounts***"). In addition, subject to the terms of the foregoing sentence, Sections 3.2, 3.3, 6.1, 6.2 and 10 of this Plan, and any other limitations set forth in this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Participant shall receive a lump sum payment in an amount equal to fifty-two (52) weeks of the Participant's then-current Base Pay as soon as administratively feasible after the Participant's satisfaction of the Release Requirement, but in no case later than ninety (90) days after the Termination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For a Participant who has a Termination Date on or before March 31 of a calendar year, the Participant shall receive a lump sum payment equal to the bonus amount that would have been payable under the Company's then-existing short-term incentive plan (the "STI"), if any, based on the terms and conditions of the STI as determined in the sole discretion of the Company, had the Participant remained employed through the applicable payment date. Such amount shall be determined assuming such Participant achieved any applicable individual performance goals at target, with such amount subject to modification based on the Company's performance modifier as applied to similarly situated active employees, all as determined by the Plan Administrator in its sole and absolute discretion. Such amount shall be paid to the Participant, less applicable taxes and withholdings, paid on the later of (i) the date such amount would have been paid had the Participant not experienced a Qualifying Termination and (ii) as soon as administratively feasible after the Participant's satisfaction of the Release Requirement; provided that in no case will such payment be made later than the March 15 of the year after the Participant's Termination Date to account for Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For a Participant who has a Termination Date on or after April 1 of a calendar year, the Participant shall receive a lump sum payment equal to a pro-rata portion of the Participant's Annual Incentive Target for such calendar year, with such pro-rata portion being based on the portion of the performance period (measured in completed days) in which the Participant was in Active Employment that have elapsed as of the Termination Date, as calculated by the Plan Administrator in its sole and absolute discretion, paid on the date such amount would have been paid had the Participant not experienced a Qualifying Termination; provided that in no case will such payment be made later than the March 15 of the year after the Participant's Termination Date to account for Section 409A of the Code. Notwithstanding the payment timing provided in the prior sentence, the payment timing for Participants who are not subject to United States tax law may be delayed for compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that the Participant was granted a Cash Bonus and (i) there was no granting document or (ii) the written document granting the Cash Bonus does not address what happens to the Cash Bonus upon a termination of employment prior to the vesting date of the Cash Bonus, the Participant's Cash Bonus will vest 100% on the Termination Date and the Participant shall receive a lump sum payment equal to such outstanding Cash Bonus, paid as soon as administratively feasible after the Participant's satisfaction of the Release Requirement, but in no case later than ninety (90) days after the Termination Date. In the event that the Participant was granted a Cash Bonus and the written document granting the Cash Bonus does address what happens to the Cash Bonus upon a termination of employment prior to the vesting date of such Cash Bonus, such document will govern the treatment of the Cash Bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In the event that the Participant is enrolled in medical, dental, or vision benefits under the Company's group health plan as of the Termination Date, the Participant shall receive a lump sum payment, less applicable taxes and withholdings, in an amount equal to 52 weeks of the Company-paid premiums for the group health, dental, and vision benefits that the Participant had in effect the day before the Participant's Termination Date, if any. Such amount will be paid as soon as administratively feasible after the Participant's satisfaction of the Release Requirement, but in no case later than ninety (90) days after the Termination Date. A Participant will receive this amount whether or not the Participant elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") or uses the amount to pay

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for the cost of COBRA coverage. This Section 4.1(e) does not constitute enrollment in or guarantee of coverage under COBRA continuation under the Company's group medical plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Notwithstanding the foregoing, any Participant who has entered into any individual written employment or severance agreement with the Company or any of its Affiliates that provides for severance benefits upon his or her termination of employment with the Company or Affiliate, as applicable, shall receive either: (i) the benefits set forth in subsections (a) through

(e)of this Section 4.1; or (ii) the benefits under Participant's individual written employment or severance agreement, whichever provides Participant with the greatest economic benefit in the aggregate, as determined by the Company, provided that the Company may ignore this provision and the Participant shall not be eligible for any benefits under this Plan if providing benefits under this Plan to Participant would violate Code Section 409A and subject Participant to excise tax under the Code. For purposes of determining the greatest economic benefit in the aggregate for each Participant to whom this subsection (f) applies, the Company shall consider only the value of the Participant's base pay, short-term incentive payments, cash bonus payments, COBRA lump sum payments and the value of any vesting of equity compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2***Qualifying Termination Within Twelve (12) Months Following a Change in Control: Participants Listed on Appendix A***. Subject to Sections 3.2, 3.3, 6.1, 6.2 and 10 of this Plan and any other limitations set forth in this Plan, if a Participant who is classified in a position listed on Appendix A experiences a Qualifying Termination within twelve (12) months immediately following a Change in Control and is a member of the Executive Leadership Team, as determined immediately prior to the Participant's Termination Date, the Company shall pay to such Participant the Accrued Amounts and Severance Benefits described in Section 4.1 with the following modifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The amount described in Section 4.1(a) shall instead be determined based

on the following formula: 1.5 x 52 weeks of the Participant's then-current Base Pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The amount described in Section 4.1(c) shall instead be determined based on the following formula: 1.5 x the Annual Incentive Target for the entire calendar year in which the Participant's Termination Date occurs, determined without the proration applied in Section 4.1(c).

For the avoidance of doubt, any payment made pursuant to Section 4.2(a) and Section 4.2(b) is in lieu of, not in addition to, the payment made pursuant to Section 4.1(a) and Section 4.1(c), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3***Qualifying Termination for Participants Not Listed on Appendix A***. If a Participant who is not classified in a position listed on Appendix A experiences a Qualifying Termination, the Company shall pay to such Participant any Accrued Amounts. In addition, subject to the terms of the foregoing sentence, Sections 3.2, 3.3, 6.1, 6.2 and 10 of this Plan, and any other limitations set forth in this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Participant shall receive a lump sum payment in an amount equal to two (2) weeks of Base Pay for each Year of Service, provided that such payment amount will equal

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a minimum of six (6) months of Base Pay and a maximum of fifty-two (52) weeks of Base Pay, paid as soon as administratively feasible after the Participant's satisfaction of the Release Requirement, but in no case later than ninety (90) days after the Termination Date (the "***Base Pay Benefit***").

For purposes of determining the number of weeks of Base Pay used in connection with the Base Pay Benefit, (i) for full-time employees, one week of the Participant's Base Pay will be equal to the Participant's Base Pay as of immediately prior to the Termination Date divided by fifty-two (52); and (ii) for part-time employees, one week of a Participant's Base Pay will be equal to the Participant's average week of Base Pay based on service over the prior twelve (12) months (or shorter period of actual service with the Company or Affiliate, as applicable), as determined by the Plan Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For a Participant who has a Termination Date on or before March 31 of a calendar year, the Participant shall receive a lump sum payment equal to the bonus amount that would have been payable under the Company's then-existing short-term incentive plan (the "STI"), if any, based on the terms and conditions of the STI as determined in the sole discretion of the Company, had the Participant remained employed through the applicable payment date. Such amount shall be determined assuming such Participant achieved any applicable individual performance goals at target, with such amount subject to modification based on the Company's performance modifier as applied to similarly situated active employees, all as determined by the Plan Administrator in its sole and absolute discretion. Such amount shall be paid to the Participant, less applicable taxes and withholdings, paid on the later of (i) the date such amount would have been paid had the Participant not experienced a Qualifying Termination and (ii) as soon as administratively feasible after the Participant's satisfaction of the Release Requirement; provided that in no case will such payment be made later than the March 15 of the year after the Participant's Termination Date to account for Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For a Participant who has a Termination Date on or after April 1 of a calendar year, the Participant shall receive a lump sum payment equal to a pro-rata portion of the Participant's Annual Incentive Target for such calendar year, with such pro-rata portion being based on the portion of the performance period (measured in completed days) in which the Participant was in Active Employment that have elapsed as of the Termination Date, as calculated by the Plan Administrator in its sole and absolute discretion, paid on the date such amount would have been paid had the Participant not experienced a Qualifying Termination; provided that in no case will such payment be made later than the March 15 of the year after the Participant's Termination Date to account for Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that the Participant was granted a Cash Bonus and (i) there was no granting document or (ii) the written document granting the Cash Bonus does not address what happens to the Cash Bonus upon a termination of employment prior to the vesting date of the Cash Bonus, the Participant's Cash Bonus will vest 100% on the Termination Date and the Participant shall receive a lump sum payment equal to such outstanding Cash Bonus, paid as soon as administratively feasible after the Participant's satisfaction of the Release Requirement, but in no case later than ninety (90) days after the Termination Date. In the event that the Participant was granted a Cash Bonus and the written document granting the Cash Bonus does address what

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happens to the Cash Bonus upon a termination of employment prior to the vesting date of such Cash Bonus, such document will govern the treatment of the Cash Bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In the event that the Participant is enrolled in medical, dental, or vision benefits under the Company's group health plan as of the Termination Date, the Participant shall receive a lump sum payment, less applicable taxes and withholdings, in an amount equal to the Company-paid premiums for the group health, dental, and vision benefits that the Participant had in effect the day before the Participant's Termination Date in the aggregate amount as if such coverage continued for the Severance Period. Such amount will be paid as soon as administratively feasible after the Participant's satisfaction of the Release Requirement, but in no case later than ninety (90) days after the Termination Date. The Participant will receive this amount whether or not the Participant elects continuation coverage under COBRA or uses the amount to pay for the cost of COBRA coverage. This Section 4.3(e) does not constitute enrollment in or guarantee of coverage under COBRA continuation under the Company's group medical plan. The "***Severance Period***" is a period following the Participant's Termination Date equal to the number of weeks used to determine the Participant's Base Pay Benefit, rounded up to the nearest whole month, not to exceed six (6) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Notwithstanding the foregoing, any Participant who has entered into any individual written employment or severance agreement with the Company or any of its Affiliates that provides for severance benefits upon his or her termination of employment with the Company or Affiliate, as applicable, shall receive either: (i) the benefits set forth in subsections (a) through

(e) of this Section 4.3; or (ii) the benefits under Participant's individual written employment or severance agreement, whichever provides Participant with the greatest economic benefit in the aggregate, as determined by the Company, provided that the Company may ignore this provision and the Participant shall not be eligible for any benefits under this Plan if providing benefits under this Plan to Participant would violate Code Section 409A and subject Participant to excise tax under the Code. For purposes of determining the greatest economic benefit in the aggregate for each Participant to whom this subsection (f) applies, the Company shall consider only the value of the Participant's base pay, short-term incentive payments, cash bonus payments, COBRA lump sum payments and the value of any vesting of equity compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4***All Other Terminations***. For the avoidance of doubt, no Severance Benefits, beyond the Accrued Amounts, shall be payable under this Plan in connection with any termination of Participant's employment unless such termination qualifies as a Qualifying Termination.

**<u>SECTION 5 – EQUITY BENEFITS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1***Qualifying Termination.*** Subject to Sections 3.2, 3.3, 5.2, 6.1, 6.2 and 10 of this Plan, and any other limitations set forth in this Plan, in the event that the Participant has any outstanding, unexercised awards issued under the Omnibus Plan (the "Awards") as of the Termination Date, such Awards shall be governed by the terms of the Omnibus Plan, the award agreements (the "Award Agreements"), and any other agreements, arrangements, or documentation governing such Awards (collectively, the Omnibus Plan, Award Agreements, and

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any such other agreements, arrangements, or documentation referred to herein as the "Equity Governing Documents"), provided, that, except as otherwise provided in Section 5.2 below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)With respect to any outstanding, unvested Performance Restricted Share Units, a prorated number of such Performance Restricted Share Units (the "Prorated PSUs") may vest on the Vesting Date. The Prorated PSUs shall be equal to the total number of outstanding, unvested Performance Restricted Share Units for the applicable Performance Period, multiplied by a fraction, the numerator of which is the total number of days from the first day of the Performance Period through the Termination Date, and the denominator of which is the total number of days in the Performance Period. The Prorated PSUs that are eligible to vest shall be equal to the number of Prorated PSUs <u>multiplied by</u> the "Severance Performance Multiplier." The "Severance Performance Multiplier" shall be based on the Performance Multiplier as set forth in the Equity Governing Documents, where any individual component of such Performance Multiplier shall be assumed at target and any Company component of such Performance Multiplier shall be based on the level of achievement of such performance target as determined on the same basis as for similarly situated active employees. Any Shares or other compensation payable pursuant to this Section 5.1(a) shall be paid at the same time as such amounts are paid to similarly situated active employees; provided, that such amounts shall in all events be paid within sixty (60) days of the applicable Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to any outstanding, unvested Restricted Share Units or Sign- on Equity Awards, a prorated number of such Restricted Share Units or Sign-on Equity Awards (the "Prorated Awards") may vest on the Vesting Date (as such term is defined in the applicable Equity Governing Documents) next following the Termination Date. The Prorated Awards shall be equal to the total number of outstanding, unvested Restricted Share Units, Options, or other applicable Awards allocated for vesting during the Vesting Period (as defined herein), multiplied by a fraction, the numerator of which is the total number of days of the Participant's Active Employment during the Vesting Period (as defined herein), and the denominator of which is the total number of days during the Vesting Period (as defined herein). For purposes of this Section 5.1(b), the "Vesting Period" means the period of time which (i) begins on the later of (A) the grant date of the Restricted Share Units or Sign-on Equity Awards or (B) the Vesting Date immediately preceding the Termination Date and (ii) ends on the Vesting Date next following the Termination Date. For the avoidance of doubt, in the event that the Termination Date is a Vesting Date, the number of Prorated Awards shall be zero (0). Any Shares or other compensation payable pursuant to this Section 5.1(b) shall be paid at the same time as such amounts are paid to similarly situated active employees; provided, that such amounts shall in all events be paid within sixty (60) days of the applicable Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)With respect to any outstanding, vested Options, such Options shall remain exercisable until the date that is the earlier of: (i) three (3) years from the Termination Date or (ii) ten (10) years from the Grant Date (or five (5) years from the Grant Date, in the case of an Incentive Share Options granted to a Ten Percent Holder). In the event that the Participant does not exercise such Options prior to the applicable expiration date, such Options shall be terminated and of no further force and effect pursuant to the terms of the Equity Governing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)With respect to any outstanding, vested Buy-out Equity Awards, such

awards shall be 100% vested as of the Termination Date; provided, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To the extent that any such Buy-out Equity Awards are Performance Restricted Share Units, any applicable Performance Multipliers as set forth in the Equity Governing Documents shall be assumed at 100% of target; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To the extent that any such Buy-out Equity Awards are Options, the provisions of Section 5.1(c) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2***Qualifying Termination Within Ninety (90) Days Prior to or Twenty-Four***

***(24) Months Following a Change in Control***. Subject to Sections 3.2, 3.3, 5.1, 6.1, 6.2 and 10 of this Plan, and any other limitations set forth in this Plan, in the event that the Participant has any outstanding, unexercised Awards as of the Termination Date, and the Participant is entitled to a benefit in connection with a Change in Control pursuant to the terms of the Equity Governing Documents, the terms of the Equity Governing Documents will control; provided, that, in the discretion of the Company, any unvested Awards as of the Termination Date may become immediately vested as of the Termination Date to the extent permitted pursuant to applicable law and subject to approval of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3***Generally.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All capitalized terms in this Section 5 that are not defined under the Plan shall have the meanings as ascribed to such terms in the Equity Governing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise specifically provided herein, the Awards shall remain subject to the terms of the Equity Governing Documents including, but not limited to, any restrictive covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that a Participant is entitled to a benefit under the terms of the Equity Governing Documents, such Participant shall not be entitled to a benefit under the terms of this Plan that is duplicative of the benefit to which the Participant is entitled under the Equity Governing Documents, in the sole and absolute discretion of the Plan Administrator.

**<u>SECTION 6 – RELEASE REQUIREMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Receipt of the Severance Benefits (other than the Accrued Amounts) are subject to the Participant executing and delivering a separation agreement and general release of claims against the Company and its Affiliates in a form to be provided by the Company, which, among other things, reaffirms Participant's obligations to comply with the terms of any Existing Restrictive Covenants and/or any similar agreement between the Company or any Affiliate and the Participant, and that may contain non-disclosure, confidentiality, non-competition, non- solicitation, and non-disparagement covenants (the "***Release***"), that becomes irrevocable as of the Release Date (the "***Release Requirement***"). Subject to Section 10.6 of this Plan, any amounts otherwise payable to the Participant prior to the Release Date shall be withheld and paid within thirty (30) days after the Release Date; provided that in no case will such payment be made later than the March 15 of the year after the Participant's Termination Date to account for Section 409A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2In the event that the Release required by Section 6.1 above is not executed, is revoked, or does not become irrevocable by its terms, the Participant will forfeit all entitlement to the Severance Benefits (other than the Accrued Amounts).

**<u>SECTION 7 – AMENDMENT AND TERMINATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Subject to Sections 7.2 and 7.3 below, the Plan Administrator reserves the right, in its sole and absolute discretion, to modify, amend, suspend or terminate this Plan, in whole or in part, at any time, prospectively or retroactively, and for any reason, with or without notice, as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2Any modification, amendment, suspension or termination shall be effective as of the date determined by the Plan Administrator in its sole and absolute discretion; provided that any such modification, amendment, suspension or termination shall not affect any right of any Participant to claim benefits under this Plan for a termination of employment occurring prior to the effective date of such modification, amendment, suspension or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3All modifications, suspensions or terminations of, or amendments to, this Plan shall be in writing.

**<u>SECTION 8 – ADMINISTRATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1This Plan shall be administered by the Plan Administrator. The Plan Administrator shall be charged with the interpretation, administration and operation of this Plan and may delegate any of its duties hereunder to such authorized officer or officers of the Company that it may designate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2The Plan Administrator shall have the authority, on behalf of this Plan, to engage accountants, legal counsel or such other personnel as it deems necessary or advisable to assist it in the performance of its duties under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3The Plan Administrator or its delegate shall have the authority and responsibility for the preparation and filing of all disclosure materials and reports which the Plan Administrator is required to file by law, and the authority and responsibility for the day to day operation of this Plan. The Plan Administrator or its delegate, subject to the provisions of this Plan, may adopt such rules and regulations as it deems necessary to carry out the provisions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4The Plan Administrator or its delegate shall have the power of full and final determination as to all issues concerning eligibility for benefits under this Plan and the amount of such benefits and interpretation of this Plan, including, but not limited to, determining what constitutes a material diminution in a Participant's Base Pay, and determination of disputed facts, and such determinations with respect to a Participant's rights or benefits shall be entitled to the maximum deference permitted by law and shall be final and binding on all parties. The Plan Administrator shall make claims determinations in accordance with the claims procedure set forth in Section 9 below and any applicable requirements of ERISA.

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**<u>SECTION 9 – CLAIMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Any Participant who does not receive a benefit under this Plan that he or she feels entitled to receive may file a written claim with the Plan Administrator, explaining the reasons for such claim. The claimant will be informed of the Plan Administrator's decision with respect to the claim within ninety (90) days after it is filed. Under special circumstances, the Plan Administrator may require an additional period of not more than ninety (90) days to review the claim. If that happens, the claimant will receive a written notice of that fact, which will also indicate the special circumstances requiring the extension of time and the date by which the Plan Administrator expects to make a determination with respect to the claim. If the extension is required due to the claimant's failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the date on which the extension notice is sent to the claimant until the date on which the claimant responds to the Plan Administrator's request for information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2If a claim is denied in whole or in part, or any adverse benefit determination is made with respect to the claim, the claimant will be provided with a written notice setting forth the specific reason for the determination, along with specific references to Plan provisions on which the determination is based. This notice will also provide an explanation of what, if any, additional information is needed to evaluate the claim (and why such information is necessary), together with an explanation of this Plan's claims review procedure and the time limits applicable to such procedure, as well as a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3If the claim has been denied, or an adverse benefit determination has been made, the claimant may request that the Plan Administrator review the denial. The request must be in writing, must be made within sixty (60) days after claimant's receipt of written notification of denial, and should explain the claimant's disagreement with the denial or adverse benefit determination. In connection with this request, the claimant (or the claimant's duly authorized representative) may (a) be provided, upon written request to the Plan Administrator and free of charge, with reasonable access to (and copies of) all documents, records, and other information relevant to the claim, and (b) submit to the Plan Administrator written comments, documents, records, and other information related to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4The Plan Administrator will make a final written decision on a claim review, in most cases within sixty (60) days after receipt of a request for a review. In some cases, the claim may take more time to review, and an additional processing period of up to sixty (60) days may be required. If that happens, the claimant will receive a written notice of that fact prior to the expiration of the initial sixty (60) days, which will also indicate the special circumstances requiring the extension of time and the date by which the Plan Administrator expects to make a determination with respect to the claim. If the extension is required due to the claimant's failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the date on which the extension notice is sent to the claimant until the date on which the claimant responds to the Plan's request for information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5The Plan Administrator's decision on the claim for review will be communicated to the claimant in writing. If an adverse benefit determination is made with respect

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to the claim, the notice will include (a) the specific reason(s) for the denial on review, with references to the specific Plan provisions on which the determination is based, (b) a statement that the claimant is entitled to receive, upon written request to the Plan Administrator and free of charge, reasonable access to (and copies of) all documents, records and other information relevant to the claim and (c) a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6The decision of the Plan Administrator is final and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7Notwithstanding anything to the contrary in this Plan, no legal action for benefits under this Plan may be brought until this claims procedure has been exhausted as provided in this Plan and applicable law. In the event that the Plan Administrator fails to provide a claimant with its decision in a timely manner, the claimant will be deemed to have exhausted the claims procedure available under this Plan and will be entitled to pursue available remedies under Section 502(a) of ERISA. Any such legal action for benefits under this Plan must be brought within twelve (12) months from the date the Plan Administrator denies the claim on review or fails to make a final decision. This provision will not be interpreted to extend any otherwise applicable statute of limitations nor to bar the Plan or its fiduciaries from recovering overpayments of benefits or other amounts incorrectly paid to any person under this Plan at any time or from bringing any legal or equitable action against any party.

**<u>SECTION 10 – MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1This Plan shall not be construed as creating any contract for continued services between the Company or its Affiliates and any Participant, and nothing herein contained shall give any individual the right to be retained as an employee of the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2The Severance Benefits are in lieu of and not additive or cumulative to any other severance benefits payable under any severance plan or arrangements sponsored by the Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3Severance Benefits payable hereunder shall be paid exclusively from the general assets of the Company, and no person entitled to payment hereunder shall have any claim, right, security interest, or other interest in any fund, trust account, insurance contracts or other asset of the Company. In no event shall benefits payable hereunder be the financial responsibility of any officer or shareholder of the Company or of any successor thereto who does not assume liabilities hereunder or of any related corporation which may be looked to for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4In the event that any payments and other benefits provided for in this Plan or otherwise payable to a Participant constitute "parachute payments" within the meaning of Section 280G of the Code, and, but for this paragraph, would be subject to the excise tax imposed by Section 4999 of the Code, then any post-termination severance payments and benefits payable to the Participant under this Plan or otherwise will be either (a) delivered in full or (b) delivered as to such lesser extent which would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by

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Section 4999 of the Code, results in the receipt by the Participant, on an after-tax basis, of the greatest amount of payments and benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in the Participant's payments and benefits is necessitated by the preceding sentence, such reduction will occur in the following order:

(i) any cash severance based on a multiple of base salary or annual bonus with the amount not subject to Section 409A of the Code being reduced prior to any amounts subject to Section 409A of the Code, (ii) any other cash amounts payable to the Participant with the amount not subject to Section 409A of the Code being reduced prior to any amounts subject to Section 409A of the Code,

(iii)benefits valued as parachute payments, and (iv) acceleration of vesting of any equity awards with awards with the latest vesting dates being reduced first. All determinations required under this paragraph will be made in writing by the Company's or its Affiliates' independent public accountants (the "***Firm***"), whose determination will be conclusive and binding upon the Participants and the Company. For purposes of making the calculations required by this paragraph, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Participant will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this paragraph. The Company will bear all costs the Firm may incur in connection with any calculations contemplated by this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5This Plan shall be construed as administered and enforced in accordance with applicable federal law and, where appropriate, the laws of the State of New York without reference to its conflict of laws rules and without regard to any rule of any jurisdiction that would result in the application of the law of another jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6Although the Company does not guarantee the tax treatment of any payments under the Plan, the intent of the Company is that the payments and benefits under this Plan be exempt from, or comply with, Section 409A of the Code and to the maximum extent permitted the Plan shall be limited, construed and interpreted in accordance with such intent. In no event whatsoever shall the Company or its Affiliates or their respective officers, directors, employees or agents be liable for any additional tax, interest or penalties that may be imposed on any Participant by Section 409A of the Code or damages for failing to comply with Section 409A of the Code. For purposes of compliance with Section 409A of the Code, (i) each payment made under this Plan shall be treated as a "separate payment" within the meaning of Section 409A of the Code, (ii) all amounts to be paid upon a termination of employment may only be made upon a "separation from service" under Section 409A of the Code, and (iii) if the period during which the Release Requirement must be satisfied spans two calendar years, to the extent required by Section 409A of the Code, payment of the Severance Benefits shall commence in the second calendar year. Except for any tax amounts withheld by the Company or its Affiliates from the payments or other consideration hereunder and any employment taxes required to be paid by the Company or its Affiliates, Participants shall be responsible for payment of any and all taxes or penalties owed in connection with the consideration payable under this Plan. To the extent required to avoid any accelerated taxation or penalties under Section 409A of the Code, the amount of in- kind benefits provided during any one year may not affect amounts provided in any subsequent year and amounts may not be subject to liquidation or exchange for another benefit. Notwithstanding any other provision of this Plan to the contrary, if at the time of a

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Participant's separation from service (as defined in Section 409A of the Code), Participant is a "Specified

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Employee", then the Company will defer the payment or commencement of any nonqualified deferred compensation subject to Section 409A of the Code payable upon separation from service (without any reduction in such payments or benefits ultimately paid or provided to the Participant) until the date that is six (6) months following separation from service or, if earlier, the earliest other date as is permitted under Section 409A of the Code (and any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration of the six (6) month period or such shorter period, if applicable). A Participant will be a "Specified Employee" for purposes of this Plan if, on the date of Participant's separation from service, Participant is an individual who is, under the method of determination adopted by the Company designated as, or within the category of employees deemed to be, a "Specified Employee" within the meaning and in accordance with Treasury Regulation Section 1.409A-1(i). The Company shall determine in its sole and absolute discretion all matters relating to who is a "Specified Employee" and the application of and effects of the change in such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7The Company or any Affiliate shall be entitled to withhold from any payment of any Severance Benefit any federal, state or local withholding or other taxes, or charge from time to time required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8If any person receives any payment or benefit that is not authorized by this Plan, the Company or any Affiliate shall be entitled to reimbursement of such payment or benefit from any person to whom, or for whom, such payment or benefit was paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9Each provision of this Plan is intended to be severable and the invalidity, illegality or unenforceability of any portion of this Plan shall not affect the validity, legality, or enforceability of the remainder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10Benefits under the Plan may not be anticipated, assigned or alienated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11The Plan Administrator may, from time to time, adopt Plan supplements to comply with the laws of foreign jurisdictions. To the extent this Plan applies to Participants subject to the laws of a foreign jurisdiction, any country-specific supplement attached hereto shall govern to the extent inconsistent with the terms herein. Further, to the extent this Plan applies to Participants who are employed by the International Medical Group, the terms of the IMG Supplement attached hereto shall apply to such Participants.

**<u>SECTION 11 – REDUCTION OF SEVERANCE BENEFITS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Unless the Company, in its sole and absolute discretion, provides otherwise in writing, the amount of Severance Benefits payable to a Participant as determined pursuant to Section 4 shall be reduced as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that the Company or any Affiliate provides pay to the Participant instead of advance notice of the Participant's termination of employment in accordance with the requirements of the Worker Adjustment and Retraining Notification Act (or other similar federal or state statute) or pay for a period of garden-leave or other type of notice-leave, then the amount of such Participant's Severance Benefits will be reduced (but not below zero) by the amount of notice, garden-leave, or notice-leave pay received by the Participant after the Participant's active work status ends.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that the Company or any Affiliate provides pay to the Participant under a government-mandated or other statutory severance program or requirement, then the amount of such Participant's Severance Benefits will be reduced (but not below zero) by the amount of severance pay received by the employee pursuant to such government-mandated severance program or requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2Severance Benefits will be reduced by any outstanding debt owed by the employee to the Company or any of its Affiliates, where permitted by law, including but not limited to loans granted by the Company, advanced vacation pay, or salary or expense advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3The Company intends to administer these offset provisions in accordance with Section 409A of the Code, if applicable.

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**<u>SECTION 12 – ERISA PROVISIONS</u>**

*Statement of ERISA Rights*

As a participant in this Plan you are entitled to certain rights and protections under ERISA. ERISA

provides that all plan participants shall be entitled to:

*Receive Information About Your Plan and Benefits*

Examine, without charge, at the Plan Administrator's office and at other specified locations all documents governing the Plan and a copy of the latest annual report (Form 5500 Series) required to be filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if any required, and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies.

*Prudent Actions by Plan Fiduciaries*

In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and beneficiaries.

No one, including your employer, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA.

*Enforce Your Rights*

If your claim for a severance benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within thirty (30) days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. If it should happen that Plan fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

------

*Assistance* with Your Questions

If you have any questions about the Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

**Plan Information**

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| | |
|:---|:---|
| Plan Sponsor: | SiriusPoint, Ltd.<br>One World Trade Center, Suite 47J<br>New York, NY 10007 |
| Employer&nbsp;&nbsp;&nbsp;&nbsp;Identification&nbsp;&nbsp;&nbsp;&nbsp;Number<br>(EIN): | 98-1599372 |
| Plan Name: | SiriusPoint Ltd. Executive Severance Plan, a component plan of the Sirius Re Holdings, Inc. Health and Welfare Plan |
| Type of Plan | Welfare benefit plan – severance pay |
| Plan Year | Calendar |
| Plan Number | 501 |
| Plan Administrator | Compensation Committee of the Board of Directors, c/o CHRO of the Company |
| Agent for Legal Process | Chief&nbsp;&nbsp;&nbsp;&nbsp;Legal&nbsp;&nbsp;&nbsp;&nbsp;Officer&nbsp;&nbsp;&nbsp;&nbsp;of&nbsp;&nbsp;&nbsp;&nbsp;the Company |

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------

**<u>Appendix A</u>**

Pursuant to the definition of "Eligible Employee", the following positions have been designated by the Plan Administrator as being eligible positions for purposes of participating in the Plan, subject to the terms and conditions of the Plan:

<u>SiriusPoint Ltd. Executives</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Human Resources Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Legal Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Risk Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Information and Technology Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Strategy and Corporate Development Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Group Chief Underwriting Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Head of North America Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• President and CEO SiriusPoint International

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Group President and CEO of Global Reinsurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global Head of Accident & Health <u>IMG Executives</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Executive Officer

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**Local Supplement**

For a Participant based outside the United States, Section 4.1(e) is replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Participant shall be entitled to a continuation of the health and welfare benefits the Participant has elected, as of the date Participant is notified that they are being terminated without Cause or the date when Participant resigns for Good Reason, for a period of fifty-two (52) consecutive weeks following the Termination Date or if such benefits cannot collectively be continued or maintained on the Participant's behalf following the Termination Date, Participant shall be entitled to the costs the Company would incur to maintain such benefits for an additional fifty-two (52) weeks if the Participant had remained employed with the Company, which will be calculated based on Participant's benefit elections as of the date Participant is notified that they are being terminated without Cause or the date when the Participant resigns for Good Reason and paid in a lump sum. Such amount will be paid as soon as administratively feasible after the Participant's satisfaction of the Release Requirement.

For a Participant based outside the United States, Section 4.3(e) is replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Participant shall be entitled to a continuation of the health and welfare benefits the Participant has elected, as of the date Participant is notified that they are being terminated without Cause or the date when Participant resigns for Good Reason, for the Severance Period, or if such benefits cannot collectively be continued or maintained on the Participant's behalf for the Severance Period, Participant shall be entitled to the costs the Company would incur to maintain such benefits for the Severance Period as if the Participant had remained employed with the Company, which will be calculated based on Participant's benefit elections as of the date Participant is notified that they are being terminated without Cause or the date when the Participant resigns for Good Reason and paid in a lump sum. Such amount will be paid as soon as administratively feasible after the Participant's satisfaction of the Release Requirement.

------

**IMG Supplement**

*This IMG Supplement is applicable to Participants who are employed by the International Medical Group.*

With respect to any outstanding long-term incentive awards ("LTI Awards") issued to a Participant under the International Medical Group Long-Term Incentive program, such Participant will receive any vested LTI Award. With respect to any outstanding, unvested LTI Awards issued to a Participant under such program, such Participant will: (i) receive a prorated portion of the annual LTI Award tranche applicable for the year of termination, with such proration equal to the total LTI tranche applicable to such Participant for the applicable year, multiplied by a fraction, the numerator of which is the total number of days from the first day of the year through the Termination Date, and the denominator of which is 365, (ii) forfeit any annual LTI Award tranche for any year following the year of termination, and (iii) receive a prorated portion of the LTI Award that relates to the entire applicable performance period, with such proration equal to the total LTI Award that relates to the entire applicable performance period for the Participant, multiplied by a fraction, the numerator of which is the total number of days from the first day of the performance period through the Termination Date, and the denominator of which is the total number of days in the performance period. Any LTI Awards payable pursuant to this IMG Supplement shall vest and be paid at the same time as such amounts vest and are paid to similarly situated active employees; provided, that such amounts shall in all events be paid within sixty (60) days of the applicable vesting date.

[*End of Plan*.]

## Exhibit 31.1

**Exhibit 31.1**

**SiriusPoint Ltd.**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Scott Egan, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Quarterly Report on Form 10-Q of SiriusPoint Ltd.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2025

---

| |
|:---|
| /s/ Scott Egan |
| Scott Egan |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**SiriusPoint Ltd.**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jim McKinney, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Quarterly Report on Form 10-Q of SiriusPoint Ltd.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2025

---

| |
|:---|
| /s/ Jim McKinney |
| Jim McKinney |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**SiriusPoint Ltd.**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Scott Egan, Chief Executive Officer of SiriusPoint Ltd. (the "Company"), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Quarterly Report on Form 10-Q of the Company for the fiscal period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 30, 2025

---

| |
|:---|
| /s/ Scott Egan |
| Scott Egan |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**SiriusPoint Ltd.**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jim McKinney, Chief Financial Officer of SiriusPoint Ltd. (the "Company"), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Quarterly Report on Form 10-Q of the Company for the fiscal period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 30, 2025

---

| |
|:---|
| /s/ Jim McKinney |
| Jim McKinney |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

<br>