# EDGAR Filing Document

**Accession Number:** 0001576018
**File Stem:** 0001576018-23-000016
**Filing Date:** 2023-2
**Character Count:** 1126791
**Document Hash:** ebfba504d0f2befd1b95213bb77a7025
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576018-23-000016.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001576018-23-000016

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 258

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36052
- **FILM NUMBER:** 23667930

**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" ? spnt-20221231

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K** 

☒ **Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

For the fiscal year ended December 31, 2022

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)

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| | |
|:---|:---|
| **Bermuda** | **98-1599372** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

&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;&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;**Point Building**

&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Waterloo Lane &nbsp;&nbsp;&nbsp;&nbsp; +1 (441) 542-3300** 

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pembroke, Bermuda, HM 08** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices and zip code) (Registrant's telephone number, including area code)

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

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| | | |
|:---|:---|:---|
| 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 |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 has ﬁled a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting ﬁrm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the shares of the voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2022 was $482.8 million.

As of February 20, 2023, the registrant had 162,381,470 common shares issued and outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

Part III incorporates information from certain portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2022.

**________________________________________________________________________________________________________________________________________________________________________**

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**SiriusPoint Ltd.**

**INDEX**

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| | |
|:---|:---|
| | Page |
| [INTRODUCTORY NOTE](#ieebc835b1e3c4441a0cebf19e6526ce8_13) | [1](#ieebc835b1e3c4441a0cebf19e6526ce8_13) |
| [PART I](#ieebc835b1e3c4441a0cebf19e6526ce8_16) | [2](#ieebc835b1e3c4441a0cebf19e6526ce8_16) |
| &nbsp;&nbsp;&nbsp;Item 1. Business | [3](#ieebc835b1e3c4441a0cebf19e6526ce8_19) |
| &nbsp;&nbsp;&nbsp;[Item 1A. Risk Factors](#ieebc835b1e3c4441a0cebf19e6526ce8_28) | [29](#ieebc835b1e3c4441a0cebf19e6526ce8_28) |
| &nbsp;&nbsp;&nbsp;[Item 1B. Unresolved Staff Comments](#ieebc835b1e3c4441a0cebf19e6526ce8_31) | [59](#ieebc835b1e3c4441a0cebf19e6526ce8_31) |
| &nbsp;&nbsp;&nbsp;[Item 2. Properties](#ieebc835b1e3c4441a0cebf19e6526ce8_34) | [59](#ieebc835b1e3c4441a0cebf19e6526ce8_34) |
| &nbsp;&nbsp;&nbsp;[Item 3. Legal Proceedings](#ieebc835b1e3c4441a0cebf19e6526ce8_37) | [60](#ieebc835b1e3c4441a0cebf19e6526ce8_37) |
| &nbsp;&nbsp;&nbsp;[Item 4. Mine Safety Disclosures](#ieebc835b1e3c4441a0cebf19e6526ce8_40) | [60](#ieebc835b1e3c4441a0cebf19e6526ce8_40) |
| [PART II](#ieebc835b1e3c4441a0cebf19e6526ce8_43) | [60](#ieebc835b1e3c4441a0cebf19e6526ce8_43) |
| &nbsp;&nbsp;&nbsp;[Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](#ieebc835b1e3c4441a0cebf19e6526ce8_46) | [60](#ieebc835b1e3c4441a0cebf19e6526ce8_46) |
| &nbsp;&nbsp;&nbsp;[Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#ieebc835b1e3c4441a0cebf19e6526ce8_49) | [61](#ieebc835b1e3c4441a0cebf19e6526ce8_49) |
| &nbsp;&nbsp;&nbsp;[Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#ieebc835b1e3c4441a0cebf19e6526ce8_91) | [89](#ieebc835b1e3c4441a0cebf19e6526ce8_91) |
| &nbsp;&nbsp;&nbsp;[Item 8. Financial Statements and Supplementary Data](#ieebc835b1e3c4441a0cebf19e6526ce8_94) | [90](#ieebc835b1e3c4441a0cebf19e6526ce8_94) |
| &nbsp;&nbsp;&nbsp;[Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#ieebc835b1e3c4441a0cebf19e6526ce8_97) | [90](#ieebc835b1e3c4441a0cebf19e6526ce8_97) |
| &nbsp;&nbsp;&nbsp;[Item 9A. Controls and Procedures](#ieebc835b1e3c4441a0cebf19e6526ce8_100) | [90](#ieebc835b1e3c4441a0cebf19e6526ce8_100) |
| &nbsp;&nbsp;&nbsp;[Item 9B. Other Information](#ieebc835b1e3c4441a0cebf19e6526ce8_103) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_103) |
| &nbsp;&nbsp;&nbsp;[Item 9](#ieebc835b1e3c4441a0cebf19e6526ce8_103)[C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ieebc835b1e3c4441a0cebf19e6526ce8_103) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_106) |
| [PART III](#ieebc835b1e3c4441a0cebf19e6526ce8_109) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_109) |
| &nbsp;&nbsp;&nbsp;[Item 10. Directors, Executive Officers and Corporate Governance](#ieebc835b1e3c4441a0cebf19e6526ce8_112) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_112) |
| &nbsp;&nbsp;&nbsp;[Item 11. Executive Compensation](#ieebc835b1e3c4441a0cebf19e6526ce8_115) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_115) |
| &nbsp;&nbsp;&nbsp;[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#ieebc835b1e3c4441a0cebf19e6526ce8_118) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_118) |
| &nbsp;&nbsp;&nbsp;[Item 13. Certain Relationships and Related Transactions, and Director Independence](#ieebc835b1e3c4441a0cebf19e6526ce8_121) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_121) |
| &nbsp;&nbsp;&nbsp;[Item 14. Principal Accounting Fees and Services](#ieebc835b1e3c4441a0cebf19e6526ce8_124) | [92](#ieebc835b1e3c4441a0cebf19e6526ce8_124) |
| [PART IV](#ieebc835b1e3c4441a0cebf19e6526ce8_127) | E-[1](#ieebc835b1e3c4441a0cebf19e6526ce8_127) |
| &nbsp;&nbsp;&nbsp;[Item 15. Exhibits and Financial Statement Schedules](#ieebc835b1e3c4441a0cebf19e6526ce8_130) | E-[1](#ieebc835b1e3c4441a0cebf19e6526ce8_130) |
| &nbsp;&nbsp;&nbsp;[SIGNATURES](#ieebc835b1e3c4441a0cebf19e6526ce8_133) | E-[7](#ieebc835b1e3c4441a0cebf19e6526ce8_133) |
| &nbsp;&nbsp;&nbsp;[Consolidated Financial Statements](#ieebc835b1e3c4441a0cebf19e6526ce8_136) | F-[1](#ieebc835b1e3c4441a0cebf19e6526ce8_136) |

---

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**INTRODUCTORY NOTE**

*Unless the context otherwise indicates or requires, as used in this Annual Report on Form 10-K ("Annual Report") references to "we," "our," "us," and the "Company," 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. "Fiscal," when used in reference to any twelve-month period ended December 31, refers to our fiscal years ended December 31. Unless otherwise indicated, information contained in this Annual Report is as of December 31, 2022.* 

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements contained or incorporated in this Annual Report constitute forward-looking statements. 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 Annual Report, the words "believes," "intends," "seeks," "anticipates," "aims," "plans," "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.

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 improving underwriting performance, de-risking our investment portfolio, and transforming our business, including re-balancing our portfolio and growing the Insurance & Services segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of unpredictable catastrophic events including uncertainties with respect to current and future COVID-19 losses 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 foreign currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance 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 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;• 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 potential exposure to 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;

&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 Item 1A. "Risk Factors" and elsewhere in this Annual Report.

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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.

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.

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**PART I.**

**Item 1. Business**

**Acquisition of Sirius International Insurance Group, Ltd.**

On February 26, 2021, we completed the acquisition of Sirius International Insurance Group, Ltd. ("Sirius Group") (the "Acquisition") and changed our name from Third Point Reinsurance Ltd. ("Third Point Re") to SiriusPoint Ltd. Our results of operations include Sirius Group from February 26, 2021. See Note 3 "Acquisition of Sirius Group" in our audited consolidated financial statements included elsewhere in this Annual Report for a more detailed discussion of the Acquisition.

**Overview**

We are a global underwriter of insurance and reinsurance, headquartered in Bermuda. Our common shares are listed on the New York Stock Exchange ("NYSE") under the symbol "SPNT". As of December 31, 2022, we had common shareholders' equity of $1.9 billion, total capital of $2.9 billion and total assets of $11.0 billion. Our operating companies have a financial strength rating of A- (Excellent) from AM Best, A- (Strong) from Standard & Poor's and A- (Strong) from Fitch.

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 business model is unique and diversified as we have three sources of earnings: (i) underwriting results where we are the risk taker; (ii) services fee income from Managing General Agents ("MGAs") we consolidate; and (iii) investment results. Distribution relationships are important to us, and we leverage these partnerships to grow our business. 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 focus areas 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.

As of December 31, 2022, we had equity stakes in 36 entities (MGAs, Insurtech and Other), which underwrite or distribute a wide range of lines of business, including workers' compensation, general liability, professional liability, directors & officers, credit and bond, cyber, commercial automobile, accident & health, and other specialty insurance classes. We consolidate five MGAs in our financial statements: Arcadian Risk Capital Ltd. ("Arcadian"), ArmadaCorp Capital, LLC ("Armada"), Alta Signa Holdings ("Alta Signa"), Banyan Risk Ltd. ("Banyan Risk") and International Medical Group, Inc. ("IMG"), which, in aggregate, generated gross premiums written of $662 million in the year ended December 31, 2022, and have a book value of $85 million as of December 31, 2022. Of the remaining investments, we provide underwriting capacity in the form of insurance or reinsurance to 21 MGAs, while ten are equity investments only.

**Operational Priorities** 

We are committed to becoming a high performing underwriter, which includes continuing to re-underwrite the portfolio and shift our business mix towards Insurance & Services as well as improving operational efficiency and associated cost reduction. We aim to create a fully integrated, globally connected "One SiriusPoint." Going forward, we will look to further simplify the business, reduce volatility and improve the profitability of our business. We have made significant progress on our underwriting, investments, and operations during 2022.

During 2022, we took significant steps to improve our operational efficiency and we focused on improving our performance via:

1. Re-underwriting to reduce underwriting volatility and improve performance;

2. De-risking the investment portfolio; and

3. Re-balancing the business mix in our underwriting portfolio and growing Insurance & Services

***1. &nbsp;&nbsp;&nbsp;&nbsp;Re-underwriting and improving underwriting performance***

In 2022, we took further actions across the portfolio to improve profitability and reduce volatility. We took underwriting action in numerous lines of business in the portfolio including global property, U.S. casualty, and structured transactions. Our most notable underwriting action centered on global property reinsurance, which represented SiriusPoint's primary source of underwriting volatility and underperformance. We rebalanced our property portfolio by decreasing our market share and

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exposure in the global property catastrophe reinsurance business as well as reducing other property reinsurance with material catastrophe exposure. Those actions have resulted in a significant decline in both our probable maximum loss ("PML") and gross and net of reinsurance property exposure over the past year and helped us to reduce our dependence on the property retrocessional market going forward. Given our reduction in exposure and actions to improve operational efficiency, our property catastrophe reinsurance book will be underwritten from two locations, with North American property catastrophe business from Bermuda, and international property catastrophe business from Stockholm. See "Restructuring Plan" below for further details.

We have also enhanced underwriting governance across the portfolio by updating and re-drafting global underwriting guidelines, implementing and revising underwriting authorities and referral thresholds, enhancing policy wording requirements, and establishing targets and thresholds by line of business as we seek to drive business performance and improve discipline. Market conditions have been supportive of our underwriting actions across most of our business lines while we continue to target above inflation rate increases where necessary.

While we made significant progress in 2022, portfolio review and evaluation is an ongoing process and we will continue to make necessary adjustments by taking action to both grow and shrink lines of business based on our risk appetite, market conditions, and market opportunity.

***2. &nbsp;&nbsp;&nbsp;&nbsp;De-risking the investment portfolio***

In addition to the actions taken to reduce underwriting volatility, we have also taken measures to reduce the volatility of our investment results and decrease the capital intensity of our investment portfolio. Overall, our investment strategy is fixed income focused and aligned with industry norms.

We withdrew $581 million from the Third Point Enhanced LP ("TP Enhanced Fund") in the year ended December 31, 2022, in addition to a $450 million withdrawal made in the last quarter of 2021. As a result, our exposure to TP Enhanced Fund has reduced from $878 million as of December 31, 2021, to $100 million as of December 31, 2022, or from 14% or 2%, respectively, of our total invested assets and cash, thereby reducing capital charges and de-risking the entire portfolio. During 2022, we increased our exposure to fixed income investment holdings, including corporate debt and government securities, short-term investments and structured securities.

Moreover, in 2022 we lengthened the duration of our fixed income portfolio backing net loss reserves to be economically matched with the liabilities, 2.5 years as of December 31, 2022, reducing our go-forward economic risk to interest rates.

Additionally, in the second quarter of 2022, we elected available for sale accounting on new fixed income positions, which, though neutral to book value compared to the trading accounting portfolio, will reduce the income statement volatility of our investment results. As of December 31, 2022, $2.6 billion (December 31, 2021 - nil) of our debt securities were classified as available for sale investments, while $1.5 billion (December 31, 2021 - $2.1 billion) were classified as trading.

SiriusPoint's investment objective is to maximize long-term, after-tax total return while limiting risk, maintaining liquidity, and complying with internal and external risk and capital management requirements in support of meeting policyholder obligations.

***3.&nbsp;&nbsp;&nbsp;&nbsp;Re-balancing the business mix in our underwriting portfolio and growing Insurance & Services***

During 2022, we built our MGA partnership model further to grow our Insurance & Services business. Our global licenses, healthy balance sheet, underwriting expertise and creativity, and minimal conflicts of interest, enable us to be a partner of choice for MGAs.

Insurance & Services revenue allows us to diversify our traditional reinsurance portfolio. In addition, service fees from consolidated MGAs and their insurance products are generally not as prone to the volatile underwriting cycle that is common in the reinsurance marketplace.

Through the MGA model, we obtain access to insurance businesses at a lower acquisition cost compared to reinsurance, often in unique and specialized classes of business. Our strong ceded reinsurance operation provides us with the flexibility to adjust the volume of business retained as we optimize our capital allocation. Our typically large risk retention is a differentiator as we establish reinsurance partnerships behind the MGAs we support.

We have established a strong growth trajectory with the MGA model in our Insurance & Services segment in 2022 and will look to continue building on this success in the coming years, while refining our focus and building out the infrastructure to

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support the business globally. Distribution relationships are a key element of our strategy, and we will look to grow existing partnerships and selectively develop new partnerships, focusing on opportunities where we act as a material underwriting capacity provider.

**Recent Developments**

***Restructuring Plan***

On November 2, 2022, we announced a restructuring of our underwriting platform to support the future shape of our business. In line with our strategy to strengthen underwriting results and align our operating platform to our business portfolio, we have made changes to the structure and composition of our international branch network (the "Restructuring Plan"). We have reduced the locations from which SiriusPoint underwrites property catastrophe reinsurance. As a result, we are in the process of closing our offices in Hamburg, Miami and Singapore, and reducing our footprint in Liege and Toronto. Following the anticipated closures and scaling of our operating platform, we will continue to serve clients and underwrite North American property catastrophe business from Bermuda, and international property catastrophe business from Stockholm. In the fourth quarter of 2022, we incurred approximately $30 million of total costs, primarily related to severance, to implement the Restructuring Plan.

In 2022, Property represented 17.3% of gross premiums written, which was reduced from 27.8% in 2021. Our shift in appetite will continue to impact our Property gross premiums written, which has represented a disproportionate amount of volatility in our underwriting results as well as operating complexity. This restructuring creates a more nimble reinsurance operating structure and facilitates a continued shift in our book of business towards Insurance & Services and the Specialty, Casualty, and A&H lines of business, and a more efficient platform for Property (non-catastrophe) reinsurance.

Following the re-underwriting and remediation of the property catastrophe portfolio, we intend to refocus the SiriusPoint International business on maximizing growth within its current capabilities, lines of business and management of MGAs.

***Lloyd's Managing Agency***

On March 10, 2022, SiriusPoint announced that subject to Lloyd's and regulatory approvals, SiriusPoint intended to sell its Lloyd's Managing Agency, Sirius International Managing Agency Limited ("SIMA"), to Mosaic Insurance. We ultimately did not reach a satisfactory agreement with Mosaic Insurance in order to complete this sale and terminated the pending transaction with Mosaic Insurance in November 2022. As a result, SIMA remains part of the SiriusPoint group. We see Lloyd's as core to our business and intend to further develop our London offering, which we believe will be advantageous in diversifying our business.

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**Reportable Segments**

SiriusPoint reports on two operating segments: Reinsurance and Insurance & Services. Within our segments, we underwrite a variety of (re)insurance products as shown in the table below.

The following table provides a breakdown by line and type of business of gross premiums written for the years ended December 31, 2022, 2021 and 2020:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** | **2020** |
| | **Amount** | **Percentage of Total** | **Amount** | **Percentage of Total** | **Amount** | | **Percentage of Total** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Aviation & Space | $148.7 | 4.4% | $108.5 | 4.8% | $— |  | —% |
| Casualty | 528.7 | 15.5% | 459.7 | 20.6% | 271.9 |  | 46.2% |
| Contingency | 14.7 | 0.4% | 15.9 | 0.7% | 1.0 |  | 0.1% |
| Credit & Bond | 124.5 | 3.7% | 53.8 | 2.4% | 10.6 |  | 1.8% |
| Marine & Energy | 39.9 | 1.2% | 39.3 | 1.8% | 5.6 |  | 0.9% |
| Mortgage | 76.0 | 2.2% | 52.2 | 2.3% | 60.4 |  | 10.3% |
| Property | 588.9 | 17.3% | 621.0 | 27.8% | 184.6 |  | 31.4% |
| **Reinsurance** | 1521.4 | 44.7% | 1350.4 | 60.4% | 534.1 |  | 90.7% |
| A&H | 859.5 | 25.2% | 384.4 | 17.2% | 3.4 |  | 0.6% |
| Environmental | 52.6 | 1.5% | 21.0 | 0.9% |  |  | —% |
| Workers' Compensation | 325.5 | 9.5% | 137.4 | 6.1% |  |  | —% |
| Other  | 646.6 | 19.0% | 355.1 | 15.9% | 22.1 |  | 3.8% |
| **Insurance & Services** | 1884.2 | 55.2% | 897.9 | 40.1% | 25.5 |  | 4.4% |
| **Corporate** <sup>(1)</sup> | 4.1 | 0.1% | (11.8) | (0.5)% | 28.9 | ` | 4.9% |
| **Total gross premiums written** <sup>(2)</sup> | $3409.7 | 100.0% | $2236.5 | 100.0% | $588.5 |  | 100.0% |

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(1) Corporate includes gross premium written from all runoff business.

(2) For 2021, management basis gross premiums written were $2,808.7 million, which is the sum of 2021 total gross premiums written of $2,236.5 million plus $571.2 million of total gross premiums written recognized by Sirius Group for the 2021 pre-merger period from January 1, 2021, to the Acquisition date of February 26, 2021. Management basis gross premiums written consists of Reinsurance segment gross premiums written of $1,787.9 million and Insurance & Services segment gross premiums written of $1,031.0 million summing to Core gross written premiums of $2,818.9 million. Management basis gross premiums written is a non-GAAP financial measure and we believe it allows for a more complete understanding of our underlying business.

***Reinsurance Segment***

We provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis.

Treaty reinsurance is an agreement whereby we assume a specified portion or category of risk under all qualifying policies issued by the ceding company during the term of the agreement, usually one year. Treaty reinsurance is typically written on either a proportional or excess of loss basis. A proportional reinsurance treaty is an arrangement whereby we assume a predetermined proportional share of the premiums and losses generated on specified business. An excess of loss treaty is an arrangement whereby we assume losses that exceed a specific retention of loss by the ceding company. Facultative reinsurance, on the other hand, is underwritten on a risk-by-risk basis, which allows us to determine pricing for each exposure. Retroactive reinsurance contracts cover the potential for changes in estimates of loss and loss adjustment expense reserves related to loss events that have occurred in the past. Retroactive reinsurance contracts can generate an underwriting profit should the ultimate loss and loss adjustment expenses settle for less than the initial estimate of reserves while the premiums received at the inception of the contract generate insurance float.

For reinsurance assumed, we generally participate in the prospective, as opposed to retroactive, reinsurance market globally 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, Asia and Latin America.

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The Reinsurance segment provides coverage in the following product lines:

Aviation & Space – Aviation covers loss of or damage to an aircraft and the aircraft operations' liability to passengers, cargo and hull as well as to third parties, and Space covers damage to a satellite during launch and in orbit.

Casualty – covers a cross section of all casualty lines, including general liability, umbrella, auto, workers compensation, professional liability, and other specialty classes.

Contingency – covers event cancellation and non-appearance.

Credit & Bond – covers traditional short-term commercial credit insurance, including pre-agreed domestic and export sales of goods and services with typical coverage periods of 60 to 120 days.

Marine & Energy – Marine covers damage to ships and goods in transit, marine liability lines as well as yacht-owner perils. Energy covers offshore energy industry insurance.

Mortgage – covers credit risks that compensates insureds for losses arising from mortgage loan defaults.

Property – consists of our underwriting lines of business that offer property catastrophe excess of loss, proportional property reinsurance, per risk property reinsurance, and agriculture reinsurance and property risk and pro rata on a worldwide basis. Property catastrophe excess of loss reinsurance treaties cover losses to a pool of risks from catastrophic events. Property proportional covers both attritional and catastrophic risks, property per risk covers loss to individual risk, and agriculture provides stop-loss reinsurance coverage, including to companies writing U.S. government-sponsored multi-peril crop insurance.

***Insurance & Services Segment***

We provide insurance products to individuals and corporations directly, through agents/brokers or through delegated underwriting agreements with MGAs. We seek to work with MGAs that have strong underwriting expertise, deep understanding of the customer/product niches and/or technology-driven approaches, and a sustainable competitive moat.

We underwrite primary insurance via multiple MGAs in a growing number of business lines. We categorize MGAs producing business for SiriusPoint into the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consolidated** – MGAs controlled by SiriusPoint, including IMG and Armada, which are 100% owned. 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 MGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Strategic partnerships** – minority investment stake and agreement to provide underwriting capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Traditional partnerships** – underwriting capacity without any investment stake.

Our approach to accessing the market through MGAs involves leaning on the expertise of our partners to create products and services, manage distribution relationships, underwrite risks in accordance with delegating underwriting authorities, issue and service policies on behalf of SiriusPoint and manage claims handling.

We put in place rigorous controls that are designed to ensure underwriting risks are evaluated thoroughly and monitored consistently. Key controls in place include formal written Program Management Agreements, written underwriting guidelines, annual underwriting audits, and a monthly flow of financial and operational metrics that provide transparency into underlying business results.

Insurance & Services offers a comprehensive set of services for startup MGAs and insurance services companies, including risk capital and equity and debt financing. Furthermore, we offer expertise in underwriting, pricing and product development to businesses with whom we partner. Our process to identify and approve partner companies includes alignment of interests, disciplined management and strong oversight, which we believe are critical for success. The Insurance & Services segment predominantly provides insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties.

The Insurance & Services segment provides coverage in the following product lines:

A&H – consists of life, accident and health coverage, and our MGA units (which include Armada and IMG). Armada's products are offered in the United States while IMG offers accident, health and travel products on a worldwide basis.

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Environmental – consists of an environmental insurance book in the U.S. comprised of four core products that revolve around pollution coverage, which are premises pollution liability, contractor's pollution/pollution liability and professional liability.

Workers' Compensation – consists of state-mandated insurance coverage that provides medical, disability, survivor, burial, and rehabilitation benefits to employees who are injured or killed due to a work-related injury or illness.

Other – consists of a cross section of property and casualty lines, including but not limited to property, general liability, excess liability, commercial auto, professional liability, directors and officers, cyber and other specialty classes.

**Marketing and Distribution**

For primary insurance business, we enter into agreements with select MGAs, who then market our insurance products to the general public and have underwriting authority on our behalf. We have well-defined underwriting standards in place for these MGAs that are closely monitored by our staff. We pay certain MGAs profit commissions based upon the underwriting profit of business produced. In addition to the day-to-day interactions that we have with our MGAs, audits are performed on a regular basis. These high-retention, long-term partnerships can generate significant premium, and create alignment with the MGAs as they often retain a share of underwriting results.

For reinsurance business, we obtain most of our submissions from reinsurance intermediaries ("brokers") that represent the ceding company. The process of placing an intermediate reinsurance program typically begins when a ceding company enlists the aid of a reinsurance intermediary in structuring a reinsurance program. The ceding company and the reinsurance intermediary will often consult with one or more lead reinsurers as to the pricing and contract terms for the reinsurance protection being sought. Once the ceding company has approved the terms quoted by the lead reinsurer, the reinsurance intermediary will offer participation to qualified reinsurers until the program is fully subscribed. We consider both the reinsurance intermediary and the ceding company to be our clients. We believe we have developed strong business relationships over a long period of time with the management of many of our ceding companies and reinsurance intermediaries.

We pay ceding companies a ceding commission under most proportional reinsurance treaties and some excess of loss reinsurance treaties. The ceding commission is generally based on the ceding company's cost of acquiring and administering the business being reinsured (e.g., agent commissions, premium taxes and certain miscellaneous expenses). The ceding commissions paid to ceding companies constitute the majority of our total acquisition costs. Additionally, we pay reinsurance intermediaries commissions based on negotiated percentages of the premium they produce on non proportional business.

See Note 4 "Segment reporting" in our audited consolidated financial statements included elsewhere in this Annual Report for a breakdown of our premiums written by source that individually contributed more than 10% of total gross premiums written.

**Policies with Respect to Certain Activities**

The following is a discussion of our underwriting and pricing, claims management, catastrophe risk management, and reinsurance protection policies.

***Underwriting and Pricing***

We have an established team of underwriters and actuaries that develop and manage our insurance and reinsurance business. We believe that their experience, industry presence and long-standing relationships allow us to tailor our portfolio to specific market segments. Our approach to underwriting allows us to deploy our capital in a variety of lines of business and to capitalize on opportunities that we believe offer favorable returns on equity over the long term.

We seek to maintain a disciplined underwriting strategy which, while considering overall exposure, focuses on writing more business when market terms and conditions are favorable and reducing business volume when terms and conditions become less favorable. We offer clients a wide range of insurance and reinsurance products across multiple lines of business to satisfy risk management needs.

We derive our primary insurance business mostly through our MGAs and strategic partnerships which source business internationally and in the United States. We derive our reinsurance business from a broad spectrum of ceding companies, including national, regional, specialty, and excess and surplus lines writers, both internationally and in the United States. We price our products by assessing the desired return on the expected capital needed to write a given contract and on the expected underwriting results of the contract. Our pricing requirements are based on a number of underwriting factors

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including historical results, analysis of exposure and estimates of future loss costs, a review of other programs displaying similar exposure characteristics, and the MGAs or ceding company's underwriting and claims experience. Additionally, our underwriters, actuaries, claims and compliance personnel perform audits of MGAs and certain ceding companies, in products and regions where this is applicable.

***Claims Management***

Our staff of experienced insurance claims specialists work closely with MGAs and/or Third Party Administrators ("TPAs"), for certain clients, in order to provide oversight and direction on each claim matter. Our claims specialists work closely with reinsurance intermediaries and/or ceding companies to obtain and/or review specific claims information, in order to properly adjust and resolve each claim matter.

Where customary or appropriate, our claims specialists perform selective remote or on-site claim reviews, to assess the claim handling abilities, reserve techniques and propriety of controls and processes, for MGAs, TPAs and ceding companies.

The results of these claim reviews are shared with the underwriters and actuaries to assist them in pricing products and establishing loss reserves.

***Catastrophe Risk Management***

We have significant exposure to catastrophe losses, caused by hurricanes, earthquakes, tornadoes, winter storms, windstorms, floods, tsunamis, terrorist acts and other man-made and natural catastrophic events. We actively manage our concentration of exposures to catastrophic events, primarily by limiting concentrations of exposure to what we deem acceptable levels and, if necessary, purchasing reinsurance. In addition, we seek to limit losses that might arise from other extreme events such as terrorism, cyber or nuclear incidents, by including exclusionary provisions in our insurance and reinsurance contracts.

To manage catastrophe risk, we license third-party global property catastrophe modeling software, and we also utilize our own proprietary models to price risk, calculate expected PML estimates, and consolidate and report on all worldwide property exposures. This platform is used to calculate individual and aggregate PMLs by combining multiple third-party and proprietary models, actuarial methods, and underwriting judgement.

Our proprietary platform allows us to choose either a third-party catastrophe modeling software or an internally developed model for PML reporting within each area and peril. The choice is based on a scientific, actuarial and underwriting assessment of the quality of the model by territory. If a third-party model is deemed to have weakness or insufficient experience, we may impose modifications on the model to mitigate any weaknesses. With our platform, the view of risk for each treaty can be further adjusted based on underwriting judgment regarding the specific exposures underlying each cedent's portfolio. This yields a final view of risk for each cedent. This view of risk is aggregated across our portfolio to an aggregated, simulated dataset from which PML estimates and any other portfolio metrics can be extracted.

We do not exclusively rely upon catastrophe modeling to measure our exposure to natural catastrophe risk. We monitor gross and net property catastrophe occurrence limits by country and region globally. Further, losses to a number of deterministic scenarios involving both natural and man-made catastrophes are estimated and tracked.

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The following tables provide an estimate of our three largest PML zones on a per occurrence basis for 1-in-100 and 1-in-250 year events as of January 1, 2023 and 2022 as measured by net after-tax exposure.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **January 1, 2023** | **January 1, 2023** | **January 1, 2023** | **January 1, 2023** | **January 1, 2023** | **January 1, 2023** | **January 1, 2023** |
| | | | | **SiriusPoint Net After-Tax Loss** | **SiriusPoint Net After-Tax Loss** | **SiriusPoint Net After-Tax Loss** |
| |<br>**Modelled<br>Industry<br>Loss** |<br>**SiriusPoint<br>Gross Loss** |<br>**Net After<br>Reinsurance<br>and<br>Reinstatements** | **Net<br>After-<br>Tax** | **Net After-**<br>**Tax** <br>**as % of**<br>**Total Capital** <sup>(1)</sup> | **Net After-Tax**<br>**as % of**<br>**Common**<br>**Shareholders'**<br>**Equity** <sup>(1)</sup> |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** |
| Southeast U.S. | $196997 | $226 | $81 | $80 | 3% | 4% |
| West Coast U.S. | 55531 | 198 | 92 | 90 | 3% | 5% |
| Northeast U.S. | 55295 | 134 | 72 | 68 | 2% | 4% |
| Europe | $32441 | $68 | $46 | $37 | 1% | 2% |
|  | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** |
| Southeast U.S. | $312105 | $300 | $95 | $93 | 3% | 5% |
| West Coast U.S. | 97714 | 275 | 141 | 135 | 5% | 7% |
| Northeast U.S. | 101764 | 258 | 97 | 94 | 3% | 5% |
| Europe | $46429 | $84 | $50 | $40 | 1% | 2% |
| **January 1, 2022** | **January 1, 2022** | **January 1, 2022** | **January 1, 2022** | **January 1, 2022** | **January 1, 2022** | **January 1, 2022** |
|  |  |  |  | **SiriusPoint Net After-Tax Loss** | **SiriusPoint Net After-Tax Loss** | **SiriusPoint Net After-Tax Loss** |
|  | **Modelled<br>Industry<br>Loss** | **SiriusPoint<br>Gross Loss** | **Net After<br>Reinsurance<br>and<br>Reinstatements** | **Net<br>After-<br>Tax** | **Net After-**<br>**Tax** <br>**as % of**<br>**Total Capital** <sup>(1)</sup> | **Net After-Tax**<br>**as % of**<br>**Common**<br>**Shareholders'**<br>**Equity** <sup>(1)</sup> |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** | **1-in-100 year event** |
| Southeast U.S. | $140850 | $286 | $129 | $120 | 4% | 5% |
| West Coast U.S. | 46744 | 235 | 107 | 97 | 3% | 4% |
| Northeast U.S. | 38174 | 195 | 95 | 85 | 3% | 4% |
| Europe | $38034 | $217 | $66 | $55 | 2% | 2% |
|  | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** | **1-in-250 year event** |
| Southeast U.S. | $224184 | $397 | $211 | $196 | 6% | 9% |
| West Coast U.S. | 82185 | 323 | 141 | 128 | 4% | 6% |
| Northeast U.S. | 68049 | 342 | 134 | 122 | 4% | 5% |
| Europe | $53225 | $266 | $71 | $60 | 2% | 3% |

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(1)Total capital and common shareholders' equity as of December 31, 2022 and 2021. Total capital represents total debt, Series B preference shares, and common shareholders' equity.

Catastrophe modeling is dependent upon several broad scientific, meteorological and economic assumptions. This includes assumptions on hazard frequency and intensity, assumptions on the vulnerability of different risks depending on their occupancy and building characteristics, assumptions on replacement values as well as assumptions on economic factors such as demand surge (the localized increase in prices of goods and services that often follows a catastrophe). Catastrophe modeling is inherently uncertain due to the range of outcomes when projecting future events. Third-party modeling software does not provide information for all territories or perils for which we write business. We use our own proprietary models in these situations.

***Reinsurance Protection***

In the normal course of business, we seek to protect our business from losses due to concentration of risk and loss arising from catastrophic events with retrocession (reinsuring with third-party reinsurers). We remain liable for risks reinsured in the event that the reinsurer does not honor its obligations under reinsurance contracts.

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The effects of reinsurance on our written and earned premiums and on loss and loss adjustment expenses for the years ended December 31, 2022, 2021 and 2020 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Written premiums:** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Direct | $1403.9 | $718.0 | $19.0 |
| Assumed | 2005.8 | 1518.5 | 569.5 |
| Gross premiums written | 3409.7 | 2236.5 | 588.5 |
| Ceded | (860.5) | (502.3) | (46.3) |
| Net premiums written | $2549.2 | $1734.2 | $542.2 |
| **Premiums earned:** |  |  |  |
| Direct | $1153.6 | $600.8 | $1.0 |
| Assumed | 1915.2 | 1598.5 | 638.8 |
| Gross premiums earned | 3068.8 | 2199.3 | 639.8 |
| Ceded | (750.7) | (482.3) | (29.0) |
| Net premiums earned | $2318.1 | $1717.0 | $610.8 |
| **Loss and loss adjustment expenses:** |  |  |  |
| Direct | $778.0 | $349.3 | $0.8 |
| Assumed | 1386.8 | 1506.1 | 483.2 |
| Loss and loss adjustment expenses incurred | 2164.8 | 1855.4 | 484.0 |
| Ceded | (576.4) | (528.9) | (18.7) |
| Loss and loss adjustment expenses incurred, net | $1588.4 | $1326.5 | $465.3 |

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*Reinsurance Segment*

Our reinsurance protection primarily consists of pro-rata and excess of loss protections that protect all our reportable segments within reinsurance. Attachment points and coverage limits vary by region around the world. Protections by reportable segment are listed below.

Our core proportional property reinsurance programs provide protection for parts of the non proportional treaty accounts written in Europe, North America, South America, the Caribbean, Asia, the Middle East and Australia. These reinsurance protections are designed to increase underwriting capacity where appropriate, and to reduce exposure both to large catastrophe losses and to a frequency of smaller loss events. As of January 1, 2023, commensurate with our gross property catastrophe liability reductions and branch office restructuring, we reduced the number of property proportional treaties we purchase on our treaty reinsurance portfolio to four from in excess of fifteen.

As of January 1, 2023, we have in place an all-natural perils excess of loss retrocessional reinsurance coverage for loss events impacting our property exposures, replacing the 2022 coverage. The coverage for 2023 is comprised of a combination of (1) reinsurance placed on lead terms on which several reinsurers participate and (2) several private placements with individual

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reinsurers at terms and conditions based on individual reinsurer preference. The table below represents a broad summary of coverage and attachment points in-force protection as of January 1, 2023 and 2022.

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| | | |
|:---|:---|:---|
| | **January 1, 2023** | **January 1, 2022** |
| **Limit:** | **($ in millions)** | **($ in millions)** |
| U.S. Ultimate Net Loss Limit based on SiriusPoint Loss | $100 | $100 |
| U.S. Hurricane State Weighted Industry Loss Index Limit <sup>(1)</sup> | 100 |  |
| Total 1st U.S. Event Limit | 200 | 100 |
| Total 2nd U.S. Event Limit | 100 | 100 |
| Excluding U.S. Ultimate Net Loss Event Limit | 125 | 150 |
| Total 1st Excluding U.S. Event Limit | 125 | 150 |
| Total 2nd Excluding U.S. Event Limit | 125 | 150 |
| **Retention:** |  |  |
| U.S. Ultimate Net Loss Retention | 90 | 100 |
| Worldwide Excluding U.S. Ultimate Net Loss Retention | $40 | $50 |

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(1)Payout is based on a state weighted index of insured industry losses from aggregate hurricane losses occurring during the 2023 calendar year.

*Insurance & Services Segment*

For A&H reinsurance, we have excess of loss protection covering our personal accident and life accounts. For A&H primary insurance, there are account specific quota share and stop-loss reinsurance protections in place of various percentages for our medical benefits and student health businesses. In addition to these primary insurance protections, there is an excess of loss protection of unlimited dollars in excess of $2 million (per person) in place.

In the property and casualty business in our Insurance & Services segment, we purchase both excess of loss and proportional reinsurance on a case by case basis for both risk management and capital optimization purposes.

Other lines of business within this segment are protected through various quota share and excess of loss protections.

*Loss Portfolio Transfer*

In connection with our goal of optimizing our capital allocation, on October 29, 2021, we closed a loss portfolio transfer transaction (the "2021 LPT") with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. As a result of the 2021 LPT, we dissolved Sirius Point Global Solutions, Inc., which specialized in the acquisition and management of runoff liabilities for insurance and reinsurance companies, as well as asbestos and environmental risks and other long-tailed liability exposures. Our transaction with the Compre Group underscores the ongoing transformation of SiriusPoint, our focus on optimizing capital allocation and rebalancing towards insurance and higher margin and growth lines, and provides further certainty on SiriusPoint's reserve position. This transaction transfers the risk of the subject reserves developing adversely to Compre Group, up to an aggregate limit of $592 million over the duration of the contract, and reduces statutory and rating agency capital charges on the subject reserves. As of December 31, 2022, we held a loss recoverable of $327.7 million for the 2021 LPT.

*Reinsurance Recoverables by Rating*

As of December 31, 2022, we had loss and loss adjustment expenses recoverable, net of $1.4 billion (December 31, 2021 - $1.2 billion). Because retrocessional reinsurance contracts do not relieve us of our obligation to our insureds, the ability to collect balances due from our reinsurers is important to our financial strength. We monitor the financial strength and ratings of retrocessionaires on an ongoing basis. Uncollectible amounts historically have not been significant.

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The following table provides a listing of our loss and loss expenses recoverable, net by the reinsurer's Standard & Poor's ("S&P") rating and the percentage of total recoverables as of December 31, 2022. With certain reinsurers, if S&P's rating was not available, an equivalent AM Best rating was used.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Rating**<sup>(1)</sup> | **Gross** | **Collateral** | **Net** | **% of Net Total** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| AA | $252.8 | $41.2 | $211.6 | 29.5% |
| A | 370.6 | 48.5 | 322.1 | 44.9% |
| BBB or lower | 246.7 | 104.8 | 141.9 | 19.8% |
| Not rated<sup>(2)</sup> | 506.1 | 464.2 | 41.9 | 5.8% |
|  | $1376.2 | $658.7 | $717.5 | 100.0% |

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(1)S&P's ratings as detailed above are: "AA" (Very strong), "A" (Strong), and "BBB" (Adequate).

(2)Not rated represents reinsurers who are not rated by either S&P or AM Best. Included in the not rated category is $327.7 million related to Pallas Reinsurance Company Ltd. as a result of the 2021 LPT, and the amount is fully collateralized.

**Loss and loss adjustment expense reserves**

Loss and loss adjustment expense reserves represent estimates of what the insurer or reinsurer ultimately expects to pay on claims at a given time, based on facts and circumstances then known, and it is probable that the ultimate liability may exceed or be less than such estimates. The process of estimating loss and loss adjustment expense reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain. See Note 2 "Significant accounting policies" in our audited consolidated financial statements and "Critical accounting policies and estimates" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this Annual Report for a further discussion of our loss and loss adjustment expense reserves.

**Investments**

We repositioned our investment portfolio to better align with our underwriting strategy. We believe that this repositioning will result in lower volatility, while taking advantage of opportunities to improve risk-adjusted returns across asset classes.

Under our investment strategy, management of our fixed income investments, which comprise the majority of our portfolio, is outsourced to a diversified range of third-party asset managers, including Third Point LLC. Alternative investments managed by Third Point LLC includes TP Enhanced Fund, Third Point Venture Offshore Fund I LP ("TP Venture Fund") and Third Point Venture Offshore Fund II LP ("TP Venture Fund II") (collectively, the "Related Party Investment Funds"), which comprised 2% of our investment portfolio as of December 31, 2022. We leverage Third Point LLC and other third-party market expertise in designing our asset-liability management strategies that are tailored to our risk and capital considerations. We believe that this is a strategic differentiator on our returns, reduces risk and volatility, and creates a portfolio mix more in line with peer property/casualty reinsurers.

Our investment objective is to maximize long-term after-tax total return while (1) limiting the investment risk within prudent risk tolerance thresholds, (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. This objective and associated policies and guidelines ("Investment Policy and Guidelines") are established by the Investment Committee of the SiriusPoint Board of Directors. Certain relevant subsidiaries also approve policies and guidelines substantially similar to, and consistent with, the SiriusPoint Investment Policy and Guidelines, in accordance with local laws and regulations.

The Investment Policy and Guidelines provide a cohesive framework to mitigate risk and prescribe a number of thresholds under which the portfolio is intended to operate. The group is expected to hold cash, short-term investments and fixed income investments that amount to no less than 100% of policyholder liabilities. Investable assets in excess of policyholder liabilities and liquidity needs are available to be invested in equity securities, funds, direct investments and other long-term investments.

Our global customer base and footprint requires us to transact in numerous currencies. Where practical, we aim to generally match material liabilities with assets. We utilize third party instruments such as currency forwards or swaps to mitigate unmatched exposure or may choose to leave such exposure unmatched. We do not apply hedge accounting to currency swaps or forwards.

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See Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 7 "Investments" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on our investment portfolio.

On February 23, 2022, the Company entered into the Fourth Amended and Restated Exempted Limited Partnership Agreement of TP Enhanced Fund with Third Point Advisors LLC ("TP GP") and the other parties thereto (the "2022 LPA"). Under the Amended and Restated Investment Management Agreement, dated February 23, 2022, among the Company, Third Point LLC and other parties thereto (the "2022 IMA"), we may withdraw net profits from the Third Point Optimized Credit ("TPOC") Portfolio or any amounts invested that were not withdrawn from TP Enhanced Fund, in each case as of any month-end. We may withdraw the TPOC Portfolio in full on March 31, 2026, and each successive anniversary of such date. A copy of the 2022 LPA and 2022 IMA is attached hereto as Exhibit 10.40 and Exhibit 10.41, respectively.

**Competition and Peers**

The worldwide insurance and reinsurance markets are highly competitive. Competition is influenced by a variety of factors, including prices charged and other terms and conditions offered, financial strength ratings, prior history and relationships, as well as expertise and the speed at which the company has historically paid claims.

We compete for business in Bermuda, Europe, the United States and other international markets with numerous global competitors. Our competitors include other insurance and reinsurance companies and underwriting syndicates at Lloyd's of London, as well as London Market Companies. While some of our competitors have greater revenue and shareholders' equity and higher ratings than SiriusPoint, we believe that we are well-suited to compete against our peers.

In addition, the ease of entry into the reinsurance sector has led to increased competition from non-traditional sources of capital, such as insurance-linked funds or collateralized special purpose insurers, predominantly in the property catastrophe excess reinsurance market, but increasingly in other sectors of the market, including longer tail lines of business such as casualty. This alternative capital provides protection in the form of catastrophe bonds, industry loss warranties and other risk-linked products that facilitate the ability for non-reinsurance entities, such as hedge funds and pension funds, to compete for reinsurance and insurance business outside of the traditional treaty market. As a result, we have observed reduced pricing and/or reduced shares in certain reinsurance products.

**Ratings**

Ratings by independent agencies are an important factor in establishing the competitive position of insurance and reinsurance companies and are important to our ability to market and sell our products and services. Rating organizations continually review the financial positions of reinsurers and insurers. These ratings reflect the rating agency's views regarding our balance sheet strength, operating performance, business profile and enterprise risk management. It is not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold our common shares. Our insurance and reinsurance operating subsidiaries are assigned financial strength ratings as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **AM Best (1)** | **AM Best (1)** | **Fitch (2)** | **Fitch (2)** | **S&P (3)** | **S&P (3)** |
| | **Rating** | **Outlook** | **Rating** | **Outlook** | **Rating** | **Outlook** |
| SiriusPoint Bermuda  | "A-" (Excellent) | Stable | "A–" (Strong) | Negative | "A–" (Strong) | Negative |
| SiriusPoint International  | "A-" (Excellent) | Stable | "A–" (Strong) | Negative | "A–" (Strong) | Negative |
| SiriusPoint America  | "A-" (Excellent) | Stable | "A–" (Strong) | Negative | "A–" (Strong) | Negative |
| SiriusPoint Specialty Insurance Corporation | "A-" (Excellent) | Stable | N/A | N/A | "A–" (Strong) | Negative |

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(1) "A–" is the fourth highest of 16 financial strength ratings assigned by AM Best, as last updated April 1, 2022.

(2) "A–" is the seventh highest of 22 financial strength ratings assigned by Fitch, as last updated February 18, 2022.

(3) "A–" is the seventh highest of 21 financial strength ratings assigned by S&P, as last updated January 20, 2022.

These ratings reflect AM Best's, Fitch's and S&P's respective opinions of the ability of SiriusPoint's respective subsidiaries to pay claims and are not evaluations directed to security holders. AM Best maintains a letter-scale rating system ranging from "A++" (Superior) to "F" (in liquidation). Fitch maintains a letter-scale rating system ranging from "AAA" (Exceptionally Strong) to "D" (Distressed). S&P maintains a letter-scale rating system ranging from "AAA" (Extremely Strong) to "D" (Default).

These ratings are subject to periodic review and may be revised downward or revoked at the sole discretion of the rating agencies.

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***S&P CreditWatch***

On September 28, 2022, S&P removed the Company and its core subsidiaries' ratings from CreditWatch with negative implications, where S&P had placed them on June 28, 2022.

**Regulation**

The business of insurance and reinsurance is regulated in all countries in which we operate, although the degree and type of regulation varies from one jurisdiction to another. As a holding company, SiriusPoint is generally not directly subject to such regulations, but its various insurance and reinsurance operating subsidiaries are subject to regulation. The following describes the current material regulations under which the Company operates.

***Bermuda Insurance Regulation***

All Bermuda companies must comply with the provisions of the Companies Act 1981 ("Companies Act"). In addition, the Insurance Act 1978 and related regulations (collectively, the "Insurance Act"), regulate the business of our Bermuda insurance, reinsurance and management company subsidiaries. SiriusPoint's Bermuda-licensed operating insurance subsidiaries include SiriusPoint Bermuda, which is registered as a Class 4 general business insurer, Alstead Reinsurance Ltd. ("Alstead Re"), which is registered as a Class 3A general business insurer, as well as a segregated accounts company pursuant to the Segregated Accounts Companies Act 2000 ("SAC Act"). Banyan Risk is registered as an insurance agent.

*The Insurance Act of 1978*

The Insurance Act imposes solvency and liquidity standards on Bermuda insurance companies, as well as auditing and reporting requirements, and grants the Bermuda Monetary Authority (the "BMA") powers to supervise, investigate, require information and demand the production of documents and intervene in the affairs of regulated companies.

*Principal Representative, Principal Office and Head Office*

Each Class 3A and Class 4 insurer is required to maintain a principal office and to appoint a principal representative in Bermuda. The principal representative has statutory reporting duties to report to the BMA under the Insurance Act where the principal representative believes there is a likelihood of the insurer becoming insolvent, or upon becoming aware that a reportable "event" has occurred, or is believed to have occurred.

In addition, Class 3A and Class 4 insurers must maintain their head office in Bermuda. In determining whether an insurer satisfies this requirement, the BMA considers, among other things, the following factors: (i) where the underwriting, risk management and operational decision making of the insurer occurs; (ii) whether the presence of senior executives who are responsible for, and involved in, the decision making related to the insurance business of the insurer are located in Bermuda; and (iii) where meetings of the board of directors of the insurer occur. In making its determination, the BMA may also give regard to (i) the location where management of the insurer meets to effect policy decisions of the insurer; (ii) the residence of the officers, insurance managers or employees of the insurer; and (iii) the residence of one or more directors of the insurer in Bermuda.

*Non-insurance Business*

No Class 3A and Class 4 insurer may engage in non-insurance business unless that non-insurance business is ancillary to its insurance business.

*Independent Approved Auditor*

Every insurer must appoint an independent auditor, approved by the BMA, who will annually audit and report on the insurer's statutory financial statements.

*Annual Financial Statements*

Each Class 3A and Class 4 insurer must prepare and submit annual audited financial statements prepared in accordance with U.S. GAAP or other acceptable accounting standards as part of their annual filings, which the BMA will subsequently publish on its website.

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*Annual Statutory Financial Return and Annual Capital and Solvency Return*

Each Class 3A and Class 4 insurer is required to file with the BMA annual statutory financial returns no later than four months after its financial year end (unless specifically extended upon application to the BMA). The statutory financial return includes, among other matters, the statutory financial statements, auditors report on the statutory financial statements of the insurer, own risk statement, and statutory declaration.

In addition, each Class 3A and Class 4 insurer is also required to file, on annual basis with the BMA, a capital and solvency return along with their annual financial statutory returns. The prescribed form of capital and solvency return comprises the insurer's Bermuda Solvency Capital Requirement ("BSCR") model or an approved internal capital model in lieu thereof (more fully described below), various schedules, a statutory economic balance sheet and the opinion of the loss reserve specialist.

At the time of filing its statutory financial statements, each Class 3A and Class 4 insurer will also be required to deliver to the BMA a declaration of compliance, in such form and with such content as may be prescribed by the BMA.

*Financial Condition Report*

Each Class 3A and Class 4 insurer and insurance group is required to prepare and file with the BMA, and also publish on their website, a financial condition report, which provides, among other things, measures governing the business operations, corporate governance framework and solvency and financial performance of the insurer/insurance group. We have received approval from the BMA to file a consolidated group financial condition report, inclusive of SiriusPoint, SiriusPoint Bermuda and Alstead Re.

*Minimum Liquidity Ratio*

The Insurance Act provides a minimum liquidity ratio for general business insurers. Each insurer engaged in general business is required to maintain a minimum liquidity ratio to the value of its relevant assets at not less than 75% of the amount of its relevant liabilities.

*Minimum Solvency Margin and Enhanced Capital Requirements*

The Insurance Act provides that all general business insurer's statutory assets must exceed their statutory liabilities by an amount greater than or equal to their prescribed minimum solvency margin (the "MSM"). The MSM that must be maintained by a Class 4 insurer is the greater of (i) $100 million, or (ii) 50% of net premium written (with a credit for reinsurance ceded not exceeding 25% of gross premiums), or (iii) 15% of net aggregate loss and loss expense provisions and other insurance reserves, or (iv) 25% of the ECR (as defined below) as reported at the end of the relevant year. The MSM that must be maintained by a Class 3A insurer is the greater of (i) $1 million, or (ii) 20% of the first $6 million of net premiums written; if in excess of $6 million, the figure is $1.2 million plus 15% of net premiums written in excess of $6 million, or (iii) 15% of net aggregated loss and loss expense provisions and other insurance reserves, or (iv) 25% of its ECR as reported at the end of the relevant year.

Each Class 3A and Class 4 insurer is also required to maintain its available statutory economic capital and surplus at a level equal to or in excess of its enhanced capital requirement ("ECR"), which is established by reference to either the BSCR model or an approved internal capital model. The BMA has also implemented the economic balance sheet ("EBS") framework, which is used as the basis to determine an insurer's ECR. Under the EBS framework, assets and liabilities are mainly assessed and included on the EBS at fair value, with the insurer's U.S. GAAP balance sheet serving as a starting point. The model also requires insurers to estimate insurance technical provisions, which consist of the insurer's insurance related balances valued based on best-estimate cash flows, adjusted to reflect the time value of money, with the addition of a risk margin to reflect the uncertainty in the underlying cash flows. The ECR shall at all times equal or exceed the respective Class 3A and Class 4 insurer's MSM and may be adjusted in circumstances where the BMA concludes that the insurer's risk profile deviates significantly from the assumptions underlying its ECR or the insurer's assessment of its risk management policies and practices used to calculate the ECR applicable to it.

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.

While not specifically referred to in the Insurance Act, the BMA has also established a target capital level ("TCL") for each insurer equal to 120% of its ECR. While qualifying insurers are not currently required to maintain its statutory capital and

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surplus at this level, the TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased regulatory oversight.

*Eligible Capital*

To enable the BMA to better assess the quality of an insurer's capital resources, Class 3A and Class 4 insurers are required to disclose the makeup of its capital in accordance with the recently introduced '3-tiered capital system'. Under this system, all of the insurer's capital instruments will be classified as either basic or ancillary capital, which in turn will be classified into one of three tiers based on their "loss absorbency" characteristics. Under this regime, up to certain specified percentages of Tier 1, Tier 2 and Tier 3 Capital may be used to support the insurer's MSM, ECR and TCL.

*Insurance Code of Conduct*

All Bermuda insurers are required to comply with the BMA's Insurance Code of Conduct, which establishes duties, requirements and standards to be complied with to ensure each insurer implements sound corporate governance, risk management and internal controls. Failure to comply with these requirements will be a factor taken into account by the BMA in determining whether an insurer is conducting its business in a sound and prudent manner under the Insurance Act and in calculating the operational risk charge applicable in accordance with the insurer's BSCR model (or an approved internal model).

*Restrictions on Dividends and Distributions*

Class 3A and Class 4 insurers are prohibited from declaring or paying a dividend if it is in breach of its MSM or minimum liquidity ratio or if the declaration or payment of such dividend would cause such a breach. Where an insurer fails to meet its MSM or minimum liquidity ratio on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA. Further, any insurer that fails to comply with its ECR is also prohibited from declaring and paying any dividends until the failure has been rectified.

In addition, Class 3A and Class 4 insurers are prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year's statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the BMA an affidavit signed by at least two directors (one of whom must be a Bermuda resident director if any of the insurer's directors are resident in Bermuda) and the principal representative stating that it will continue to meet its solvency margin and minimum liquidity ratio.

*Reduction of Capital*

No Class 3A and Class 4 insurer may reduce its total statutory capital by 15% or more, as set out in its respective previous year's financial statements, unless it has received the prior approval of the BMA. Total statutory capital consists of the insurer's paid in share capital, its contributed surplus (sometimes called additional paid in capital) and any other fixed capital designated by the BMA as statutory capital (such as letters of credit).

*Fit and Proper Controllers*

The BMA maintains supervision over the controllers (as defined herein) of all Bermuda registered insurers. For so long as shares of SiriusPoint are listed on the NYSE or another recognized stock exchange, the Insurance Act requires that the BMA be notified in writing within 45 days of any person becoming, or ceasing to be, a controller.

A controller includes (i) the managing director of the registered insurer or its parent company; (ii) the chief executive of the registered insurer or of its parent company; (iii) a shareholder controller (as defined below); and (iv) any person in accordance with whose directions or instructions the directors of the registered insurer or of its parent company are accustomed to act. All registered insurers are required to give written notice to the BMA of a change in controller(s) within 45 days of becoming aware of such change. The BMA may object to a controller and require the controller to reduce its shareholdings and direct, among other things, that voting rights attaching to the shares shall not be exercisable.

The definition of shareholder controller generally refers to (i) a person who holds 10% or more of the shares carrying rights to vote at a shareholders' meeting of the registered insurer or its parent company, or (ii) a person who is entitled to exercise 10% or more of the voting power at any shareholders' meeting of such registered insurer or its parent company, or (iii) a person who is able to exercise significant influence over the management of the registered insurer or its parent company by virtue of its shareholding or its entitlement to exercise, or control the exercise of, the voting power at any shareholders' meeting.

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In addition, all Bermuda insurers (and, in respect of the parent company of an insurance group) are required to give the BMA written notice of the fact that a person has become, or ceased to be, a controller or officer of the registered insurer within 45 days of becoming aware of such fact. An officer in relation to an insurer or the parent company of an insurance group includes a director, chief executive or senior executive performing the duties of underwriting, actuarial, risk management, compliance, internal audit, finance or investment matters.

*Notification of Material Changes*

All registered insurers are required to give notice to the BMA of their intention to effect a material change within the meaning of the Insurance Act. No registered insurer shall take any steps to give effect to a material change unless it has first served notice on the BMA that it intends to effect such material change and before the end of 30 days, either the BMA has notified such company in writing that it has no objection to such change or that period has lapsed without the BMA having issued a notice of objection.

*Disclosure of Information*

In addition to powers under the Insurance Act to investigate the affairs of an insurer, the BMA may require certain information from an insurer (or certain other persons) to be produced to the BMA. Further, the BMA has been given powers to assist other regulatory authorities, including foreign insurance regulatory authorities, with their investigations involving insurance and reinsurance companies in Bermuda if it is satisfied that the assistance being requested is in connection with the discharge of regulatory responsibilities and that such cooperation is in the public interest.

*Insurance Agent Reporting Requirements*

The BMA's Insurance Brokers and Insurance Agents Code of Conduct requires insurance agents to file an insurance agents return, which requires, among other matters, details around directors and officers of the insurance agent, services provided by the agent and details of the insurers for which the agent has been appointed. In addition, under the Insurance Act, insurance agents are required to notify the BMA of certain events, such as failure to comply with a condition imposed upon it by the BMA or the occurrence of a cyber reporting event.

*Group Supervision*

The BMA acts as the group supervisor for SiriusPoint and its subsidiaries (the "Regulatory Group") and has designated SiriusPoint Bermuda, a Class 4 licensed Bermuda-based reinsurance company, which is the most strictly regulated insurance classification, as the designated insurer for group supervisory and solvency purposes ("Designated Insurer"). As the Designated Insurer, SiriusPoint Bermuda is required to facilitate compliance by the Regulatory Group with group insurance solvency and supervision rules.

As group supervisor, the BMA performs a number of supervisory functions including (i) coordinating the gathering and dissemination of information which is of importance for the supervisory task of other competent authorities; (ii) carrying out a supervisory review and assessment of the Regulatory Group; (iii) carrying out an assessment of the Regulatory Group's compliance with the rules on solvency, risk concentration, intra-group transactions and good governance procedures; (iv) planning and coordinating, with other competent authorities, supervisory activities in respect of the Regulatory Group, both as a going concern and in emergency situations; (v) coordinating any enforcement action that may need to be taken against the Regulatory Group or any of its members; and (vi) planning and coordinating meetings of colleges of supervisors (consisting of insurance regulators) in order to facilitate the carrying out of the functions described above.

*Group Solvency and Group Supervision*

The current supervision and solvency rules (together, "Group Rules") apply to the Regulatory Group so long as the BMA remains SiriusPoint's group supervisor. Through the Group Rules, the BMA may take action that affects SiriusPoint. Under the Group Rules, the Regulatory Group is required to annually prepare and submit to the BMA group audited financial statements prepared in accordance with GAAP, group statutory financial statements, a group capital and solvency return, an annual group statutory financial return, a Group Solvency Self-Assessment ("GSSA"), and a financial condition report. The GSSA assesses the quality and quantity of the capital required to adequately cover the risks to which the insurance group is exposed. In particular, the GSSA should, among other things, include consideration of the relationship between risk management, the quality and quantity of capital resources, the impact of risk mitigation techniques and diversification and correlation effects between material risks; describe the Regulatory Group's risk appetite; be forward-looking; include appropriate stress and scenario testing and appropriately reflect all assets and liabilities, material off-balance sheet

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arrangements, material intra-group transactions, relevant managerial practices, systems and controls and a valuation basis that is aligned with the risk characteristics and business model of the group. The Regulatory Group is also required to maintain available statutory economic capital and surplus in an amount that is at least equal to or exceeds the value of its group ECR provided that the group ECR shall at all times be an amount equal to or exceeding the group minimum solvency margin. The BMA has established a group target capital level equal to 120% of group ECR. In addition, under the tiered capital requirements, all of the Regulatory Group's capital instruments will be classified as either basic or ancillary capital which in turn will be classified into one of three tiers based on their "loss absorbency" characteristics. Highest quality capital will be classified Tier 1 Capital, and lesser quality capital will be classified as either Tier 2 Capital or Tier 3 Capital. A minimum threshold of Tier 1 Capital and maximum thresholds of Tier 2 and Tier 3 Capital used to satisfy the Regulatory Group MSM and Regulatory Group ECR requirements are specified under the rules.

In addition, the Designated Insurer is required to file quarterly group financial returns for the Regulatory Group, ensure that the Regulatory Group appoints an individual approved by the BMA to be the group actuary who is qualified to provide an opinion on the insurance group's insurance technical provisions and an auditor approved by the BMA to audit the financial statements of the insurance group.

*Group Governance*

The Group Rules require the Board of Directors of SiriusPoint (the "Parent Board") to establish and effectively implement corporate governance policies and procedures, which must be periodically reviewed to ensure they continue to support the overall organizational strategy of the Regulatory Group. In particular, the Parent Board must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure that operational and oversight responsibilities of the group are clearly defined and documented and that the reporting of material deficiencies and fraudulent activities are transparent and devoid of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish systems for identifying on a risk-sensitive basis those policies and procedures that must be reviewed annually and those policies and procedures that must be reviewed at other regular intervals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a risk management and internal controls framework and ensure that it is assessed regularly and such assessment is reported to the Parent Board, the chief executive officer and senior executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and maintain sound accounting and financial reporting procedures and practices for the Regulatory Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and keep under review group functions relating to actuarial, compliance, internal audit and risk management functions which must address certain specific requirements as set out in the Group Rules.

*Economic Substance Act*

In December 2018, the Economic Substance Act 2018 (the "ESA") came into effect in Bermuda. Under the provisions of the ESA, every Bermuda registered entity other than an entity which is resident for tax purposes in certain jurisdictions outside of Bermuda that carries on as a business engaged in one or more "relevant activities" referred to in the ESA must satisfy economic substance requirements by maintaining a substantial economic presence in Bermuda. Under the ESA, insurance or holding entity activities (both as defined in the ESA and Economic Substance Regulations 2018) are relevant activities. To the extent that the ESA applies to any of our entities registered in Bermuda, we will be required to demonstrate compliance with economic substance requirements by filing an annual economic substance declaration with the Registrar of Companies in Bermuda.

Any entity that must satisfy economic substance requirements but fails to do so could face automatic disclosure to competent authorities in the E.U. of the information filed by the entity with the Bermuda Registrar of Companies in connection with the economic substance requirements and may also face financial penalties, restriction or regulation of its business activities and/or may be struck off as a registered entity in Bermuda.

*Cyber Code and Reporting Events*

In October 2020, the BMA issued the Insurance Sector Operational Cyber Risk Management Code of Conduct ("Cyber Code") which applies to all registered insurers, insurance managers and intermediaries (e.g. agents, brokers, insurance market place providers). The Cyber Code establishes duties, requirements, standards, procedures and principles to be complied with in relation to operational cyber risk management and is designed to promote the stable and secure management of information technology systems of regulated entities. The Cyber Code defines a cyber reporting event as being any act that results in the

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unauthorized access to, disruption or misuse of the electronic systems or information stored on such systems of a licensed undertaking, including any breach of security leading to the loss or unlawful destruction or unauthorized disclosure of or access to such systems or information, where (i) a cyber reporting event has the likelihood of adversely impacting policyholders or clients; (ii) an insurer has reached a view that there is a likelihood that loss of its system availability will have an adverse impact on its insurance business; (iii) an insurer has reached the view that there is a likelihood that the integrity of its information or data has been compromised and may have an adverse impact on its insurance business; (iv) an insurer has become aware that there is a likelihood that there has been unauthorized access to its information systems whereby such would have an adverse impact on its insurance business; or (v) an event has occurred for which a notice is required to be provided to a regulatory body or governmental agency. Cyber reporting events are only reportable to the BMA where the event results in a significant adverse impact to the regulated entity's operations, their policyholders or clients.

*Certain Other Bermuda Law Considerations*

All Bermuda companies must comply with the provisions of the Companies Act regulating the payment of dividends and making distributions from contributed surplus. A company may not declare or pay a dividend, or make a distribution out of contributed surplus, if there are reasonable grounds for believing that: (i) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (ii) the realizable value of the company's assets would thereby be less than its liabilities. The Segregated Accounts Companies Act of 2000 stipulates its own solvency test for the declaration of dividends and distributions for segregated accounts, which takes into account the solvency of the segregated account in question, rather than the solvency of the company itself.

Under Bermuda law, exempted companies are companies formed for the purpose of conducting business outside Bermuda from a principal place in Bermuda. As an exempted company, SiriusPoint may not participate in certain business transactions, including the carrying on of business of any kind in Bermuda, except in furtherance of its business carried on outside Bermuda or under license granted by the Minister of Finance. Generally, it is not permitted without a special license granted by the Minister of Finance to insure Bermuda domestic risks or risks of persons of, in or based in Bermuda.

The Personal Information Protection Act 2016 ("PIPA") is the principal Bermuda legislation regulating the right to personal informational privacy. In December 2016, PIPA sections relating generally to the establishment, staffing, funding, and general powers of the Privacy Commissioner came into force. In January 2020 a Privacy Commissioner was appointed. However, PIPA's remaining provisions could come into effect from Spring 2023, implemented in phases, with certain rules enforced for some organizations before others.

***U.S. Insurance Regulation***

*State-Based Regulation*

SiriusPoint's U.S.-based insurance and reinsurance operating subsidiaries are subject to regulation and supervision in each of the states where they are domiciled and where they are licensed to conduct business. Generally, state regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, statutory 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, annual and other report filings and market conduct.

SiriusPoint's U.S.-based insurance and reinsurance subsidiaries, and their respective domiciliary state regulators (the "Domiciliary States") are as follows:

• SiriusPoint America Insurance Company (New York State Department of Financial Services);

• Oakwood Insurance Company (Tennessee Department of Commerce and Insurance); and

• SiriusPoint Specialty Insurance Corporation (New Hampshire Insurance Department).

*State Accreditation and Monitoring*

All state insurance regulatory bodies with jurisdiction over SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are accredited by the National Association of Insurance Commissioners ("NAIC"). Accredited states generally follow the model laws developed by the NAIC. However, there are jurisdictional differences that require reference to each state's insurance laws. States have laws establishing the standards that an insurer must meet to maintain its license to write business. In addition, all states, including the Domiciliary States, have enacted laws substantially similar to the NAIC's risk-based capital ("RBC") standards for property and casualty companies, which are designed to determine minimum capital

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requirements and to raise the level of protection that statutory surplus provides for policyholder obligations. The RBC formula for property and casualty insurance companies measures three major areas of risk: (i) underwriting, which encompasses the risk of adverse loss developments and inadequate pricing; (ii) declines in asset values arising from market and/or credit risk; and (iii) off-balance sheet risk arising from adverse experience from non-controlled assets, guarantees for affiliates or other contingent liabilities and excessive premium growth. RBC reports are provided annually to state regulators as part of an insurer's financial reporting requirements. Insurers having less total adjusted capital than that required by the RBC calculation will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. As of December 31, 2022, SiriusPoint's U.S. domiciled subsidiaries exceeded all required RBC regulatory thresholds.

The NAIC has a set of financial relationship tests known as the Insurance Regulatory Information System to assist state insurance regulators in monitoring the financial condition of insurance companies and identifying companies that require special regulatory attention operating in their respective states. Insurance companies generally submit data annually to their domiciliary state regulator, which in turn analyzes the data using prescribed financial data ratios ("IRIS ratios"), each with defined "usual ranges". Generally, regulators will begin to investigate or monitor an insurance company if its IRIS ratios fall outside the usual ranges for four or more of the ratios. If an insurance company has insufficient capital, regulators may act to reduce the amount of insurance it can issue or, in severe situations, assume control of the company. None of SiriusPoint's U.S.-based (re)insurance subsidiaries is currently subject to regulatory scrutiny based on their respective IRIS ratios.

Many states have laws and regulations that limit an insurer's ability to exit a market. Some states also limit canceling or non-renewing certain policies for specific reasons. State insurance laws and regulations include numerous provisions governing marketplace activities of insurers, including provisions governing marketing and sales practices, policyholder services, claims management and complaint handling. State regulatory authorities generally test and enforce these provisions through periodic market conduct examinations. These laws are applicable to certain types of primary insurance policies, but not applicable to reinsurance.

States have adopted laws modeled on the NAIC's Risk Management and Own Risk and Solvency Assessment Model Act ("ORSA Model Act") to strengthen the ability of regulators to understand and regulate the risk-management practices of insurers and insurance groups. The ORSA Model Act requires insurers meeting premium thresholds to: (i) maintain a risk-management framework and (ii) annually submit a comprehensive report designed to assess the adequacy of an insurer's risk-management practices, including risks related to the insurer's future solvency position. Each of the Domiciliary States has substantially adopted the ORSA Model Act, and SiriusPoint's U.S.-based (re)insurance subsidiaries are in compliance with the ORSA Model Act as adopted by the Domiciliary States.

*Holding Company Regulation*

As a holding company, SiriusPoint is subject to the state insurance holding company statutes as well as certain other laws of each of the Domiciliary States. The insurance holding company statutes generally require an insurance holding company and insurers that are members of such holding company system to register with their domestic insurance regulators and to file certain reports with those authorities, including information concerning their capital structure, ownership, financial condition, certain intercompany transactions and general business operations.

The NAIC's amended Insurance Holding Company System Regulatory Model Act (the "Amended Holding Company Model Act"), addresses the concept of "enterprise risk" within an insurance holding company system and provides enhanced authority for states to regulate insurers as well as their affiliated entities and imposed more extensive informational requirements on parents and other affiliates of licensed insurers or reinsurers for the purpose of protecting licensed companies from enterprise risk. The Amended Holding Company Model Act requires the ultimate controlling person in an insurer's holding company structure to identify and annually report to state insurance regulators material risks within the structure that could pose enterprise risk to the insurer. Each of the Domiciliary States has substantially adopted the Amended Holding Company Model Act.

*Acquisition of Control*

Insurance holding company laws generally provide that no person or entity may acquire control of an insurance company, or a controlling interest in any parent company of an insurance company, without the prior approval of such insurance company's domiciliary state insurance regulator. Control is generally presumed to exist if any person acquires, directly or indirectly, 10% or more of the voting securities of an insurance company. This statutory presumption of control may be rebutted by showing that control does not exist in fact. Control may also be deemed to exist upon the possession of the power to direct or cause the direction of the management and policies of any person, whether through ownership of voting securities, by contract or otherwise.

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To obtain approval of any acquisition of control, the proposed acquirer must file with the applicable insurance regulator an application disclosing, among other information, its background, financial condition, the financial condition of its affiliates, the source and amount of funds by which it will affect the acquisition, the criteria used in determining the nature and amount of consideration to be paid for the acquisition, proposed changes in the management and operations of the insurance company and other related matters. In considering an application to acquire control of an insurer, an insurance commissioner generally will consider such factors as the experience, competence and financial strength of the applicant, the integrity of the applicant's board of directors and executive officers, the acquirer's plans for the management and operation of the insurer, and any anti-competitive results that may arise from the acquisition. Regulations pertaining to an acquisition of control of an insurance company may impact a person or entity's ability to acquire SiriusPoint, as well as SiriusPoint's ability to acquire an insurance company.

*Guaranty Funds and Mandatory Shared Market Mechanisms*

All states within the U.S. and the District of Columbia have insurance guaranty fund laws requiring insurance companies doing business within those jurisdictions to participate in guaranty associations. SiriusPoint's U.S.-based insurance and reinsurance subsidiaries may be required to participate in guaranty funds to help pay the obligations of impaired, insolvent or failed insurance companies to their policyholders and claimants. Such participation generally includes an assessment based on the premiums written by the insurer in such state applicable to particular lines of business.

*Pricing, Investments and Dividends*

Nearly all states have insurance laws requiring licensed property and casualty insurance companies to file their rates, rules and policy or coverage forms with the state's regulatory authority. In most cases, such rates, rules and forms must be approved prior to use. While pricing laws vary from state to state, their objectives are generally to ensure that rates are not excessive, unfairly discriminatory or used to engage in unfair price competition. The ability and timing of SiriusPoint's U.S.-based (re)insurance subsidiaries to increase rates are dependent upon the regulatory requirements in each state where policies are sold.

SiriusPoint's U.S.-based (re)insurance subsidiaries are subject to state laws and regulations that require investment portfolio diversification and that dictate the quality, quantity and general types of investments they may hold. Non-compliance may cause non-conforming investments to be non-admitted when measuring statutory surplus and, in some instances, may require divestiture. SiriusPoint's investment/finance units continually monitor portfolio composition to ensure compliance with the investment rules applicable to each (re)insurance subsidiary.

Under the insurance laws of the Domiciliary States, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities. Under the current law of the State of Tennessee, where Oakwood Insurance Company ("Oakwood") is domiciled, an insurer has the ability, without the prior approval of the regulatory authority and subject to the availability of earned surplus, to pay dividends or make distributions which, together with dividends or distributions paid during the preceding twelve months, do not exceed the greater of (i) 10% of the insurer's surplus as regards policyholders as of the immediately preceding year end or (ii) the net income of the insurer (excluding realized capital gains) for the preceding twelve-month period ending as of the immediately preceding year end. Under the current law of the State of New York, where SiriusPoint America is domiciled, an insurer has the ability to pay dividends during any 12-month period without the prior approval of the regulatory authority in an amount set by a formula based on the lesser of adjusted net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to the regulatory authority, subject to the availability of earned surplus and subject to dividends paid in prior periods. Under the current law of New Hampshire, where SiriusPoint Specialty is domiciled, an insurer has the ability to pay dividends during any 12-month period without the prior approval of the regulatory authority in an amount set by formula based on the lesser of ten percent of such insurer's surplus as regards policyholders as of the December 31, next preceding; or the net income, not including realized capital gains, for the 12-month period ending December 31, next preceding. The insurance laws and regulations of the Domiciliary States also require that an insurer's surplus as regards policyholders following any dividend or distribution be reasonable in relation to such insurer's outstanding liabilities and adequate to meet its financial needs.

Based upon these formulas, as of December 31, 2022, SiriusPoint America has dividend capacity without prior approval of the applicable regulatory authority, while Oakwood and SiriusPoint Specialty do not have dividend capacity without prior approval of the applicable regulatory authorities.

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*U.S. Federal Regulation Affecting the Insurance Industry*

SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are not federally regulated, but they are impacted by other federal regulations targeted at the insurance and other industries. From time to time, federal measures are proposed that may significantly affect the insurance business, for example, the Terrorism Risk Insurance Act. The Terrorism Risk Insurance Act provides a federal backstop to all U.S.-based property and casualty insurers for insurance-related losses resulting from any act of terrorism on U.S. soil or against certain U.S. air carriers, vessels or foreign mission.

The federal government also has issued certain orders and regulations that require SiriusPoint's U.S.-based (re)insurance subsidiaries to establish certain internal controls. Most significant of these regulations is the U.S. Treasury Department Office of Foreign Asset Control ("OFAC"). OFAC proscribes transactions with specially designated nationals ("SDNs") and blocked countries due to ties with matters such as terrorism, drugs and money laundering. Insurance and reinsurance transactions with SDNs and blocked countries are prohibited and violation can result in significant fines.

While the federal government does not directly regulate the insurance business, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") made sweeping changes to the regulation of financial services entities, products and markets.

The Dodd-Frank Act established the Federal Insurance Office ("FIO") within the Treasury Department to monitor the insurance industry and certain lines of business. The FIO is designed principally to exercise a monitoring and information-gathering role, rather than a regulatory role. The director of the FIO has submitted reports to Congress regarding (i) how to modernize and improve the system of insurance regulation in the U.S., (ii) the impact of Part II of the Nonadmitted and Reinsurance Reform Act of 2010 and (iii) the global reinsurance market and the regulation of reinsurance. These activities could ultimately lead to changes in the regulation of certain insurers and reinsurers in the United States.

The Dodd-Frank Act also authorizes the FIO to assist the Treasury Department in negotiating covered agreements. A covered agreement is an agreement between the U.S. and one or more foreign governments, authorities or regulatory entities, regarding prudential measures with respect to insurance or reinsurance. The FIO is further charged with determining, in accordance with the procedures and standards established under the Dodd-Frank Act, whether state laws are preempted by a covered agreement. Pursuant to this authority, in September 2017, the U.S. and the European Union signed a covered agreement (the "Covered Agreement") to address, among other things, reinsurance collateral requirements. U.S. state regulators had 60 months, or five years, to adopt reinsurance reforms removing reinsurance collateral requirements for European Union reinsurers that meet the Covered Agreement's prescribed minimum conditions or else state laws imposing such reinsurance collateral requirements could have been subject to federal preemption. On June 25, 2019, the NAIC Executive Committee and Plenary adopted revisions to the Credit for Reinsurance Model Law and Regulation ("Model Law and Regulation") which incorporate relevant provisions of the Covered Agreement. Thereafter, individual states began a process of adopting the Model Law and Regulation. As of August 2022, all 50 states and 6 U.S. territories incorporated revisions of the Credit for Reinsurance Model Law to their respective legal frameworks. The reinsurance collateral provisions of the Covered Agreement may increase competition, in particular with respect to pricing for reinsurance transactions, by lowering the cost at which competitors are able to provide reinsurance to U.S. insurers.

*Consumer Protection Laws and Privacy and Data Security Regulation*

The NAIC has adopted an Insurance Data Security Model Law, which when adopted by the states, will require insurers and other related entities that are licensed under state insurance laws to comply with certain data and information security requirements, such as developing an information security program, conducting risk assessments and overseeing the data security practices of third-party vendors. In addition, certain federal and state laws and regulations require financial institutions, including insurers, to protect the security and confidentiality of nonpublic personal information, including certain health-related and customer information, and to notify customers and other individuals about their policies and practices relating to their collection and disclosure of health-related and customer information and their practices relating to protecting the security and confidentiality of such information. State laws regulate use and disclosure of social security numbers and federal and state laws require notice to affected individuals, law enforcement, regulators and others if there is a breach of the security of certain nonpublic personal information, including social security numbers.

Issues surrounding data security and the safeguarding of consumers' protected information are under increasing regulatory scrutiny by state and federal regulators, particularly in light of the number and severity of recent U.S. companies' data breaches. The Federal Trade Commission, the Federal Bureau of Investigation, the Federal Communications Commission, the New York State Department of Financial Services, and the NAIC have undertaken various studies, reports and actions regarding data security for entities under their respective supervision. Some states have recently enacted new insurance laws

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that require certain regulated entities to implement and maintain comprehensive information security programs to safeguard the personal information of insureds and enrollees. For example, New York requires financial institutions, including certain of SiriusPoint's U.S.-based (re)insurance subsidiaries, to establish a cybersecurity program with specific technical safeguards and requirements regarding governance, incident planning, data management, system testing and regulator notification. In addition, the California Consumer Privacy Act of 2018, which took effect January 1, 2020, requires SiriusPoint to comply with obligations to identify and secure personal data, among other requirements.

SiriusPoint expects cybersecurity risk management, prioritization and reporting to continue to be an area of significant regulatory focus by such regulatory bodies and self-regulatory organizations.

***European Insurance Regulation***

Businesses that carry out insurance activities in Europe are subject to extensive insurance laws and regulations, including prudential requirements and requirements relating to the manner in which insurance activities are conducted. These laws and regulations are generally designed to protect the interests of policyholders, consumers and claimants, rather than investors.

Prudential regulation and supervision focuses on authorization, ownership and control, resourcing and capital adequacy, risk identification and management, and sound governance. Conduct regulation focuses on the manner in which an insurer or insurance intermediary conducts itself in relation to its interactions with customers. Businesses carrying out insurance activities are primarily regulated and supervised by government authorities within their home jurisdictions.

The regulatory framework promulgated under the Solvency II Directive 2009/138/EC, Commission Delegated Regulation (EU) 2015/35, a number of Commission Implementing Technical Standards and the European Insurance and Occupational Pensions Authority ("EIOPA") Guidelines (the "Solvency II Regulation") for insurance business provides a single set of key prudential requirements that apply to insurance and reinsurance businesses operating within the European Economic Area ("EEA"). It imposes economic risk-based solvency requirements across all member states. The aim of the Solvency II Regulation is to ensure that insurance and reinsurance undertakings are financially sound and can withstand adverse events in order to protect policyholders and the stability of the financial system as a whole. It also aims at the creation of a single market for insurance in the EEA with consistent regulatory requirements and harmonized supervision. The Solvency II Regulation is categorized into three 'pillars', covering quantitative requirements, such as capital requirements designed to ensure that sufficient and appropriate assets are held to cover insurance liabilities and risk exposure (Pillar 1), qualitative requirements relating to governance and risk-management (Pillar 2), and transparency obligations requiring disclosure of extensive information to supervisors and to the public (Pillar 3).

The Solvency II Regulation requirements in respect of insurance groups include group solvency and capital requirements, group disclosure and supervisory reporting, and undertaking a group own risk and solvency assessment. The Bermuda commercial insurance regulatory regime has been approved by the European Commission as being Solvency II equivalent. Therefore, the Solvency II group requirements are capped at the highest European entity, Sirius Group International S.à r.l. Accordingly, the Swedish Financial Supervisory Authority (the "SFSA") is the group supervisor for the Solvency II group, and the BMA has been designated as the group supervisor for SiriusPoint and below.

In addition to the Solvency II Regulation, there are a number of pan-European rules and regulations in relation to the distribution of insurance in the EEA. The Insurance Distribution Directive (EU/2016/97) (the "IDD") was implemented in all EEA states by October 1, 2018. The IDD applies to all distributors of insurance and reinsurance products (including insurers and reinsurers selling directly to customers) and intends to strengthen the regulatory regime applicable to distribution activities through increased transparency, information and conduct requirements.

The General Data Protection Regulation (EU 2016/679) ("GDPR") became effective on May 25, 2018. The GDPR is intended to harmonize data protection procedures and enforcement across the EU and achieve consistency with the system for ensuring privacy online and it is directly applicable to data controllers and data processors in all member states. Many of the provisions of the GDPR have a significant impact on data controllers and processors who are active within the EEA, and those who are located outside it, including SiriusPoint. The penalties for breach of GDPR and IDD are substantial.

***Sweden Insurance Regulation***

SiriusPoint International is subject to regulation and supervision by the SFSA. As Sweden is a member of the EU, the SFSA supervision of branches is recognized across all locations within the EU (apart from customer conduct that is regulated and supervised locally across the EU). The SFSA has broad supervisory and administrative powers over such matters as licenses, governance and internal control, standards of solvency, investments, methods of accounting, form and content of financial

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statements, minimum capital and surplus requirements, and annual and other report filings. Non-compliance can be sanctioned by warnings, fees or withdrawal of license.

The Solvency II Regulation is implemented in Sweden primarily through the Swedish Insurance Business Act (Sw. *försäkringsrörelselag (2010:2043)*) (the "IBA"), the measures set out in the Commission Delegated Regulation (EU) 2015/35 and the Commission Implementing Technical Standards and have direct effect in Sweden. The IBA, the Commission Delegated Regulation (EU) 2015/35 and the Commission Implementing Technical Standards constitute the main legal framework applicable to insurance business in Sweden. In addition, the SFSA and EIOPA issues regulations and general guidelines. Supplementary company law for most insurance companies is provided in the Swedish Companies Act (Sw. *aktiebolagslagen (2005:551)*).

Insurance companies are obliged to provide, on an ongoing basis, information about their financial status, and the SFSA may conduct on-site inspections and review the operations at any time. In addition to what is required under the Solvency II Regulation, Swedish insurance companies must conduct the business in accordance with "generally accepted insurance practices".

*Safety Reserve*

Subject to certain limitations under Swedish law, SiriusPoint International is permitted to transfer pre-tax income amounts into a reserve referred to as a "Safety Reserve." Under local statutory requirements, an amount equal to the deferred tax liability on SiriusPoint International's Safety Reserve is included in Solvency Capital. Access to the Safety Reserve is generally restricted to cover insurance and reinsurance losses and to cover a breach of the Solvency Capital Requirement. Similar to the approach taken by Swedish regulatory authorities, most major rating agencies generally take into account the Safety Reserve in SiriusPoint International's regulatory capital when assessing SiriusPoint International and SiriusPoint's financial strength.

As of December 31, 2022, SiriusPoint International's Safety Reserve was SEK 6.0 billion, or $576.9 million (based on the December 31, 2022 SEK to USD exchange rate). Under Swedish GAAP, an amount equal to the Safety Reserve, net of a related deferred tax liability established at the Swedish tax rate, is classified as common shareholders' equity. Generally, this deferred tax liability ($118.9 million based on the December 31, 2022 SEK to USD exchange rate) is required to be paid by SiriusPoint International if it fails to maintain prescribed levels of premium writings and loss reserves in future years. As a result of the indefinite deferral of these taxes, the related deferred tax liability is not taken into account by Swedish regulatory authorities for purposes of calculating Solvency Capital under Swedish insurance regulations.

*Change of Control*

The acquisition of a "qualifying holding" directly or indirectly in SiriusPoint International requires approval from the SFSA prior to completion. "Qualifying holding" means:

• a direct or indirect ownership in an undertaking, where the holding represents 10% or more of the equity capital or of all voting participating interests; or

• the ability to exercise a significant influence over the management of the undertaking (e.g. possible shareholder agreements which might have an impact on the influence over the undertaking)

In addition, approval from the SFSA must be obtained when the holding is increased so that the holding represents or exceeds 20%, 30% or 50% of the equity capital or of all voting participating interests, or when the company becomes a subsidiary. The same is valid if there is a decrease. When certain persons or companies act in concert, their holdings are aggregated to determine whether such persons or companies acquire a qualifying holding or cross any relevant threshold.

The SFSA assesses the suitability of the acquirer and will generally grant authorization if, among other things, the acquisition is found to be financially sound. The SFSA will also assess the acquirer's reputation, financial standing and possible links to money laundering and financing of terrorism. The ownership assessment also encompasses a suitability assessment of the management of all legal persons' acquiring a qualifying holding in Sirius International.

***United Kingdom Insurance Regulation***

The financial services industry in the United Kingdom is currently dual-regulated by the Financial Conduct Authority (the "FCA") and the Prudential Regulation Authority (the "PRA") (collectively, the "U.K. Regulators"). Prudential regulation and supervision of insurance undertakings is carried out by the PRA and the regulation and supervision of conduct matters is

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carried out by the FCA. All insurers and Lloyd's managing agents are regulated by both the PRA and the FCA, while businesses that only carry on insurance intermediary activities are solely regulated by the FCA for both prudential and conduct matters. The Financial Policy Committee (which is within the Bank of England) is responsible for the overall prudential regulation of the financial services industry.

There remains some considerable uncertainty as to the legal and regulatory landscape that will exist in respect of the U.K. insurance regulatory regime and the future approach U.K. legislation and regulation may take following the U.K.'s transition from the EU in 2020 and as to the terms and embedding of any future transitional agreements.

SiriusPoint's U.K.-based authorized insurance subsidiaries are as follows:

• Sirius International Managing Agency Limited, a Lloyd's managing agent that is dual-regulated by the PRA and FCA and supervised by Lloyd's; and

• A La Carte Healthcare Limited and IMG Europe Limited, both insurance intermediaries regulated by the FCA.

SiriusPoint International Insurance Corporation (publ) had previously been operating in the U.K. under an EEA branch passporting license and has applied to the PRA to transform the branch to a third country insurance branch. Approval from the PRA to operate the third country insurance branch was granted in March 2022. SiriusPoint International Insurance Corporation (publ) is also supporting the 1945 Syndicate through Sirius International Corporate Member, a corporate member of Lloyd's.

*PRA and FCA regulation*

The primary statutory objectives of the PRA in relation to its supervision of insurers are (i) to promote their safety and soundness; and (ii) to contribute to the securing of an appropriate degree of protection for policyholders or those who may become policyholders. As conduct regulator, the FCA also acts to protect policyholders but the FCA's focus is to ensure that consumers are treated fairly when dealing with insurers and insurance intermediaries while the PRA's focus is to ensure that policyholders have appropriate protection in respect of the cover for the risks that they are insured against.

The U.K. Regulators have extensive powers to intervene in the affairs of the insurance businesses that they regulate and to monitor compliance with their objectives, including amending (including by imposing limitations on) or withdrawing a firm's authorization, prohibiting individuals from carrying on regulated activities, suspending firms or individuals from undertaking regulated activities and fining or requiring compensation from firms and individuals who breach their rules.

Businesses carrying out insurance activities in the U.K. must not only comply with the PRA's requirements (as set out in the PRA Rulebook) and the FCA's requirements (as set out in the FCA Handbook) but also a wide range of U.K. insurance legislation. The most notable of such legislation is the Financial Services and Markets Act 2000 ("FSMA"), which includes the requirements for becoming authorized to carry out regulated insurance activities, regulated and prohibited activities of an insurance company, the approval process for the acquisition or disposal of control of insurance companies, rules on financial promotions, transfers of insurance portfolios and market abuse provisions. This is complemented by a range of statutory instruments on certain subjects, for example the authorization or exemption process. In addition, U.K. companies carrying out insurance activities must comply with general legislation, such as the U.K. Companies Act 2006.

*Lloyd's regulation*

As well as regulating insurers and insurance intermediaries, the U.K. Regulators also regulate Lloyd's. The U.K. Regulators and Lloyd's have common objectives in ensuring that the Lloyd's market is appropriately regulated. Lloyd's is required to implement certain rules prescribed by the U.K. Regulators by the powers it has under the Lloyd's Act of 1982 ("Lloyd's Act") relating to the operation of the Lloyd's market. In addition, each year the U.K. Regulators require Lloyd's to satisfy an annual solvency test that measures whether Lloyd's has sufficient assets in the aggregate to meet all the outstanding liabilities of its members. The PRA and the FCA can give directions to Lloyd's in order to advance their statutory objectives.

The governing body of the Lloyd's market is the Council of Lloyd's (the "Council"). The Council is responsible for the supervision and management of the Lloyd's market and it has the power to regulate and direct the business of the market. The Lloyd's Act, bylaws, requirements made under bylaws, principles for doing business ('Principles,' previously, minimum standards, which were transitioned in 2022 to outcome based principles for doing business), guidance, codes of conduct and bulletins issued by or under the authority of the Council together contain the powers and requirements that apply in respect of businesses operating in the Lloyd's market. In addition, Lloyd's prescribes, in respect of its managing agents and corporate and individual members ("Members"), Principles relating to their management and control, financial resources and various

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other requirements. In addition, as dual-regulated firms, managing agents must comply with the relevant parts of the PRA Rulebook and the FCA Handbook (including FCA capital resources requirements). SiriusPoint participates in the Lloyd's market through the 100% ownership of Sirius International Corporate Member, which is the sole member of Syndicate 1945. Syndicate 1945 commenced underwriting on July 1, 2011 and is managed by another wholly-owned subsidiary within SiriusPoint, Sirius International Managing Agency. Lloyd's approved net capacity for Syndicate 1945 in 2023 is £114.0 million, or approximately $137.7 million (based on the December 31, 2022 GBP to USD exchange rate). Stamp capacity is a measure of the amount of net premium (gross premiums written less acquisition costs) that a syndicate is authorized by Lloyd's to write.

Sirius International Corporate Member, as a Member of Lloyds, is required to contribute 0.35% of Syndicate 1945's premium income limit for each year of account to the Lloyd's Central Fund ("Central Fund"). If a Member is unable to pay its obligations to policyholders, such obligations may be payable by the Central Fund. If Lloyd's determines that the Central Fund needs to be increased, it may levy premiums on current Members. The Council of Lloyd's has discretion to call upon up to 5% of a Member's underwriting capacity in any one year as a Central Fund contribution.

The underwriting capacity of a Member must be supported by providing a deposit in the form of cash, securities, letters of credit or guarantees ("Funds at Lloyd's") in an amount to be determined pursuant to the Members' capital requirements set by Lloyd's.

The amounts of capital required by Lloyd's to be maintained in the form of Funds at Lloyd's to support the activities of the Members of a syndicate is determined by a combination of the managing agent's assessment of capital requirements for the syndicate, and review and challenge by Lloyd's. The managing agent's assessment of capital requirements for the syndicate determines its view of the Solvency Capital Requirement ("SCR"); this represents the capital needed to support the syndicate, based on modeling individual syndicate robustness against the risk environment in which the syndicate operates. Lloyd's may or may not approve the level of SCR as submitted by the managing agent and has the authority to require the SCR to be increased. The approved or amended SCR is then uplifted by an economic capital margin (currently a flat 35% for all syndicates) to produce an amount of syndicate capital known as the economic capital assessment ("ECA"). The level of the ECA is set to ensure that Lloyd's overall aggregate capital is maintained at a level necessary to retain its desired rating, as well as to meet the requirements of the U.K. Regulators. Any failure to comply with these requirements may affect the amount of business which the syndicate may underwrite and/or could result in sanctions being imposed by Lloyd's and/or the U.K. Regulators. The process and the method by which the required capital is calculated may alter from year to year and may affect the level of participation of Members in a particular syndicate.

In addition to a Member's Funds at Lloyd's, at a syndicate level insurance premiums are held in a premium trust fund for the benefit of policyholders whose contracts are underwritten by the syndicate and these funds are the first resources used to pay claims made by policyholders of that syndicate.

Lloyd's has wide discretionary powers to regulate a Member's underwriting. All syndicates at Lloyd's must also submit their business plans to Lloyd's for approval and amendments or restrictions may be applied to proposed business plans or, in extreme circumstances, approval may be refused which would lead to that syndicate ceasing to underwrite for the following year of account.

*Change of Control*

The change of control requirements in the U.K. are similar to the Swedish regulatory requirements. Prior regulatory consent is required before a person (alone or together with any associates) can acquire direct or indirect control over a U.K. authorized firm. The change of control requirements apply whether such change of control results from an external acquisition or an internal restructuring resulting in a new controller. For U.K. authorized insurance intermediaries, the control threshold percentages are amended such that there is a single 20% threshold where prior regulatory consent is required. In relation to the acquisition or increase of direct or indirect control over a Lloyd's managing agent or Lloyd's corporate member, such as Sirius International Managing Agency Limited and Sirius International Corporate Member Limited respectively, prior approval is also required from Lloyd's. Prior approval is also required where a person (together with any associates) increases its holding of shares or voting power from (i) less than 20% to 20% or more, (ii) less than 30% to 30% or more, and (iii) less than 50% to 50% or more.

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**Human Capital**

We are focused on building a performance and results-driven culture which strives to get the best out of all of our people and to help them to maximize their full potential. We want to build a culture that has deep values, enables people to succeed, and has a focus on delivering for our customers, our people, our shareholders and the communities in which we operate.

We are passionate about developing and strengthening our current and future talent pipelines through talent reviews, succession planning, and helping people to build their skills with us. We have a clear focus on identifying successors for our top three layers in the organization to support long term business resilience.

As of December 31, 2022, we had 1,185 employees across 11 countries. Of the total number of employees, 41% (486 employees) sit outside of North America. Our gender mix includes 58% females (688 employees) and 42% males (497 employees). Additionally, 94% (1,109 employees) are employed on a full-time basis and 6% (76 employees) are part-time employees.

To compete and succeed in a highly competitive and rapidly evolving marketplace, we must continue to attract and retain the right people with the right skills, values and behaviors. As part of our efforts, we must also strive to deliver a competitive compensation and benefits program. Most importantly, our overarching goal is to foster a globally focused community where everyone feels included, valued and empowered to be their best selves and do their best work.

***Career Development***

We place a high priority on continuous learning and professional development, enabling our employees to expand their skills and capabilities to achieve their career goals and perform at their best. The diversity of our business, as well as our global footprint, affords individuals the opportunity to learn and grow through career mobility and immersive learning experiences and in-house topical and on-demand learning opportunities, as well as learning from highly experienced colleagues through on the job learning and mentorship. In addition, we offer tuition and certification reimbursement programs to encourage employees to enhance their education, skills, and knowledge, as well as access to executive coaching.

Our leadership team places significant importance on cultivating, developing, and progressing internal talent. Accordingly, we review our talent development and succession plans for critical roles within each of our business segments and functions regularly, to identify and develop a pipeline of emerging talent for positions at all levels of the organization.

***Diversity, Equity, Inclusion, & Belonging***

We value and support the unique voices, backgrounds, lifestyles, and contributions of our diverse global employee base that contributes to our culture every day. Diversity, Equity, Inclusion, and Belonging ("DEI&B") are important to our success.

We strive to build an environment that embeds DEI&B into everything we do and enables us to unlock critical drivers of equality, innovation, and success. We want everyone to be included, valued, respected, and supported to unleash their full potential by bringing their whole selves to work.

We are committed to cultivating an inclusive environment that supports efforts and initiatives that help us to attract and retain diverse talent around the globe as we achieve more together.

***Culture***

At SiriusPoint, our mission is to be an innovative partner, who creates value and who positively impacts a changing world, by combining data, creative thinking, underwriting skill and discipline, to build a sustainable business for our employees, our customers, our shareholders and the communities in which we operate. Our employees and our workplace culture are core to this ambition, grounded in the belief that "we achieve more together". We strive to be a diverse, inclusive, and accessible organization in which all employees are encouraged to bring their full selves to work, contribute to their fullest capability, and are empowered to collaborate, create, and innovate. We are guided by a shared objective to be a trusted and valued business partner, who operates with integrity, speed and agility, underpinned by a relentless focus on customer experience, continuous improvement, and execution.

***Workforce Compensation***

We align the compensation of our employees with the Company's overall performance and individual performance. We provide competitive compensation opportunities to attract and retain employees to support our business needs. Both

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management and the Compensation Committee of the Board of Directors engage the services of third-party compensation consultants and advisors to help us monitor the market competitiveness of our incentive programs. We provide a performance-driven compensation structure that consists of base salary and short and long term incentives. We also offer a comprehensive benefits package across all of our locations.

***Health and Safety***

SiriusPoint is committed to the overall well-being of our employees and their dependents, and we continue to evaluate and adhere to country and local guidance in addressing COVID-19 and other similar influenza type illnesses. We offer comprehensive benefits that supports the health and wellness needs of our employees. SiriusPoint and our U.S. subsidiaries partnered to harmonize the 2023 health benefits and 401(k) plans, resulting in enhanced employee benefits.

Our employee benefits also include flexible spending accounts, wellness initiatives, parental and medical disability leave policies, remote and hybrid work arrangements, sponsoring of social clubs and internal initiatives for improving wellness. Our Employee Assistance Program (EAP) provides counseling and mental health resources for employees and their families to address financial and mental health concerns.

We continue to monitor all health and safety issues, adjusting as necessary to support employees and the operation of the business.

***Community Involvement***

As a global company, we believe we have a unique opportunity to impact the fabric of the communities in which we live and work. We use our position as an engaged corporate citizen to improve the health, wellness, and growth of our communities, supporting our employees in the commitment of their time and talents to local causes and charitable initiatives.

We encourage you to review our most recent Environmental, Social and Governance Report (located on our website at <u>www.siriuspt.com</u>) for more detailed information regarding our Human Capital programs and initiatives. Nothing on our website, including our Environment, Social and Governance Report or sections thereof, shall be deemed incorporated by reference into this Annual Report.

**Available Information**

SiriusPoint files annual, quarterly and current reports and other information with the Securities and Exchange Commission (the "SEC"). The SEC maintains an Internet website (<u>www.sec.gov</u>) that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including us. You may also access, free of charge, our reports filed with the SEC (for example, our Annual Report, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K and any amendments to those forms) through the "Investor Relations" portion of our Internet website (<u>www.siriuspt.com</u>). Reports filed with or furnished to the SEC will be available as soon as reasonably practicable after they are filed with or furnished to the SEC. We also make available, free of charge from our website, our Code of Business Conduct and Ethics, Corporate Governance Guidelines, Audit Committee Charter, Compensation Committee Charter, Governance and Nominating Committee Charter, Investment Committee Charter and Board of Directors Communications Policy. Such information is available to print for any shareholder who sends a request to SiriusPoint Ltd., Attn: Office of the Corporate Secretary, Point Building, 3 Waterloo Lane, Pembroke, Bermuda, HM 08. Our website is included in this Annual Report as an inactive textual reference only. The information found on our website is not part of this or any other report filed with or furnished to the SEC.

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

*You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report, including our consolidated financial statements and related notes. The risks described below are not the only ones facing us. The occurrence of any of the following risks and uncertainties or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition or results of operations. This Annual Report also contains forward-looking statements and estimates that involve risks and uncertainties. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including the risks and uncertainties described below.*

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**Summary Risk Factors**

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, cash flows and results of operations that you should consider before making a decision to invest in our common shares. These risks include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Strategic Risks*.** Strategic risks include failure to execute on our strategy of re-underwriting to reduce underwriting volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business, including re-balancing our portfolio and growing the Insurance & Services segment; and risks arising from any strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures or entry into new lines of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Catastrophe Risks***. Catastrophe risks include, among other things, the impact of the COVID-19 pandemic or other unpredictable catastrophic events, such as natural perils and other disasters, such as hurricanes, windstorms, earthquakes, floods, wildfires and severe winter weather, on various lines of our business, including predominantly our property catastrophe excess line of business, and also our aviation, casualty, contingency, credit and accident and health (including trip cancellation) businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Insurance Underwriting Risks***. Insurance underwriting risks include inadequate pricing or loss and loss adjustment reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Market, Credit and Liquidity Risks***. Market, credit and liquidity risks include risks related to the performance of financial markets, impact of inflation, foreign currency fluctuations, economic and political conditions, inability to raise the funds necessary to pay the principal of or interest on our outstanding debt obligations and a downgrade or withdrawal of our financial ratings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Competition Risks***. Competition risks include risks related to our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Cyber Risks***. Cyber risks include risks related to technology breaches or failures, including those resulting from a malicious cyber-attack on us or our business partners and service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Climate Change Risks***. Climate change risks include risks such as 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;• ***Operational Risks.*** Operational risks include risks related to retention of key employees and internal control deficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Regulatory and Litigation Risks***. Regulatory and litigation risks include risks related to the outcome of legal and regulatory proceedings, regulatory constraints on SiriusPoint's business, including legal restrictions on certain of SiriusPoint's insurance and reinsurance subsidiaries' ability to pay dividends and other distributions to SiriusPoint, and losses from unfavorable outcomes from litigation and other legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Investment Risks***. Investment risks include reduced returns or losses in SiriusPoint's investment portfolio; our lack of control over our third party asset managers, who invest and manage our capital accounts, limitations on our ability to withdraw our capital accounts and conflicts of interest among various members of TP GP, Third Point LLC and SiriusPoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Taxation Risks***. Taxation risks include risks related to SiriusPoint and its non-U.S. subsidiaries' potential exposure to income and withholding taxes, and its significant deferred tax assets, which could become devalued if either SiriusPoint does not generate future taxable income or applicable corporate tax rates are reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Other Risks****.* Other risk and uncertainties listed in this Annual Report and any subsequent reports filed with the SEC.

**Risks Relating to Our Business**

***We may not successfully implement our strategic transformation or fully realize the anticipated benefits from the transformation.***

As part of our strategic transformation, we have focused on: (i) re-underwriting to reduce underwriting volatility and improve performance, (ii) de-risking our investment portfolio and (iii) re-balancing the business mix in our portfolio and growing the

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Insurance & Services segment. Further, as part of our strategic transformation, we made changes to the structure and composition of our international branch network. We reduced the locations from which we underwrite property catastrophe reinsurance. We closed our offices in Hamburg, Miami and Singapore, and reduced our footprint in Liege and Toronto. Following these closures and the scaling of our operations, we will continue to serve clients and underwrite North American property catastrophe business from Bermuda, and international property catastrophe business from Stockholm. See the "*Business - Operational Priorities*" section of this Annual Report for additional information regarding our strategic objectives and the related reorganization.

Our ability to achieve our strategic transformation is subject to a number of risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience lower premium growth from our reinsurance business as we reshape our reinsurance book, which may not be offset by increased premiums in our Insurance & Services business or appreciation of our Strategic Investments in the near term or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unsuccessful in recruiting and retaining the talent required to operate and grow our Insurance & Services business as we face competition for such talent from larger or more well-established companies with a stronger brand association and greater resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience departure of employees with historical institutional knowledge which may be disruptive to, or cause uncertainty in, our business. The failure to ensure a smooth transition and effective transfer of knowledge involving senior employees could hinder our strategic execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our profitability and share price may be impacted by the loss of premium growth from the reinsurance business as the changes we make to our business take time to implement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transformation may require significant management time and effort and may divert attention from our core existing operations.

We cannot assure you that we will be able to successfully implement our transformation initiatives. Further, our ability to achieve the anticipated benefits of this transformation, including the anticipated levels of cost savings and efficiencies, within expected timeframes is subject to many estimates and assumptions, which are, in turn, subject to significant economic, competitive and other uncertainties, some of which are beyond our control. We may not be able to successfully implement, or fully realize the anticipated positive impact of, our transformation initiatives, or execute successfully on our transformation strategy, in the expected timeframes or at all. In addition, our efforts, if properly executed, may not result in our desired outcome of improved financial performance.

***Our results of operations fluctuate from period to period and may not be indicative of our long-term prospects.***

The performance of our (re)insurance operations and our investment income fluctuate from period to period. Fluctuations result from a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of our investment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (re)insurance contract pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our assessment of the quality of available (re)insurance opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the volume and mix of (re)insurance products we underwrite;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seasonality of the (re)insurance businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss experience on our (re)insurance liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• low frequency and high severity loss events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitiveness in relevant (re)insurance markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to assess and integrate our risk management strategy effectively.

In particular, we seek to underwrite products and make investments to achieve a favorable return on equity over the long term. In addition, our opportunistic strategy and focus on long-term growth in book value will result in fluctuations in total

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premiums written from period to period. More specifically, as we continue to review our (re)insurance underwriting portfolio, we may not renew prior business that we believe may be inconsistent with our strategic plan or risk appetite or we believe will not generate better long-term, rather than short-term, results. Accordingly, our short-term results of operations may not be indicative of our long-term prospects as we continue to de-risk our underwriting portfolio.

***We may continue to be adversely impacted by inflation.***

In 2022, economies around the world experienced heightened levels of inflation, which caused central banks to respond by raising interest rates. In operating our business, we are experiencing the effects of inflation. Furthermore, our operations, 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 also lead to additional interest rate increases, which would negatively impact the value of our fixed income securities and potentially other investments.

***Technology breaches or failures, including those resulting from a malicious cyber-attack on us or our business partners and service providers, could disrupt or otherwise negatively impact our business.***

Our business depends upon our ability to securely process, store, transmit and safeguard confidential and proprietary information that is in our possession. This information includes confidential information relating to our business, and personally identifiable information and protected health information belonging to employees, customers, claimants and business partners. We implement and maintain reasonable security processes, practices and procedures appropriate to the nature of the information we hold, and we rely on sophisticated commercial control technologies to maintain security and confidentiality of our systems. Nevertheless, our systems are vulnerable to a variety of forms of unauthorized access, including hackers, computer viruses, and cyber-attacks from individual or state actors, as well as breaches that result from employee error or malfeasance or lost or stolen computer devices. For example, the Russia/Ukraine conflict has created heightened cybersecurity threats to our information technology infrastructure.

Furthermore, a significant amount of communication between our employees and our business, banking and investment partners depends on information technology and electronic information exchange. We have licensed certain systems and data from third parties. We cannot be certain that we will have access to these, or comparable systems, or that our technology or applications will continue to operate as intended. In addition, we cannot be certain that we would be able to replace these systems without slowing our underwriting response time. Like all companies, our information technology systems are vulnerable to interruptions or failures due to events that may be beyond our control, including, but not limited to, natural disasters, terrorist attacks and general technology failures.

We believe that we have established and implemented appropriate security measures, controls and procedures to safeguard our information technology systems and to prevent unauthorized access to such systems and any data processed or stored in such systems, and we periodically evaluate and test the adequacy of such measures, controls and procedures. In addition, we have established a business continuity plan which is designed to ensure that we are able to maintain all aspects of our key business processes functioning in the midst of certain disruptive events, including any disruptions to or breaches of our information technology systems. Despite these safeguards, disruptions to and breaches of our information technology systems are possible and may negatively impact our business.

It is possible that insurance policies we have in place with third parties would not entirely protect us in the event that we experienced a breach, interruption or widespread failure of our information technology systems. In addition, in the ordinary course of our business we process personal information and personal health information in connection with claims made under our accident and health business, as well as other business lines. A misuse or mishandling of personal information being sent to or received from an employee, client or other third party could damage our business or our reputation or result in significant monetary damages, regulatory enforcement actions, fines and criminal prosecution in one or more jurisdictions which would not be covered by insurance. Although we attempt to protect this personal information, and have implemented privacy procedures and training programs to mitigate the risk of a privacy breach, we may be unable to protect personal information in all cases. As a result, we could be held responsible for violations of global data privacy laws, such as the General Data Protection Regulation, for our failure, or the failure on the part of our third party vendors or agents, to securely

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process, store or transmit such personal information. The potential consequences of a material privacy incident include reputational damage, litigation with third parties and remediation costs, which in turn could have a material adverse effect on our results of operations.

The cybersecurity regulatory environment is evolving, and we expect the costs of complying with new or developing regulatory requirements will increase. In addition, as our operations expand to other jurisdictions, we will be required to comply with cybersecurity laws in those jurisdictions, which will further increase our cost of compliance.

***Competitors with greater resources may make it difficult for us to effectively market our products.***

The (re)insurance industry is highly competitive. We compete with major (re)insurers, which vary according to the individual market and situation, many of which have substantially greater financial, marketing and management resources than we do, as well as other potential providers of capital willing to assume insurance or reinsurance risk. Lloyd's Syndicate 1945, the Lloyd's syndicate that we sponsor and that is managed through Syndicate 1945, also competes with other Lloyd's syndicates and London market companies. Competition in the types of business that we underwrite is based on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price of (re)insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general reputation and perceived financial strength of the reinsurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ratings assigned by independent rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relationships with (re)insurance brokers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terms and conditions of products offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speed of claims payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the experience and reputation of the members of our underwriting team in the particular lines of (re)insurance we seek to underwrite.

We cannot assure you that we will be able to compete successfully in the (re)insurance market. Our failure to compete effectively would significantly and negatively affect our financial condition and results of operations and may increase the likelihood that we are deemed to be a passive foreign investment company or an investment company. See *"Risks Relating to Taxation—If we were treated as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes, our U.S. shareholders would be subject to adverse tax consequences."*

***Consolidation in the (re)insurance industry could adversely impact us.***

The (re)insurance industry, including our competitors, customers and insurance and reinsurance brokers, has experienced significant consolidation over the last several years. These consolidated client and competitor enterprises may try to use their enhanced market power to negotiate price reductions for our products and services and/or obtain a larger market share through increased line sizes. If competitive pressures require us to reduce our prices, we would generally expect to reduce our future underwriting activities, resulting in reduced premiums and a reduction in expected earnings. If the insurance industry consolidates further, competition for customers could become more intense and we could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins. In addition, insurance companies that merge may be able to spread their risks across a consolidated, larger capital base so that they require less reinsurance. Reinsurance intermediaries could also continue to consolidate, which may adversely affect our ability to access business and distribute our products. We could also experience more robust competition from larger, better capitalized competitors. Any of the foregoing could adversely affect our business or our results of operations.

***If actual renewals of our existing contracts do not meet expectations, our premiums written in future years and our future results of operations could be materially adversely affected.***

Many of our contracts are written for a one-year term. In our financial forecasting process, we make assumptions about the renewal of certain prior year's contracts. The insurance and reinsurance industries have historically been cyclical businesses with periods of intense competition, often based on price. If actual renewals do not meet expectations or if we choose not to write on a renewal basis because of pricing conditions, our premiums written in future years and our future operations would be materially adversely affected.

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***We may experience issues with outsourcing and third-party relationships which may impact our ability to conduct business in a prudent manner and could negatively impact our operations, results and financial condition.***

We outsource a number of technology and business process functions to third-party providers. We may continue to do so in the future as we review the effectiveness of our organization. If we do not effectively select, develop, implement and monitor our outsourcing relationships, we may not realize productivity improvements or cost efficiencies and may experience operational difficulties, increased costs and a loss of business that may have an adverse effect upon on our operations or financial condition.

We periodically negotiate provisions and renewals of these relationships, and such terms may not remain acceptable to us or such third parties. If such third-party providers experience disruptions or do not perform as anticipated, or we experience problems with a transition to a third-party provider, we may experience operational difficulties, an inability to meet obligations (including, but not limited to, policyholder obligations), a loss of business and increased costs, or suffer other negative consequences, all of which may have a material adverse effect on our business and results of operations. In addition, our ability to receive services from third-party providers based in different countries might be impacted by political instability, unanticipated regulatory requirements or policies inside or outside of the U.S. As a result, our ability to conduct our business might be adversely affected.

We, and our MGAs and other agents who have the ability to bind policies on our behalf, rely on information provided by insureds or their representatives when underwriting insurance policies. While we may make inquiries to validate or supplement the information provided, we may make underwriting decisions based on incorrect or incomplete information. It is possible that we will misunderstand the nature or extent of the activities and the corresponding extent of the risks that we insure because of our reliance on inadequate or inaccurate information. If any such agents exceed their authority, engage in fraudulent activities or otherwise fail to comply with applicable laws when conducting business on our behalf, our financial condition and results of operations could be materially adversely affected.

***Given the inherent uncertainty of models and software, their usefulness as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates including probable maximum losses ("PMLs"), and our financial results may be adversely impacted, perhaps significantly.***

We use third-party vendor and proprietary analytic and modeling capabilities, including global property catastrophe models, which consolidate and report on all our worldwide property exposures, to calculate expected PML from various property natural catastrophe scenarios. We use these models and software to help us control risk accumulation, inform management and other stakeholders of capital requirements and to improve the risk/return profile in our overall portfolio of (re)insurance contracts. However, given the inherent uncertainty of modeling techniques and the application of such techniques, these models and databases may not accurately address a variety of matters impacting our coverages. The construction of these models and the selection of assumptions requires significant actuarial judgement.

For example, catastrophe modeling is dependent upon several broad economic and scientific assumptions, such as storm surge (the water that is pushed toward the shore by the force of a windstorm), demand surge (the localized increase in prices of goods and services that often follows a catastrophe) and zone density (the percentage of insured perils that would be affected in a region by a catastrophe). Third-party modeling software also does not provide information for all regions or perils for which we write business. Catastrophe modeling is inherently uncertain due to process risk (the probability and magnitude of the underlying event) and parameter risk (the probability of making inaccurate model assumptions).

The inherent uncertainties underlying, or the incorrect usage or misunderstanding of, these tools may lead to unanticipated exposure to risks relating to certain perils or geographic regions which could have a material adverse effect on our business, prospects, financial condition or results of operations. Furthermore, these models typically rely on either precedent or industry data, both of which may be incomplete or may be subject to errors by employees, failure to document transactions properly, failure to comply with regulatory requirements or information technology failures. Given the inherent uncertainty in these models as well as the underlying assumptions and data, the results of our models may not accurately address the emergence of a variety of matters which might impact certain of our coverages. Some forms of (re)insurance provide coverage for aggregated loss result over a period of time making it inherently difficult to track how these coverages will be impacted by any single or series of events. Accordingly, these models may understate the exposures we are assuming and our financial results may be adversely affected, perhaps significantly. Any such impact could also be felt across our (re)insurance contract portfolio, since similar models and judgment are used in analyzing the majority of our transactions. For more information about the risks resulting from the inherent uncertainty of modeling techniques, see *"Risks Relating to Our* 

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*Business—Our claims and claim expense reserves are subject to inherent uncertainties, which could cause our losses to exceed our loss reserves."*

***Our claims and claim expense reserves are subject to inherent uncertainties, which could cause our losses to exceed our loss reserves.***

Our claims and claim expense reserves reflect our estimates, using actuarial and statistical projections at a given point in time, of our expectations of the ultimate settlement and administration costs of claims incurred. We use actuarial and computer models, historical (re)insurance and insurance industry loss statistics, and management's experience and judgment to assist in the establishment of appropriate claims and claim expense reserves. Reserves are estimates of claims a (re)insurer ultimately expects to pay, based upon facts and circumstances known at the time, predictions of future events, estimates of future trends in claim severity and other variable factors. The inherent uncertainties of estimating loss reserves generally are greater for reinsurance and MGA produced insurance businesses as compared to traditional primary insurance, primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lapse of time from the occurrence of an event to the reporting of the claim and the ultimate resolution or settlement of the claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the diversity of development patterns among different types of (re)insurance contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;heavier reliance on the client/MGA partner for information regarding claims.

Our estimates and judgments are based on numerous factors, and may be revised as additional experience and other data become available and are reviewed, as new or improved methodologies are developed, as loss trends and claims inflation impact future payments, or as current laws or interpretations thereof change. Due to the many assumptions and estimates involved in establishing reserves and the inherent uncertainty of modeling techniques, the reserving process is inherently uncertain. It is expected that some of our assumptions or estimates will prove to be inaccurate, and that our actual net claims and claim expenses paid and reported will differ, perhaps materially, from the reserve estimates reflected in our financial statements. For example, our significant gross and net reserves associated with the large catastrophe events in the past several years remain subject to significant uncertainty. As information emerges and losses are paid, we expect our reserves may change, perhaps materially.

Accordingly, we may underestimate the exposures we are assuming and our results of operations and financial condition may be adversely impacted, perhaps significantly. Conversely, we may prove to be too conservative which could contribute to factors which would impede our ability to grow in respect of new markets or perils or in connection with our current portfolio of coverages.

***We are exposed to unpredictable catastrophic events that have adversely affected our results of operations and financial condition.***

We write reinsurance contracts and insurance policies that cover unpredictable catastrophic events. Covered unpredictable catastrophic events, predominantly in our property catastrophe excess line of business, include natural perils and other disasters, such as hurricanes, windstorms, earthquakes, floods, wildfires and severe winter weather. Catastrophes can also include terrorist attacks, explosions and infrastructure failures. While we have taken steps to reduce our exposure to catastrophe risks, these risks may still affect our results of operations and financial condition. For more information about our risks due to terrorist attacks, see *"Risks Relating to Our Business—We have exposure to potential terrorist acts that can materially and adversely affect our business, results of operations and/or financial condition."* We have significant exposure to a potential major earthquake or series of earthquakes in California, the Midwestern United States, Canada, Japan and Latin America and to windstorm damage in Northern Europe, the Northeast United States, the United States Atlantic Coast (i.e., Massachusetts to Florida) and the United States Gulf Coast (i.e., Florida to Texas) and Japan.

Similar exposures to losses caused by the same types of catastrophic events occur in other lines of business such as aviation, casualty, contingency, credit, marine, and accident and health (including trip cancellation), including pandemic risk.

The extent of catastrophe losses is a function of both the severity of the event and total amount of insured exposure affected by the event. Increases in the value and concentration of insured property or insured individuals, the effects of inflation, changes in weather patterns, such as climate change, and increased terrorism could increase the future frequency and/or severity of claims from catastrophic events. Claims from catastrophic events could materially adversely affect our results of operations and financial condition. Our ability to write new reinsurance contracts and insurance policies could also be impacted as a result of corresponding reductions in our capital levels. For a further discussion, see "*Risks Relating to our* 

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*Business—Global climate change may have a material adverse effect on our business, operating results and financial condition.*"

Although we attempt to manage our exposure to such events through a multitude of approaches, including geographic diversification, geographic limits, individual policy limits, exclusions or limitations from coverage, purchase of (re)insurance and expansion of supportive collateralized capacity, the availability of these management tools may be dependent on market factors and, to the extent available, may not respond in the way that is expected. For instance, we seek to manage our exposure to catastrophe losses by limiting the aggregate insured value of policies in geographic areas with exposure to catastrophic events by estimating PML for many different catastrophe scenarios and by buying reinsurance, including retrocession coverage. To manage and analyze aggregate insured values and PML, we use a variety of tools, including external and internal catastrophe modeling software packages. Estimates of PMLs are dependent on many variables, including assumptions about demand surge and storm surge, loss adjustment expenses, insurance-to-value for the underlying properties, the relationship of the actual event parameters to the modelled event and the quality of portfolio data provided to us by ceding companies (in the case of our reinsurance operations). Accordingly, if these assumptions about the variables are incorrect, the losses we might incur from an actual catastrophe could be materially higher than our expectation of losses generated from modelled catastrophe scenarios which could materially adversely affect our financial condition, liquidity or results of operations.

***The ongoing COVID-19 pandemic has adversely affected, and may continue to adversely affect, our financial performance and ability to conduct operations.***

The COVID-19 pandemic has had an unprecedented global impact, including on the insurance and reinsurance industries where it has raised many new questions and challenges for us and our industry. It is difficult to predict all of the potential impacts of the COVID-19 pandemic on the markets in which we participate and our ability to effectively respond to these changing market dynamics.

The evolving nature of the pandemic has significantly increased economic uncertainty. To the extent these conditions continue and potentially worsen, particularly with subsequent waves of infection, they could have the following impacts on our business operations and current and future financial performance and could impact us in other ways that we cannot predict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have significant exposure to losses stemming from COVID-19 related claims, and we expect losses to emerge over time as the full impact of the pandemic and its effects on the global economy are realized. The extent to which the COVID-19 pandemic triggers coverage is dependent on specific policy language, terms and exclusions. In addition, legislative, regulatory, judicial or social influences have imposed and may continue to impose new obligations on insurers in connection with the pandemic that extend coverage beyond the intended contractual obligations or lead to an increase in the frequency or severity of claims beyond expected levels, resulting in the emergence of unexpected or un-modeled insurance or reinsurance losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An economic recession or slowdown in economic activity resulting from the pandemic will not only increase the probability of losses, but could also reduce the demand for insurance and reinsurance, which could reduce our premium volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing disruption in global financial markets and economic uncertainty due to the continuing impact of COVID-19 has caused and could continue to cause us to incur investment losses, including credit impairments in our fixed maturity portfolio, or decline in interest rates which may reduce our future net investment income. Responses to the pandemic, including by governments, have contributed to continued high inflation, and may continue to have adverse macroeconomic effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our counterparty credit risk may also increase, as some of our counterparties may face increased financial difficulties due to the ongoing impacts of COVID-19 on the world economy and financial markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From an operational perspective, our employees, directors and agents, as well as the workforces of our brokers, vendors, service providers, retrocessionaires and other counterparties, have been and may continue to be adversely affected by the COVID-19 pandemic or efforts to mitigate the pandemic. Remote work arrangements affect our business continuity plans, introduce operational risk, including cybersecurity risks, and may adversely affect our ability to manage our business.

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The impact of the COVID-19 pandemic could also exacerbate the other risks we face described herein. All of the foregoing events or potential outcomes, including in combination with other risks we face, could cause a material adverse effect on our results of operations for any period, and, depending on their severity, could also materially and adversely affect our financial condition.

***We have exposure to potential terrorist acts that can materially and adversely affect our business, results of operations and/or financial condition.***

Given the reinsurance retention limits imposed under TRIA (as defined below) and its subsequent legislative extensions, and that some or many of our policies may not include a terrorism exclusion, future foreign or domestic terrorist attacks may result in losses that have a material adverse effect on our business, results of operations and/or financial condition.

On November 26, 2002, the President of the United States signed into law the Terrorism Risk Insurance Act of 2002 ("TRIA"), which was subsequently extended through December 31, 2027. Under TRIA, commercial insurers are required to offer insurance coverage against terrorist incidents and are reimbursed by the federal government under the Terrorism Risk Insurance Program ("TRIP") for paid claims, subject to deductible and retention amounts. TRIA, and its related rules, contain certain definitions, requirements and procedures for insurers filing claims with the Treasury for payment of the federal share of compensation for insured losses under TRIP. On June 29, 2004, the Treasury issued a final Claims Procedures Rule, effective July 31, 2004, as part of its implementation of Title I of TRIA. TRIA also contains specific provisions designed to manage litigation arising out of, or resulting from, a certified act of terrorism, and on July 28, 2004, the Treasury issued a final Litigation Management Rule for TRIA. The Claims Procedures Rule specifically addresses requirements for federal payment, submission of an initial notice of insured loss, loss certifications, timing and process for payment, associated recordkeeping requirements, as well as the Treasury's audit and investigation authority. These procedures will apply to all insurers that wish to receive their payment of the federal share of compensation for insured losses under TRIA.

In the event coverage of terrorist acts cannot be excluded, we, in our capacity as a primary insurer, would have a significant gap in our own reinsurance protection with respect to potential losses as a result of any terrorist act. It is impossible to predict the occurrence of such events with statistical certainty and difficult to estimate the amount of loss per occurrence they will generate. If there is a future terrorist attack, the possibility exists that losses resulting from such event could prove to be material to our financial condition and results of operations. Terrorist acts may also cause multiple claims, and our attempts to limit our liability through contractual policy provisions may not be effective.

***Global climate change may have a material adverse effect on our business, operating results and financial condition.***

We have material exposures arising from our coverages for natural disasters and catastrophes. Changes in climate conditions have resulted in increased severity and frequency of weather-related natural disasters and catastrophes. For example, during the year ended December 31, 2022, the industry experienced several significant severe weather events, including Hurricane Ian. In addition, rising sea levels are expected to add to the risks associated with coastal flooding in many geographical areas. We believe that these changes in climate conditions, when coupled with projected demographic trends in catastrophe-exposed regions, have increased the average economic value of expected losses, increased the number of people exposed per year to natural disasters and in general have exacerbated disaster risk, including risks to infrastructure, global supply chains and agricultural production. This could lead to higher overall losses that we may not be able to recoup, particularly in the current economic and competitive environment, and in light of higher (re)insurance costs. Over the long-term, global climate change could impair our ability to predict the costs associated with future weather events and could also give rise to new environmental liability claims in the energy, manufacturing and other industries we serve.

A substantial portion of our coverages may be adversely impacted by climate change, and we cannot assure you that our risk assessments and models accurately reflect environmental and climate related risks. Given the scientific uncertainty of predicting the effect of climate cycles and global climate change on the frequency and severity of natural catastrophes and the resulting lack of adequate predictive tools, we may be unable to adequately model the associated exposures and potential losses in connection with such catastrophes, which could have a material adverse effect on our business, operating results and financial condition. The frequency and severity of weather-related natural disasters and catastrophes and potential connections to climate change are currently being analyzed by the insurance industry.

***We are exposed to unpredictable casualty insurance risks that could adversely affect our results of operations and financial condition.***

We write insurance and reinsurance policies covering casualty risks. Casualty insurance generally covers the financial consequences of the legal liability of an individual or organization resulting from negligent acts causing bodily injury and/or

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property damage to a third party. Claims from such business can take years to develop and settle and can be subject to unanticipated claims and economic and social inflation. In addition, we could be adversely affected by proposals or enacted legislation to expand the scope of coverage under existing policies or extend the statute of limitations for certain casualty risks. For example, state legislatures across the U.S. are enacting reforms for claims of past childhood sexual abuse that previously were barred by statutes of limitations, resulting in the revival of old claims. These legislative developments may greatly expand the universe of claimants for which we may be liable. Accordingly, if our pricing and/or reserving assumptions are incorrect, higher than expected losses could materially adversely affect our financial condition, liquidity or results of operations.

***The property and casualty (re)insurance industry is highly cyclical, and we expect to continue to experience periods characterized by excess underwriting capacity and unfavorable premium rates.***

Historically, (re)insurers have experienced significant fluctuations in operating results due to competition, frequency of occurrence or severity of catastrophic events, levels of capacity, general economic conditions, including inflation, changes in equity, debt and other investment markets, changes in legislation, case law and prevailing concepts of liability and other factors. In particular, demand for reinsurance is influenced significantly by the underwriting results of primary insurers and prevailing general economic conditions. The supply of (re)insurance is related to prevailing prices and levels of surplus capacity that, in turn, may fluctuate in response to changes in rates of return being realized in the (re)insurance industry on both the underwriting and investment sides.

As a result, the (re)insurance business historically has been a cyclical industry characterized by periods of intense price competition due to high levels of available underwriting capacity as well as periods when shortages of capacity have permitted favorable premium levels and changes in terms and conditions. The supply of available (re)insurance capital has increased over the past several years and may increase further, either as a result of capital provided by new entrants, alternative capital providers or by the commitment of additional capital or retention of risks by existing insurers or reinsurers.

Continued increases in the supply of (re)insurance may have consequences for us and for the (re)insurance industry generally, including fewer contracts written, lower premium rates, increased expenses for customer acquisition and retention, and less favorable policy terms and conditions. As a result, we may be unable to fully execute our (re)insurance strategy of selling lower-volatility business. The effects of cyclicality could significantly and negatively affect our financial condition and results of operations and could limit their comparability from period to period and year over year.

***The effect of emerging claim and coverage issues on our business is uncertain and as a result, we may suffer losses from unfavorable outcomes from litigation and other legal proceedings.***

As industry practices and legal, judicial and regulatory conditions change, unexpected issues related to claims and coverage may emerge. Various provisions of our contracts, such as limitations or exclusions from coverage or choice of forum clauses, may be difficult to enforce in the manner we intend, due to, among other things, disputes relating to coverage and choice of legal forum. These issues may adversely affect our business by either extending coverage beyond the period that we intended or by increasing the number or size of claims. In some instances, these changes may not manifest themselves until many years after we have issued insurance or reinsurance contracts that are affected by these changes. As a result, we may not be able to ascertain the full extent of our liabilities under our insurance or reinsurance contracts for many years following the issuance of our contracts. The effects of unforeseen development or substantial legal, judicial and regulatory intervention could adversely impact our ability to achieve the intended outcome of our contracts.

In addition, in the ordinary course of business, we are subject to litigation and other legal proceedings as part of the claims process, the outcomes of which are uncertain. We maintain reserves for claims-related legal proceedings as part of our loss and loss adjustment expense reserves. Adverse outcomes are possible and could negatively impact our financial condition.

Furthermore, as industry practices and legal, judicial, regulatory and other conditions change, unexpected issues related to claims and coverage may emerge. These issues may adversely affect our results of operations and financial condition by either extending coverage beyond our underwriting intent or by increasing the number and size of claims. In some instances, these changes may not become apparent until sometime after we have issued the affected insurance contracts. Examples of emerging claims and coverage issues include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new theories of liability and disputes regarding medical causation with respect to certain diseases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assignment-of-benefits agreements, where rights of insurance claims and benefits of the insurance policy are transferred to third parties, and which can result in inflated repair costs and legal expenses to insurers and reinsurers; and

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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;• claims related to data security breaches, information system failures or cyber-attacks.

Moreover, we cannot guarantee that a court or arbitration panel will enforce policy language or not issue a ruling adverse to us. In fact, this risk can be exacerbated by the increased willingness of some market participants to dispute insurance and reinsurance policy and contract provisions. This exposure may grow as we grow our "long tail" casualty business since claims can typically be made for many years after actual exposure to a risk. If we choose to exclude such exposures, it could reduce the market's acceptance of our products. We continually seek to improve the effectiveness of our contractual provisions to address this exposure but may fail to mitigate such exposure nonetheless. Moreover, we may not be successful in incorporating our preferred contractual provisions into (re)insurance contracts given the competitiveness of the bidding process.

In addition, from time to time we are subject to legal proceedings that are not related to the claims process. In the event of an unfavorable outcome in one or more non-claims legal matters, our ultimate liability may be in excess of amounts reserved and such additional amounts may be material to our results of operations and financial condition. Furthermore, it is possible that these non-claims legal proceedings could result in unexpected outcomes that may materially impact our business or operations.

***Recent or future U.S. federal or state legislation may impact the private markets and decrease the demand for our property (re)insurance products, which would adversely affect our business and results of operations.***

Legislation adversely impacting the private markets could be enacted on a state, regional or federal level. In the past, federal bills have been proposed in Congress which would, if enacted, create a federal reinsurance backstop or guarantee mechanism for catastrophic risks, including those we currently insure and reinsure in the private markets. These measures were not enacted by Congress; however, new bills to create a federal catastrophe reinsurance program to back up state insurance or reinsurance programs, or to establish other similar or analogous funding mechanisms or structures, may be introduced. We believe that such legislation, if enacted, could contribute to the growth, creation or alteration of state insurance entities in a manner that would be adverse to us and to market participants more generally. If enacted, bills of this nature would likely further erode the role of private market catastrophe reinsurers and could adversely impact our financial results, perhaps materially. Moreover, we believe that numerous modeled potential catastrophes could exceed the actual or politically acceptable bonded capacity of Citizens Property Insurance Corporation ("Citizens") and of the Florida Hurricane Catastrophe Fund ("FHCF"). This could lead to a severe dislocation or the necessity of federal intervention in the Florida market, either of which would adversely impact the private insurance and reinsurance industry.

From time to time, the state of Florida has enacted legislation altering the size and the terms and operations of the FHCF and the state sponsored insurer, Citizens, in ways that expanded the ability of Citizens to compete with private insurance companies and other companies that cede business to us, which reduced the role of the private insurance and reinsurance markets in Florida. We cannot assess the likelihood of other related legislation passing, or the precise impact on us, our clients or the market should any such legislation be adopted. Because we are a large provider of catastrophe-exposed coverage globally and in Florida, adverse legislation may have a greater adverse impact on us than it would on other reinsurance market participants. In addition, other states, particularly those with Atlantic or Gulf Coast exposures or seismic exposures (such as California), may enact new or expanded legislation that would diminish aggregate private market demand for our products.

***We are reliant on financial strength and credit ratings, and any downgrade or withdrawal of ratings and/or change in outlook may have a material adverse effect on our business, prospects, financial condition and results from operations.***

Third-party rating agencies assess and rate the financial strength, including claims-paying ability, of insurers and reinsurers. These ratings are based upon criteria established by the rating agencies and are subject to revision at any time at the sole discretion of the rating agencies. Some of the criteria relate to general economic conditions and other circumstances outside of the rated company's control. These financial strength ratings are used by policyholders, agents and brokers to assess the suitability of insurers and reinsurers as business counterparties and are an important factor in establishing our competitive position in insurance and reinsurance markets.

The maintenance of an "A-" or better financial strength rating from AM Best and/or S&P is particularly important to our operating insurance and reinsurance subsidiaries to bind property and casualty insurance and reinsurance business in most markets. In addition, issuer credit ratings are used by existing or potential investors to assess the likelihood of repayment on a particular debt issue. Accordingly, the maintenance of an investment grade credit rating (e.g., "BBB-" or better from S&P or Fitch) is important to our ability to raise new debt with acceptable terms. Strong credit ratings are important factors that provide better financial flexibility when issuing new debt or restructuring existing debt. A downgrade, withdrawal or similar

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action concerning our credit ratings could limit our ability to raise new debt or could make new debt more costly and/or result in more restrictive conditions.

We are the obligor of $115.0 million in aggregate principal amount of 2015 Senior Notes. In certain circumstances, a downgrade of the rating assigned to the 2015 Senior Notes would result in an increase in the annual interest rate payable on the 2015 Senior Notes or, if a change of control of SiriusPoint has also occurred, an obligation for us to make an offer to repurchase the 2015 Senior Notes at a premium. Either of these outcomes could require use of cash that we might otherwise use in operating our business. In addition, we may not have sufficient funds to satisfy these obligations, which could result in an event of default under the indenture governing the 2015 Senior Notes. Effective February 26, 2021, the Company entered into a three-year, $300 million senior unsecured revolving credit facility (the "Facility") with JPMorgan Chase Bank, N.A. as administrative agent. In certain circumstances, a downgrade of the rating assigned to the Facility would result in an increase in the annual interest rate payable on the Facility, which could require use of cash that we might otherwise use in operating our business. See "*Risks Relating to Our Business—Inability to service our indebtedness could adversely affect our liquidity and financial condition and could potentially result in a downgrade or withdrawal of our credit ratings, any of which could adversely affect our financial condition and results of operations*."

Rating agencies periodically evaluate us and our operating (re)insurance companies to confirm that we continue to meet the criteria of the ratings previously assigned to us. A downgrade or withdrawal of the financial strength rating of our operating (re)insurance companies could severely limit or prevent us from writing new policies or renewing existing policies, which could have a material adverse effect on our results of operations and financial condition. Additionally, some of our assumed reinsurance contracts contain optional cancellation, commutation and/or funding provisions that would be triggered if AM Best and/or S&P were to downgrade our rating below "A-" or withdraw the financial strength ratings of our principal insurance and reinsurance operating subsidiaries. A downgrade may also require us to establish trusts or post letters of credit for ceding company clients. A client may choose to exercise these rights depending on, among other things, the reasons for such a downgrade, the extent of the downgrade, the prevailing market conditions, the degree of unexpired coverage, and the pricing and availability of replacement reinsurance coverage. We cannot predict in advance how many of our clients would exercise such rights in the event of a downgrade or withdrawal, but widespread exercise of these options could be materially adverse.

***A significant decrease in our capital or surplus would enable certain clients to terminate reinsurance agreements or to require additional collateral.***

Certain of our reinsurance contracts contain provisions that permit our clients to cancel the contract or require additional collateral in the event of a downgrade in our ratings below specified levels or a reduction of our capital or surplus below specified levels over the course of the agreement. Whether a client would exercise such cancellation rights would likely depend, among other things, on the reason the provision is triggered, the prevailing market conditions, the degree of unexpired coverage and the pricing and availability of replacement reinsurance coverage.

***We have significant foreign operations that expose us to certain additional risks, including foreign currency risks and legal, political and operational risks.***

Through our multinational reinsurance operations, we conduct business in a variety of non-U.S. currencies, the principal exposures being the Swedish Krona, British Pound Sterling, Euro, Canadian Dollar, Japanese Yen and Swiss Franc. As a result, a significant portion of our assets, liabilities, revenues and expenses are denominated in currencies other than the U.S. dollar and are therefore subject to foreign currency risk. Significant changes in foreign exchange rates may adversely affect our results of operations and financial condition.

Our foreign operations are also subject to legal, political and operational risks that may be greater than those present in the U.S. As a result, our operations at these foreign locations could be temporarily or permanently disrupted.

***If we do not successfully manage the transition associated with the recent management changes, it may be viewed negatively by our rating agencies and shareholders and could have an adverse impact on our business.***

Following a search process, Scott Egan was appointed permanent Chief Executive Officer of the Company, effective September 21, 2022. In addition, Stephen Yendall was appointed Chief Financial Officer of the Company, effective October 31, 2022. Leadership transitions can be inherently difficult to manage, and an inadequate transition may cause disruption to our business due to, among other things, diverting management's attention away from the Company's financial and operational goals or causing a deterioration in morale. Failure to attract and retain key senior management may negatively

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impact our credit ratings and impact our client, MGA and other third-party relationships, which may adversely impact our financial and operational goals and strategic plans, as well as our financial performance.

***We are dependent on key executives, the loss of whom could adversely affect our business.***

Our future success depends to a significant extent on the efforts of our senior management and our senior underwriting executives to implement our business strategy. We believe there are only a limited number of available and qualified executives with substantial experience in our industry. Accordingly, the loss of the services of one or more of the members of our senior management or other key personnel could delay or prevent us from fully implementing our business strategy and, consequently, significantly and negatively affect our business. In addition, we have offices in various jurisdictions such as the U.S., Canada, Bermuda, Germany, Belgium, the U.K., Singapore, Sweden and Switzerland, many of which may have residency and other mandatory requirements that may affect our personnel. For example, our ability to hire in Bermuda is constrained by Bermuda law, which provides that non-Bermudians are not permitted to engage in any occupation in Bermuda without an approved work permit from the Bermuda Department of Immigration. If the Bermuda Department of Immigration, or any similar governing body in any of the jurisdictions in which we maintain offices, changes its current policies with respect to work permits resulting in our employees being unable to work in such jurisdictions, our operations could be disrupted and our financial performance could be adversely affected.

We do not currently maintain key person life insurance with respect to any of our senior management. If any member of senior management dies or becomes incapacitated, or leaves the company, for example, to pursue employment opportunities elsewhere, we would be solely responsible for locating an adequate replacement for such senior management and for bearing any related cost. To the extent that we are unable to locate an adequate replacement or are unable to do so within a reasonable period of time, our business may be significantly and negatively affected.

***Our inability to provide collateral to certain counterparties on commercially acceptable terms as we grow could significantly and negatively affect our ability to implement our business strategy.***

Certain jurisdictions do not permit insurance companies to take statutory credit for reinsurance obtained from unlicensed or non-admitted insurers unless appropriate security measures are implemented. Consequently, certain clients require us to obtain a letter of credit or provide other collateral through funds withheld or trust arrangements. In connection with obtaining letter of credit facilities, we are typically required to provide customary collateral to the letter of credit provider in order to secure our obligations under the facility. Our ability to provide collateral, and the costs at which we provide collateral, is primarily dependent on the composition of our collateral assets.

Typically, both letters of credit and collateral trust agreements are collateralized with cash or fixed-income securities. Banks may be willing to accept our assets as collateral, but on terms that may be less favorable to us than reinsurance companies that invest solely or predominantly in fixed-income securities. The inability to renew, maintain or obtain letters of credit or to source acceptable collateral for letters of credit or collateral trust agreements may significantly limit the amount of reinsurance we can write or require us to modify our investment strategy.

We expect to need additional collateral capacity as we grow, and if we are unable to renew, maintain or increase our collateral capacity or are unable to do so on commercially acceptable terms, such a development could significantly and negatively affect our ability to implement our business strategy.

***Our ability to pay dividends may be constrained by our holding company structure and certain regulatory and other factors.***

SiriusPoint is a holding company that conducts no reinsurance operations of its own. The majority of our reinsurance operations are conducted through our wholly-owned operating subsidiaries. Historically, our cash flows have typically consisted primarily of dividends and other permissible payments from our operating subsidiaries. We depend on such payments to receive funds to meet our obligations, including the payment of any dividends and other distributions to our shareholders and any payment obligations in respect of our outstanding indebtedness. See "*Risks Relating to Our Business—Inability to service our indebtedness could adversely affect our liquidity and financial condition and could potentially result in a downgrade or withdrawal of our credit ratings, any of which could adversely affect our financial condition and results of operations.*"

SiriusPoint is indirectly subject to Bermuda regulatory constraints placed on it by its operating subsidiary in Bermuda. This affects our ability to pay dividends and make other payments. Under the Insurance Act of 1978, as amended, and related regulations of Bermuda (the "Insurance Act"), SiriusPoint Bermuda, as a Class 4 insurer, is prohibited from declaring or

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paying a dividend if the relevant insurer is in breach of its minimum solvency margin ("MSM"), enhanced capital ratio or minimum liquidity ratio or if the declaration or payment of such dividend would cause such a breach. If SiriusPoint Bermuda, as a Class 4 insurer, fails to meet its MSM or minimum liquidity ratio on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the approval of the Bermuda Monetary Authority ("BMA").

In addition, SiriusPoint Bermuda, as a Class 4 insurer, is prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year's statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the BMA an affidavit signed by at least two directors (one of whom must be a Bermuda resident director if any of the insurer's directors are resident in Bermuda) and the relevant insurer's principal representative stating that the relevant insurer will continue to meet its solvency margin and minimum liquidity ratios.

In addition, under the Bermuda Companies Act 1981, as amended (the "Companies Act"), SiriusPoint and SiriusPoint Bermuda, as Bermuda companies, may not declare or pay a dividend if there are reasonable grounds for believing that the relevant Bermuda company is, or would after the payment be, unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than its liabilities.

SiriusPoint Bermuda indirectly owns SiriusPoint International Insurance Corporation, SiriusPoint America Insurance Company and other insurance and reinsurance operating companies, each of which are limited in their ability to pay dividends by the insurance laws of their relevant jurisdictions as well.

***Inability to service our indebtedness could adversely affect our liquidity and financial condition and could potentially result in a downgrade or withdrawal of our credit ratings, any of which could adversely affect our financial condition and results of operations.***

As of December 31, 2022, our outstanding indebtedness included $404.8 million in 2016 Senior Notes, $258.6 million in 2017 SEK Subordinated Notes and $114.6 million in 2015 Senior Notes.

We are a holding company and, accordingly, conduct substantially all operations through our operating subsidiaries. As a result, our cash flow and our ability to service our debt depend in part upon the earnings of our operating subsidiaries and on the distribution of earnings, loans or other payments from such subsidiaries to us. See "*Risks Relating to Our Business*—*Our ability to pay dividends may be constrained by our holding company structure and certain regulatory and other factors*."

Our operating subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts due on our indebtedness, or to provide us with funds for our payment obligations, whether by dividends, distributions, loans or other payments. Our operating subsidiaries may not generate sufficient cash flow from operations, and future financing sources may not be available to us in amounts sufficient to satisfy our obligations under our indebtedness, to refinance our indebtedness on acceptable terms or at all, or to fund our other business needs. In addition to being limited by the financial condition and operating requirements of such subsidiaries, any payment of dividends, distributions, loans or advances by our subsidiaries to us could be subject to statutory or contractual restrictions.

To the extent that we need funds but our subsidiaries are restricted from making such distributions under applicable law or regulation, or are otherwise unable to distribute funds, our liquidity and financial condition would be adversely affected and we would potentially be unable to satisfy our obligations under our existing or future indebtedness or any of our other obligations. If we cannot service our indebtedness, the implementation of our business strategy would be impeded, and we could be prevented from entering into transactions that would otherwise benefit our business.

Our right to receive any assets of any of our respective subsidiaries upon liquidation or reorganization of such subsidiaries, and therefore the rights of the holders of our indebtedness to participate in those assets, will be structurally subordinated to the claims of such subsidiary's creditors. In addition, even if we were a creditor of any of our respective subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of such subsidiaries and any indebtedness of such subsidiaries senior to that held by us. Our indebtedness would also be structurally subordinated to the rights of the holders of any preferred stock or shares issued by our subsidiaries, whether currently outstanding or issued hereafter. Moreover, the rights of shareholders of SiriusPoint to receive any assets of SiriusPoint upon liquidation or reorganization of SiriusPoint would be subordinate to all of the foregoing claims.

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***Our indebtedness may limit cash flow available to invest in the ongoing needs of our business and may otherwise place us at a competitive disadvantage compared to our competitors.***

We or our subsidiaries may in the future incur or guarantee additional indebtedness. The indentures governing the 2015 Senior Notes, 2017 SEK Subordinated Notes and 2016 Senior Notes do not limit the amount of additional indebtedness we may incur. Our debt combined with our other financial obligations and contractual commitments could have significant adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;requiring us to dedicate a substantial portion of cash flow from operations to the payment of interest on, and principal of, our debt and payment of other obligations and commitments, which will reduce the amounts available to fund working capital, the expansion of our business and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;increasing our vulnerability to adverse changes in general economic, industry and market conditions, and exposing us to the risk of changing interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;obligating us to additional restrictive covenants that may reduce our ability to take certain corporate actions or obtain further debt or equity financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;making it more difficult for us to make payments on our existing or future obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we compete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;placing us at a competitive disadvantage compared to our competitors that have less debt or better debt servicing options.

In addition, a failure to comply with the covenants under our debt instruments could result in an event of default under those instruments. In the event of an acceleration of amounts due under our debt instruments as a result of an event of default, we may not have sufficient funds and may be unable to arrange for additional financing to repay our indebtedness, and the lenders could seek to enforce security interests in the collateral securing such indebtedness.

***We may not have the liquidity or ability to raise the funds necessary to pay the principal or interest on our outstanding debt obligations.***

At maturity, the entire outstanding principal amount of our 2015 Senior Notes, 2016 Senior Notes, and 2017 SEK Subordinated Notes, plus any accrued and unpaid interest, will become due and payable. We must pay interest in cash on the notes quarterly, or semi-annually as applicable. The amount of interest payable on the 2015 Senior Notes is subject to increase from time to time in the event of a downgrade of the rating assigned to the 2015 Senior Notes or in connection with certain other events. In addition, upon the occurrence of a change of control triggering event described in the indenture governing the 2015 Senior Notes, unless we have exercised our right to redeem such notes in accordance with their terms, each holder of 2015 Senior Notes will have the right to require us to repurchase all or any part of such holder's 2015 Senior Notes for a payment in cash described in the indenture governing the 2015 Senior Notes.

We may not have enough available cash or be able to obtain sufficient financing at the time we are required to make these payments. Furthermore, our ability to make these payments may be limited by law, by regulatory authority or by agreements governing our indebtedness. Our failure to pay interest when due, if uncured for 30 days, or our failure to pay the principal amount when due, will constitute an event of default under the indentures governing the 2015 Senior Notes, 2016 Senior Notes and the 2017 SEK Subordinated Notes. A default under the indentures could also lead to a default under agreements governing our indebtedness. If the repayment of that indebtedness is accelerated as a result, then we may not have sufficient funds to repay that indebtedness or to pay the principal or interest on the 2015 Senior Notes, 2016 Senior Notes and the 2017 SEK Subordinated Notes.

***We may need additional capital in the future in order to operate our business, and such capital may not be available to us or may not be available to us on acceptable terms. Furthermore, additional capital raising could dilute your ownership interest in the Company and may cause the value of your shares to decline.***

We may need to raise additional capital in the future through offerings of debt or equity securities or otherwise to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund liquidity needs caused by underwriting or investment losses or for acquisitions or other strategic initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• replace capital lost in the event of significant (re)insurance losses or adverse reserve development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfy letters of credit, guarantee bond requirements or other capital requirements that may be imposed by our clients or by regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund our informational technology transformation projects and other strategic initiatives;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet rating agency or regulatory capital requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond to competitive pressures.

Additional capital may not be available on terms favorable to us, or at all. Further, any additional capital raised through the sale of equity could dilute your ownership interest in the Company and may cause the price of your shares to decline. Additional capital raised through the issuance of debt may result in creditors having rights, preferences and privileges senior or otherwise superior to those of the holders of our shares.

***We depend on our clients' evaluations of the risks associated with their insurance underwriting, which may subject us to reinsurance losses.***

In most of our quota share reinsurance and MGA produced insurance business we do not separately evaluate each of the original individual risks assumed under these reinsurance contracts. We instead evaluate the underwriting processes and environment at the ceding companies and MGAs that we work with to assess the risks associated with their portfolios. Therefore, we are dependent on the original underwriting decisions made by ceding companies and MGAs. We are subject to the risk that the clients may not have adequately evaluated the insured risks and that the premiums ceded may not adequately compensate us for the risks we assume. We also do not separately evaluate each of the individual claims made on the underlying insurance contracts. Therefore, we are dependent on the original claims decisions made by our cedents and MGAs. We are subject to the risk that the cedent or MGA may pay invalid claims, which could result in reinsurance losses for us.

***The involvement of reinsurance brokers subjects us to their credit risk, and the inability to obtain business provided from brokers could adversely affect our business strategy and results of operations.***

We market our reinsurance worldwide primarily through reinsurance brokers. Loss of all or a substantial portion of the business provided by one or more of significant reinsurance brokers could have a material adverse effect on our business.

In accordance with industry practice, we frequently pay amounts owed on claims under our policies to reinsurance brokers and, to a lesser extent, MGAs that, in turn, remit these amounts to the ceding companies that have reinsured a portion of their liabilities with us. In the event a broker or MGA fails to make such a payment, depending on the jurisdiction, we may remain liable to the client for the deficiency. Conversely, in certain jurisdictions, when the client pays premiums for policies to reinsurance brokers or MGAs for payment to us, these premiums are considered to have been paid and the client will no longer be liable to us for these premiums, whether or not we have actually received them. Intermediaries generally are less capitalized than the businesses we reinsure and therefore may be unable to pay their debts when due. Consequently, we assume a degree of credit risk associated with reinsurance brokers around the world.

***We may be unable to purchase reinsurance for the liabilities we reinsure, and if we successfully purchase such reinsurance, we may be unable to collect, which could adversely affect our business, financial condition and results of operations.***

We have purchased, and may continue to purchase, retrocessional coverage in order to mitigate the effect of a potential concentration of losses upon our financial condition. While we are selective in regard to our reinsurers, placing reinsurance with those reinsurers with strong financial strength ratings from AM Best, S&P or a combination thereof, the financial condition of a reinsurer may change based on market conditions. The insolvency or inability or refusal of a reinsurer to make payments under the terms of its agreement with us could have an adverse effect on us because we remain liable to our client. From time to time, market conditions have limited, and in some cases have prevented, reinsurers from obtaining the types and amounts of retrocession that they consider adequate for their business needs. Accordingly, we may not be able to obtain our desired amounts of retrocessional coverage or negotiate terms that we deem appropriate or acceptable or obtain retrocession from entities with satisfactory creditworthiness. Our failure to establish adequate retrocessional arrangements or the failure of our retrocessional arrangements to protect us from overly concentrated risk exposure could significantly and negatively affect our business, financial condition and results of operations.

In addition, due to factors such as the price or availability of reinsurance coverage, we sometimes decide to increase the amount of risk retained by purchasing less reinsurance or no reinsurance for a particular geographical region. Such determinations have the effect of increasing our financial exposure to losses associated with such risks and, in the event of significant losses associated with a given risk, could have a material adverse effect on our financial condition and results of operations.

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***We face risks arising from any strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures or entry into new lines of business.***

We pursue strategic transactions from time to time, including acquisitions or dispositions of businesses or assets. Any strategic transactions could be significant and could have a material adverse impact on our reputation, business, results of operation or financial condition. We face a number of risks arising from these types of transactions, including financial, accounting, tax and regulatory challenges; difficulties with integration, business retention, execution of strategy, unforeseen liabilities or market conditions; and other managerial or operating risks and challenges. Divestitures subject us to risks such as failure to obtain appropriate value, post-closing claims being levied against us and disruption to our other businesses during the negotiation or execution process or thereafter. Our acquisitions or Strategic Investments may underperform relative to the price paid or resources committed by us; we may not achieve anticipated cost savings; or we may otherwise be adversely affected by transaction-related charges. These risks and difficulties may prevent us or delay us from realizing the expected benefits from the strategic transactions we enter into.

Through our acquisitions or Strategic Investments, we may also assume unknown or undisclosed business, operational, tax, regulatory and other liabilities and be subject to reputational concerns, fail to properly assess known contingent liabilities, or assume businesses with internal control deficiencies or regulatory compliance issues. Risk-mitigating provisions that we put in place in the course of negotiating and executing these transactions, such as due diligence efforts and indemnification provisions, may not be sufficient to fully address these liabilities and contingencies. As our Strategic Investments are generally illiquid and we are subject to transfer restrictions in relation to those investments, we may be unable to sell our interests in those investments at the desired time or to find a buyer for our interests, and therefore, we are at risk of highly variable returns on investments and substantial or total loss in relation to those investments.

***We may incur losses as we execute on our strategy to develop our relationships with MGAs.***

As part of our strategic plan, we intend to continue developing our relationships with MGAs. Such plans may involve additional selective investments in, or acquisitions of, MGAs and the development of businesses through new or existing subsidiaries and partnerships. While we believe our partnerships with MGAs will facilitate the distribution of our insurance products and services, we may also have increased exposure to additional risks, such as cyber and crypto currency. In addition, the investments in these MGAs may result in increased equity concentration in early-stage MGAs that carry a high degree of uncertainty of success. In some cases, we may provide reinsurance to these MGAs. We may not be able to successfully incubate and develop or generate any earnings from these partnerships.

It is not possible at this time to fully predict the future prospects or other characteristics of such businesses. Moreover, many of the MGAs we are investing in are early-stage companies that carry higher operating expenses and a higher degree of uncertainty. Our investments in MGAs are illiquid, and we are subject to transfer restrictions in relation to those investments. We may be unable to sell our interests in those investments at the desired time or to find a buyer for our interests, and therefore, we are at risk of highly variable returns on investments and substantial or total loss in relation to those investments. Although we intend to conduct business, financial and legal due diligence in connection with the evaluation of any future investment opportunities, our due diligence investigations may not identify every matter that could have a material adverse effect on us. Efforts to pursue certain investment opportunities may be unsuccessful or require significant financial or other resources, which could have a negative impact on our operating results and financial condition.

***We face risks associated with delegating authority to third party managing general agents ("MGAs") to secure (re)insurance policies on our behalf. Failure to oversee and manage these MGAs could result in a concentration of risk in certain overlapping areas and/or result in significant losses which could have an adverse effect on our business, financial condition, and operating results.***

We have and may continue to enter into arrangements with MGAs to secure (re)insurance policies on our behalf. Pursuant to these arrangements, we grant MGAs delegated authority to underwrite risks on our behalf. While we perform due diligence prior to entering into these arrangements, if we do not perform the appropriate level of due diligence or if we fail to confirm that the MGA has adequate knowledge of the underwriting process and relevant regulations, we could face significant losses, which could have an adverse effect on our business, financial condition and operating results. In addition, the (re) insurance business written by some of the MGAs we partner with is inherently uncertain because these MGAs are typically early-stage ventures which may lack historical data, are growing rapidly and may represent new products, markets or technologies. As a result, we may face significant losses if we do not properly address the risks, including but not limited to the initial reserving and pricing of the business produced by the MGAs.

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In addition, if we fail to provide appropriate continued oversight over the MGAs we partner with or fail to recognize accumulation, aggregation or concentration risks, we could face significant underwriting losses. As agents on our behalf, MGAs must comply with all applicable laws and regulations, including but not limited to economic and trade sanctions, anti-bribery and anti-corruption laws and anti-money laundering laws. Failure of MGAs to comply with laws related to financial crimes or other company guidelines, could result in regulatory actions against us, cause us to be subject to violation of economic and trade sanctions resulting in reputational harm and/or subject us to civil and criminal penalties, including the loss of our insurance licenses. The loss of our ability to be licensed in a jurisdiction, the damage to our commercial reputation and/or the payment of civil and/or criminal penalties could result in a material adverse effect on our business, financial condition and/or operating results.

***Damage to our reputation could have a material adverse effect on our business, financial condition and operating results.***

We provide a broad range of products and services related to a wide range of subjects. Our ability to attract and retain business is highly dependent upon the external perceptions of our level of service, trustworthiness, business practices, financial condition and other subjective qualities. Negative perceptions or publicity regarding these matters or others could erode trust and confidence and damage our reputation among existing and potential customers and other important relationships, which could make it difficult for us to attract new business or retain existing relationships. Negative public opinion could also result from actual or alleged conduct by us or those currently or formerly associated with us. Damage to our reputation could affect the confidence of our customers, rating agencies, regulators, shareholders, employees and third parties in transactions that are important to our business, therefore adversely affecting our business, financial condition and operating results.

***Increasing scrutiny and changing expectations from third parties with respect to our environmental, social and governance ("ESG") practices may impose additional costs on us or expose us to new or additional risks.***

There is increased focus, including from governmental organizations, regulators, investors, employees, clients and business partners, on ESG issues such as environmental stewardship, climate change, diversity and inclusion, racial justice and workplace conduct. Negative public perception, adverse publicity or negative comments in social media could damage our reputation if we do not, or are not perceived to, adequately address these issues. Any harm to our reputation could impact employee engagement and retention and the willingness of clients and our partners to do business with us.

Moreover, as we work to align with the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) and our own ESG assessments and priorities, we expect to expand our public disclosures in these areas, including disclosing additional metrics. Any failure to set appropriate metrics or achieve progress on our metrics on a timely basis, or at all, may negatively impact our reputation and our business.

In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters, and unfavorable ratings of our company or our industries may lead to negative investor sentiment and the diversion of investment to other companies or industries.

**Risks Relating to Our Investment Strategy**

***Conflicts of interest among Third Point LLC and its principals and SiriusPoint may adversely affect us; potential conflicts of interest may also arise or exist due to the compensation arrangements and other aspects of our investment arrangements with Third Point LLC and its affiliates.***

Affiliates of Third Point LLC manage certain of our investment accounts and funds in which we invest. Third Point LLC receives fees for managing those accounts and funds. Third Point LLC also manages other client accounts and funds, some of which have objectives similar to ours, including collective investment vehicles managed by Third Point LLC's affiliates and in which Third Point LLC or its affiliates may have an equity interest. Third Point LLC's interest and the interests of its affiliates may at times conflict with our interests, which may potentially adversely affect our investment opportunities and returns.

Neither Third Point LLC, nor its principals, including Daniel S. Loeb, who serves as a director on our Board and is the Founder and Chief Executive Officer of Third Point LLC, are obligated to devote any specific amount of time, effort or investment opportunities to our investments.

Daniel S. Loeb's service to both companies may create, or may create the appearance of, conflicts of interest.

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TP GP, Third Point LLC and their respective affiliates may engage in other business ventures and investment opportunities that may not be allocated equitably among us and such other business ventures. The 2022 LPA and IMA include various protections to manage conflicts between the Company and Third Point LLC, its affiliates and other funds and accounts managed by Third Point, including in relation to allocation of investments and expenses. However, these safeguards may not be sufficient to entirely mitigate these conflicts of interest.

The 2022 LPA provides for the following two forms of compensation to be paid to Third Point LLC and TP GP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third Point LLC is entitled to a monthly management fee equal to 1.25% of the investment in TP Enhanced Fund (determined as of the beginning of the month before the accrual of the performance allocation) multiplied by an exposure multiplier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TP GP is entitled to performance compensation equal to 20% of net profits, subject to the management fee and a loss carryforward provision.

While the performance compensation arrangement provides that losses will be carried forward as an offset against net profits in subsequent periods, Third Point LLC generally will not otherwise be penalized for realized losses or decreases in the value of TP Enhanced Fund's portfolio. These performance compensation arrangements may create an incentive for Third Point LLC as TP Enhanced Fund's investment manager to engage in transactions that focus on the potential for short-term gains rather than long-term growth or that are particularly risky or speculative.

The IMA provides for the following two forms of compensation to be paid to Third Point LLC and TP GP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third Point LLC is entitled to a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TP GP is entitled to performance compensation amount equal to 15% of outperformance over the benchmark in respect of each sub-account.

Upon the earlier of the termination of the IMA or end of the initial term, the final incentive fee payable to Third Point will be determined as percentage between 15% and 30% (depending on the cumulative outperformance of the TPOC Portfolio over the term of the IMA) to ensure that the total amount of the incentive fee actually paid reflects the incentive fee payable based on the cumulative outperformance of the TPOC Portfolio during the investment period. Third Point LLC may invest in certain securities with limited liquidity or no public market. This lack of liquidity may adversely affect the ability of Third Point LLC to execute trade orders at desired prices. To the extent that Third Point LLC invests our investable assets in securities or instruments for which market quotations or other independent pricing sources are not readily available, under the terms of the 2022 LPA the valuation of such securities and instruments for purposes of compensation to Third Point LLC will be determined by Third Point LLC in accordance with its valuation policy, whose determination, subject to audit verification, will be conclusive and binding in the absence of bad faith or manifest error. Because the investment guidelines give Third Point LLC the power to determine the value of securities with no readily discernible market value, and because the calculation of Third Point LLC's fee is based on the value of the investment account, a conflict of interest may exist or arise.

Under the 2022 IMA, the valuation of assets comprising the TPOC Portfolio will be determined by the Company. However, if the Company and Third Point have different valuations in relation to any fiscal period, the valuation shall be determined as the midpoint between the range of valuations determined by the Company and a third party valuation agent mutually agreed between the parties. Therefore, the Company has greater control over valuation of assets in the TPOC Portfolio than the TP Enhanced Fund.

***The SiriusPoint investment portfolio may suffer reduced returns or losses, which could adversely affect our results of operations and financial condition. Adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility, as well as idiosyncratic risks of concentrated positions could result in significant losses to the fair value of our investment portfolio.***

SiriusPoint's investment portfolio is overseen in accordance with the investment policy and guidelines approved by the Investment Committee of the SiriusPoint board of directors. As of December 31, 2022, SiriusPoint's investment portfolio consisted of fixed maturity investments, short-term investments, equity securities, other long-term investments, including hedge funds, private equity funds, and direct private equity investments, and Related Party Investment Funds.

Both SiriusPoint's investment income and the fair market value of its investment portfolio are affected by general economic and market conditions, including fluctuations in interest rates, foreign currency exchange rates, debt market levels, equity

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market levels and market volatility. Our investment performance may also be affected by idiosyncratic factors for concentrated strategic and financial investment positions.

Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and international economic and political conditions and other factors. In particular, a significant increase in interest rates could result in significant losses in the fair value of our investment portfolio. In addition, certain fixed-income securities, such as mortgage-backed and asset backed securities, carry prepayment risk or, in a rising interest rate environment, may not pre-pay as quickly as expected. Conversely, in a low interest rate environment, SiriusPoint may be forced to reinvest proceeds from investments that have matured or have been prepaid or sold at lower yields, which will reduce investment returns.

Our investment portfolio is also exposed to investment credit risk, which is the risk that the value of certain investments may decrease due to a deterioration in the financial condition, operating performance or business prospects of, or the liquidity available to, one or more issuers of those securities or, in the case of mortgage-backed and other asset-backed securities, due to the deterioration of the loans or other assets that underlie the securities. Mortgage-backed securities are particularly sensitive to changes in U.S. economic conditions, including deterioration of the U.S. housing or commercial real estate market and unemployment, among other factors.

Since a portion of SiriusPoint's investment portfolio is invested in securities denominated in currencies other than the U.S. dollar, the value of our investment portfolio is sensitive to changes in foreign currency rates. SiriusPoint's investment portfolio is also exposed to changes in the volatility levels of various investment markets. The underlying conditions prompting such changes are outside of SiriusPoint's control and could adversely affect the value of investments and results of operations and financial condition.

***LIBOR is being discontinued as a floating rate benchmark; the discontinuation has affected and will continue to affect financial markets generally and may also affect our financial position and investments specifically.***

Financial markets, particularly the trading market for LIBOR-based obligations, may be adversely affected by the discontinuation of LIBOR by mid-2023 and remaining uncertainties regarding successor rates, including SOFR. SOFR, as modified by an applicable spread adjustment, may not be the economic equivalent of U.S. dollar LIBOR and the differences may be material.

SiriusPoint holds a large amount of LIBOR-based investments and is party to agreements that provide for payments determined by reference to LIBOR, and expects to continue these investments and agreements. Many of these investments and agreements are expected to reset or otherwise transition from LIBOR to an alternative reference rate pursuant to fallback provisions. Any alternative reference rate, or any investment's particular transition to such rate, may not result in comparable returns. Accordingly, the transition from LIBOR to SOFR (or another reference rate) across all of our related investments and agreements could adversely affect our returns, which in turn would adversely impact our operating results.

***We face risks associated with joint ventures and investments in which we share ownership or management with third parties.***

We have and may continue to enter into joint ventures and make Strategic Investments in which we share ownership and/or management with third parties. In many instances, we will not have control over governance, financial reporting, operations, legal and regulatory compliance or other matters relating to such joint ventures or entities. As a result, we may face certain operating, financial, legal and regulatory compliance and other risks relating to these joint ventures and Strategic Investments, including risks related to the financial strength of other investors; the willingness of other investors to provide adequate funding for the venture; differing goals, strategies, priorities or objectives between us and other investors; our inability to unilaterally implement actions, policies or procedures with respect to the venture that we believe are favorable; legal and regulatory compliance risks relating to actions of the joint venture, Strategic Investment, or other investors; the risk that the actions of other investors could damage our brand image and reputation; and the risk that we will be unable to resolve disputes with other investors. As a result, joint ventures, franchises and investments in which we share ownership or management with third parties subject us to risk and may contribute significantly less than anticipated to our earnings and cash flows. Therefore, our losses from or related to these investments may significantly exceed our invested capital.

Our investment strategy includes investing in newly formed venture growth stage companies with limited or no operating history, so the risk of loss from our investments and underwriting capacity may be substantially higher than if we invested in or underwrote established businesses with proven business models and management teams. The revenues, income (or losses), and projected financial performance and valuations of venture growth stage companies can and often do fluctuate suddenly and dramatically. Our target venture growth stage companies may be geographically concentrated and are therefore

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highly susceptible to materially negative local, political, natural and economic events. In addition, high growth industries are generally characterized by abrupt business cycles and intense competition. Overcapacity in high growth industries, together with cyclical economic downturns and insurance industry cycles, may result in substantial decreases in the value of many venture growth stage companies and/or their ability to meet their current and projected financial performance to service our debt. Furthermore, venture growth stage companies also typically rely on venture capital and private equity investors, or initial public offerings, or sales for additional capital. To the extent that our strategic partners are unable to secure additional capital funding from us or third parties, they may be unable to fund their continued growth and development or their ongoing operations, which could have a material adverse impact on our investments in those businesses.

**Risks Relating to Insurance and Other Regulations** 

***The regulatory framework under which SiriusPoint operates and potential changes thereto could have a material adverse effect on its business.***

SiriusPoint's activities are subject to extensive regulation under the laws and regulations of the U.S., the U.K., Bermuda, Sweden and the EU and its member states and the other jurisdictions in which SiriusPoint operates.

SiriusPoint's operations in each of these jurisdictions are subject to varying degrees of regulation and supervision. The laws and regulations of the jurisdictions in which SiriusPoint's insurance and reinsurance subsidiaries are domiciled require, among other things, that these subsidiaries maintain minimum levels of statutory capital, surplus and liquidity, meet solvency standards, submit to periodic examinations of their financial condition and restrict payments of dividends, distributions and reductions of capital in certain circumstances. Statutes, regulations and policies to which SiriusPoint's insurance and reinsurance subsidiaries are subject may also restrict the ability of these subsidiaries to write insurance and reinsurance policies, make certain investments and distribute funds.

SiriusPoint devotes a significant amount of time and resources to complying with various regulatory requirements imposed in Bermuda, Sweden, the U.S., the EU and the U.K. and various other jurisdictions around the globe. There remains significant uncertainty as to the impact that these various regulations and legislation will have on SiriusPoint. Such impacts could include constraints on SiriusPoint's ability to move capital between subsidiaries or requirements that additional capital be provided to subsidiaries in certain jurisdictions, which may adversely impact SiriusPoint's profitability. In addition, while SiriusPoint currently has excess capital and surplus under applicable capital adequacy requirements, such requirements or similar regulations, in their current form or as they may be amended in the future, may have a material adverse effect on SiriusPoint's business, financial condition or results of operations.

SiriusPoint's insurance and reinsurance operating subsidiaries may not be able to maintain necessary licenses, permits, authorizations or accreditations in territories where SiriusPoint is currently engaged in business or obtain them in new territories, or may be able to do so only at significant cost. In addition, SiriusPoint may not be able to comply fully with, or obtain appropriate exemptions from, the wide variety of laws and regulations applicable to insurance or reinsurance companies or holding companies. In addition to insurance and financial industry regulations, SiriusPoint's activities are also subject to relevant economic and trade sanctions, anti-money laundering regulations, privacy laws, and anti-corruption laws including the U.S. Foreign Corrupt Practices Act, U.K. Bribery Act 2010 and the Bermuda Bribery Act 2016, which may increase the costs of regulatory compliance, limit or restrict SiriusPoint's ability to do business or engage in certain regulated activities, or subject SiriusPoint to the possibility of regulatory actions or proceedings.

From time to time, various laws and regulations are proposed for application to the U.S. insurance industry, some of which could adversely affect the results of reinsurers and insurers. Additionally, the NAIC has been responsible for establishing certain regulatory and corporate governance requirements, which are intended to result in a group-wide supervision focus and include the Model Insurance Holding Company System Regulatory Act and the Insurance Holding Company System Model Regulation, the Requirements for ERM Report within the Annual Holding Company Registration (i.e., Form F), the Supervisory College, the Risk Management and ORSA Model, the CGAD and the Revisions to Annual Financial Reporting Model Regulation to expand the corporate audit function to provide reasonable assurance of the effectiveness of enterprise risk management, internal controls, and corporate governance. We are unable to predict the potential effect, if any, such legislative or regulatory developments may have on our future operations or financial condition.

In addition to the complexity of the laws and regulations themselves, the development of new laws and regulations or changes in application or interpretation of current laws and regulators or conflict between them also increases our legal and regulatory compliance complexity. SiriusPoint, its employees, or its agents acting on SiriusPoint's behalf may not be in full compliance with all applicable laws and regulations or their interpretation by the relevant authorities and, given the complex nature of the risks, it may not always be possible for SiriusPoint to ascertain compliance with such laws and regulations.

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Failure to comply with or to obtain appropriate authorizations and/or exemptions under any applicable laws or regulations, including those referred to above, could subject SiriusPoint to investigations, criminal sanctions or civil remedies, including fines, injunctions, loss of an operating license, reputational consequences, and other sanctions, all of which could have a material adverse effect on SiriusPoint's business. Also, changes in the laws or regulations to which SiriusPoint is subject could have a material adverse effect on its business. In addition, in most jurisdictions, government and regulatory authorities have the power to interpret or amend applicable laws and regulations, and have discretion to grant, renew or revoke licenses and approvals SiriusPoint needs to conduct its activities. Such governmental and regulatory authorities may require SiriusPoint to incur substantial costs in order to comply with such laws and regulations.

***We face risks related to changes in Bermuda law and regulations, and the political environment in Bermuda.***

SiriusPoint is incorporated in Bermuda and certain of our operating companies are domiciled in Bermuda. Therefore, our exposure to potential changes in Bermuda law and regulations that may have an adverse impact on our operations, such as the imposition of tax liability, increased regulatory supervision or changes in regulation, could have a material adverse effect on our business. The Bermuda insurance and reinsurance regulatory framework recently has become subject to increased scrutiny in many jurisdictions, including in the U.S. and in various states within the U.S. SiriusPoint is unable to predict the impact of such scrutiny on its operations.

In addition, SiriusPoint may be impacted by changes in the political environment in Bermuda, which could make it difficult to operate in, or attract talent to, Bermuda. Bermuda is a small jurisdiction and may be disadvantaged in participating in global or cross border regulatory matters as compared with larger jurisdictions such as the U.S. or the leading EU countries. Bermuda, which is an overseas territory of the United Kingdom, may consider changes to its relationship with the United Kingdom in the future. A change to Bermuda's regulatory or political environment could have an adverse effect on the international reinsurance market focused there which could, in turn, have a material adverse impact on SiriusPoint.

***We are subject to the risk of becoming an investment company under U.S. federal securities law.***

The Investment Company Act of 1940, as amended (the "Investment Company Act"), regulates certain companies that invest in or trade securities. We rely on an exception under the Investment Company Act that is available to a company organized and regulated as a foreign insurance company which is engaged primarily and predominantly in the reinsurance of risks on insurance agreements. The law in this area has not been well developed and there is a lack of guidance as to the meaning of "primarily and predominantly" under the relevant exception under the Investment Company Act. For example, there is no standard for the amount of premiums that need be written relative to the level of a company's capital in order to qualify for the exception. If this exception were deemed inapplicable to us, we would have to seek to register under the Investment Company Act as an investment company, which, under the Investment Company Act, would require an order from the SEC. Our inability to obtain such an order could have a significant adverse impact on our business.

Assuming that we were permitted to register as an investment company, registered investment companies are subject to extensive, restrictive and potentially adverse regulation relating to, among other things, operating methods, management, capital structure, our ability to raise additional debt and equity securities or issue stock options or warrants (which could impact our ability to compensate key employees), financial leverage, dividends, board of director composition and transactions with affiliates. Accordingly, if we were required to register as an investment company, we would not be able to operate our business as it is currently conducted, nor would we be permitted to have many of the relationships that we have with our affiliated companies. Accordingly, we likely would not be permitted to engage Third Point LLC as the investment manager of our Collateral Asset Account or other investment accounts, unless we obtained the board and shareholder approvals required under the Investment Company Act. Our ability to engage in transactions with Third Point LLC or its affiliates would likely also be significantly restricted. If Third Point LLC were not our investment manager, we would potentially be required to liquidate our Collateral Asset Account and we would seek to identify and retain another investment manager with a similar investment philosophy. Pursuant to the 2022 LPA, other than in certain specified circumstances, we cannot engage another investment manager without Third Point LLC's consent. If we could not identify or retain such an advisor, we would be required to make substantial modifications to our investment strategy. Any such changes to our investment strategy could significantly and negatively impact our investment results, financial condition and our ability to implement our business strategy.

If at any time it were established that we had been operating as an investment company in violation of the Investment Company Act, there would be a risk, among other material adverse consequences, that we could become subject to monetary penalties or injunctive relief, or both, that we could be unable to enforce contracts with third parties or that third parties could seek to obtain rescission of transactions undertaken during the period in which it was established that we were an

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unregistered investment company. If, subsequently, we were not permitted or were unable to register as an investment company, it is likely that we would be forced to cease operations.

To the extent that the laws and regulations change in the future so that contracts we write are deemed not to be reinsurance contracts, we will be at greater risk of not qualifying for the Investment Company Act exception. Additionally, it is possible that our classification as an investment company would result in the suspension or revocation of our reinsurance license.

***Risks associated with changes in U.S. healthcare legislation could negatively affect our accident and health business.***

We derive revenues from, among other things, the provision of accident and health premiums in the U.S., that is, providing insurance to institutions that participate in the U.S. healthcare delivery infrastructure. Changes in U.S. healthcare legislation, specifically the Patient Protection and Affordable Care Act of 2010 (the "Healthcare Act") (and legislative reforms related thereto), have made significant changes to the regulation of health insurance including, but not limited to, the healthcare delivery system, the healthcare cost reimbursement structure in the U.S. and the rate of growth of health care costs in the U.S. and may negatively affect our accident and health business. In addition, we may be subject to regulations, guidance or determinations emanating from the various regulatory authorities authorized under the Healthcare Act.

***The effects of, and uncertainty regarding, the U.K.'s withdrawal from the European Union could negatively impact SiriusPoint's investment portfolio, business and results of operations.***

On January 31, 2020, the U.K. withdrew from the EU, referred to as "Brexit." The U.K. entered into a withdrawal agreement resulting in a transition period until December 31, 2020 during which the trading relationship between the U.K. and the EU remained the same. The impact of the withdrawal on the U.K. and European economies and the broader global economy could be significant, resulting in negative impacts, such as increased volatility and illiquidity, and potentially lower economic growth on markets in the U.K., Europe and globally, which may negatively impact the value of SiriusPoint's investment portfolio, business and results of operations. Lloyd's has established a European subsidiary company in Brussels through which Lloyd's syndicates will have access to the EU single market and although Lloyd's has previously given assurance that the European subsidiary company will not result in increased costs above the marginal costs which have already been incurred, the European regulators have asked that Lloyd's syndicates update the operating model when writing European business through the Lloyd's European Subsidiary based in Brussels in order to remain compliant with European regulatory requirements post Brexit, which may lead to increased costs and administrative burden. SiriusPoint International applied to U.K. regulators to establish a Third Country Branch to enable it to continue to operate in the U.K. The approval for the branch was granted in March 2022. This will add an additional regulatory burden on the U.K. branch as it will fall under the direct supervision of not only the Swedish regulators, but also that of the U.K. regulators.

***Our reinsurance subsidiaries are subject to minimum capital and surplus requirements, and our failure to meet these requirements could subject us to regulatory action.***

In 2008, the BMA introduced risk-based capital standards for insurance companies as a tool to assist the BMA both in measuring risk and in determining appropriate levels of capitalization. The amended Bermuda insurance statutes and regulations pursuant to the risk-based supervisory approach required additional filings by insurers to be made to the BMA. The required statutory capital and surplus of our Bermuda-based operating subsidiaries increased under the Bermuda Solvency Capital Requirement model. While our subsidiaries, as they currently operate, currently have excess capital and surplus under these new requirements, such requirements or similar regulations, in their current form or as may be amended in the future, may have a material adverse effect on our business, financial condition or results of operations. Any failure to meet applicable requirements or minimum statutory capital requirements could subject us to further examination or corrective action by regulators, including restrictions on dividend payments, limitations on our writing of additional business or engaging in finance activities, supervision or liquidation. Further, any changes in existing risk-based capital requirements or minimum statutory capital requirements may require us to increase our statutory capital levels, which we might be unable to do.

***Bermuda insurance laws regarding the change of control of insurance companies may limit the acquisition of our shares and the voting rights of certain shareholders.***

Under Bermuda law, for so long as we have an insurance subsidiary registered under the Insurance Act, the BMA may at any time, by written notice, object to a person holding 10% or more of our common shares if it appears to the BMA that the person is not or is no longer fit and proper to be such a holder. In such a case, the BMA may require the shareholder to reduce its holding of our common shares and direct, among other things, that such shareholder's voting rights attaching to the common shares shall not be exercisable. A person who does not comply with such a notice or direction from the BMA will be

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guilty of an offense. This may discourage potential acquisition proposals and may delay, deter or prevent a change of control of our company, including through transactions, and in particular unsolicited transactions, that some or all of our shareholders might consider to be desirable.

**Risks Relating to Taxation** 

In addition to the risk factors discussed below, we advise you to read "Certain Tax Considerations" and to consult your own tax advisor regarding the tax consequences to you of your investment in our shares.

***We have significant deferred tax assets, which may become devalued if either SiriusPoint does not generate sufficient future taxable income or applicable corporate tax rates are reduced (or applicable tax laws otherwise change).***

Utilization of most deferred tax assets is dependent on generating sufficient future taxable income in the appropriate jurisdiction and/or entity and in the appropriate character (e.g. capital vs. ordinary). If it is determined that it is more likely than not that sufficient future taxable income will not be generated, we would be required to increase applicable valuation allowance(s). Most of our deferred tax assets are determined by reference to applicable corporate income tax rates, in particular in the U.S., Luxembourg and Sweden. Accordingly, in the event of new legislation that reduces any such corporate income tax rates, the carrying value of certain deferred tax assets would decrease. A material devaluation in the Company's deferred tax assets due to either insufficient taxable income or lower corporate income tax rates would have an adverse effect on SiriusPoint's results of operations and financial condition.

In 2016 and early 2021, one of our legacy U.S. subgroups with legacy tax attributes experienced an "ownership change" for purposes of Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"), which is defined as an increase in the percentage of ownership (by value) of one or more "5-percent shareholders" (as defined in the Code) by more than 50% over the lowest percentage owned by such shareholders at any time during the prior three years (calculated on a rolling basis). As a result, such U.S. subgroup is subject to annual limitations on its tax loss and credit carryforwards based on the equity value of the subgroup immediately before each ownership change, multiplied by an IRS-published rate. We have taken into account the application of Section 382 in evaluating the recoverability of our net deferred tax assets in the U.S. In the event the U.S. subgroup experiences another ownership change in the future, the Section 382 limitation would apply on top of the pre-existing Section 382 limitations.

***Certain of our non-U.S. entities may become subject to United States federal income taxation.***

We believe that our activities, as currently conducted and as contemplated, will not cause our non-U.S. entities to be treated as engaging in a United States trade or business and consequently will not cause us to be subject to current United States federal income taxation on our net income (except for specific subsidiaries due to their respective operating models). Because there are no definitive standards provided by the Code, regulations or other relevant authority as to the specific activities that constitute being engaged in the conduct of a trade or business within the United States, and as any such determination is essentially factual in nature and must be made annually, we cannot assure you that the United States Internal Revenue Service (the "IRS") will not successfully assert that we are engaged in a trade or business in the United States or, if applicable under the income tax treaty between the U.S. and Bermuda (the "Bermuda Treaty"), engaged in a trade or business in the United States through a permanent establishment, and thus are subject to current United States federal income taxation. If one of our non-U.S. entities were deemed to be engaged in a trade or business in the United States (and, if applicable under the Bermuda Treaty, were deemed to be so engaged through a permanent establishment), it would become subject to United States federal income tax on its net income "effectively connected" (or treated as effectively connected) with the U.S. trade or business, and could be subject to the "branch profits" tax on its after tax earnings and profits that are both effectively connected with the U.S. trade or business and deemed repatriated out of the United States. Any such federal tax liability could materially and adversely affect our results of operations and financial condition.

We could also become subject to income tax in one or more countries, including the United States, as a result of our activities, adverse developments or changes in law, contrary conclusions by the relevant tax authorities or other causes. The imposition of any of these income taxes could materially and adversely affect our results of operations and financial condition.

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***Certain of our intragroup transactions could become subject to the U.S. Base Erosion and Anti-Abuse Minimum Tax ("BEAT"), which could have a material adverse impact on operating results and make it difficult to forecast our effective tax rate.***

Introduced by the 2017 Tax Cuts and Jobs Act, BEAT is essentially an additional tax that can apply to certain otherwise deductible payments made by U.S. entities to non-U.S. affiliates ("base erosion payments"), including cross-border reinsurance premiums paid or ceded. The statutory BEAT rate is 10% through 2025, and then rises to 12.5% in 2026 and thereafter. Consistent with accounting guidance, the Company will treat BEAT as an in-period tax charge when incurred in future periods for which no deferred taxes need to be provided.

Under the BEAT statute and Treasury regulations issued thereunder, a U.S. taxpayer may qualify for certain exemptions from BEAT based on its historical gross receipts or base erosion payments being below specified thresholds. The availability of the latter exemption depends on the total amounts of base erosion payments and U.S. tax deductions for the current tax year, which is not yet known. Currently, legislative proposals include specific provisions that would amend the BEAT provisions. One of these proposed amendments, if enacted, would eliminate one or more exemptions of limitations. While we intend to operate in a manner that limits our exposure to BEAT, uncertainty remains and we cannot assure you that we will not be subject to material amounts of BEAT in the future.

***Intragroup distributions and other payments of cash or other assets could become subject to incremental income or withholding taxes.***

The Company has capital and liquidity in many of its subsidiaries, some of which may reflect undistributed earnings. If such capital or liquidity were to be paid or distributed to the Company or to one of its intermediary subsidiaries as dividends or otherwise, they may be subject to withholding tax by the source country and/or income tax by the recipient country. The Company generally intends to operate, and manage its capital and liquidity, in a tax-efficient manner. However, the applicable tax laws in relevant countries are still evolving, including in connection with guidance and proposals from the OECD. Accordingly, such payments or distributions may be subject to income or withholding tax in jurisdictions where they are not currently taxed or at higher rates of tax than currently taxed, and the applicable tax authorities could attempt to apply income or withholding tax to past earnings or payments.

***If we were treated as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes, our U.S. shareholders would be subject to adverse tax consequences.***

PFIC status of the Company would subject a U.S. shareholder to tax on distributions from the Company in advance of when tax would otherwise be imposed, in which case the shareholder's investment in the Company could be materially adversely affected. In addition, if we were considered a PFIC, upon the death of any U.S. individual owning shares, such individual's heirs or estate would not be entitled to a "step-up" in the basis of the shares that might otherwise be available under U.S. federal income tax laws. A U.S. shareholder may avoid some of the adverse tax consequences of owning an equity interest in a PFIC by making a qualified electing fund ("QEF") election. Such an electing U.S. shareholder is likely to recognize income in a taxable year in amounts significantly greater than the distributions received from the Company, if any. In the event we are classified as a PFIC in the future, we strongly encourage our shareholders to consult with their own tax advisors with regard to any available tax elections.

We will be treated as a PFIC for U.S. federal income tax purposes in any taxable year for which either (i) at least 75% of our gross income consists of certain types of "passive income" or (ii) at least 50% of the average value of our assets produce, or are held for the production of, passive income. Passive income includes dividends, interest, rents and royalties. For these purposes, if we own (directly or indirectly) at least 25% (by value) of the stock of another corporation, for purposes of determining whether we are a PFIC, we are treated as holding the proportionate share of the assets of such other corporation, and as receiving directly the proportionate share of the income of such other corporation. Under a specific exception, passive income does not include income derived in the active conduct of an insurance business by a qualifying insurance corporation. Whether an insurance company is a qualifying insurance corporation is determined based on an asset to liability test. The test requires the insurance company to have applicable insurance liabilities in excess of 25% of its total assets as reported in the company's financial statements. In January 2021, the Treasury and IRS issued final and proposed regulations providing guidance on the active insurance business exception, including the 25% test and calculation of income that is not treated as passive. The proposed regulations are not effective until adopted in final form. The IRS requested comments on several aspects of the proposed regulations. It is uncertain when the proposed regulations will be finalized, and whether and how the provisions of any final or temporary regulations will vary from proposed regulations.

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Based on our assets, income, applicable financial statements and activities, including those of our subsidiaries engaged in the active conduct of an insurance business, we do not expect that we will be treated as a PFIC in 2022. However, this conclusion is not free from doubt and the IRS could take a contrary position. While we expect that our insurance subsidiaries will qualify for the active insurance income exception for qualified insurance corporations, in light of pending regulations and in the absence of other detailed guidance, our insurance subsidiaries may not meet the requirements for this exception. Moreover, PFIC classification is a factual determination made annually, and even if we are not a PFIC in 2022, we could become a PFIC in later years. Accordingly, we cannot assure you that we will not be treated as a PFIC for 2022 or for any future year.

***If we were treated as a controlled foreign corporation ("CFC") with respect to a U.S. shareholder or we were subject to the rules for related person insurance income ("RPII"), certain U.S. shareholders (including tax-exempts) could become subject to adverse tax consequences.***

A CFC for U.S. federal income tax purposes is any foreign corporation if, on any day of the taxable year, 10% U.S. shareholders own (directly, indirectly through foreign entities or by attribution by application of certain constructive ownership rules) more than 50% (25% in the case of certain insurance companies) of the total combined voting power of all classes of that corporation's voting shares, or more than 50% (25% in the case of certain insurance companies) of the total value of all the corporation's shares. If we were a CFC, each 10% U.S. shareholder must annually include in its income its pro rata share of our "subpart F income," and "global intangible low-taxed income" ("GILTI") even if no distributions are made.

If, with respect to any of our non-U.S. insurance subsidiaries, (i) 20% or more of the gross income in any taxable year is attributable to insurance or reinsurance policies of which the direct or indirect insureds are direct or indirect U.S. shareholders of SiriusPoint (regardless of the number of shares owned by those shareholders) or persons related to such U.S. shareholders and (ii) direct or indirect insureds, whether or not U.S. persons, and persons related to such insureds own directly or indirectly 20% or more of the voting power or value of our shares, U.S. shareholders would most likely be required to include their allocable share of the RPII of the applicable subsidiary for the taxable year in its income, even if no distributions are made. Proposed Treasury regulations published in January 2022 would aggregate all U.S. shareholders for purposes of the 50% ownership test above, which would have the effect of significantly increasing the likelihood that such U.S. shareholders would be subject to RPII. These proposed regulations also address the RPII treatment of certain cross-insurance arrangements and pass-through entities. Especially in light of these proposed regulations, a direct or indirect U.S. shareholder may be required to include amounts in its income in respect of RPII in any taxable year.

In addition, subpart F insurance income will be allocated to a tax-exempt organization owning (or treated as owning) our shares if we are a CFC as discussed above and it is a 10% U.S. shareholder or we earn related person insurance income and the exceptions described above do not apply. We cannot assure you that United States persons holding our shares (directly or indirectly) will not be allocated subpart F insurance income. United States tax-exempt organizations should consult their own tax advisors regarding the risk of recognizing unrelated business taxable income as a result of the ownership of our shares.

***We may become subject to U.S. withholding and information reporting requirements under the Foreign Account Tax Compliance Act ("FATCA") provisions.***

The Hiring Incentives to Restore Employment Act provides that a 30% withholding tax will be imposed on certain payments of U.S. source income and certain payments of proceeds from the sale of property that could give rise to U.S. source interest or dividends unless we and certain of our non-U.S. subsidiaries enter into an agreement with the IRS to disclose the name, address and taxpayer identification number of certain U.S. persons that own, directly or indirectly, an interest in the Company as well as certain other information relating to any such interest. The IRS has released final and proposed regulations and other guidance that provide for the phased implementation of the foregoing withholding and reporting requirements. On December 19, 2013, the U.S. Department of the Treasury signed a Model 2 non-reciprocal intergovernmental agreement (the "Model 2 IGA") with Bermuda. The Model 2 IGA modifies the foregoing requirements but generally requires similar information to be disclosed to the IRS. Although we will attempt to satisfy any obligations imposed on it to avoid the imposition of this withholding tax, we may not be able to satisfy these obligations. If we or any of our subsidiaries were to become subject to a withholding tax as a result of FATCA, the return of all shareholders may be materially adversely affected.

***New tax laws and regulations, along with changes in existing tax laws and regulations, are continuously being proposed and enacted; more specifically, the OECD and the Biden administration have published proposals that, if or when enacted, could result higher taxation of the Company.***

The tax laws and interpretations thereof regarding whether a company is engaged in a United States trade or business, is a CFC, has related party insurance income or is a PFIC are subject to change, possibly on a retroactive basis. Certain

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regulations regarding the application of the PFIC rules to an insurance company and regarding related party insurance income are in proposed form. New regulations or pronouncements interpreting or clarifying such rules may be forthcoming from the IRS. We are not able to predict if, when or in what form such guidance will be provided and whether such guidance will have a retroactive effect.

Since 2017, the 141 member countries of the G20/OECD Inclusive Framework on BEPS have developed a two-pillar approach to address the tax challenges arising from the digitalization of the economy. "Pillar One" addresses nexus and profit allocation challenges, while "Pillar Two" addresses perceived base erosion. Pillar One includes exclusions for Regulated Financial Services; therefore we do not anticipate a material impact on insurance and reinsurance groups. In December 2021, the OECD published two model rules implementing a 15% global minimum tax: first, an income inclusion rule ("IIR"), which imposes "top-up" tax on a parent entity in respect of the low-taxed income of a subsidiary, and second, an "undertaxed payments" rule, which denies deductions or requires an equivalent adjustment to the extent the low-tax income of an affiliate is not subject to tax under an IIR. On December 12, 2022, the European Union member states agreed to adopt a Directive implementing a corporate minimum tax rate of 15% for large corporate groups with annual consolidated revenues (with some adjustments) of at least EUR 750 million, which would be required to be implemented by member states by the end of 2023. Although it is difficult at this stage to determine with precision the impact of the Directive and the OECD's Pillar Two global corporate minimum tax rate, we do not currently expect that they will materially affect us in the immediate future, but we cannot be certain of such outcome, and the effect may be material.

The Biden administration has also proposed various tax reform measures including an increase in the U.S. corporate tax rate from 21% to 28%, a new 15% minimum tax on "book" income, an increase in the GILTI rate, and replacement of BEAT with a version of the OECD's undertaxed payment rule. On August 16, 2022, Congress adopted the Inflation Reduction Act of 2022, which among other things, included a 15% corporate alternative minimum tax on the adjusted financial statement income of very large corporations. Under this legislation, the corporate alternative minimum tax applies only to foreign-parented groups with gross average annual adjusted financial statement income (with certain modifications) exceeding $1 billion (and certain other conditions are met with respect to the group's domestic subsidiaries). We do not currently anticipate that this corporate alternative minimum tax will materially affect us in the immediate future, but we cannot be certain of such outcome and the effect may be material.

According to the OECD, Bermuda is a jurisdiction that has substantially implemented the internationally agreed tax standard and as such is listed on the OECD "white list". Relatedly, in 2020, Bermuda was removed from the list of non-cooperative jurisdictions maintained by the Council of European Union. Nonetheless, these classifications are subject to change, especially considering the OECD's other initiatives including the global minimum tax. Accordingly, we are unable to predict whether any changes will be made to these classifications or whether any such changes in classification or in tax law would subject us or our Bermuda entities to new or additional taxes in the future.

As a result of changes in applicable tax law emanating from the developments discussed above (or other future developments), our earnings could become subject to increased income tax, or intercompany payments or transactions could become subject to additional tax, in jurisdictions where they are not currently taxed or at higher rates of tax than currently taxed. The applicable tax authorities could also attempt to apply such taxes to past earnings and payments. Any such additional taxes could materially increase our effective tax rate and adversely affect our financial position and results of operations. Also, new tax or information reporting laws may increase the complexity and costs associated with tax compliance.

**Risks Relating to Our Common Shares** 

***Future sales of shares by existing shareholders could cause our share price to decline, even if our business is performing well.***

A substantial amount of our common shares are held by a small number of holders, and sales of our common shares by those holders in the public market could occur at any time, subject to the applicable volume, manner of sale and other limitations of Rule 144. In addition, certain of our significant shareholders may distribute shares that they hold to their investors who themselves may then sell into the public market. These sales, or the perception that these sales could occur, could cause the market price of our common shares to decline. Also, as our common shares are thinly traded, our stock price may be more sensitive to price changes than stocks that are more widely traded.

Certain existing holders of our common shares also have registration rights, subject to some conditions, to require us to file registration statements covering the sale of their shares or to include their shares in registration statements that we may file for ourselves or other shareholders in the future. In the event that we register the common shares for the holders of registration rights, they can be freely sold in the public market at any time.

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As of December 31, 2022, approximately 28 million common shares were reserved for issuance under our current share incentive plans and in connection with restricted share award agreements entered into between us and certain of our employees and directors. In addition, as of December 31, 2022, there were share options outstanding (subject to vesting) for approximately 5 million common shares. We have registered on a Form S-8 registration statement these shares and all common shares that we may in future issue under our equity compensation plans. As a result, these shares can be freely sold in the public market upon issuance, subject to certain limitations applicable to affiliates.

In the future, we may issue additional common shares or other equity or debt securities convertible into common shares in connection with a financing, acquisition, litigation settlement, compensation arrangement or otherwise. Any of these issuances could result in substantial dilution to our existing shareholders and could cause the trading price of our common shares to decline.

***Only one industry analyst covers our Company and the publication of negative research or reports, or the failure to publish reports about our business, could impact our share price and our trading volume could decline.***

The trading market for our common shares is influenced by the research and reports that industry or securities analysts publish about us, our business and our market. Currently, only one industry analyst covers the Company. The limited number of analysts covering our Company impacts our share price and the trading volume of our shares. If this analyst ceases coverage of us or fails to regularly publish reports on us, we could lose visibility in the financial markets which in turn could cause our share price or trading volume to decline.

***If the ownership of our common shares continues to be concentrated, it could prevent you and other shareholders from influencing significant corporate decisions.***

As of December 31, 2022, CM Bermuda Ltd. ("CM Bermuda"), Daniel S. Loeb and affiliates associated with Mr. Loeb (collectively, the "Loeb Entities") and BlackRock, Inc. beneficially own approximately 38.2%, 7.6% and 7.3% of our issued and outstanding common shares, respectively, after giving effect to the issuance of warrants and options representing the right to purchase 36,466,494 common shares. Pursuant to the Investor Rights Agreement, between the Company and CM Bermuda, dated as of February 26, 2021 (the "CMB Investor Rights Agreement"), CM Bermuda and its affiliates' voting power in the Company is capped at 9.9%, in accordance with the terms described in the CMB Investor Rights Agreement and our Bye-laws. As a result of the concentration of ownership, CM Bermuda, the Loeb Entities and BlackRock, Inc. could exercise influence over matters requiring shareholder approval, including approval of significant corporate transactions, which may reduce the market price of our common shares.

The interests of the shareholders specified above may conflict with the interests of our other shareholders.

***We do not intend to pay dividends on our common shares and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our common shares.***

We do not intend to declare and pay dividends on our share capital for the foreseeable future. We currently intend to invest our future earnings, if any, to fund our growth. Therefore, you are not likely to receive any dividends on your common shares for the foreseeable future and the success of an investment in our common shares will depend upon any future appreciation in their value. Our common shares may not appreciate in value and may not even maintain the price at which our shareholders have purchased their shares.

***We may repurchase our common shares without our shareholders' consent.***

Under our bye-laws and subject to Bermuda law, we have the option, but not the obligation, to require a shareholder to sell to us at fair market value the minimum number of common shares that is necessary to avoid or cure any adverse tax consequences or materially adverse legal or regulatory treatment to us, our subsidiaries or our shareholders if our Board of Directors reasonably determines, in good faith, that failure to exercise our option would result in such adverse consequences or treatment.

***Holders of our shares may have difficulty effecting service of process on us or enforcing judgments against us in the United States.***

We are incorporated pursuant to the laws of Bermuda and our business is based in Bermuda. In addition, certain of our directors and officers reside outside the United States, and all or a substantial portion of our assets are located in jurisdictions outside the United States. As such, we have been advised that there is doubt as to whether:

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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;• a holder of our shares would be able to enforce, in the courts of Bermuda, judgments of United States courts against persons who reside in Bermuda based upon the civil liability provisions of the United States federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a holder of our shares would be able to enforce, in the courts of Bermuda, judgments of United States courts based upon the civil liability provisions of the United States federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a holder of our shares would be able to bring an original action in the Bermuda courts to enforce liabilities against us or our directors and officers who reside outside the United States based solely upon United States federal securities laws.

Further, we have been advised that there is no treaty in effect between the United States and Bermuda providing for the enforcement of judgments of United States courts, and there are grounds upon which Bermuda courts may not enforce judgments of United States courts. Because judgments of United States courts are not automatically enforceable in Bermuda, it may be difficult for you to recover against us based upon such judgments.

***U.S. persons who own our shares may have more difficulty in protecting their interests than U.S. persons who are shareholders of a U.S. corporation.***

The Companies Act, which applies to us as a Bermuda company, differs in certain material respects from laws generally applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant provisions of the Companies Act and our bye-laws which differ in certain respects from provisions of Delaware corporate law. Because the following statements are summaries, they do not discuss all aspects of Bermuda law that may be relevant to us and our shareholders.

*Interested Directors*: Bermuda law provides that we cannot void any transaction we enter into in which a director has an interest, nor can such director be liable to us for any profit realized pursuant to such transaction, provided the nature of the interest is disclosed at the first opportunity at a meeting of directors, or in writing, to the directors. In comparison, under Delaware law such transaction would not be voidable if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the material facts as to such interested director's relationship or interests were disclosed or were known to the Board of Directors and the Board of Directors had in good faith authorized the transaction by the affirmative vote of a majority of the disinterested directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such material facts were disclosed or were known to the shareholders entitled to vote on such transaction and the transaction were specifically approved in good faith by vote of the majority of shares entitled to vote thereon; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction were fair as to the corporation as of the time it was authorized, approved or ratified. Under Delaware law, the interested director could be held liable for a transaction in which the director derived an improper personal benefit.

*Business Combinations with Large Shareholders or Affiliates*: As a Bermuda company, business combinations with large shareholders or affiliates, including mergers, asset sales and other transactions, do not require prior approval from the Board of Directors or from shareholders. Delaware corporations, however, need prior approval from the Board of Directors or a super-majority of shareholders to enter into a business combination with an interested shareholder for a period of three years from the time the person became an interested shareholder, unless we opted out of the relevant Delaware statute. Our bye-laws include a provision restricting business combinations with interested shareholders consistent with the corresponding Delaware statute.

*Shareholders' Suits*: The rights of shareholders under Bermuda law are not as extensive as the rights of shareholders in many United States jurisdictions. Class actions and derivative actions are generally not available to shareholders under the laws of Bermuda. However, the Bermuda courts ordinarily would be expected to follow English case law precedent, which would permit a shareholder to commence an action in the name of the company to remedy a wrong done to the company where an act is alleged to be beyond the corporate power of the company, is illegal or would result in the violation of our memorandum of association or bye-laws. Furthermore, a court would consider acts that are alleged to constitute a fraud against the minority shareholders or where an act requires the approval of a greater percentage of our shareholders than actually approved it. The winning party in such an action generally would be able to recover a portion of attorneys' fees incurred in connection with such action. Our bye-laws provide that shareholders waive all claims or rights of action that they might have, individually or in the right of the company, against any director or officer for any act or failure to act in the performance of such director's or officer's duties, except with respect to any fraud or dishonesty of such director or officer. Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action.

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*Indemnification of Directors and Officers*: We have entered into indemnification agreements with our directors and officers. The indemnification agreements provide that we will indemnify our directors or officers or any person appointed to any committee by the Board of Directors acting in their capacity as such in relation to any of our affairs for any loss arising or liability attaching to them by virtue of any rule of law in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the company other than in respect of his own fraud or dishonesty. Under Delaware law, as opposed to Bermuda law, a corporation may indemnify a director or officer of the corporation against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in defense of an action, suit or proceeding by reason of such position if such director or officer acted in good faith and in a manner he or she reasonably believed to be in or not be opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, such director or officer had no reasonable cause to believe his or her conduct was unlawful.

***Provisions in our bye-laws may reduce or increase the voting rights of our shares.***

In general, and except as provided under our bye-laws and as described below, the common shareholders have one vote for each common share held by them and are entitled to vote, on a non-cumulative basis, at all meetings of shareholders. However, if, and so long as, the shares of a shareholder are treated as "controlled shares" (as determined pursuant to sections 957 and 958 of the Code of any United States person that owns shares directly or indirectly through non-U.S. entities) and such controlled shares constitute 9.5% or more of the votes conferred by our issued shares, the voting rights with respect to the controlled shares owned by such United States person will be limited, in the aggregate, to a voting power of less than 9.5%, under a formula specified in our bye-laws. The formula is applied repeatedly until the voting power of all 9.5% U.S. shareholders has been reduced to less than 9.5%. In addition, our Board of Directors may limit a shareholder's voting rights when it deems it appropriate to do so to (i) avoid the existence of any 9.5% U.S. shareholder; and (ii) avoid certain material adverse tax, legal or regulatory consequences to us, any of our subsidiaries or any direct or indirect shareholder or its affiliates. "Controlled shares" include, among other things, all shares that a United States person is deemed to own directly, indirectly or constructively (within the meaning of section 958 of the Code). The amount of any reduction of votes that occurs by operation of the above limitations will generally be reallocated proportionately among our other shareholders whose shares were not "controlled shares" of the 9.5% U.S. shareholder so long as such reallocation does not cause any person to become a 9.5% U.S. shareholder.

Our bye-laws also contain a provision that will cap the total voting power of CM Bermuda, its affiliates and related persons in SiriusPoint at 9.9% for so long as CM Bermuda, its affiliates and related persons hold more than 9.9% of our common shares.

Under these provisions, certain shareholders may have their voting rights limited, while other shareholders may have voting rights in excess of one vote per share. Moreover, these provisions could have the effect of reducing the votes of certain shareholders who would not otherwise be subject to the 9.5% limitation by virtue of their direct share ownership.

We are authorized under our bye-laws to request information from any shareholder for the purpose of determining whether a shareholder's voting rights are to be reallocated under the bye-laws. If any holder fails to respond to this request or submits incomplete or inaccurate information, we may, in our sole discretion, eliminate the shareholder's voting rights. Any shareholder must give notice to us within ten days following the date it owns 9.5% of our common shares.

***Our bye-laws contain provisions that could discourage takeovers and business combinations that our shareholders might consider in their best interests.***

Our bye-laws include certain provisions that could have the effect of delaying, deterring, preventing or rendering more difficult a change in control of us that our shareholders might consider in their best interests.

For example, our bye-laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a classified Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require advance notice of shareholders' proposals in connection with annual general meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize our board to issue "blank check" preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibit us from engaging in a business combination with a person who acquires at least 15% of our common shares for a period of three years from the date such person acquired such common shares unless board and shareholder approval is obtained prior to the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require that directors only be removed from office for cause by majority shareholder vote;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require a supermajority vote of shareholders to effect certain amendments to our memorandum of association and bye-laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide a consent right on the part of Daniel S. Loeb to any amendments to our bye-laws or memorandum of association which would have a material adverse effect on his rights for so long as he holds not less than 25% of the number of shares respectively held as of December 22, 2011.

Any such provision could prevent our shareholders from receiving the benefit from any premium to the market price of our common shares offered by a bidder in a takeover context. Even in the absence of a takeover attempt, the existence of any of these provisions could adversely affect the prevailing market price of our common shares if they were viewed as discouraging takeover attempts in the future.

***The market price of our common shares may fluctuate significantly.***

The market price of our common shares may fluctuate significantly. Among the factors that could affect our share price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry or general market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• domestic and international economic factors unrelated to our performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our clients' needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new regulatory pronouncements and changes in regulatory guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits, enforcement actions and other claims by third parties or governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in securities analysts' estimates of our financial performance or lack of research and reports by industry analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• action by institutional shareholders or other large shareholders, including future sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investor perception of us and our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in market valuations or earnings of similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any announcement by us or our competitors of a significant contract, acquisition, strategic transaction or expansion into a new line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute on our strategic transformation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any future sales of our common shares or other securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel.

The stock markets have experienced volatility in recent years that has been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the market price of our common shares. In the past, following periods of volatility in the market price of a company's securities, class action litigation has often been instituted against such company. Any litigation of this type brought against us could result in substantial costs and a diversion of management's attention and resources, which would harm our business, operating results and financial condition.

**Item 1B. Unresolved Staff Comments**

None.

**Item 2. Properties**

The Company leases office space in Pembroke, Bermuda where the Company's principal executive office is located. Additionally, the Company leases office space throughout the United States and Europe. We renew and enter into new leases in the ordinary course of business. We believe that our office space is sufficient for us to conduct our operations for the foreseeable future. As previously disclosed, on November 2, 2022, we announced that we will close our offices in Hamburg, Miami and Singapore and reduce our footprint in Liege and Toronto. For further discussion of our leasing commitments at December 31, 2022, refer to Note 21 "Commitments and contingencies" in our audited consolidated financial statements included elsewhere in this Annual Report.

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**Item 3. 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.

**Item 4. Mine Safety Disclosures**

Not applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities**

**Market Information**

Our common shares are listed on the NYSE under the symbol "SPNT". On February 20, 2023, the latest practicable date, there were 348 holders of record of our common shares. This number does not include shareholders for whom our shares were held in "street" name.

**Dividends**

We do not currently expect to declare or pay dividends on our common shares for the foreseeable future. Instead, we intend to retain earnings to finance the growth and development of our business and for working capital and general corporate purposes. Any payment of dividends will be at the discretion of our Board of Directors and will depend upon various factors then existing, including earnings, financial condition, results of operations, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by applicable law, general business conditions and other factors that our Board of Directors may deem relevant. In addition, under the Companies Act, we may not declare or pay a dividend if there are reasonable grounds for believing that we are, or would after the payment be, unable to pay our liabilities as they become due or that the realized value of our assets would thereafter be less than our liabilities.

**Performance**

The following graph compares the cumulative total shareholder return on our common shares as compared to the cumulative total return of (1) S&P 500 Composite Stock Index ("S&P 500") and (2) the Dow Jones Property & Casualty Insurance Index

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("Dow Jones P&C") for the five year period commencing December 31, 2017 through to December 31, 2022. The share price performance presented below is not necessarily indicative of future results.

![spnt-20221231_g1.jpg](spnt-20221231_g1.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2017 | December 31, 2018 | December 31, 2019 | December 31, 2020 | December 31, 2021 | December 31, 2022 |
| ⧫SPNT | $100.00 | $65.80 | $71.81 | $64.98 | $55.49 | $40.27 |
| ■S&P 500 | $100.00 | $93.76 | $120.84 | $140.49 | $178.27 | $143.61 |
| ▲Dow Jones P&C | $100.00 | $94.69 | $118.02 | $119.15 | $141.84 | $160.40 |

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1. The above graph assumes that the value of the investment was $100 on December 31, 2017.

2. This graph is not "soliciting material," is not deemed filed with the SEC and is not to be incorporated by reference in any filing by us under the Securities Act of 1933 or the Securities and Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

**Issuer Purchases of Equity Securities**

During the year ended December 31, 2022, the Company repurchased 695,047 of its common shares in the open market for $5.0 million at a weighted average cost, including commissions, of $7.17 per share. Common shares repurchased by the Company during the period were retired.

During the years ended December 31, 2021 and 2020 the Company did not repurchase any of its common shares.

On August 5, 2021, the Company's Board of Directors expanded the scope of the prior authority to include the repurchase of outstanding contingent value rights ("CVRs") and warrants, which will allow the Company to repurchase up to $56.3 million of the Company's outstanding common shares, CVRs and warrants. As of December 31, 2022, all of such authorization remained available.

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

*The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K for the fiscal year ended December 31, 2022 ("Annual Report").*

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

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

*For discussion of our results of operations and changes in financial condition for the year ended December 31, 2021 compared to the year ended December 31, 2020 refer to Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our <u>[Annual Report on](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[, for the year ende](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[d](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[December 31](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[,](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[2021,](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[whic](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[h was filed with the SEC on](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[March 1](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)[2](https://www.sec.gov/ix?doc=/Archives/edgar/data/1576018/000157601822000021/spnt-20211231.htm)</u>.*

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**Overview** 

We are a holding company domiciled in Bermuda. Through our subsidiaries, we provide multi-line insurance and reinsurance products and services on a worldwide basis. We aim to be a highly diversified business with a sustainable and scalable underwriting platform, and a portfolio of insurance-related businesses. We seek to leverage our underwriting talent and capabilities, proven management expertise and geographical footprint, to build on our existing portfolio and identify new opportunities to create value. We intend to allocate our capital to the best opportunities and react quickly to new risks. We are focused on optimizing capital allocation and rebalancing towards insurance and higher margin and growth lines. As of December 31, 2022, we had equity stakes in 36 entities (MGAs, Insurtech and Other) which underwrite or distribute a wide range of lines of business. Refer to Part I. Item 1. "Business" for additional information.

***Products & Services***

The acquisition of Sirius Group created a highly diversified portfolio with expanded underwriting capabilities, geographical footprint and product offerings. Each segment is described below.

*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 generally participate in the prospective, as opposed to retroactive, reinsurance market globally 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, Asia and Latin America.

The Reinsurance segment provides coverage in the following product lines: Aviation & Space, Casualty, Contingency, Credit & Bond, Marine & Energy, Mortgage, and Property.

*Insurance & Services Segment*

The Insurance & Services segment predominantly provides 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. We make both controlling and noncontrolling equity investments and debt investments in MGAs and other insurance-related business. 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 the following product lines: A&H, Environmental, Workers' Compensation, and other lines of business including a cross section of Property and Casualty lines.

***Investment Management***

We continue to reposition our investment portfolio to better align with our underwriting strategy, while leveraging our strategic partnership with Third Point LLC. We believe that this repositioning will result in lower volatility, while taking advantage of opportunities to improve risk-adjusted returns across asset classes.

Under our investment strategy, our fixed income investments, which comprise the majority of our portfolio, are outsourced to a diversified range of third-party asset managers. This includes the Third Point Optimized Credit fixed income strategy, which is predominately investment grade and managed by Third Point LLC, to which we are contractually obligated to reinvest all or part of TP Enhanced Fund withdrawals to date. Third Point LLC continues to manage a portion of our alternative investments, including TP Enhanced Fund, TP Venture Fund and TP Venture Fund II, totaling 2% of SiriusPoint's investment portfolio at December 31, 2022, as well as working with us on asset-liability management strategies that are tailored to our risk and capital considerations.

Our investment objective is to maximize long-term after-tax total return while (1) limiting the investment risk within prudent risk tolerance thresholds, (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.

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**Recent Developments & Business Outlook** 

***Restructuring Plan***

On November 2, 2022, we announced a restructuring of our underwriting platform to support the future shape of our business. In line with our strategy to strengthen underwriting results and align our operating platform to our business portfolio, we have made changes to the structure and composition of our international branch network (the "Restructuring Plan"). We have reduced the locations from which SiriusPoint underwrites property catastrophe reinsurance. As a result, we are in the process of closing our offices in Hamburg, Miami and Singapore, and reducing our footprint in Liege and Toronto. Following the anticipated closures and scaling of our operating platform, we will continue to serve clients and underwrite North American property catastrophe business from Bermuda, and international property catastrophe business from Stockholm. In the fourth quarter of 2022, we incurred approximately $30 million of total costs, primarily related to severance, to implement the Restructuring Plan.

***Interest Rates and Inflation***

We continue to see rising interest rates as a result of central banks' monetary policies across the globe. While the rise in interest rates negatively affects the fair value of current debt security holdings, it also provides higher reinvestment rates upon maturity or sales of our existing portfolio. Additionally, our 2017 SEK Subordinated Notes bear interest at a variable rate based on the Stockholm Interbank Offered Rate plus a margin.

As inflation continues to increase, we have evaluated the impact on our underwriting results and reserves. We proactively adjusted trend assumptions in our pricing. As of December 31, 2022, we believe our estimate of the impact of inflation is within our established reserves given the existing provisions for uncertainty that we previously established. As the inflationary environment is dynamic with a relatively high degree of uncertainty, we will continue to monitor and analyze the inflationary environment and its effect on our portfolio in order to maintain adequate pricing and reserving estimates.

***Cryptocurrencies***

We continue to monitor the volatility of the cryptocurrencies and we have evaluated the impact of exposure on our investments and reserves. As of December 31, 2022, the estimate of our exposure to cryptocurrencies related to investments is $9.1 million, and it had a minimal impact on our underwriting results.

***Russia/Ukraine Conflict***

Following Russia's invasion of Ukraine in February 2022, the U.S., the U.K., and the European Union governments, among others, have developed coordinated financial and economic sanctions targeting Russia that, in various ways, constrain transactions with numerous Russian entities, including major Russian banks, and individuals; transactions in Russian sovereign debt; and investment, trade and financing to, from, or in certain regions of Ukraine. The effect of the Russia/Ukraine conflict with respect to exposures and coverage interpretations is highly uncertain. We are closely monitoring the developments relating to the Russia/Ukraine conflict and assessing its impact on our business and the insurance and reinsurance sectors. The degree to which companies may be affected depends largely on the nature and duration of uncertain and unpredictable events, such as further military action, additional sanctions, and reactions to ongoing developments by global financial markets.

Our current underwriting loss estimate of $17.5 million as of December 31, 2022 has changed minimally from our initial loss estimates in the first quarter of 2022; however, the ultimate impact on our business remains highly uncertain.

While the economic uncertainty resulting from the conflict has impacted global financial markets, the Company's investment portfolio does not have meaningful direct exposure to investments in Russia or Ukraine.

The conflict also created heightened cybersecurity threats to our information technology infrastructure. Other impacts due to this evolving situation are currently unknown and could potentially subject our business to materially adverse consequences should the situation escalate beyond its current scope, including, among other potential impacts, the geographic proximity of the situation relative to the rest of Europe, where a material portion of our business is carried out.

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***Current Outlook***

*Insurance & Services*

The majority of insurance lines we underwrite continue to show significant rate improvement. Although some lines, such as directors & officers, are beginning to experience a slowing of rate momentum, we believe rate is still outpacing loss cost in most lines of business. In select lines, such as cyber, significant rate increases continue due to imbalances between supply and demand. We continue to see strong growth in the program business, with momentum for new MGAs, largely in casualty and specialty lines. Some of this momentum is due to the entrepreneurialism and technology disruption we are witnessing in the primary markets, which is also fueling growth for fronting companies.

*Reinsurance*

While the reinsurance markets are benefiting from the positive primary insurance environment, across most insurance lines, financial results have and continue to be materially affected by elevated levels of catastrophe losses in the property reinsurance market compared to historical averages. This has caused many reinsurers to re-evaluate their positions in property, reducing aggregates and moving away from ground up exposures. As a result, the property reinsurance market globally has seen significantly increased pricing for catastrophe exposed business and a tightening of contractual terms and conditions.

Outside of property, in the casualty and specialty reinsurance markets, rate momentum and performance remain strong. Ceding commissions on proportional business have stabilized and reduced for some casualty product lines. The MGA market continues to show significant growth in casualty and specialty program business fueled, in part, by an increasing universe of fronting carriers. These programs and fronting carriers rely heavily on proportional reinsurance support as a primary source of underwriting capital.

*Business Outlook* 

Our business model is diversified and differentiated compared to a traditional P&C insurer given we have three uncorrelated sources of earnings: (i) underwriting results where we are the risk taker; (ii) services fee income from MGAs we consolidate; and (iii) investment results. However, we have not taken full advantage of our business model and delivered sub-optimal and volatile returns during the last few years. We have experienced volatility from both underwriting and investment results while our service fee income from the consolidated MGAs has been growing at a steady pace.

We believe we are an underwriting company first as we aim to create a business model which is simplified, fully-integrated and globally connected. We have made significant progress on our strategic priorities during 2022 and been addressing issues driving underperformance. Our vision for SiriusPoint is to be a high performing underwriter. 2023 will be a transitional year but should still show significant improvement in profitability while 2024 is the year when we expect to realize full run-rate benefits of all our strategic actions taken during 2022 and 2023. There are execution risks around delivery but we are seeing positive changes in the company performance and culture. We aim to be disciplined with our approach and want to restore credibility with our stakeholders.

**Key Performance Indicators**

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

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| | **($ in millions, except for per share data and ratios)** | **($ in millions, except for per share data and ratios)** |
| Combined ratio | 96.4% | 109.1% |
| Core underwriting loss (1) | $(34.8) | $(163.4) |
| Core net services income (1) | $31.3 | $11.0 |
| Core loss (1) | $(3.5) | $(152.4) |
| Core combined ratio (1) | 101.6% | 109.5% |
| Return on average common shareholders' equity attributable to SiriusPoint common shareholders | (19.3)% | 2.3% |
| Book value per common share | $11.56 | $14.23 |
| Book value per diluted common share | $11.32 | $14.10 |
| Tangible book value per diluted common share (1) | $10.43 | $13.27 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

***Core Results***

See "Segment Results" below for additional information.

***Return on Average Common Shareholders' Equity Attributable to SiriusPoint Common Shareholders***

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

Return on average common shareholders' equity attributable to SiriusPoint common shareholders for the years ended December 31, 2022 and 2021 was calculated as follows:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| | **($ in millions)** | **($ in millions)** |
| Net income (loss) available to SiriusPoint common shareholders | $(402.8) | $44.6 |
| Common shareholders' equity attributable to SiriusPoint common shareholders - beginning of period | 2303.7 | 1563.9 |
| Common shareholders' equity attributable to SiriusPoint common shareholders - end of period | 1874.7 | 2303.7 |
| Average common shareholders' equity attributable to SiriusPoint common shareholders | $2089.2 | $1933.8 |
| Return on average common shareholders' equity attributable to SiriusPoint common shareholders | (19.3)% | 2.3% |

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The decrease in return on average common shareholders' equity attributable to SiriusPoint common shareholders for the year ended December 31, 2022 compared to the year ended December 31, 2021 was due to a net loss during the year ended December 31, 2022, primarily as a result of realized and unrealized investment losses and catastrophe losses for Hurricane Ian and other catastrophe events, including South African floods and French hail storms, compared to realized and unrealized investment gains for the year ended December 31, 2021, partially offset by catastrophe losses for the European floods, Hurricane Ida, June windstorms and winter storm Uri in the prior year.

***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 December 31, 2022, book value per common share was $11.56, representing a decrease of $2.67 per share, or 18.8%, from $14.23 as of December 31, 2021. As of December 31, 2022, book value per diluted common share was $11.32, representing a decrease of $2.78 per share, or 19.7%, from $14.10 as of December 31, 2021. As of December 31, 2022, tangible book value per diluted common share was $10.43, representing a decrease of $2.84 per share, or 21.4%, from $13.27 as of December 31, 2021. The decreases were primarily due to the net loss in the current year.

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**Consolidated Results of Operations — Years ended December 31, 2022 and 2021**

The following table sets forth the key items discussed in the consolidated results of operations section, which includes the results from the Company's reportable segments and Corporate, and the year over year changes, for the years ended December 31, 2022 and 2021:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Total underwriting income (loss) | $83.3 | $(156.1) | $239.4 |
| Total realized and unrealized investment gains (losses) and net investment income | (322.7) | 312.5 | (635.2) |
| Other revenues | 110.2 | 151.2 | (41.0) |
| Net corporate and other expenses | (312.8) | (266.6) | (46.2) |
| Intangible asset amortization | (8.1) | (5.9) | (2.2) |
| Interest expense | (38.6) | (34.0) | (4.6) |
| Foreign exchange gains | 66.0 | 44.0 | 22.0 |
| Income tax benefit | 36.7 | 10.7 | 26.0 |
| Net income (loss) | $(386.0) | $55.8 | $(441.8) |

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The key changes in our consolidated results for the year ended December 31, 2022 compared to the prior year are discussed below.

***Underwriting results***

The improvement in net underwriting results for the year ended December 31, 2022 was driven by lower catastrophe losses compared to the prior year period, premium growth in Insurance & Services that resulted in higher underwriting income, and a net Corporate charge of $23 million in the fourth quarter of 2021 related to the 2021 LPT. Catastrophe losses, net of reinsurance and reinstatement premiums, were $137.9 million, or 5.9 percentage points on the combined ratio, for the year ended December 31, 2022, compared to $329.0 million, or 19.2 percentage points on the combined ratio, for the year ended December 31, 2021. The lower catastrophe losses were a result of our significant reduction in catastrophe exposed business, with our most notable underwriting action focus centered on global property reinsurance, which represented our primary source of underwriting volatility and underperformance. We rebalanced our property portfolio by decreasing our market share and exposure in the global property catastrophe reinsurance business, as well as reducing other property reinsurance with material catastrophe exposure.

***Investments***

*Investment Portfolio* 

The following is a summary of our total investments, cash and cash equivalents and restricted cash and cash equivalents as of December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| | **($ in millions)** | **($ in millions)** |
| Debt securities, available for sale | $2635.5 | $— |
| Debt securities, trading | 1526.0 | 2085.6 |
| Total debt securities <sup>(1)</sup> | 4161.5 | 2085.6 |
| Short-term investments | 984.6 | 1075.8 |
| Investments in Related Party Investment Funds | 128.8 | 909.6 |
| Other long-term investments | 377.2 | 456.1 |
| Equity securities | 1.6 | 2.8 |
| Total investments | 5653.7 | 4529.9 |
| Cash and cash equivalents | 705.3 | 999.8 |
| Restricted cash and cash equivalents <sup>(2)</sup> | 208.4 | 948.6 |
| Total invested assets and cash | $6567.4 | $6478.3 |

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(1)Includes $530.7 million of investments in the Third Point Optimized Credit portfolio ("TPOC Portfolio").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 main driver for the increase in total investments as of December 31, 2022 was the deployment of our cash to short-term investments and debt securities to take advantage of rising interest rates and cash flows from operating activities. Additionally, total investments also increased as there was an increase in investment purchases to cover short positions and securities under repurchase agreements. These increases were offset by losses in Related Party Investment Funds, primarily from the decline in fair value of our investment in the TP Enhanced Fund, in addition to net realized and unrealized investment losses, due to rising interest rates and widening credit spreads. In addition, we withdrew $581.3 million from the TP Enhanced Fund during the year ended December 31, 2022, as we continue our plan to diversify and reduce the volatility of our portfolio. Our fixed income portfolio returned (2.6)% on an original currency basis. We have also positioned our fixed income portfolio backing net loss reserves at an effective duration of 2.5 years excluding cash and cash equivalents.

The Company has elected to classify all debt securities purchased on or after April 1, 2022 as available for sale ("AFS"). This election was made as the AFS model more accurately reflects the investment strategy as we do not actively trade individual securities within our investment portfolio. The AFS portfolio has been funded by sales of the trading portfolio and reallocation of investments from the TP Enhanced Fund during the year ended December 31, 2022.

*Investment Results*

The following is a summary of the results from investments and cash for the years ended December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| | **($ in millions)** | **($ in millions)** |
| Gross investment income | $133.6 | $37.0 |
| Change in fair value of trading portfolio <sup>(1)</sup> | (149.4) | (47.7) |
| Net realized investment gains (losses) | (76.1) | 30.8 |
| Net realized and unrealized investment gains (losses) from related party investment funds | (210.5) | 304.0 |
| Investment results | (302.4) | 324.1 |
| Investment expenses | (20.3) | (11.6) |
| Total realized and unrealized investment gains (losses) and net investment income | $(322.7) | $312.5 |

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

The following is a summary of net investment income (loss) by investment classification, for the years ended December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| | **($ in millions)** | **($ in millions)** |
| Debt securities, available for sale | $35.1 | $— |
| Debt securities, trading | (115.6) | (4.9) |
| Short-term investments | 17.7 | 1.6 |
| Other long-term investments | (10.6) | 35.2 |
| Equity securities | (0.4) | (2.5) |
| Net realized and unrealized investment gains (losses) from related party investment funds | (210.5) | 304.0 |
| Realized and unrealized investment gains and net investment income before other investment expenses and investment income (loss) on cash and cash equivalents | (284.3) | 333.4 |
| Investment expenses | (20.3) | (11.6) |
| Net investment loss on cash and cash equivalents | (18.1) | (9.3) |
| Total realized and unrealized investment gains (losses) and net investment income | $(322.7) | $312.5 |

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*Investment Returns*

The following is a summary of the net returns, including realized and unrealized returns, for our investments on a U.S. Dollar and local currency basis for the years ended December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| TP Enhanced Fund | (29.0)% | 27.9% |
| TP Venture Fund | (24.6)% | 20.7% |
| TP Venture Fund II <sup>(1)</sup> | (2.2)% | n/a |
| SiriusPoint total fixed income investments <sup>(2)(3)</sup> |  |  |
| &nbsp;&nbsp;In U.S. dollars | (3.3)% | (0.5)% |
| &nbsp;&nbsp;In local currencies | (2.6)% | 0.2% |
| SiriusPoint total equity securities and other long-term investments |  |  |
| &nbsp;&nbsp;In U.S. dollars | (4.7)% | 4.6% |
| &nbsp;&nbsp;In local currencies | (4.5)% | 4.7% |

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(1)TP Venture Fund II was funded on October 6, 2022, therefore there is no comparative return.

(2)Fixed income investments exclude cash and cash equivalents.

(3)Includes returns of (1.8)% from investments in TPOC Portfolio for the year ended December 31, 2022.

Total realized and unrealized investment losses and net investment income for the year ended December 31, 2022 was primarily attributable to a net investment loss of $202.0 million from our investment in the TP Enhanced Fund, corresponding to a (29.0)% return. The return was attributable to detraction from long event/fundamental and long activist equities; credit, including corporate credit and structured credit; and from markdowns to late stage private positions. These losses were partially offset by contributions from interest rate hedges, long energy and utilities equity and short equity positions. In addition to losses on the TP Enhanced Fund, we recognized losses of $80.5 million, or a (3.3)% return, on our debt securities and $10.6 million, or a (4.7)% return, on other long-term investment portfolio due to revised valuations on private investments.

Total realized and unrealized investment gains and net investment income for the year ended December 31, 2021 was primarily attributable to investment income of $298.5 million from our investment in the TP Enhanced Fund, corresponding to a 27.9% return. The TP Enhanced Fund return was primarily attributable to long event/fundamental equities, in particular from private positions that executed well-received initial public offerings. In addition, we recognized $11.2 million in unrealized gains in private equity and hedge fund investments for the year ended December 31, 2021.

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

***Other Revenues***

For the year ended December 31, 2022, other revenues primarily consisted of $82.1 million of service fee revenue from MGAs and $27.4 million of changes in the fair value of liability-classified capital instruments. For the year ended December 31, 2021, other revenues consisted of $51.1 million of service fee revenue from MGAs, a bargain purchase gain of $50.4 million and $49.7 million of changes in the fair value of liability-classified capital instruments. The decrease in other revenues is driven by the bargain purchase gain recorded in 2021 and the decrease in gain from the decline in the fair value of the liability-classified capital instruments in line with a less significant decline in share price, partially offset by higher services revenue in IMG from increased demand for travel insurance products and services, as well as continued growth in Arcadian.

The 2021 bargain purchase gain represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase price. The bargain purchase determination is consistent with the fact that Sirius Group's shares traded at a discount to book value.

See Note 3 "Acquisition of Sirius Group" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the bargain purchase gain recognized as a result of the Sirius Group acquisition and the components of the aggregate consideration.

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***Net Corporate and Other Expenses***

Net corporate and other expenses include services expenses, costs associated with operating as a publicly-traded company, non-underwriting activities, including service fee expenses from our MGA subsidiaries, and current expected credit losses ("CECL") from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable and severance charges. In addition, for the year ended December 31, 2021, net corporate and other expenses include costs related to the acquisition of Sirius Group and a $5.8 million gain from the sale of Cedar Insurance Company.

The increase in net corporate and other expenses for the year ended December 31, 2022 compared to the year ended December 31, 2021 was primarily driven by increased services expense from continued business growth in IMG, as well as severance, compensation related expenses and professional fees associated with executive changes during the year. In the fourth quarter of 2022, we also incurred approximately $30 million of total costs to implement the Restructuring Plan, primarily related to severance. The increase was partially offset by $58.8 million of expenses associated with the acquisition of Sirius Group, certain professional and advisory fees and compensation-related expenses, which were incurred in the year ended December 31, 2021.

For the year ended December 31, 2022, we recorded CECL of $12.7 million (2021 - $21.0 million) primarily due to credit exposure from Russian (re)insurers and cedents and downgrades of certain Florida catastrophe exposed insurers. In the year ended December 31, 2021, we recognized an allowance for credit losses of $16.8 million as a result of the acquisition of Sirius Group. We recorded an expense to re-establish Sirius Group's expected credit losses provision from the pre-merger period. See Note 14 "Allowance for expected credit losses" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the credit loss methodology.

***Amortization of Intangible Assets***

Amortization of intangible assets for the year ended December 31, 2022 was $8.1 million (2021 - $5.9 million). The increase is driven by the year ended December 31, 2021 reflecting only a partial quarter of expense from the legacy Sirius Group companies in the first quarter of 2021.

***Interest Expense***

Interest expense and finance costs are related to interest due on our senior and subordinated notes. Total interest expense for the year ended December 31, 2022 was $38.6 million (2021 - $34.0 million). The increase is driven by the year ended December 31, 2021 reflecting only a partial quarter of expense on the senior notes and 2017 SEK Subordinated Notes from the legacy Sirius Group companies in the first quarter of 2021, partially offset by interest payments made in Swedish Krona on the 2017 SEK Subordinated Notes, which weakened in 2022 as compared to the U.S. Dollar.

***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 SiriusPoint's business. Assets and liabilities are remeasured into the functional currency using current exchange rates; revenues and expenses are remeasured into the functional currency using the average exchange rate for the period. The remeasurement process results in foreign exchange gains (losses) in the consolidated results of operations. Foreign exchange (gains) losses exclude investment generated net realized and unrealized investment gains (losses) as addressed in *Investment Results* above.

The foreign exchange gains of $66.0 million for the year ended December 31, 2022 were primarily due to $36.0 million of foreign exchange gains from our international operations and $38.0 million of foreign currency gains from the 2017 SEK Subordinated Notes, as a result of the strengthening of the U.S. Dollar. These gains were partially offset by losses on foreign currency derivatives intended to reduce foreign currency exposure.

The foreign exchange gains of $44.0 million for the year ended December 31, 2021 were primarily due to our international operations and from the foreign currency effects of the 2017 SEK Subordinated Notes.

Additional foreign currency gains (losses) were recorded as part of the investments results. See Note 8 "Total realized and unrealized investment gains (losses) and net investment income" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

On an aggregate basis including foreign currency gains (losses) from investments, the effects of foreign exchange resulted in a benefit to net income of $34.1 million and comprehensive income of $31.4 million for the year ended December 31, 2022.

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***Income Tax Benefit***

Income tax benefit of $36.7 million for the year ended December 31, 2022 compared to income tax benefit of $10.7 million for the year ended December 31, 2021 is due to an increase in losses in taxable jurisdictions in the current period.

**Segment Results — Years ended December 31, 2022 and 2021**

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations. We classify our business into two reportable segments - Reinsurance and Insurance & Services. Collectively, the sum of these two segments constitute "Core" results.

Effective January 1, 2021, the Company changed its accounting policy for assumed written premiums. Previously, the Company estimated ultimate premium written for the entire contract period and recorded this estimate at inception of the contract. The Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty. The change in accounting policy had no impact on the previously reported net income (loss) or shareholders' equity attributable to SiriusPoint common shareholders. See Note 2 "Significant accounting policies" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

The following tables set forth the operating segment results, and the year over year changes, for the years ended December 31, 2022 and 2021:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| | **Reinsurance** | **Insurance & Services** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $1521.4 | $1884.2 | $3405.6 | $— | $4.1 | $— | $3409.7 |
| Net premiums written | 1199.6 | 1346.0 | 2545.6 |  | 3.6 |  | 2549.2 |
| Net premiums earned | 1213.1 | 1086.8 | 2299.9 |  | 18.2 |  | 2318.1 |
| Loss and loss adjustment expenses incurred, net | 855.9 | 718.7 | 1574.6 | (5.2) | 19.0 |  | 1588.4 |
| Acquisition costs, net | 310.3 | 273.2 | 583.5 | (118.6) | (3.0) |  | 461.9 |
| Other underwriting expenses | 113.8 | 62.8 | 176.6 |  | 7.9 |  | 184.5 |
| **Underwriting income (loss)** | (66.9) | 32.1 | (34.8) | 123.8 | (5.7) |  | 83.3 |
| Services revenue | (0.2) | 215.7 | 215.5 | (133.4) |  | (82.1) |  |
| Services expenses |  | 179.2 | 179.2 |  |  | (179.2) |  |
| Net services fee income (loss) | (0.2) | 36.5 | 36.3 | (133.4) |  | 97.1 |  |
| Services noncontrolling loss |  | 1.1 | 1.1 |  |  | (1.1) |  |
| Net investment losses from Strategic Investments | (3.9) | (2.2) | (6.1) |  |  | 6.1 |  |
| **Net services income (loss)** | (4.1) | 35.4 | 31.3 | (133.4) |  | 102.1 |  |
| **Segment income (loss)** | $(71.0) | $67.5 | $(3.5) | $(9.6) | $(5.7) | $102.1 | $83.3 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Loss ratio | 70.6% | 66.1% | 68.5% |  |  |  | 68.5% |
| Acquisition cost ratio | 25.6% | 25.1% | 25.4% |  |  |  | 19.9% |
| Other underwriting expenses ratio | 9.4% | 5.8% | 7.7% |  |  |  | 8.0% |
| Combined ratio  | 105.6% | 97.0% | 101.6% |  |  |  | 96.4% |

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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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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| | **Reinsurance** | **Insurance & Services** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $1350.4 | $897.9 | $2248.3 | $— | $(11.8) | $— | $2236.5 |
| Net premiums written | 1124.9 | 652.8 | 1777.7 |  | (43.5) |  | 1734.2 |
| Net premiums earned | 1210.9 | 522.8 | 1733.7 |  | (16.7) |  | 1717.0 |
| Loss and loss adjustment expenses incurred, net | 989.4 | 320.6 | 1310.0 | (2.6) | 19.1 |  | 1326.5 |
| Acquisition costs, net | 302.7 | 149.7 | 452.4 | (67.6) | 3.0 |  | 387.8 |
| Other underwriting expenses | 105.5 | 29.2 | 134.7 |  | 24.1 |  | 158.8 |
| **Underwriting income (loss)** | (186.7) | 23.3 | (163.4) | 70.2 | (62.9) |  | (156.1) |
| Services revenue |  | 133.7 | 133.7 | (82.6) |  | (51.1) |  |
| Services expenses |  | 120.5 | 120.5 |  |  | (120.5) |  |
| Net services fee income |  | 13.2 | 13.2 | (82.6) |  | 69.4 |  |
| Services noncontrolling loss |  | 2.3 | 2.3 |  |  | (2.3) |  |
| Net investment gains (losses) from Strategic Investments | 0.3 | (4.8) | (4.5) |  |  | 4.5 |  |
| **Net services income** | 0.3 | 10.7 | 11.0 | (82.6) |  | 71.6 |  |
| **Segment income (loss)** | $(186.4) | $34.0 | $(152.4) | $(12.4) | $(62.9) | $71.6 | $(156.1) |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Loss ratio | 81.7% | 61.3% | 75.6% |  |  |  | 77.3% |
| Acquisition cost ratio | 25.0% | 28.6% | 26.1% |  |  |  | 22.6% |
| Other underwriting expenses ratio | 8.7% | 5.6% | 7.8% |  |  |  | 9.2% |
| Combined ratio  | 115.4% | 95.5% | 109.5% |  |  |  | 109.1% |

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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 Results** 

Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our "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 Premium Volume***

Gross premiums written increased by $1,157.3 million, or 51.5%, for the year ended December 31, 2022 compared to the year ended December 31, 2021. Net premiums written increased by $767.9 million, or 43.2%, for the year ended December 31, 2022 compared to the year ended December 31, 2021. Net premiums earned increased by $566.2 million, or 32.7%, for the year ended December 31, 2022 compared to the year ended December 31, 2021. The increases in premium volume were primarily a result of growth across Insurance & Services segment, strong growth in A&H and an increased contribution from strategic partnerships for the year ended December 31, 2022, as well as the year ended December 31, 2021 reflecting only a partial quarter from the legacy Sirius Group companies in the first quarter of 2021.

***Core Underwriting Results***

We incurred an underwriting loss of $34.8 million and a combined ratio of 101.6% for the year ended December 31, 2022, compared to an underwriting loss of $163.4 million and a combined ratio of 109.5% for the year ended December 31, 2021. The improvement in underwriting results in 2022 was primarily driven by lower catastrophe losses and higher premium

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growth in Insurance & Services that generated underwriting income, partially offset by lower favorable loss reserve development.

For the year ended December 31, 2022 catastrophe losses, net of reinsurance and reinstatement premiums, were $137.9 million, or 6.0 percentage points on the combined ratio, including $80.8 million for Hurricane Ian and $57.1 million for other catastrophe events, including South African floods and French hail storms, compared to $326.0 million, or 18.8 percentage points on the combined ratio, including $133 million for the European floods and $97 million for Hurricane Ida, as well as $41 million from June windstorms and winter storm Uri, for the year ended December 31, 2021. For the year ended December 31, 2022, losses from the Russia/Ukraine conflict, including losses from the political risk, trade credit, and aviation lines of business, were $12.2 million, or 0.5 percentage points on the combined ratio.

Losses incurred included $13.5 million of favorable prior year loss reserve development for the year ended December 31, 2022 compared to favorable prior year loss reserve development of $32.1 million for the year ended December 31, 2021. For the year ended December 31, 2022, favorable prior year loss reserve development was due to loss reductions on COVID-19 and A&H reserves due to better than expected loss experience, with the most significant offsetting movements being reserve strengthening in recognition of the inflationary environment, on Workers' Compensation reserves based on reported loss emergence, and on prior year catastrophe events.

***Core Services Results***

Services revenue was $215.5 million for the year ended December 31, 2022 compared to $133.7 million for the year ended December 31, 2021. The increase was primarily due to higher services revenue in IMG from increased demand for travel insurance products and services, as well as continued growth in Arcadian. The year ended December 31, 2021 reflected only a partial quarter from the legacy Sirius Group companies in the first quarter of 2021.

We generated net services income of $31.3 million for the year ended December 31, 2022 compared to $11.0 million for the year ended December 31, 2021. The increase is primarily due to higher margins achieved in our IMG business.

For the year ended December 31, 2022, net services fee income increased to $36.3 million compared to $13.2 million for the year ended December 31, 2021. The increase is primarily due to increased services revenues from IMG, Armada and Arcadian for the year ended December 31, 2022, as well as the year ended December 31, 2021 reflected only a partial quarter from the legacy Sirius Group companies in the first quarter of 2021.

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**Reinsurance Segment**

Reinsurance consists of our underwriting lines of business which offer Aviation & Space, Casualty, Contingency, Credit & Bond, Marine & Energy, Mortgage, and Property on a worldwide basis. The following table sets forth underwriting results and ratios, and the year over year changes for the Reinsurance segment:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $1521.4 | $1350.4 | $171.0 |
| Net premiums written | 1199.6 | 1124.9 | 74.7 |
| Net premiums earned | 1213.1 | 1210.9 | 2.2 |
| Loss and loss adjustment expenses incurred, net | 855.9 | 989.4 | (133.5) |
| Acquisition costs, net | 310.3 | 302.7 | 7.6 |
| Other underwriting expenses | 113.8 | 105.5 | 8.3 |
| **Underwriting loss** | (66.9) | (186.7) | 119.8 |
| Services revenues | (0.2) |  | (0.2) |
| Net services fee loss | (0.2) |  | (0.2) |
| Net investment gains (losses) from Strategic Investments | (3.9) | 0.3 | (4.2) |
| **Net services income (loss)** | (4.1) | 0.3 | (4.4) |
| **Segment loss** | $(71.0) | $(186.4) | $115.4 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |
| Loss ratio | 70.6% | 81.7% | (11.1)% |
| Acquisition cost ratio | 25.6% | 25.0% | 0.6% |
| Other underwriting expenses ratio | 9.4% | 8.7% | 0.7% |
| Combined ratio  | 105.6% | 115.4% | (9.8)% |

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

***Premium Volume***

Gross premiums written in the Reinsurance segment increased by $171.0 million, or 12.7%, for the year ended December 31, 2022 compared to the year ended December 31, 2021. The increase is primarily due to the year ended December 31, 2021 reflecting only a partial quarter from the legacy Sirius Group companies in the first quarter of 2021, offset by decreases in both Property and Casualty lines as we rebalance the portfolio towards Insurance & Services.

***Underwriting Results***

The improvement in underwriting results of $119.8 million for the year ended December 31, 2022 compared to the year ended December 31, 2021, was primarily due to lower catastrophe losses, partially offset by lower favorable loss reserve development and $12.2 million of losses from the Russia/Ukraine conflict.

For the year ended December 31, 2022, catastrophe losses, net of reinsurance and reinstatement premiums, were $136.3 million, including $79.2 million for Hurricane Ian and $57.1 million for other catastrophe events, including South African floods and French hail storms, compared to $324.5 million, including $133 million for the European floods, $95 million for Hurricane Ida and $41 million for the June windstorms and winter storm Uri, for the year ended December 31, 2021.

Net favorable prior year loss reserve development was $8.8 million for the year ended December 31, 2022 primarily due to COVID-19 reserve releases, offset by reserve strengthening in recognition of the inflationary environment and adverse development on prior year catastrophe events. Net favorable prior year loss reserve development was $18.6 million for the year ended December 31, 2021 as a result of better than expected loss reserve emergence on historical property events relating to multiple accident years and better than expected attritional loss experience.

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**Insurance & Services Segment**

Insurance & Services offers a comprehensive set of services for startup MGAs and insurance services companies including risk capital and equity and debt financing. Furthermore, we offer expertise in underwriting, pricing and product development to businesses with whom we partner. The Insurance & Services segment predominantly provides insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties. The Insurance & Services segment provides coverage in the following product lines: A&H (including business generated by IMG and Armada), Environmental, Workers' Compensation, and other lines of business including a cross section of property and casualty lines.

The following table sets forth underwriting results, net MGA results, and ratios for the segment results, and the year over year changes for the years ended December 31, 2022 and 2021:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $1884.2 | $897.9 | $986.3 |
| Net premiums written | 1346.0 | 652.8 | 693.2 |
| Net premiums earned | 1086.8 | 522.8 | 564.0 |
| Loss and loss adjustment expenses incurred, net | 718.7 | 320.6 | 398.1 |
| Acquisition costs, net | 273.2 | 149.7 | 123.5 |
| Other underwriting expenses | 62.8 | 29.2 | 33.6 |
| **Underwriting income** | 32.1 | 23.3 | 8.8 |
| Services revenue | 215.7 | 133.7 | 82.0 |
| Services expenses | 179.2 | 120.5 | 58.7 |
| Net services fee income | 36.5 | 13.2 | 23.3 |
| Services noncontrolling loss | 1.1 | 2.3 | (1.2) |
| Net investment gains (losses) from Strategic Investments | (2.2) | (4.8) | 2.6 |
| **Net services income** | 35.4 | 10.7 | 24.7 |
| **Segment income** | $67.5 | $34.0 | $33.5 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |
| Loss ratio | 66.1% | 61.3% | 4.8% |
| Acquisition cost ratio | 25.1% | 28.6% | (3.5)% |
| Other underwriting expenses ratio | 5.8% | 5.6% | 0.2% |
| Combined ratio  | 97.0% | 95.5% | 1.5% |

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

***Premium Volume***

Gross premiums written in the Insurance & Services segment increased by $986.3 million, or 109.8%, for the year ended December 31, 2022 compared to the year ended December 31, 2021, primarily driven by growth across Insurance & Services, including growth in premiums from strategic partnerships and A&H, as well as the year ended December 31, 2021 reflecting only a partial quarter from the legacy Sirius Group companies in the first quarter of 2021.

***Underwriting Results***

The increase in underwriting income of $8.8 million for the year ended December 31, 2022, compared to the year ended December 31, 2021, was primarily driven by the premium growth that generated underwriting income, partially offset by lower favorable prior year loss reserve development.

Net favorable prior year loss reserve development was $4.7 million for the year ended December 31, 2022, and was primarily due to better than expected loss experience in A&H reserves, which was partially offset by worse than expected loss experience in Workers' Compensation. Net favorable prior year loss reserve development of $13.5 million for the year ended December 31, 2021 was due to better than expected loss experience in A&H for recent accident years.

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***Services Results***

The increase in services revenue of $82.0 million was primarily due to higher services revenue in IMG from increased demand for its travel products and services, as well as continued growth in Arcadian. The year ended December 31, 2021 reflected only a partial quarter in the first quarter of 2021 from the legacy Sirius Group companies.

The increase in net services income of $24.7 million was primarily driven by higher margins achieved in our IMG business.

**Corporate**

Corporate includes the results of all runoff business, which represent certain classes of business that we no longer actively underwrite, including those that have asbestos and environmental and other latent liability exposures and certain reinsurance contracts that have interest crediting features. Corporate also includes the results from the 2021 LPT. The following table sets forth underwriting results and the year over year changes for the years ended December 31, 2022 and 2021:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **Change** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Gross premiums written  | $4.1 | $(11.8) | $15.9 |
| Net premiums written | 3.6 | (43.5) | 47.1 |
| Net premiums earned | 18.2 | (16.7) | 34.9 |
| Loss and loss adjustment expenses incurred, net | 19.0 | 19.1 | (0.1) |
| Acquisition costs, net | (3.0) | 3.0 | (6.0) |
| Other underwriting expenses | 7.9 | 24.1 | (16.2) |
| **Underwriting loss** | $(5.7) | $(62.9) | $57.2 |

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The underwriting loss of $5.7 million for the year ended December 31, 2022 is primarily driven by the Russian/Ukraine conflict losses of $5.3 million, compared to an underwriting loss of $62.9 million for the year ended December 31, 2021 as we recognized a net charge of $23 million, including $4 million of federal excise tax expense, in the fourth quarter of 2021 relating to the 2021 LPT. In addition, for the year ended December 31, 2021, other underwriting expenses include $5.1 million of accelerated expenses related to interest crediting features in certain reinsurance contracts.

**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, management basis gross premiums written and tangible book value per diluted common share, are referred to as non-GAAP financial measures. These non-GAAP financial measures may be defined or calculated differently by other companies. We believe these measures allow for a more complete understanding of our underlying business. These measures are used by management to monitor our results and should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Reconciliations of non-GAAP measures to the most comparable U.S. GAAP measures are included below.

***Core Results***

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

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

Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs, and net investment gains from Strategic Investments which are net investment gains/losses from investment in our strategic partners. Net

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services income is a key indicator of the profitability of the Company's services provided, including investment returns on non-consolidated investment positions held.

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. These ratios are useful indicators of our underwriting profitability.

See Note 4 "Segment reporting" to our audited consolidated financial statements for additional information and a calculation of Core income (loss).

***Management Basis Gross Premiums Written***

For 2021, management basis gross premiums written were $2,808.7 million, which is the sum of 2021 total gross premiums written of $2,236.5 million plus $571.2 million of total gross premiums written recognized by Sirius Group for the 2021 pre-merger period from January 1, 2021, to the Acquisition date of February 26, 2021. Management basis gross premiums written consists of Reinsurance segment gross premiums written of $1,787.9 million and Insurance & Services segment gross premiums written of $1,031.0 million summing to Core gross written premiums of $2,818.9 million. Management basis gross premiums written is a non-GAAP financial measure and we believe it allows for a more complete understanding of our underlying business.

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

Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most comparable GAAP measure is book value per common share. Tangible book value per diluted common share excludes the total number of unvested restricted shares, at period end, and intangible assets. While restricted shares are outstanding, they are excluded because they are unvested. Further, 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. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| | **($ in millions, except share and per share amounts)** | **($ in millions, except share and per share amounts)** |
| Common shareholders' equity attributable to SiriusPoint common shareholders | $1874.7 | $2303.7 |
| Carrying value of Series A preference shares issued in merger |  | 20.4 |
| Diluted common shareholders' equity attributable to SiriusPoint common shareholders | 1874.7 | 2324.1 |
| Intangible assets | (163.8) | (171.9) |
| Tangible diluted common shareholders' equity attributable to SiriusPoint common shareholders | $1710.9 | $2152.2 |
| Common shares outstanding | 162177653 | 161929777 |
| Effect of dilutive stock options, restricted shares, restricted share units, warrants and Series A preference shares | 3492795 | 2898237 |
| Book value per diluted common share denominator | 165670448 | 164828014 |
| Unvested restricted shares | (1708608) | (2590194) |
| Tangible book value per diluted common share denominator | 163961840 | 162237820 |
| **Book value per common share** | $**11.56** | $**14.23** |
| **Book value per diluted common share** | $**11.32** | $**14.10** |
| **Tangible book value per diluted common share** | $**10.43** | $**13.27** |

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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, strategic investment opportunities and dividends to preference shareholders. SiriusPoint may also require cash to fund share repurchases. Cash at the subsidiaries is used primarily to pay loss and loss adjustment expenses, reinsurance premiums, acquisition costs, interest expense, taxes, general and administrative expenses and to purchase investments. The insurance and reinsurance business of our operating subsidiaries inherently provide liquidity, as premiums are received in advance of the time losses are paid. However, the amount of cash required to fund loss payments can fluctuate significantly from period to period, due to the low frequency/high severity nature of certain types of business we write.

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***Dividend Capacity***

SiriusPoint's ability to pay expenses or dividends or return capital to shareholders will depend upon the availability of dividends or other statutorily permissible distributions from its subsidiaries. The ability to pay such dividends and/or distributions is limited by the applicable laws and regulations of the various countries and states in which SiriusPoint's subsidiaries operate, as well as the need to maintain capital levels to adequately support insurance and reinsurance operations, and to preserve financial strength ratings issued by independent rating agencies. See Note 22 "Statutory requirements" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information. For the year ended December 31, 2022, SiriusPoint received $125.0 million (2021 - $74.0 million) 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 $713.5 million as of December 31, 2022, will provide SiriusPoint with sufficient liquidity for the foreseeable future.

In addition to the regulatory and other contractual constraints to paying dividends, we manage the capital of the group and each of our operating subsidiaries to support our current ratings from AM Best, Fitch and S&P. This could further reduce the ability and amount of dividends that could be paid from subsidiaries to SiriusPoint.

For the year ended December 31, 2022, SiriusPoint did not pay any dividends to its common shareholders.

***Sources of Liquidity***

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

Effective February 26, 2021, the Company entered into a 3-year, $300.0 million senior unsecured revolving credit facility (the "Facility") with JPMorgan Chase Bank, N.A. as administrative agent. The Facility includes an option, subject to satisfaction of certain conditions including agreement of lenders representing greater than a majority of commitments, for the Company to request an extension by such lenders of the maturity date of the Facility by an additional 12 months. 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. Loans and letters of credit under the Facility will become available, subject to customary conditions precedent. As of December 31, 2022, there were no outstanding borrowings under the Facility. In addition, as of December 31, 2022, SiriusPoint was in compliance with all of the covenants under the Facility.

***Financing***

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

Our debt and equity instruments as of December 31, 2022 and 2021 are summarized below.

*2017 SEK Subordinated Notes*

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

As of December 31, 2022 and 2021 the carrying value of the 2017 SEK Subordinated Notes was $258.6 million and $296.3 million, respectively, and reflected as debt in the in the consolidated balance sheets.

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*2016 Senior Notes*

On November 1, 2016, we issued $400.0 million face value of senior unsecured notes ("2016 Senior Notes") at an issue price of 99.2% for net proceeds of $392.4 million after taking into effect both deferrable and non-deferrable issuance costs. The 2016 Senior Notes were issued in an offering that was exempt from the registration requirements of the Securities Act. The 2016 Senior Notes bear an annual interest rate of 4.6%, payable semi-annually in arrears on May 1, and November 1, in each year commencing on May 1, 2017, until maturity in November 2026. The 2016 Senior Notes are listed on the Bermuda Stock Exchange.

As of December 31, 2022 and 2021, the carrying value of the 2016 Senior Notes was $404.8 million and $406.0 million, respectively, and reflected as debt in the consolidated balance sheets.

*2015 Senior Notes*

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

As of December 31, 2022 and 2021, the carrying value of the 2015 Senior Notes was $114.6 million and $114.4 million, respectively, and reflected as debt in the in the consolidated balance sheets.

See Note 15 "Debt and letter of credit facilities" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on the 2017 SEK Subordinated Notes, 2016 Senior Notes, and 2015 Senior Notes.

*Debt Covenants*

As of December 31, 2022, SiriusPoint was in compliance with all of the covenants under the 2017 SEK Subordinated Notes, 2016 Senior Notes, and 2015 Senior Notes.

*Series A Preference Shares*

On February 26, 2021, certain holders of Sirius Group shares elected to receive Series A preference shares as consideration with respect to the Sirius Group acquisition. The Company issued 11,720,987 of designated Series A preference shares, with a par value of $0.10 per share. The Series A preference shares rank *pari passu* with the Company's common shares with respect to the payment of dividends or distributions. Each Series A preference share has voting power equal to the number of Company shares into which it is convertible, and the Series A preference shares and Company shares vote together as a single class with respect to any and all matters.

As of December 31, 2022, the estimated fair value of the Series A preference shares was $1.8 million and is reflected in liability-classified capital instruments in the consolidated balance sheets. During the year ended December 31, 2022, the Company did not declare or pay dividends to Series A preference shareholders.

See Note 3 "Acquisition of Sirius Group" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

*Series B Preference Shares*

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%. 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.

On June 28, 2021 and August 12, 2021, the Company entered into Underwriting Agreements with the Series B preference shareholders (the "Selling Shareholders") pursuant to which the Selling Shareholders sold to the public market all 8,000,000 Series B preference shares. The Company did not receive any proceeds from the sale of the Series B preference shares by the Selling Shareholders. The transaction did not change the underlying conditions of the Series B preference shares. The Series B preference shares are listed on the New York Stock Exchange under the symbol "SPNT PB".

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As of December 31, 2022, the carrying value of the Series B preference shares was $200.0 million and reflected in shareholders' equity attributable to SiriusPoint shareholders in the consolidated balance sheets. During the year ended December 31, 2022, the Company declared and paid dividends of $16.0 million to the Series B preference shareholders.

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

***Letter of Credit Facilities***

As of December 31, 2022, $1,270.4 million of letters of credit had been issued. Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements and a minimum rating from rating agencies. Each restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists, under any of the letter of credit facilities, our subsidiaries could be prohibited from paying dividends. We were in compliance with all of the covenants under the aforementioned letter of credit facilities as of December 31, 2022.

See Note 15 "Debt and letter of credit facilities" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information.

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

Under the cash secured letter of credit facilities, we provide collateral that consists of cash and cash equivalents and debt securities. As of December 31, 2022, total cash and cash equivalents and debt securities with a fair value of $1,428.7 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 15 "Debt and letter of credit facilities" in our audited consolidated financial statements included elsewhere in this Annual Report.

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

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

Restricted cash and cash equivalents and restricted investments increased by $355.0 million, or 17.3%, to $2,410.6 million as of December 31, 2022 from $2,055.6 million as of December 31, 2021. The increase was primarily due to an increase in investments securing reinsurance contracts and letters of credit.

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

***Cash Flows***

Our cash flows from operations generally represent the difference between: (1) premiums collected and investment income and (2) loss and loss expenses paid, reinsurance purchased, underwriting and other expenses paid. Cash flows from operations may differ substantially from net income (loss) and may be volatile from period to period depending on the underwriting opportunities available to us and other factors. Due to the nature of our underwriting portfolio, claim payments can be unpredictable and may need to be made within relatively short periods of time. Claim payments can also be required several months or years after premiums are collected. In addition, as discussed above, SiriusPoint has access to the $300.0 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.

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Operating, investing and financing cash flows for the years ended December 31, 2022 and 2021 were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| | **($ in millions)** | **($ in millions)** |
| Net cash provided by operating activities | $293.3 | $1.6 |
| Net cash provided by (used in) investing activities | (1304.3) | 208.6 |
| Net cash provided by (used in) financing activities | (23.7) | 24.3 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (1034.7) | 234.5 |
| Cash, cash equivalents and restricted cash at beginning of year | 1948.4 | 1713.9 |
| Cash, cash equivalents and restricted cash at end of year | $913.7 | $1948.4 |

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*Operating Activities*

Cash flows provided by operating activities can fluctuate due to timing differences between the collection of premiums and reinsurance recoverables and the payment of losses and loss expenses, and the payment of premiums to reinsurers. The increase in cash flows from operating activities in the year ended December 31, 2022 compared to the year ended December 31, 2021 was primarily due to increased premium volume in our Insurance & Services segment.

*Investing Activities*

Cash flows used in investing activities for the year ended December 31, 2022 primarily relates to the increase in purchases of debt securities during the period resulting from increased premium volume as well as increased investing in short term and fixed income agency investments to in response to rising interest rates. Cash flows provided by investing activities for the year ended December 31, 2021 primarily relates to the acquisition of Sirius Group, which comprised of $740.3 million of cash and restricted cash acquired, partially offset by $108.4 million of cash consideration. Additionally, during the year ended December 31, 2021, the Company redeemed $200.0 million of investments from its Related Party Investment Funds, which was offset by purchases of fixed income investments which exceeded sales and maturities during the period.

*Financing Activities*

Cash flows used in financing activities for the year ended December 31, 2022 primarily consisted of $16.0 million for cash dividends paid to preference shareholders and $14.0 million for payments on deposit liability contracts, partially offset by proceeds from repurchase agreements of $17.6 million. Cash flows provided by financing activities for the year ended December 31, 2021 primarily consisted of cash receipts of $48.6 million from the issuance of SiriusPoint common shares pursuant to the equity commitment letter between the Company, Third Point Opportunities Master Fund Ltd. and Daniel S. Loeb in connection with closing of the acquisition of Sirius Group.

See Note 3 "Acquisition of Sirius Group" in our consolidated financial statements included in this Annual Report for a more detailed discussion on the Sirius Group acquisition.

**Financial Condition** 

As of December 31, 2022, total shareholders' equity was $2,082.6 million compared to $2,503.3 million as of December 31, 2021. The decrease was primarily due to a net loss of $402.8 million in the year ended December 31, 2022.

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**Contractual Obligations**

Our contractual obligations as of December 31, 2022 by estimated maturity are presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **Less than <br>1 year** | **1-3 years** | **3-5 years** | **More than <br>5 years** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Debt <sup>(1)</sup> | $779.3 | $— | $115.0 | $400.0 | $264.3 |
| Scheduled interest payments <sup>(1)</sup> | 473.6 | 42.1 | 77.4 | 48.1 | 306.0 |
| Subtotal - Debt obligations | 1252.9 | 42.1 | 192.4 | 448.1 | 570.3 |
| Loss and loss adjustment expense reserves <sup>(2)</sup> | 5268.7 | 1850.4 | 1863.7 | 680.5 | 874.1 |
| Operating leases <sup>(3)</sup> | 33.1 | 9.2 | 10.5 | 6.7 | 6.7 |
| Deposit liabilities <sup>(4)</sup> | 140.5 | 21.5 | 47.5 | 24.7 | 46.8 |
| Total <sup>(5)(6)</sup> | $6695.2 | $1923.2 | $2114.1 | $1160.0 | $1497.9 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;See Note 15 to our audited consolidated financial statements included elsewhere in this Annual Report for detailed information on our debt obligations.

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

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

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

(5)&nbsp;&nbsp;&nbsp;&nbsp;We have future binding commitments to fund certain other long-term investments. These commitments totaled $16.0 million as of December 31, 2022. These commitments do not have fixed funding dates. Therefore, these commitments are excluded from the table above.

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

**Critical Accounting Policies and Estimates** 

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

Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions. We believe that the accounting policies that require the most significant judgments and estimations by management are: (1) premium revenue recognition, including evaluation of risk transfer, (2) loss and loss adjustment expense reserves, (3) fair value measurements related to our investments, (4) valuation of loss and adjustment expenses reserves and intangible assets relating to the Value of Business Acquired ("VOBA") and other intangible assets as part of the Sirius Group acquisition, and (5) income taxes. If actual events differ significantly from the underlying judgments or estimates used by management in the application of these accounting policies, there could be a material adverse effect on our results of operations and financial condition.

***Premium Revenue Recognition Including Evaluation of Risk Transfer***

*Premium Estimates*

Effective January 1, 2021, the Company changed its accounting policy for assumed written premiums. Previously, the Company estimated ultimate premium written for the entire contract period and recorded this estimate at inception of the contract. For contracts where the full premium written was not estimable at inception, the Company recorded premium written for the portion of the contract period for which the amount was estimable.

In 2021, the Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty consistent with the timing of when the ceding company has recognized the written premiums. Premiums written include amounts reported by brokers and ceding companies, supplemented by the Company's own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company's experience with the ceding companies, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the impact of

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

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

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

The following table summarizes premium estimates and related commissions and expenses by segment as of December 31, 2022 and 2021:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| | **Premium Estimates** | **Commission Estimate** | **Amount Included in Insurance and Reinsurance Balances Receivable, Net** | **Premium Estimates** | **Commission Estimate** | **Amount Included in Insurance and Reinsurance Balances Receivable, Net** |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Reinsurance | $948.6 | $(164.9) | $783.7 | $982.5 | $(235.1) | $747.4 |
| Insurance & Services | 426.1 | (142.9) | 283.2 | 283.2 | (85.4) | 197.8 |
| Corporate | 5.6 | 0.9 | 6.5 | 3.7 | 0.9 | 4.6 |
| Total | $1380.3 | $(306.9) | $1073.4 | $1269.4 | $(319.6) | $949.8 |

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*Risk Transfer*

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

***Loss and Loss Adjustment Expense Reserves***

*Loss and Loss Adjustment Expense Reserves by Reportable Segment*

The following table summarize loss and loss adjustment expenses reserves net of reinsurance recoveries separated between (i) case reserves for claims reported ("Case") and (ii) incurred but not reported ("IBNR") reserves for losses that have

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occurred but for which claims have not yet been reported and for expected future development on case reserves as of December 31, 2022 and 2021:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| | **Case** | **IBNR** | **Total** <sup>(1)</sup> | **Case** | **IBNR** | **Total** <sup>(1)</sup> |
| | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| Reinsurance | $1117.4 | $1776.4 | $2893.8 | $1109.8 | $1712.6 | $2822.4 |
| Insurance & Services | 145.1 | 593.2 | 738.3 | 81.8 | 296.4 | 378.2 |
| Corporate | 57.8 | 202.6 | 260.4 | 45.7 | 379.8 | 425.5 |
| Total | $1320.3 | $2572.2 | $3892.5 | $1237.3 | $2388.8 | $3626.1 |

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(1)Excludes deferred charges on retroactive reinsurance contracts.

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

We rely heavily on information reported by MGAs and ceding companies, as discussed above. In order to determine the accuracy and completeness of such information, our underwriters, actuaries, and claims personnel perform audits of certain MGAs and ceding companies, where customary. Generally, ceding company audits are not customary outside the United States. In such cases, we review information from ceding companies for unusual or unexpected results. Any material findings are discussed with the ceding companies. We sometimes encounter situations where it is determined that a claim presentation from a ceding company is not in accordance with contract terms. Most situations are resolved without the need for litigation or arbitration. However, in the infrequent situations where a resolution is not possible, SiriusPoint defends its position in such arbitration or litigation.

See Note 12 "Loss and loss adjustment expense reserves" in our audited consolidated financial statements included elsewhere in this Annual Report for additional information regarding loss and loss adjustment expense reserves including reserving methodologies.

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

The following table details our prior year loss reserve development of liability for net unpaid claims and claim expenses for the years ended December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| | **Unfavorable (favorable) development** | **Unfavorable (favorable) development** |
| | **($ in millions)** | **($ in millions)** |
| Reinsurance | $(8.8) | $(18.6) |
| Insurance & Services | (4.7) | (13.5) |
| Corporate | (7.8) | (10.5) |
| Total net unfavorable (favorable) development | $(21.3) | $(42.6) |

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*<u>Loss and loss adjustment expense development - 2022</u>*

The $21.3 million net decrease in prior years' reserves for the year ended December 31, 2022 was driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $8.8 million of net favorable prior year reserve development in the Reinsurance segment primarily due to COVID-19 reserve releases, partially offset by reserves strengthening in recognition of the current high inflationary environment and increases on prior year catastrophe events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.7 million of net favorable prior year reserve development in the Insurance & Services segment which was primarily driven loss reductions in A&H reserves due to better than expected loss experience, partially offset by reserve strengthening in direct Workers' Compensation reserves based on reported loss emergence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $7.8 million of net favorable prior year reserve development in Corporate due to runoff surety exposures and property losses.

*<u>Loss and loss adjustment expense development - 2021</u>*

The $42.6 million net decrease in prior years' reserves for the year ended December 31, 2021 was driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $18.6 million of net favorable prior year reserve development in the Reinsurance segment as a result of better than expected loss reserve emergence on historical property events relating to multiple accident years and better than expected attritional loss experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $13.5 million of net favorable prior year reserve development in the Insurance & Services segment as a result of better than expected loss experience in A&H for recent accident years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.5 million of net favorable prior year reserve development in Corporate as a result of better than expected loss experience on property and contingency classes moved to runoff in 2021.

*Sensitivity Analysis*

*<u>Actual Results vs. Initial Estimates</u>*

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

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

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

*<u>Potential Variability in Loss Reserve Estimates</u>*

There are possible variations from current estimates of loss reserves due to changes in key assumptions. In order to quantify the potential volatility in the loss reserve estimates, SiriusPoint employs a stochastic simulation approach to produce a range of results around the central estimate and estimated probabilities of possible outcomes. Both the probabilities and the related modeling are subject to inherent uncertainties. The simulation relies on a significant number of assumptions, such as variation in historical loss development patterns and industry losses for major events, potential mis-estimation of the initial expected loss ratios during the pricing process, and unanticipated inflation.

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***Fair value measurements***

*Fair Value Hierarchy*

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

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

*Strategic Investments*

The Company's Strategic Investments are carried at fair value, using the equity method or the cost adjusted for market observable events less impairment method. For Strategic Investments carried at fair value, management uses commonly accepted valuation methods (i.e., income approach, market approach). Where appropriate to utilize equity method, the Company recognizes its share of the investees' income in net realized and unrealized investment gains (losses). Where criteria to be accounted for under the equity method is not met, we have elected to value our Strategic Investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available.

As of December 31, 2022, the Company's Strategic Investments totaled $262.0 million. See Note 6 "Fair value measurements" to our audited consolidated financial statements for additional information on the framework for measuring fair value established by U.S. GAAP disclosure requirements related to investments.

*Investments measured using Net Asset Value* 

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

The fair value of our investments in certain hedge funds and certain private equity funds are also determined using NAV. The hedge fund's administrator provides quarterly updates of fair value in the form of our proportional interest in the underlying fund's NAV, which is deemed to approximate fair value, generally with a three month delay in valuation. The private equity funds provide quarterly or semi-annual partnership capital statements with a three month delay which are used as a basis for valuation. These private equity investments vary in investment strategies and are not actively traded in any open markets. Due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company's reporting date. This includes utilizing preliminary estimates reported by its fund managers and using other information that is available with respect to the underlying investments, as necessary.

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

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***Valuation of components of purchase consideration, loss and adjustment expenses reserves and intangible assets relating to VOBA and other intangible assets as part of the Sirius Group acquisition***

*Purchase consideration*

As a part of the total consideration related to the acquisition of Sirius Group, the Company issued various financial instruments, including preference shares, warrants, and other contingent value components, as discussed further in Note 3 "Acquisition of Sirius Group".

The majority of these instruments were valued utilizing model simulations that included assumptions around equity volatility and other market-based inputs. The Series B preference shares were valued by considering the results of three separate analyses: (i) a comparison to the observed market yields on similar publicly traded preferred shares of other insurance industry peers; (ii) a build-up method whereby an appropriate yield is based on a base level plus incremental amounts for relative risk and liquidity factors; and (iii) a comparison to the observed or implied yields of other securities in the SiriusPoint capital structure.

*Loss and loss adjustment expense reserves*

As a part of the acquisition of Sirius Group, we recognized an adjustment to the acquired loss and loss adjustment reserves of $80.6 million as of December 31, 2021 to reflect the fair value of the acquired reserves as of the acquisition date. The adjustment to loss reserves is included in loss and loss adjustment expense reserves in our consolidated balance sheets and is based on the present value of future payments plus a risk margin.

Management applied judgment in estimating the fair value of loss reserves using historical loss payment patterns and risk margins. As of December 31, 2022, the unamortized fair value adjustment to loss reserves was $53.7 million (2021 - $65.6 million). On an annual basis, or as other factors necessitate such as an assessment, we evaluate the fair value adjustment to loss reserves for impairment. As of December 31, 2022, there were no indicators of impairment.

*VOBA*

As part of the acquisition of Sirius Group, we recognized VOBA of $147.9 million. As of December 31, 2022, VOBA was fully amortized and therefore had no carrying value (2021 - $50.0 million). In the year ended December 31, 2022, amortization of $50.0 million (2021- $97.9 million) was recorded in acquisition costs, net in the consolidated statements of net income (loss). The VOBA related asset is included in deferred acquisition costs and value of business acquired, net on our consolidated balance sheet.

Management determined the fair value of the VOBA intangible asset by calculating the difference between the unearned premium reserve and estimated risk-adjusted future losses and expenses associated with the policies and contracts that were in-force as of the closing date of the acquisition, discounted to present value. Management applied judgment in estimating the VOBA intangible asset, which involved the use of significant assumptions related to the discount rate and expected profitability associated with the unearned premium reserve, which includes an associated risk margin.

*Intangible Assets*

As part of the acquisition of Sirius Group, SiriusPoint recognized identifiable intangible assets. As of December 31, 2022, these identifiable intangible assets had a carrying value of $163.8 million and consisted of the following, and are included in intangible assets on the Company's consolidated balance sheet:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution relationships - refers to the relationships Sirius Group has established with external independent distributors and brokers to facilitate the distribution of its products in the marketplace. As a result of owning the distribution relationships, management will not have to duplicate historical marketing, training, and start-up expenses to redevelop comparable relationships to support business operations. The fair value of the distribution relationships intangible asset was determined using a variation of the income approach. Management applied judgement in estimating the fair value of the distribution relationships intangible asset, which involved the use of assumptions related to the discount rate and customer attrition rate, as well as the expected revenue growth rates and profitability margins (which are used to determine the amount and timing of expected future cash flows);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MGA relationships - refers to relationships with managing general agents on the direct insurance business. Through the MGA relationships, Sirius Group generates a predictable and recurring stream of service fee revenue. The fair value of the MGA relationships intangible asset was determined using a variation of the income approach, which

------

involved the use of assumptions related to the discount rate and customer attrition rate, as well as the expected revenue growth rates and profitability margins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lloyd's Capacity - Syndicate 1945 - relates to relationships associated with the right to distribute and market policies underwritten through Lloyd's Syndicate 1945. The Lloyd's Capacity intangible asset was valued using the market comparable transaction method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insurance licenses - Sirius Group, like other insurance providers, is required to maintain licenses to produce and service insurance contracts. Insurance licenses are estimated to have an indefinite life and are therefore not amortized, but are subject to periodic impairment testing. The insurance licenses were valued using the market comparable transaction method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade name - represents the value of the Sirius Group brand acquired. The trade names intangible asset was valued using the relief from royalty method; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internally developed and used computer software - represents the value of internally developed and used computer software utilized by the Company.

Intangible assets are assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that is more likely than not that an impairment exists. Such events or circumstances may include an economic downturn in a geographic market or a change in the assessment of future operations.

There was no evidence of potential impairment of intangible assets as of December 31, 2022.

***Income Taxes***

We have subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which our subsidiaries and branches are subject to tax are Australia, Belgium, Canada, Germany, Hong Kong (China), Ireland, Luxembourg, Malaysia, Singapore, Sweden, Switzerland, the United Kingdom, and the United States.

*Recoverability of Net Deferred Tax Asset*

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

*Uncertain Tax Positions*

Recognition of the benefit of a given tax position is based upon whether a company determines that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. In evaluating the more likely than not recognition threshold, we must presume that the tax position will be subject to examination by a taxing authority with full knowledge of all relevant information. If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement. As of December 31, 2022, the total reserve for unrecognized tax benefits of $2.3 million. With few exceptions, we are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2018.

*Earnings of Certain Subsidiaries*

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

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

**Recent Accounting Pronouncements**

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

**Item 7A. 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ other long-term investments price 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 generally manage the interest rate risk associated with our portfolio of fixed income investments by 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 December 31, 2022:

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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 | $4161.5 | 300 bp decrease | $4428.2 | $266.7 |
|  |  | 200 bp decrease | 4339.2 | 177.7 |
|  |  | 100 bp decrease | 4250.3 | 88.8 |
|  |  | 50 bp decrease | 4205.8 | 44.3 |
|  |  | 50 bp increase | 4114.5 | (47.0) |
|  |  | 100 bp increase | 4067.7 | (93.8) |
|  |  | 200 bp increase | 3974.1 | (187.4) |
|  |  | 300 bp increase | $3880.5 | $(281.0) |

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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 increased year to date and it is possible that it will continue to do so, which could result in increasing our interest expense in U.S. dollars.

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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 December 31, 2022:

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| | | |
|:---|:---|:---|
| | **10% increase** | **10% decrease** |
| | **($ in millions)** | **($ in millions)** |
| British Pound to U.S. dollar | $(1.2) | $1.2 |
| Euro to U.S. dollar | 0.1 | (0.1) |
| Swedish Krona to U.S. dollar | 5.4 | (5.4) |
| Swiss Franc to U.S. dollar | (0.2) | 0.2 |
| Canadian Dollar to U.S. dollar | $(3.2) | $3.2 |

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***Other Long-term Investments Price Risk***

The carrying values of our other long-term investments are at either fair value, using the equity method, net asset value, or management's cost less any impairment, which is based on fair value, as of the balance sheet date. The fair values of these investments are subject to fluctuations. These fluctuations could cause the amount realized upon sale or exercise of these instruments to differ significantly from the current reported value. The fluctuations may result from perceived changes in the underlying economic characteristics of the investment or other market factors, including interest rates and foreign exchange. Assuming a hypothetical 10% and 30% increase or decrease in the value of our other long-term investments as of December 31, 2022, the carrying value of our other long-term investments would have increased or decreased by approximately $37.7 million and $113.2 million, pre-tax, respectively.

*Investment in Related Party Investment Funds*

The carrying values of our investments in Related Party Investment Funds are valued at fair value. We have elected the practical expedient for fair value for these investments which is estimated based on our share of the net asset value of the respective limited partnership, as provided by the independent fund administrator. Market prices of the underlying investment securities, in general, are subject to fluctuations. Assuming a hypothetical 10% and 30% increase or decrease in the value of our investments in Related Party Investment Funds as of December 31, 2022, the carrying value of these investments would have increased or decreased by approximately $12.9 million and $38.6 million, pre-tax, respectively.

**Item 8. Financial Statements and Supplementary Data**

See our consolidated financial statements and notes thereto and required financial statement schedules commencing on page F-1.

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure**

Not applicable.

**Item 9A. 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 December 31, 2022. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of December 31, 2022.

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**Changes in Internal Control over Financial Reporting**

There were no changes to our internal control over financial reporting in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) under the Exchange Act during the most recent fiscal quarter ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Management's Annual Report on Internal Control over Financial Reporting** 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the company. Internal control over financial reporting is defined in Rules 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the company's principal executive and principal financial officers and effected by the company's Board of Directors, management and other personnel, 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 and includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2022. In making this assessment, management used the criteria set forth by the *Internal Control - Integrated Framework* issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on its assessment, management concluded that, as of December 31, 2022, our internal control over financial reporting is effective based on those criteria.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein.

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**Item 9B. Other Information**

Not applicable.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**Part III**

The following required information is incorporated by reference to our definitive proxy statement that will be filed with the Securities and Exchange Commission not later than 120 days after the close of the fiscal year ended December 31, 2022 pursuant to Regulation 14A:

**Item 10. Directors, Executive Officers and Corporate Governance**

**Item 11. Executive Compensation**

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters**

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

**Item 14. Principal Accounting Fees and Services**

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**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

**Financial Statements, Financial Statement Schedules and Exhibits**

***Financial Statements and Financial Statement Schedules***

See the Index to Consolidated Financial Statements and Supplemental Data on page F-1.

***Exhibits***

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| 3.1 | <u>[Memorandum of Association of Third Point Reinsurance Ltd. (now known as SiriusPoint Ltd.) (incorporated by reference to Exhibit 3.1 to the Company's Form S-1 filed on July 15, 2013).](https://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex31.htm)</u> |
| 3.1.1 | <u>[Certificate of Deposit of Memorandum of Increase of Share Capital of Third Point Reinsurance Ltd. (incorporated by reference to Exhibit 3.1.1 to the Company's Annual Report on Form 10-K filed on February 28, 2014)](http://www.sec.gov/Archives/edgar/data/1576018/000157601814000010/exhibit311.htm)</u>. |
| 3.2 | <u>[Bye-laws of SiriusPoint Ltd. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit31-yogaxsiriuspoi.htm)</u> |
| 3.3 | <u>[Series A Preference Shares Certificate of Designation, dated February 26, 2021 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit32-yogaxcovidx19pre.htm)</u> |
| 3.4 | <u>[Amended and Restated Series B Preference Shares Certificate of Designation, dated March 17, 2021 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on March 18, 2021).](https://www.sec.gov/Archives/edgar/data/1576018/000157601821000057/arseriesbcertificateofdesi.htm)</u> |
| 3.5 | <u>[Certificate of Incorporation on Change of Name (incorporated by reference to Exhibit 3.4 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/changeofname-siriuspoint.htm)</u> |
| 4.1 | <u>[Agreement among Members by and among Third Point Reinsurance Ltd. and each of the Members, dated as of December 22, 2011](http://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex48.htm)</u> <u>[(incorporated by reference to Exhibit 4.8 to the Company's Form S-1 filed on July 15, 2013)](https://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex31.htm)</u>. |
| 4.2 | <u>[Amended and Restated Founders Agreement, by and among Third Point Reinsurance Company Ltd., Third Point Reinsurance (USA) Ltd., KEP TP Bermuda Ltd., KIA TP Bermuda Ltd., Pine Brook LVR, L.P., P RE Opportunities Ltd. and Dowling Capital Partners I, L.P. dated as of February 25, 2015 (incorporated by reference to Exhibit 4.9 to the Company's Annual Report on Form 10-K filed on February 27, 2015)](http://www.sec.gov/Archives/edgar/data/1576018/000157601815000018/exhibit49.htm)</u>. |
| 4.3 | <u>[Senior Indenture, dated as of February 13, 2015, among Third Point Re (USA) Holdings Inc., as issuer, Third Point Reinsurance Ltd., as guarantor, and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on February 13, 2015)](http://www.sec.gov/Archives/edgar/data/1576018/000119312515050287/d874226dex41.htm)</u>. |
| 4.4 | <u>[First Supplemental Indenture, dated as of February 13, 2015, among Third Point Re (USA) Holdings Inc., as issuer, Third Point Reinsurance Ltd., as guarantor, and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on February 13, 2015)](http://www.sec.gov/Archives/edgar/data/1576018/000119312515050287/d874226dex42.htm)</u>. |
| 4.5 | <u>[Second Supplemental Indenture, dated as of December 31, 2021, among Third Point Re (USA) Holdings Inc., as issuer, SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.), as guarantor, and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on January 3, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000002/b910tpre-seniornotesxsuppl.htm)</u> |
| 4.6 | <u>[7.00% Senior Note due 2025 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on February 13, 2015)](http://www.sec.gov/Archives/edgar/data/1576018/000119312515050287/d874226dex43.htm)</u>. |
| 4.7 | <u>[Description of Share Capital (incorporated by reference to Exhibit 4.6 to the Company's Annual Report on Form 10-K filed on March 1, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000021/descriptionofsharecapital.htm)</u> |
| 4.8 | <u>[Warrant Agreement, dated February 26, 2021 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit41-yogaxwarrantag.htm)</u> |
| 4.9 | <u>[Contingent Value Rights Agreement, dated February 26, 2021 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit42-yogaxcvragreem.htm)</u> |
| 4.10 | <u>[Upside Rights, dated February 26, 2021 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit43-yogaxupsideright.htm)</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 4.11 | <u>[Registration Rights Agreement, between SiriusPoint Ltd. and CM Bermuda Limited, dated February 26, 2021 (incorporated by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit44-yogaxregistratio.htm)</u> |
| 4.12 | <u>[Investor Rights Agreement, between SiriusPoint Ltd. and CM Bermuda Limited, dated February 26, 2021 (incorporated by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit45-yogaxinvestorrig.htm)</u> |
| 4.13 | <u>[Investor Rights Agreement, between SiriusPoint Ltd. and Daniel S. Loeb, dated February 26, 2021 (incorporated by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit46-yogaxdlinvestorr.htm)</u> |
| 4.14 | <u>[Assumption Agreement, by and among SiriusPoint Ltd., Bain Capital Special Situations Asia, L.P., CCOF Master, L.P., Centerbridge Credit Partners Master, LP, Centerbridge Special Credit Partners III, LP, and GPC Partners Investments (Canis) LP, dated February 26, 2021 (incorporated by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000031/exhibit47-yogaxwarrantassu.htm)</u> |
| 4.15 | <u>[Specimen Common Share Certificate (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3 filed on May 7, 2021).](https://www.sec.gov/Archives/edgar/data/1576018/000157601821000107/specimensharecertificate.htm)</u> |
| 4.16 | <u>[Warrant Agreement, dated July 29, 2015, between Continental Stock Transfer & Trust Company and Easterly Acquisition Corp. (including form of public warrant certificate) (incorporated by reference to Exhibit 4.1 to Sirius' Annual Report on Form 10-K filed with the SEC on March 5, 2020).](https://www.sec.gov/Archives/edgar/data/1744894/000104746918005432/a2236380zex-4_3.htm)</u> |
| 4.17 | <u>[Form of Assignment, Assumption and Amendment Agreement to Warrant Agreement among Easterly Acquisition Corp., Sirius International Insurance Group, Ltd. and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.2 to the Annual Report on Form 10-K filed by Sirius International Insurance Group, Ltd. on March 5, 2020).](https://www.sec.gov/Archives/edgar/data/1744894/000110465918066380/a18-39635_1ex10d3.htm)</u> |
| 4.18 | <u>[Side Letter with Series B Preference Shareholders (incorporated by reference to Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q filed on August 5, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000163/seriesbpreferred-sidelette.htm)</u> |
| 4.19 | <u>[Indenture, dated as of November 1, 2016, by and between Sirius International Group, Ltd. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-4 filed by Sirius International Insurance Group, Ltd. on September 10, 2018).](https://www.sec.gov/Archives/edgar/data/0001744894/000104746918006092/a2236580zex-10_12.htm)</u> |
| 4.20 | <u>[First Supplemental Indenture, dated as of November 1, 2016, by and between Sirius International Group, Ltd. and The Bank of New York Mellon, as trustee, including form of 4.600% Senior Notes due 2026 (incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-4 filed by Sirius International Insurance Group, Ltd. on September 10, 2018).](https://www.sec.gov/Archives/edgar/data/0001744894/000104746918006092/a2236580zex-10_13.htm)</u> |
| 4.21 | <u>[Supplemental Indenture, dated as of October 28, 2019, between Sirius International Group, Ltd. and The Bank of New York Mellon, as trustee, relating to the First Supplemental Indenture, dated as of November 1, 2016 in regards to the 4.600% Senior Notes due 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Sirius International Insurance Group, Ltd. on October 28, 2019).](https://www.sec.gov/Archives/edgar/data/0001744894/000174489419000022/exhibit101siriussupplement.htm)</u> |
| 4.22 | <u>[Third Supplemental Indenture, dated as of May 27, 2021, by and among Sirius International Group, Ltd., SiriusPoint Ltd. and The Bank of New York Mellon, as trustee, in regards to the 4.600% Senior Notes due 2026 (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed by SiriusPoint Ltd. on May 27, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000150/thirdsupplementalindenture.htm)</u> |
| 4.23 | <u>[Subordinated Indenture, dated as of September 22, 2017, by and among Sirius International Group, Ltd., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon London Branch, as paying agent and calculation agent, including form of Floating Rate Callable Subordinated Notes due 2047 (incorporated by reference to Exhibit 10.14 to the Registration Statement on Form S-4 filed by Sirius International Insurance Group, Ltd. on September 10, 2018).](https://www.sec.gov/Archives/edgar/data/0001744894/000104746918006092/a2236580zex-10_14.htm)</u> |
| 4.24 | <u>[First Supplemental Indenture, dated as of May 27, 2021, by and among Sirius International Group, Ltd., SiriusPoint Ltd., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon, London Branch, as paying agent and calculation agent relating to the Subordinated Indenture, dated as of September 22, 2017 in regards to the Floating Rate Callable Subordinated Notes due 2047 (incorporated by reference to Exhibit 4.6 to the Current Report on Form 8-K filed by SiriusPoint Ltd. on May 27, 2021).](https://www.sec.gov/Archives/edgar/data/1576018/000157601821000150/firstsupplementalindenture.htm)</u> |
| 10.1\*\* | <u>[Employment Agreement between Third Point Reinsurance Ltd. and Daniel Victor Malloy III, dated as of January 23, 2012](http://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex104.htm)</u> <u>[(incorporated by reference to Exhibit 10.4 to the Company's Form S-1 filed on July 15, 2013)](https://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex31.htm)</u>. |
| 10.1.1\*\* | <u>[Amendment No. 1 to Employment Agreement between Third Point Reinsurance Ltd. and Daniel Victor Malloy III, dated as of April 1, 2015 (incorporated by reference to Exhibit 10.4.1 to the Company's Quarterly Report on Form 10-Q filed on May 8, 2015)](http://www.sec.gov/Archives/edgar/data/1576018/000157601815000049/exhibit1041danelvmalloyame.htm)</u>. |
| 10.1.2\*\* | <u>[Amendment No. 2 to Employment Agreement between Third Point Reinsurance Ltd. and Daniel Victor Malloy III dated as of May 4, 2016 (incorporated by reference to Exhibit 10.4.2 to the Company's Quarterly Report on Form 10-Q filed on August 5, 2016)](http://www.sec.gov/Archives/edgar/data/1576018/000157601816000107/amendmentno2tomalloyemploy.htm)</u>. |

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| | |
|:---|:---|
| 10.1.3\*\* | <u>[Amendment No. 3 to Employment Agreement between Third Point Reinsurance Ltd. and Daniel Victor Malloy III, entered into on March 17, 2017, effective as of March 1, 2017 (incorporated by reference to Exhibit 10.4.3 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2017)](http://www.sec.gov/Archives/edgar/data/1576018/000157601817000080/exhibit1043danielvmalloy-a.htm)</u>. |
| 10.1.4\*\* | <u>[Amendment No. 4 to Employment Agreement between Third Point Reinsurance Ltd. and Daniel Victor Malloy III, entered into as of August 3, 2017 (incorporated by reference to Exhibit 10.4.4 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2017)](http://www.sec.gov/Archives/edgar/data/1576018/000157601817000080/exhibit1044danielvmalloy-a.htm)</u>. |
| 10.1.5 \*\* | <u>[Amendment No. 5 to Employment Agreement between Third Point Reinsurance Ltd. and Daniel Victor Malloy III, entered into as of April 1, 2018 (incorporated by reference to Exhibit 10.4.5 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2018)](http://www.sec.gov/Archives/edgar/data/1576018/000157601818000074/exhibit1045amendmentno5tod.htm)</u>. |
| 10.1.6 \*\* | <u>[Amendment No. 6 to Employment Agreement between Third Point Reinsurance Ltd. and Daniel Victor Malloy III, entered into as of May 8, 2019 (incorporated by reference to Exhibit 10.4.6 to the Company's Quarterly Report on Form 10-Q filed on August 7, 2019)](http://www.sec.gov/Archives/edgar/data/1576018/000157601819000077/amendment6toemployment.htm)</u>. |
| 10.2\*\* | <u>[Share Incentive Plan](http://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex105.htm)</u> <u>[(incorporated by reference to Exhibit 10.5 to the Company's Form S-1 filed on July 15, 2013)](https://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex31.htm)</u>. |
| 10.3\*\* | <u>[Form of Director Service Restricted Share Award Agreement (incorporated by reference to Exhibit 10.6.1 to the Company's Annual Report on Form 10-K filed on February 28, 2014)](http://www.sec.gov/Archives/edgar/data/1576018/000157601814000010/exhibit1061.htm)</u>. |
| 10.4\*\* | <u>[Form of Employee Restricted Shares Agreement (incorporated by reference to Exhibit 10.6.6 to the Company's Quarterly Report on Form 10-Q filed on May 9, 2019)](http://www.sec.gov/Archives/edgar/data/1576018/000157601819000046/amendedformofemployeerestr.htm)</u>. |
| 10.5\*\* | <u>[Form of Nonqualified Share Option Agreement under the Share Incentive Plan](http://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex107.htm)</u> <u>[(incorporated by reference to Exhibit 10.7 to the Company's Form S-1 filed on July 15, 2013)](https://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex31.htm)</u>. |
| 10.6\*\* | <u>[Form of Director Service Agreement (Adopted November 2013) (incorporated by reference to Exhibit 10.8.1 to the Company's Annual Report on Form 10-K filed on February 28, 2014)](http://www.sec.gov/Archives/edgar/data/1576018/000157601814000010/exhibit1081.htm)</u>. |
| 10.7\*\* | <u>[Third Point Reinsurance Ltd. 2013 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K filed on February 24, 2017)](http://www.sec.gov/Archives/edgar/data/1576018/000157601817000023/exhibit1010thirdpointreins.htm)</u>. |
| 10.8\*\* | <u>[Third Point Reinsurance Ltd. Annual Incentive Plan (incorporated by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K filed on February 24, 2017)](http://www.sec.gov/Archives/edgar/data/1576018/000157601817000023/exhibit1011thirdpointreins.htm)</u>. |
| 10.9 | <u>[Trademark License Agreement between Third Point LLC and Third Point Reinsurance Ltd., dated as of December 22, 2011](http://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex1022.htm)</u> <u>[(incorporated by reference to Exhibit 10.23 to the Company's Form S-1 filed on July 15, 2013)](https://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex31.htm)</u>. |
| 10.10† | <u>[Letter Agreement dated as of December 22, 2011](http://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex1026.htm)</u> <u>[(incorporated by reference to Exhibit 10.26 to the Company's Form S-1 filed on July 15, 2013)](https://www.sec.gov/Archives/edgar/data/1576018/000119312513290646/d532633dex31.htm)</u>. |
| 10.11\*\* | <u>[Form of](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[Director and Officer Indemnification Agreement](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[(incorporated by reference to Exhibit 10](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[.](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[28](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[to](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[Amendment No. 3 to the Registration Statement on Form S-1](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[/A](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[filed by Third Point Reinsurance](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[Ltd. on August 5, 2013](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[)](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)[.](https://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633dex1028.htm)</u> |
| 10.12\*\* | <u>[Employment Agreement between Third Point Reinsurance (USA) Ltd. and David E. Govrin dated as of March 22, 2017 (incorporated by reference to Exhibit 10.41 to the Company's Annual Report on Form 10-K filed on February 28, 2020).](http://www.sec.gov/Archives/edgar/data/1576018/000157601820000014/thirdpointreusaemploym.htm)</u> |
| 10.13.1\*\* | <u>[Amendment No. 1 to Employment Agreement between Third Point Reinsurance (USA) Ltd. and David E. Govrin dated as of April 1, 2019 (incorporated by reference to Exhibit 10.41.1 to the Company's Annual Report on Form 10-K filed on February 28, 2020).](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000014/dgovrin-amendmentno1to.htm)</u> |
| 10.13.2\*\* | <u>[Amendment No. 2 to Employment Agreement between Third Point Reinsurance (USA) Ltd. and David E. Govrin dated as of May 10, 2019 (incorporated by reference to Exhibit 10.41.2 to the Company's Annual Report on Form 10-K filed on February 28, 2020).](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000014/exhibit10412govrinamen.htm)</u> |
| 10.14 | <u>[Transaction Agreement, dated September 4, 2020, by and among Third Point Reinsurance Ltd., Bain Capital Special Situations Asia, L.P., CCOF Master, L.P., Centerbridge Credit Partners Master, LP, and Centerbridge Special Credit Partners III, LP, and GPC Partners Investments (Canis) LP (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 11, 2020).](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000134/transactionagreement.htm)</u> |
| 10.15\*\* | <u>[Letter Agreement, dated as of September 23, 2020, by and between Third Point Reinsurance Ltd. and David W. Junius (incorporated by reference to Exhibit 10.12 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2020).](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000162/davidjuniusofferletter.htm)</u> |
| 10.16\*\* | <u>[Employee Restricted Share Award Agreement, dated as of October 1, 2020, by and between Third Point Reinsurance Ltd. and David W. Junius (incorporated by reference to Exhibit 10.13 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2020).](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000162/davidjuniusrestricteds.htm)</u> |
| 10.17 | <u>[Credit Agreement, dated as of November 2, 2020, by and among Third Point Reinsurance Ltd., the other subsidiaries of Third Point Reinsurance Ltd. from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and the lenders from time to time party thereto (incorporated by reference to Exhibit 10.14 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2020).](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000162/creditagreement.htm)</u> |

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| | |
|:---|:---|
| 10.18\*\* | <u>[Sirius International Insurance Group, Ltd. 2018 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.6 to Amendment No. 2 to the Registration Statement on Form S-4 filed by Sirius International Insurance Group, Ltd. on October 11, 2018).](https://www.sec.gov/Archives/edgar/data/1744894/000104746918005432/a2236380zex-10_6.htm)</u> |
| 10.18.1\*\* | <u>[Sirius International Insurance Group, Ltd. 2018 Omnibus Incentive Plan - Form of Restricted Share Unit Award, amending and restating the PSU Award granted on February 27, 2020 (incorporated by reference to Exhibit 10.9.3 to the Quarterly Report on Form 10-Q filed by Sirius International Insurance Group, Ltd. on November 9, 2020).](https://www.sec.gov/Archives/edgar/data/1744894/000174489420000044/sg-20200930xexx1093.htm)</u> |
| 10.18.2\*\* | <u>[Sirius International Insurance Group, Ltd. 2018 Omnibus Incentive Plan - Form of Special Restricted Share Unit Award Notice (incorporated by reference to Exhibit 10.9.4 to the Quarterly Report on Form 10-Q filed by Sirius International Insurance Group, Ltd. on November 9, 2020).](https://www.sec.gov/Archives/edgar/data/0001744894/000174489420000044/sg-20200930xexx1094.htm)</u> |
| 10.18.3\*\* | <u>[Sirius International Insurance Group, Ltd. 2018 Omnibus Incentive Plan - Form of Special Restricted Share Unit Award Notice (incorporated by reference to Exhibit 10.9.5 to the Quarterly Report on Form 10-Q filed by Sirius International Insurance Group, Ltd. on November 9, 2020).](https://www.sec.gov/Archives/edgar/data/1744894/000174489420000044/sg-20200930xexx1095.htm)</u> |
| 10.18.4\*\* | <u>[Sirius International Insurance Group, Ltd. 2018 Omnibus Incentive Plan - Form of Special Restricted Share Unit Award Notice (incorporated by reference to Exhibit 10.9.6 to the Quarterly Report on Form 10-Q filed by Sirius International Insurance Group, Ltd. on November 9, 2020).](https://www.sec.gov/Archives/edgar/data/1744894/000174489420000044/sg-20200930xexx1096.htm)</u> |
| 10.19\*\* | <u>[Amended and Restated Employment Agreement dated as of February 15, 2021, by and between Third Point Reinsurance Ltd. and Siddhartha Sankaran (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021).](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)</u> |
| 10.20\*\* | <u>[Amended and Restated Restricted Shares Agreement](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit102sidsankaranamend.htm)[,](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit102sidsankaranamend.htm)[dated as of February 15, 2021, by and between Third Point Reinsurance Ltd. and Siddhartha Sankaran](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit102sidsankaranamend.htm)[(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit102sidsankaranamend.htm)</u> |
| 10.21\*\* | <u>[Employee Share Option Agreement, dated as of February 26, 2021, by and between Third Point Reinsurance Ltd. and Siddhartha Sankaran](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit103sidsankaranshare.htm)[(incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit103sidsankaranshare.htm)</u> |
| 10.22\*\* | <u>[David W. Junius Employment Offer Letter dated September 23, 2021](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit105davidjuniusoffer.htm)[(incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit105davidjuniusoffer.htm)</u> |
| 10.23\*\* | <u>[Vievette Henry Employment Offer Letter dated January 28, 2021](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit107vievettehenryoff.htm)[(incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit107vievettehenryoff.htm)</u> |
| 10.24\*\* | <u>[Prashanth Gangu Employment Offer Letter dated February 3, 2021](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit108prashanthganguof.htm)[(incorporated by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit108prashanthganguof.htm)</u> |
| 10.25\*\* | <u>[Ming Zhang Employment Agreement dated November 3, 2020](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit109mingzhangemploym.htm)[(incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit109mingzhangemploym.htm)</u> |
| 10.26\*\* | <u>[Employee Restricted Share Award Agreement, dated as of November 23, 2020, by and between Third Point Reinsurance Ltd. and Ming Zhang](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1010mingzhangrestri.htm)[(incorporated by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1010mingzhangrestri.htm)</u> |
| 10.27\*\* | <u>[Amended and Restated Director Compensation Policy dated February 23, 2021](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1011amendedrestated.htm)[(incorporated by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1011amendedrestated.htm)</u> |
| 10.28\*\* | <u>[Form of Director Restricted Shares Agreement (Special Award)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1012directorrestric.htm)[(incorporated by reference to Exhibit 10.12 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1012directorrestric.htm)</u> |
| 10.29\*\* | <u>[Form of Employee Restricted Shares Agreement (Legacy TPRE – Retention Awards)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1013formofemployeer.htm)[(incorporated by reference to Exhibit 10.13 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1013formofemployeer.htm)</u> |
| 10.30\*\* | <u>[Form of Employee Restricted Share Unit Agreement (Legacy Sirius - Retention Awards)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1014formofemployeer.htm)[(incorporated by reference to Exhibit 10.14 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1014formofemployeer.htm)</u> |
| 10.31\*\* | <u>[Form of Employee Restricted Shares Agreement (Sign-on Awards)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1015formofemployeer.htm)[(incorporated by reference to Exhibit 10.15 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1015formofemployeer.htm)</u> |
| 10.32\*\* | <u>[Form of Employee Service Restricted Share Unit Agreement](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1016formofemployees.htm)[(incorporated by reference to Exhibit 10.16 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1016formofemployees.htm)</u> |
| 10.33\*\* | <u>[Form of Employee Share Option Agreement](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1017formofemployees.htm)[(incorporated by reference to Exhibit 10.17 to the Company's Quarterly Report on Form 10-Q filed on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit1017formofemployees.htm)</u> |
| 10.34\*\* | <u>[Form of Employee Service Restricted Shares Agreement (prior performance cycles)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000163/rsaawardpriorperformancecy.htm)[(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 5, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000163/rsaawardpriorperformancecy.htm)</u> |
| 10.35\*\* | <u>[Form of Employee Service Restricted Share Unit Agreement (time vesting RSUs)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000163/ltiawardtimevestingrsus.htm)[(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on August 5, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000163/ltiawardtimevestingrsus.htm)</u> |
| 10.36\*\* | <u>[Form of Employee Performance Restricted Share Unit Agreement (performance vesting RSUs)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000163/ltiawardperformancevesting.htm)[(incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on August 5, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000163/ltiawardperformancevesting.htm)</u> |

---

------

---

| | |
|:---|:---|
| 10.37\*\* | <u>[Amended and Restated SiriusPoint Ltd. 2013 Omnibus Incentive Plan](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000183/exhibit101amendedrestateds.htm)[(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on November 3, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000183/exhibit101amendedrestateds.htm)</u> |
| 10.38 | <u>[Loss Portfolio Transfer Reinsurance Agreement by and among SiriusPoint America Insurance Company, SiriusPoint Bermuda Insurance Company Ltd. and Pallas Reinsurance Company Ltd. dated as of October 29, 2021](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000183/exhibit102lpta-ccooctober2.htm)[(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on November 3, 2021)](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000115/exhibit101sidsankaranamend.htm)[.](https://www.sec.gov/Archives/edgar/data/0001576018/000157601821000183/exhibit102lpta-ccooctober2.htm)</u> |
| 10.39 | <u>[Third Amended and Restated Exempted Limited Partnership Agreement of Third Point Enhanced LP, dated August 6, 2020, between Third Point Advisors LLC, as General Partner, Third Point Reinsurance Ltd., Third Point Reinsurance Company Ltd., Third Point Reinsurance (USA) Ltd., and the initial limited partner (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000117/exhibit101-thirdamende.htm)[filed on](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000117/exhibit101-thirdamende.htm)[August](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000117/exhibit101-thirdamende.htm)[10](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000117/exhibit101-thirdamende.htm)[, 2020).](https://www.sec.gov/Archives/edgar/data/1576018/000157601820000117/exhibit101-thirdamende.htm)</u> |
| 10.40 | <u>[Fourth Amended and Restated](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000021/fourthamendedandrestatedlp.htm)[Exempted](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000021/fourthamendedandrestatedlp.htm)[Limited Partnership Agreement of Third Point Enhanced LP, dated as of February 23, 2022, by and among Third Point Advisors L.L.C., SiriusPoint Ltd., SiriusPoint Bermuda Insurance Company Ltd. and Sirius Re Holdings, Inc (incorporated by reference to Exhibit 10.43 to the Company's Annual Report on Form 10-K filed on March 1, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000021/fourthamendedandrestatedlp.htm)</u> |
| 10.41 | <u>[Amended and Restated Investment Management Agreement, dated as of February 23, 2022, by and between Third Point LLC, SiriusPoint Ltd., SiriusPoint America Insurance Company, SiriusPoint Bermuda Insurance Company Ltd. and SiriusPoint International Insurance Corporation (incorporated by reference to Exhibit 10.44 to the Company's Annual Report on Form 10-K filed on March 1, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000021/exhibit1044-artpipsxtpocxi.htm)</u> |
| 10.42\*\* | <u>[Settlement Agreement, dated as of April 6, 2022, by and between SiriusPoint Ltd. and Daniel Malloy (incorporated by reference to Exhibit 10.1 to the Company's](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000048/settlementagreementdmalloy.htm)[Current Report](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000048/settlementagreementdmalloy.htm)[on](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000048/settlementagreementdmalloy.htm)[Form 8-K filed on April 7, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000048/settlementagreementdmalloy.htm)</u> |
| 10.43\*\* | <u>[Amendment to Employment](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[Contract](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[, dated as of December 3, 2021, by and between Monica Cramér Manhem and SiriusPoint Ltd](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[.](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[(](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[inc](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[orporated by reference to Exhibit 10.2 to the Company](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)['](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[s](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[Qu](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[arterly Report on](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[Form 10-Q](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[filed on May 4,](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[2022)](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)[.](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/monicacramrmanhem-amendmen.htm)</u> |
| 10.44\*\* | <u>[Employment Contract, dated as of November 11, 2021, between SiriusPoint International Insurance Corporation (publ) and Andreas Kull (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on May 4, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000079/employmentcontract-andreas.htm)</u> |
| 10.45\*\* | <u>[Daniel Malloy Employment Offer Letter, dated as of June 1, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 3, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000102/danmalloyinterimceoagreeme.htm)</u> |
| 10.46\*\* | <u>[Resignation Agreement and Release, dated as of May 16, 2022, by and between SiriusPoint Ltd. and Siddhartha Sankaran (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on May 17, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000110465922062030/tm2215746d1_ex10-1.htm)</u> |
| 10.47\*\* | <u>[Scott Egan Employment Letter, dated as of September 6, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on September 7, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000110465922098064/tm2225292d1_ex10-1.htm)</u> |
| 10.48\*\* | <u>[Ste](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000113/cfoemploymentagreement-exe.htm)[phen](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000113/cfoemploymentagreement-exe.htm)[Yendall Employment Letter, dated as of October 7, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on October 12, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000113/cfoemploymentagreement-exe.htm)</u> |
| 10.49\*\* | <u>[David Govrin Employment Letter, dated as of October 31, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000122/exhibit101-davidgovrinempl.htm)[November 2](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000122/exhibit101-davidgovrinempl.htm)[, 2022).](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000122/exhibit101-davidgovrinempl.htm)</u> |
| 10.50\*\* | <u>[Confidential Settlement Agreement and Release, dated as of September 30, 2022, by and between SiriusPoint Ltd. and Prashanth Gangu](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000122/exhibit102-confidentialset.htm)[(incorporated by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000122/exhibit102-confidentialset.htm)[2](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000122/exhibit102-confidentialset.htm)[to the Company's Form 8-K filed on November 2, 2022)](https://www.sec.gov/Archives/edgar/data/1576018/000157601822000122/exhibit102-confidentialset.htm)</u>. |
| 10.51\*\* | <u>[Confidential Settlement Agreement and General Release, dated as of November 14, 2022, by and between Sirius Global Services LLC and Vievette Henry.](exhibit1051siriuspointviev.htm)</u> |
| 10.52\*\* | <u>[Offer Letter Agreement, dated as of March 25, 2021, by and between Stuart Liddell and SiriusPoint Ltd](exhibit1052siriuspointoffe.htm)</u>. |
| 10.53\*\* | <u>[Bonus Letter Agreement, dated as of August 3, 2020, by and between Stuart Liddell and Sirius International Insurance Group Plc.](exhibit1053stuartbonusackn.htm)</u> |
| 21.1 | <u>[List of Subsidiaries as of December 31, 2022.](exhibit211listofsubsidiari.htm)</u> |
| 23.1 | <u>[Consent of PricewaterhouseCoopers LLP](exhibit231consentofpricewa.htm)</u> |
| 23.2 | <u>[Consent of Ernst & Young Ltd.](exhibit232consentofernstyo.htm)</u> |
| 23.3 | <u>[Third Point Enhanced LP Consent of Independent](exhibit233thirdpointenhanc.htm)[Auditors](exhibit233thirdpointenhanc.htm)</u> |
| 31.1 | <u>[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.](exhibit311123122.htm)</u> |
| 31.2 | <u>[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.](exhibit312123122.htm)</u> |

---

------

---

| | |
|:---|:---|
| 32.1± | <u>[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.](exhibit321123122.htm)</u> |
| 32.2± | <u>[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.](exhibit322123122.htm)</u> |
| 99.1 | <u>[Audited Financial Statements of Third Point Enhanced LP as of and for the year ended December 31, 20](tpenhanced2022auditedfin.htm)[2](tpenhanced2022auditedfin.htm)[2](tpenhanced2022auditedfin.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 (formatted as 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;

±&nbsp;&nbsp;&nbsp;&nbsp;This certification accompanies the Form 10-K 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-K), irrespective of any general incorporation language contained in such filing.

†&nbsp;&nbsp;&nbsp;&nbsp;Registrant has omitted portions of the referenced exhibit pursuant to a request for confidential treatment under Rule 406 promulgated under the Securities Act of 1933, as amended.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in Pembroke, Bermuda, on February 24, 2023.

&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;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;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Scott Egan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Scott Egan

Title: &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Stephen Yendall and Jimmy Yang, jointly and severally, his or her attorney-in-fact, with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

------

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| /s/ Scott Egan | Chief Executive Officer<br>(Principal Executive Officer) and Director | February 24, 2023 |
| Scott Egan | Chief Executive Officer<br>(Principal Executive Officer) and Director | February 24, 2023 |
| /s/ Stephen Yendall | Chief Financial Officer<br>(Principal Financial Officer) | February 24, 2023 |
| Stephen Yendall | Chief Financial Officer<br>(Principal Financial Officer) | February 24, 2023 |
| /s/ Anthony L. LeHan | Chief Accounting Officer<br>(Principal Accounting Officer) | February 24, 2023 |
| Anthony L. LeHan | Chief Accounting Officer<br>(Principal Accounting Officer) | February 24, 2023 |
| /s/ Sharon Ludlow | Interim Board Chair and Director | February 24, 2023 |
| Sharon Ludlow | Interim Board Chair and Director | February 24, 2023 |
| /s/ Rafe de la Gueronniere | Director | February 24, 2023 |
| Rafe de la Gueronniere | Director | February 24, 2023 |
| /s/ Gretchen A. Hayes | Director | February 24, 2023 |
| Gretchen A. Hayes | Director | February 24, 2023 |
| /s/ Daniel Loeb | Director | February 24, 2023 |
| Daniel Loeb | Director | February 24, 2023 |
| /s/ Mehdi A. Mahmud | Director | February 24, 2023 |
| Mehdi A. Mahmud | Director | February 24, 2023 |
| /s/ Franklin Montross IV | Director | February 24, 2023 |
| Franklin Montross IV | Director | February 24, 2023 |
| /s/ Jason Robart | Director | February 24, 2023 |
| Jason Robart | Director | February 24, 2023 |
| /s/ Peter Tan | Director | February 24, 2023 |
| Peter Tan | Director | February 24, 2023 |

---

------

**SIRIUSPOINT LTD.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA**

---

| | |
|:---|:---|
| | **Page**  |
| **Audited Consolidated Financial Statements** | |
| Report of Independent Registered Public Accounting Firm (PCAOB ID 238) | F-[2](#ieebc835b1e3c4441a0cebf19e6526ce8_142) |
| Report of Independent Registered Public Accounting Firm (on the 2020 consolidated financial statements) (PCAOB ID 1277) | F-[4](#ieebc835b1e3c4441a0cebf19e6526ce8_145) |
| Consolidated Balance Sheets as of December 31, 2022 and 2021 | F-[5](#ieebc835b1e3c4441a0cebf19e6526ce8_148) |
| Consolidated Statements of Income (loss) for the years ended December 31, 2022, 2021 and 2020 | F-[6](#ieebc835b1e3c4441a0cebf19e6526ce8_154) |
| Consolidated Statements of Comprehensive Income (loss) for the years ended December 31, 2022, 2021 and 2020 | F-[7](#ieebc835b1e3c4441a0cebf19e6526ce8_157) |
| Consolidated Statements of Shareholders' Equity for the years ended December 31, 2022, 2021 and 2020 | F-[8](#ieebc835b1e3c4441a0cebf19e6526ce8_160) |
| Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 | F-[9](#ieebc835b1e3c4441a0cebf19e6526ce8_163) |
| Notes to the Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Organization | F-[10](#ieebc835b1e3c4441a0cebf19e6526ce8_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Significant accounting policies | F-[10](#ieebc835b1e3c4441a0cebf19e6526ce8_175) |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Acquisition of Sirius Group | F-[17](#ieebc835b1e3c4441a0cebf19e6526ce8_178) |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Segment reporting | F-[23](#ieebc835b1e3c4441a0cebf19e6526ce8_187) |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Cash, cash equivalents, restricted cash and restricted investments | F-[30](#ieebc835b1e3c4441a0cebf19e6526ce8_190) |
| &nbsp;&nbsp;&nbsp;&nbsp;6. Fair value measurements | F-[30](#ieebc835b1e3c4441a0cebf19e6526ce8_193) |
| &nbsp;&nbsp;&nbsp;&nbsp;7. Investments | F-[36](#ieebc835b1e3c4441a0cebf19e6526ce8_196) |
| &nbsp;&nbsp;&nbsp;&nbsp;8. Total realized and unrealized investment gains (losses) and net investment income | F-[43](#ieebc835b1e3c4441a0cebf19e6526ce8_199) |
| &nbsp;&nbsp;&nbsp;&nbsp;9. Investments in unconsolidated entities | F-[44](#ieebc835b1e3c4441a0cebf19e6526ce8_202) |
| &nbsp;&nbsp;&nbsp;&nbsp;10. Derivatives | F-[44](#ieebc835b1e3c4441a0cebf19e6526ce8_205) |
| &nbsp;&nbsp;&nbsp;&nbsp;11. Variable and voting interest entities | F-[46](#ieebc835b1e3c4441a0cebf19e6526ce8_208) |
| &nbsp;&nbsp;&nbsp;&nbsp;12. Loss and loss adjustment expense reserves | F-[48](#ieebc835b1e3c4441a0cebf19e6526ce8_211) |
| &nbsp;&nbsp;&nbsp;&nbsp;13. Third party reinsurance | F-[63](#ieebc835b1e3c4441a0cebf19e6526ce8_217) |
| &nbsp;&nbsp;&nbsp;&nbsp;14. Allowance for expected credit losses | F-[65](#ieebc835b1e3c4441a0cebf19e6526ce8_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;15. Debt and letter of credit facilities | F-[66](#ieebc835b1e3c4441a0cebf19e6526ce8_226) |
| &nbsp;&nbsp;&nbsp;&nbsp;16. Income taxes | F-[67](#ieebc835b1e3c4441a0cebf19e6526ce8_232) |
| &nbsp;&nbsp;&nbsp;&nbsp;17. Shareholders' equity | F-[71](#ieebc835b1e3c4441a0cebf19e6526ce8_235) |
| &nbsp;&nbsp;&nbsp;&nbsp;18. Share-based compensation and employee benefit plans | F-[72](#ieebc835b1e3c4441a0cebf19e6526ce8_238) |
| &nbsp;&nbsp;&nbsp;&nbsp;19. Earnings (loss) per share available to SiriusPoint common shareholders | F-[75](#ieebc835b1e3c4441a0cebf19e6526ce8_244) |
| &nbsp;&nbsp;&nbsp;&nbsp;20. Related party transactions | F-[75](#ieebc835b1e3c4441a0cebf19e6526ce8_247) |
| &nbsp;&nbsp;&nbsp;&nbsp;21. Commitments and contingencies | F-[78](#ieebc835b1e3c4441a0cebf19e6526ce8_256) |
| &nbsp;&nbsp;&nbsp;&nbsp;22. Statutory requirements | F-[80](#ieebc835b1e3c4441a0cebf19e6526ce8_262) |
| Schedule I - Summary of Investments - Other than Investments in Related Parties | F-[84](#ieebc835b1e3c4441a0cebf19e6526ce8_277) |
| Schedule II - Condensed Financial Information of Registrant | F-[85](#ieebc835b1e3c4441a0cebf19e6526ce8_280) |
| Schedule III - Supplementary Insurance Information | F-[89](#ieebc835b1e3c4441a0cebf19e6526ce8_283) |
| Schedule IV - Reinsurance | F-[90](#ieebc835b1e3c4441a0cebf19e6526ce8_286) |
| Schedule VI - Supplementary Information for Property-Casualty Insurance Operations | F-[91](#ieebc835b1e3c4441a0cebf19e6526ce8_292) |

---

All other schedules and notes specified under Regulation S-X are omitted because they are either not applicable, not required or the information called for therein appears in response to the items in the Consolidated Financial Statements and the related Notes to Consolidated Financial Statements of SiriusPoint Ltd. and its subsidiaries listed on the above index.

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of SiriusPoint Ltd.

**Opinions on the Financial Statements and Internal Control over Financial Reporting**

We have audited the accompanying consolidated balance sheets of SiriusPoint Ltd. and its subsidiaries (the "Company") as of December 31, 2022 and 2021, and the related consolidated statements of income (loss), of comprehensive income (loss), of shareholders' equity and of cash flows for the years then ended, including the related notes and schedules of condensed financial information of registrant, supplementary insurance information, and supplementary information for property-casualty insurance operations as of December 31, 2022 and 2021 and for the years then ended, reinsurance for the years ended December 31, 2022 and 2021, and summary of investments - other than investments in related parties as of December 31, 2022 appearing on the F pages listed in the accompanying index (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

**Basis for Opinions**

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the

------

company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Critical Audit Matters**

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Valuation of Loss and Loss Adjustment Expense Reserves*

As described in Notes 2 and 12 to the consolidated financial statements, the Company's loss and loss adjustment expense reserves as of December 31, 2022 were $5,268.7 million. Loss and loss adjustment expense reserves are established by management based on actuarially determined estimates of ultimate loss and loss adjustment expenses. Inherent in the estimate of ultimate loss and loss adjustment expenses are expected trends in claim severity and frequency and other factors that may vary significantly as claims are settled. As disclosed by management, the uncertainties are primarily due to the lapse of time to receive the reporting of the claims and the ultimate settlement of the claims; the diversity of development patterns among different lines of business; and the reliance on cedents, managing general underwriters, and brokers for information regarding claims. Management applies judgment and uses several actuarial methods to perform the Company's loss reserve analysis, which include the expected loss ratio method, paid loss development method, incurred loss development method, and Bornhuetter-Ferguson paid and incurred loss methods. Use of these methods involves key assumptions, including expected loss ratios and paid and incurred loss development factors. Key to the projection of ultimate loss is the selection and weighting of the actuarial methods.

The principal considerations for our determination that performing procedures relating to valuation of loss and loss adjustment expense reserves is a critical audit matter are (i) the significant judgment by management when developing the estimate; (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating the significant assumptions related to the expected loss ratios, paid and incurred loss development factors, and the selection and weighting of the actuarial methods (collectively, the "significant assumptions"); and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of loss and loss adjustment expense reserves for certain lines of business, including controls over the development of the significant assumptions. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in (i) developing an independent estimate for certain lines of business of the loss and loss adjustment expense reserves, and comparing this independent estimate to management's actuarially determined reserves; and (ii) for certain lines of business, testing management's process for estimating loss and loss adjustment expense reserves by evaluating the appropriateness of management's actuarial reserving methods and the reasonableness of the significant assumptions. Developing an independent estimate and testing management's process also involved testing the completeness and accuracy of data provided by management.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2023

We have served as the Company's auditor since 2021.

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**Report of Independent Registered Public Accounting Firm**

The Shareholders and the Board of Directors

SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.)

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of SiriusPoint Ltd. (the Company) as of December 31, 2020, the related consolidated statements of income, comprehensive income, shareholders' equity and cash flows for the year ended December 31, 2020, and the related notes and financial statement schedules listed in the Index at Item 15 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2020, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.

**Change in Accounting Policy**

As discussed in Note 2 to the consolidated financial statements, the Company changed its method of accounting for assumed gross premiums written effective January 1, 2021, with retrospective application to all periods presented.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

We have served as the Company's auditor from 2012 to 2020.

&nbsp;&nbsp;&nbsp;&nbsp;

Hamilton, Bermuda&nbsp;&nbsp;&nbsp;&nbsp;

February 23, 2021, except for Notes 2, 4, 12 and 13 as to which the date is June 17, 2021 and for Note 4, Schedule II and Schedule III as to which the date is March 1, 2022.

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**SIRIUSPOINT LTD.**

**CONSOLIDATED BALANCE SHEETS**

**As of December 31, 2022 and 2021** 

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

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| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Assets** | | |
| Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2021 - N/A) (cost - $2,678.1; 2021 - N/A) | $2635.5 | $— |
| Debt securities, trading, at fair value (cost - $1,630.1; 2021 - $2,099.3) | 1526.0 | 2085.6 |
| Short-term investments, at fair value (cost - $984.5; 2021 - $1,076.0) | 984.6 | 1075.8 |
| Investments in related party investment funds, at fair value | 128.8 | 909.6 |
| Other long-term investments, at fair value (cost - $392.0; 2021 - $443.0) (includes related party investments at fair value of $201.2 (2021 - $258.2)) | 377.2 | 456.1 |
| Equity securities, trading, at fair value (cost - $1.8; 2021 - $4.5) | 1.6 | 2.8 |
| Total investments | 5653.7 | 4529.9 |
| Cash and cash equivalents | 705.3 | 999.8 |
| Restricted cash and cash equivalents | 208.4 | 948.6 |
| Redemption receivable from related party investment fund | 18.5 | 250.0 |
| Due from brokers | 4.9 | 15.9 |
| Interest and dividends receivable | 26.7 | 8.3 |
| Insurance and reinsurance balances receivable, net | 1876.9 | 1708.2 |
| Deferred acquisition costs and value of business acquired, net | 294.9 | 218.8 |
| Unearned premiums ceded | 348.8 | 242.8 |
| Loss and loss adjustment expenses recoverable, net | 1376.2 | 1215.3 |
| Deferred tax asset | 200.3 | 182.0 |
| Intangible assets | 163.8 | 171.9 |
| Other assets | 157.9 | 126.8 |
| **Total assets** | $11036.3 | $10618.3 |
| **Liabilities** |  |  |
| Loss and loss adjustment expense reserves | $5268.7 | $4841.4 |
| Unearned premium reserves | 1521.1 | 1198.4 |
| Reinsurance balances payable | 813.6 | 688.3 |
| Deposit liabilities | 140.5 | 150.7 |
| Securities sold, not yet purchased, at fair value | 27.0 |  |
| Securities sold under an agreement to repurchase | 18.0 |  |
| Due to brokers |  | 6.5 |
| Accounts payable, accrued expenses and other liabilities | 266.6 | 229.8 |
| Deferred tax liability | 59.8 | 95.4 |
| Liability-classified capital instruments | 60.4 | 87.8 |
| Debt | 778.0 | 816.7 |
| **Total liabilities** | 8953.7 | 8115.0 |
| Commitments and contingent liabilities |  |  |
| **Shareholders' equity** |  |  |
| Series B preference shares (par value $0.10; authorized and issued: 8,000,000) | 200.0 | 200.0 |
| Common shares (issued and outstanding: 162,177,653; 2021 - 161,929,777) | 16.2 | 16.2 |
| Additional paid-in capital | 1641.3 | 1622.7 |
| Retained earnings | 262.2 | 665.0 |
| Accumulated other comprehensive loss, net of tax | (45.0) | (0.2) |
| **Shareholders' equity attributable to SiriusPoint shareholders** | 2074.7 | 2503.7 |
| Noncontrolling interests | 7.9 | (0.4) |
| **Total shareholders' equity** | 2082.6 | 2503.3 |
| **Total liabilities, noncontrolling interests and shareholders' equity** | $11036.3 | $10618.3 |
| **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 INCOME (LOSS)**

**For the years ended December 31, 2022, 2021 and 2020** 

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

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Revenues** |  |  |  |
| Net premiums earned | $2318.1 | $1717 | $610.8 |
| Net realized and unrealized investment gains (losses) | (225.5) | (16.9) | 69.2 |
| Net realized and unrealized investment gains (losses) from related party investment funds | (210.5) | 304.0 | 195.0 |
| Net investment income | 113.3 | 25.4 | 14.7 |
| Net realized and unrealized investment gains (losses) and net investment income | (322.7) | 312.5 | 278.9 |
| Other revenues | 110.2 | 151.2 |  |
| Total revenues | 2105.6 | 2180.7 | 889.7 |
| **Expenses** |  |  |  |
| Loss and loss adjustment expenses incurred, net | 1588.4 | 1326.5 | 465.3 |
| Acquisition costs, net | 461.9 | 387.8 | 187.1 |
| Other underwriting expenses | 184.5 | 158.8 | 30.1 |
| Net corporate and other expenses | 312.8 | 266.6 | 41.9 |
| Intangible asset amortization | 8.1 | 5.9 |  |
| Interest expense | 38.6 | 34.0 | 8.2 |
| Foreign exchange (gains) losses | (66.0) | (44.0) | 5.2 |
| Total expenses | 2528.3 | 2135.6 | 737.8 |
| Income (loss) before income tax (expense) benefit | (422.7) | 45.1 | 151.9 |
| Income tax (expense) benefit | 36.7 | 10.7 | (8.1) |
| **Net income (loss)** | (386.0) | 55.8 | 143.8 |
| Net (income) loss attributable to noncontrolling interests | (0.8) | 2.3 | (0.3) |
| **Net income (loss) available to SiriusPoint** | (386.8) | 58.1 | 143.5 |
| Dividends on Series B preference shares | (16.0) | (13.5) |  |
| **Net income (loss) available to SiriusPoint common shareholders** | $(402.8) | $44.6 | $143.5 |
| **Earnings (loss) per share available to SiriusPoint common shareholders** |  |  |  |
| Basic earnings (loss) per share available to SiriusPoint common shareholders | $(2.51) | $0.28 | $1.54 |
| Diluted earnings (loss) per share available to SiriusPoint common shareholders | $(2.51) | $0.27 | $1.53 |
| **Weighted average number of common shares used in the determination of earnings (loss) per share** |  |  |  |
| Basic | 160228588 | 148667770 | 92510090 |
| Diluted | 160228588 | 150156466 | 92957799 |
| **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 COMPREHENSIVE INCOME (LOSS)**

**For the years ended December 31, 2022, 2021 and 2020**

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

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Comprehensive income (loss)** |  |  |  |
| Net income (loss) | $(386.0) | $55.8 | $143.8 |
| **Other comprehensive loss, net of tax** |  |  |  |
| Change in foreign currency translation | (5.0) | (0.2) |  |
| Unrealized losses from debt securities held as available for sale investments | (42.5) |  |  |
| Reclassifications from accumulated other comprehensive income | 2.7 |  |  |
| **Total other comprehensive loss** | (44.8) | (0.2) |  |
| **Comprehensive income (loss)** | (430.8) | 55.6 | 143.8 |
| Net (income) loss attributable to noncontrolling interests | (0.8) | 2.3 | (0.3) |
| **Comprehensive income (loss) available to SiriusPoint** | $(431.6) | $57.9 | $143.5 |
| **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.** |

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**SIRIUSPOINT LTD.**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

**For the years ended December 31, 2022, 2021 and 2020** 

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

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Series B preference shares** |  |  |  |
| Balance, beginning of period | $200 | $— | $— |
| Issuance of preference shares, net |  | 200.0 |  |
| Balance, end of period | 200.0 | 200.0 |  |
| **Common shares** |  |  |  |
| Balance, beginning of period | 16.2 | 9.6 | 9.5 |
| Issuance of common shares, net | 0.1 | 0.2 | 0.1 |
| Issuance of common shares for Sirius Group acquisition |  | 5.8 |  |
| Issuance of common shares to related party |  | 0.6 |  |
| Common shares repurchased and retired | (0.1) |  |  |
| Balance, end of period | 16.2 | 16.2 | 9.6 |
| **Additional paid-in capital** |  |  |  |
| Balance, beginning of period | 1622.7 | 933.9 | 927.7 |
| Issuance of common shares, net |  | 2.8 | (0.4) |
| Acquisition of Sirius Group |  | 589.7 |  |
| Issuance of common shares to related party |  | 48.0 |  |
| Share compensation | 23.5 | 48.3 | 6.6 |
| Common shares repurchased and retired | (4.9) |  |  |
| Balance, end of period | 1641.3 | 1622.7 | 933.9 |
| **Retained earnings** |  |  |  |
| Balance, beginning of period | 665.0 | 620.4 | 476.9 |
| Net income (loss) | (386.0) | 55.8 | 143.8 |
| Net (income) loss attributable to noncontrolling interests | (0.8) | 2.3 | (0.3) |
| Dividends on preference shares | (16.0) | (13.5) |  |
| Balance, end of year | 262.2 | 665.0 | 620.4 |
| **Accumulated other comprehensive loss, net of tax** |  |  |  |
| Balance, beginning of period | (0.2) |  |  |
| &nbsp;&nbsp;Net change in foreign currency translation adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | (0.2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in foreign currency translation adjustment | (5.0) | (0.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | (5.2) | (0.2) |  |
| &nbsp;&nbsp;Unrealized gains (losses) from debt securities held as available for sale investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) from debt securities held as available for sale investments | (42.5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassifications from accumulated other comprehensive income | 2.7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | (39.8) |  |  |
| Balance, end of period | (45.0) | (0.2) |  |
| **Shareholders' equity attributable to SiriusPoint shareholders** | 2074.7 | 2503.7 | 1563.9 |
| Noncontrolling interests | 7.9 | (0.4) | 1.4 |
| **Total shareholders' equity** | $2082.6 | $2503.3 | $1565.3 |
| **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**

**For the years ended December 31, 2022, 2021 and 2020** 

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

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Operating activities** |  |  |  |
| Net income (loss) | $(386.0) | $55.8 | $143.8 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |
| Share compensation | 30.5 | 11.4 | 6.6 |
| Net realized and unrealized (gain) loss on investments and derivatives | 207.6 | 3.0 | (62.5) |
| Net realized and unrealized (gain) loss on investment in related party investment funds | 210.5 | (304.0) | (195.0) |
| Other revenues | (27.4) | (100.1) |  |
| Gain from sale of consolidated subsidiary |  | (5.8) |  |
| Amortization of premium and accretion of discount, net | (17.2) | 9.5 | (3.8) |
| Amortization of intangible assets | 8.1 | 5.9 |  |
| Depreciation and other amortization | 5.8 | 6.1 |  |
| Other items, net | (33.8) | (22.6) | 6.1 |
| **Changes in assets and liabilities:** |  |  |  |
| Insurance and reinsurance balances receivable, net | (164.7) | (48.3) | 38.6 |
| Deferred acquisition costs and value of business acquired, net | (76.1) | (2.3) | 23.6 |
| Unearned premiums ceded | (106.0) | (33.3) | (17.3) |
| Loss and loss adjustment expenses recoverable, net | (160.9) | (390.2) | (8.9) |
| Deferred tax asset/liability | (53.9) | (44.8) | 7.9 |
| Other assets | (36.9) | 34.8 | (4.6) |
| Interest and dividends receivable | (18.4) | 0.6 | 1.3 |
| Loss and loss adjustment expense reserves | 427.3 | 614.8 | 190.3 |
| Unearned premium reserves | 322.7 | 13.6 | (51.3) |
| Reinsurance balances payable | 125.3 | 223.0 | 1.8 |
| Accounts payable, accrued expenses and other liabilities | 36.8 | (25.5) | (3.3) |
| Net cash provided by operating activities | 293.3 | 1.6 | 73.3 |
| **Investing activities** |  |  |  |
| Proceeds from redemptions from related party investment funds | 741.8 | 200.0 |  |
| Purchases of investments | (6161.3) | (3409.6) | (431.2) |
| Proceeds from sales and maturities of investments | 4110.7 | 2687.9 | 532.2 |
| Change in due to/from brokers, net | 4.5 | 77.9 | (95.0) |
| Acquisition of Sirius Group, net (cash and restricted cash acquired of $740.3) |  | 631.9 |  |
| Proceeds from sale of consolidated subsidiary, net of cash sold |  | 20.5 |  |
| Net cash provided by (used in) investing activities | (1304.3) | 208.6 | 6.0 |
| **Financing activities** |  |  |  |
| Proceeds from issuance of SiriusPoint common shares, net of costs |  | 50.8 |  |
| Taxes paid on withholding shares | (7.1) | (0.5) | (0.3) |
| Purchases of SiriusPoint common shares under share repurchase program | (5.0) |  |  |
| Proceeds from loans under an agreement to repurchase | 17.6 |  |  |
| Cash dividends paid to preference shareholders | (16.0) | (12.2) |  |
| Net payments on deposit liability contracts | (14.0) | (14.0) | (20.2) |
| Change in total noncontrolling interests, net | 0.8 | 0.2 | 1.1 |
| Net cash provided by (used in) financing activities | (23.7) | 24.3 | (19.4) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (1034.7) | 234.5 | 59.9 |
| Cash, cash equivalents and restricted cash at beginning of year | 1948.4 | 1713.9 | 1654.0 |
| **Cash, cash equivalents and restricted cash at end of year** | $913.7 | $1948.4 | $1713.9 |
| **Supplementary information** |  |  |  |
| Interest paid in cash | $39.2 | $39.3 | $8.3 |
| Income taxes paid (received) in cash | $(2.2) | $14.7 | $0.1 |
| **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.** 

**Notes to the Consolidated Financial Statements**

***(Expressed in United States Dollars)***

**1. Organization** 

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

On February 26, 2021, the Company completed the acquisition of Sirius International Insurance Group, Ltd. ("Sirius" or "Sirius Group") and changed its name from Third Point Reinsurance Ltd. to SiriusPoint Ltd. ("SiriusPoint"). The results of operations and cash flows of Sirius Group are included from the acquisition date of February 26, 2021 forward. All references to SiriusPoint throughout this Form 10-K for periods prior to the acquisition date refer to legacy Third Point Reinsurance Ltd., unless otherwise indicated. For additional information, see Note 3 to our consolidated financial statements.

These consolidated financial statements include the results of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All significant intercompany accounts and transactions have been eliminated.

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

**2. Significant accounting policies** 

The following is a summary of the significant accounting and reporting policies adopted by the Company:

**Use of estimates** 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company's consolidated financial statements include, but are not limited to, the loss and loss adjustment expense reserves, estimates of written and earned premiums and fair value of financial instruments.

**Business combinations and intangible assets**

The Company accounts for business combinations in accordance with Accounting Standards Codification ("ASC") Topic 805 *Business Combinations*, and intangible assets that arise from business combinations in accordance with ASC Topic 350 *Intangibles – Goodwill and Other*.

The difference between the fair value of net assets acquired and the purchase price is recorded as a bargain purchase gain in other revenues in the consolidated statements of income (loss).

Intangible assets arising from our business acquisitions are classified as either finite or indefinite-lived intangible assets. Finite-lived intangible assets are amortized over their useful lives with the amortization expense being recognized in the consolidated statements of income (loss). The amortization periods approximate the period over which the Company expects to generate future net cash inflows from the use of these assets. All of these assets are subject to impairment testing for the impairment or disposal of long-lived assets when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Indefinite-lived intangible assets are however not subject to amortization. The carrying values of intangible assets are reviewed for indicators of impairment at least annually. The Company initially evaluates indefinite-lived intangible assets using a qualitative approach to determine whether it is more likely than not that the fair value is greater than its carrying value. If the results of the qualitative evaluation indicate that it is more likely than not that the carrying value exceeds its fair value, the Company performs the quantitative test for impairment. If indefinite-lived intangible assets are impaired, such assets are written down to their fair values with the related expense recognized in the consolidated statements of income (loss).

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**Cash, cash equivalents and restricted cash**

Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of ninety days or less.

Restricted cash and cash equivalents consist of cash held in trust accounts securing obligations under certain reinsurance contracts and cash held in trust accounts securing letters of credit issued under credit facilities.

**Premium revenue recognition** 

Effective January 1, 2021, the Company changed its accounting policy for assumed written premiums. Previously, the Company estimated ultimate premium written for the entire contract period and recorded this estimate at inception of the contract. For contracts where the full premium written was not estimable at inception, the Company recorded premium written for the portion of the contract period for which the amount was estimable.

The Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty consistent with the timing of when the ceding company has recognized the written premiums. Premiums written include amounts reported by brokers and ceding companies, supplemented by the Company's own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company's experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company's underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company's historical experience with the brokers or ceding companies. Changes in premium estimates are expected and may result in adjustments in any reporting period. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined.

The change in policy has been made because it is management's opinion that the revised policy reflects the timing of when premiums are written by the cedent and reduces estimation uncertainty regarding the assets and liabilities recorded.

The following tables provide a summary of the retrospective impact from the change in accounting policy on the Company's consolidated financial statements:

***Consolidated statement of income***

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2020** | **Year ended December 31, 2020** | **Year ended December 31, 2020** |
| | **As previously reported** | **Adjustment** | **As adjusted** |
| Gross premiums written | $588.0 | $0.5 | $588.5 |
| Gross premiums ceded | (39.7) | (6.6) | (46.3) |
| Net premiums written | 548.3 | (6.1) | 542.2 |
| Change in net unearned premium reserves | 62.5 | 6.1 | 68.6 |
| Net premiums earned | $610.8 | $— | $610.8 |
| **Net income available to SiriusPoint common shareholders** | $143.5 | $— | $143.5 |

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***Consolidated statement of cash flow***

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2020** | **Year ended December 31, 2020** | **Year ended December 31, 2020** |
| | **As previously reported** | **Adjustment** | **As adjusted** |
| Insurance and reinsurance balances receivable, net | $38.8 | $(0.2) | $38.6 |
| Deferred acquisition costs and value of business acquired, net | 20.4 | 3.2 | 23.6 |
| Unearned premiums ceded | (10.7) | (6.6) | (17.3) |
| Unearned premium reserves | (51.8) | 0.5 | (51.3) |
| Reinsurance balances payable | (1.3) | 3.1 | 1.8 |
| Net cash provided by operating activities | $73.3 | $— | $73.3 |

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The change in accounting policy had no impact on the previously reported net income (loss) or shareholders' equity attributable to SiriusPoint shareholders.

Premiums for retroactive exposures in reinsurance contracts are earned at the inception of the contract, as all of the underlying loss events covered by these exposures occurred in the past. If the estimated loss and loss adjustment expense reserve differs from the premium received at inception of a retroactive reinsurance contract, the resulting difference is deferred and recognized over the estimated claim payment period of the related contract with the periodic amortization reflected in earnings as a component of loss and loss adjustment expenses incurred.

Unearned premiums represent the portion of premiums written that relate to the remaining term of the underlying policies in force.

**Reinsurance premiums ceded**

The Company reduces the risk of losses on business written by reinsuring certain risks and exposures with other reinsurers. The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent that the Company does not hold sufficient security for their unpaid obligations. Ceded premiums are written during the period in which the risks incept and are earned over the contract period in proportion to the period of risk covered. Unearned premiums ceded consist of the unexpired portion of insurance and reinsurance ceded.

**Funds held**

Funds held by ceding companies represent amounts due to the Company in connection with certain assumed reinsurance agreements in which the ceding company retains a portion of the premium to provide security against future loss payments. The funds held by ceding companies are generally invested by the ceding company and a contractually agreed interest amount is credited to the Company and recognized as investment income. These amounts are included in insurance and reinsurance balances receivable, net on the consolidated balance sheets.

Funds held under reinsurance treaties represent contractual payments due from the Company that have been retained to secure such obligations. These amounts are included in reinsurance balances payable on the consolidated balance sheets.

**Reinsurance**

Reinsurance recoverables include claims we paid and estimates of unpaid losses and loss adjustment expenses that are subject to reimbursement under reinsurance and retrocessional contracts. The method for determining reinsurance recoverables for unpaid losses and loss adjustment expenses involves reviewing actuarial estimates of gross unpaid losses and loss adjustment expenses to determine our ability to cede unpaid losses and loss adjustment expenses under our existing reinsurance contracts. This method is continually reviewed and updated and any resulting adjustments are reflected in earnings in the period identified. Reinsurance premiums, commissions and expense reimbursements are accounted for on a basis consistent with those used in accounting for the original policies issued and the term of the reinsurance contracts. Amounts recoverable from reinsurers for losses and loss adjustment expenses for which the Company has not been relieved of its legal obligations to the policyholder are reported as assets.

**Deferred acquisition costs**

Deferred acquisition costs consist of commissions, brokerage expenses, excise taxes and other costs which are directly attributable to the successful acquisition or renewal of contracts and vary with the production of business. These costs are deferred and amortized over the period in which the related premiums are earned. Amortization of deferred acquisition costs are shown net of contractual commissions earned on reinsurance ceded within acquisition expenses, net in the consolidated statements of net income (loss).

Acquisition costs also include profit commissions which are calculated and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a profit commission is probable under the contract terms.

As a result of the Sirius Group acquisition, a value of business acquired ("VOBA") intangible asset was established. VOBA represents the expected future losses and expenses associated with the policies and contracts that were in-force as of the closing date of the transaction compared to the future premium remaining expected to be earned. The difference between the risk-adjusted future loss and expenses, discounted to present value, and the unearned premium reserve was estimated to be the VOBA. Amortization of VOBA is recorded in acquisition costs, net in the consolidated statements of net income (loss)

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and the VOBA related asset is included in deferred acquisition costs and value of business acquired, net on the consolidated balance sheets. As of December 31, 2022, VOBA was fully amortized and therefore had no carrying value.

The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of expected loss and loss adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums and anticipated investment income. If a loss is probable on the unexpired portion of contracts in force, a premium deficiency loss is recognized. As of December 31, 2022, deferred acquisition costs are considered to be fully recoverable and no premium deficiency has been recorded.

**Loss and loss adjustment expense reserves** 

The Company's loss and loss adjustment expense reserves include case reserves, reserves for losses incurred but not yet reported ("IBNR reserves") and deferred gains on retroactive reinsurance contracts. Case reserves are established for losses that have been reported, but not yet paid. IBNR reserves represent the estimated loss and loss adjustment expenses that have been incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer, including unknown future development on loss and loss adjustment expenses that are known to the insurer or reinsurer. IBNR reserves are established by management based on actuarially determined estimates of ultimate loss and loss adjustment expenses.

Inherent in the estimate of ultimate loss and loss adjustment expenses are expected trends in claim severity and frequency and other factors that may vary significantly as claims are settled. Accordingly, ultimate loss and loss adjustment expenses may differ materially from the amounts recorded in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are recorded in the consolidated statements of income (loss) in the period in which they become known.

**Deposit liabilities** 

Certain contracts do not transfer sufficient insurance risk to be deemed reinsurance contracts and are accounted for using the deposit method of accounting. Management exercises judgment in determining whether contracts transfer sufficient risk to be accounted for as reinsurance contracts. Using the deposit method of accounting, a deposit liability, rather than written premium, is initially recorded based upon the consideration received less any explicitly identified premiums or fees. In subsequent periods, the deposit liability is adjusted by calculating the effective yield on the deposit to reflect actual payments to date and future expected payments. In some cases, the effective yield on the contract may be negative, which will result in the recognition of other income. Fixed interest credits on deposit accounted contracts are included in net corporate and other expenses in the consolidated statements of net income (loss).

**Fair value measurement** 

The Company determines the fair value of financial instruments in accordance with current accounting guidance, which defines fair value and establishes a three level fair value hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Fair value is defined as the price that the Company would receive to sell an asset or would pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Company determines the estimated fair value of each individual security utilizing the highest level inputs available. Refer to Note 6 for additional information.

**Investments** 

***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. Short-term investments are classified as trading securities, carried at fair value and disclosed as a separate line item in the consolidated balance sheets.

***Debt Securities***

The Company's investments are classified as either trading securities or available for sale ("AFS"). Trading securities are carried at fair value with changes in fair value included in earnings in the consolidated statements of income (loss). AFS securities are held at fair value, net of an allowance for credit losses, and any decline in fair value that is believed to arise from factors other than credit is recorded as a separate component of accumulated other comprehensive income (loss) in the consolidated statement of shareholders' equity. The Company has elected to classify debt securities, other than short-term investments, purchased on or after April 1, 2022 as AFS.

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The fair value of the Company's investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications, industry recognized pricing vendors, and/or internal pricing valuation techniques. Investment transactions are recorded on a trade date basis with balances pending settlement included in due to/from brokers in the consolidated balance sheets.

Realized gains and losses are determined using cost calculated on a specific identification basis and are reported pre-tax in revenues. Dividends are recorded on the ex-dividend date. Income and expenses are recorded on the accrual basis including interest and premiums amortized and discounts accreted.

***Other long-term investments***

Other long-term investments consist primarily of hedge funds, private equity funds, and strategic investments. The fair values of hedge funds and private equity funds that produce net asset value ("NAV") are generally recorded based upon the Company's proportionate interest in the underlying fund's NAV, which is deemed to approximate fair value or the equity method where applicable. In addition, 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. In these circumstances and where the fair value option is elected, the Company uses all credible information available to estimate fair value. This includes utilizing preliminary estimates reported by its fund managers and using information that is available to the Company with respect to the underlying investments, as necessary. The changes in fair value are reported in pre-tax revenues in net realized and unrealized investment gains (losses). Actual final fund valuations may differ from the Company's estimates and these differences are recorded in the period they become known as a change in estimates.

Other long-term investments include certain strategic investments that are carried at fair value, using the equity method or the cost adjusted for market observable events less impairment method. For strategic investments carried at fair value, management uses commonly accepted valuation methods (i.e., income approach, market approach). Where appropriate to utilize equity method, the Company recognizes its share of the investees' income in net realized and unrealized investment gains (losses). Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available. See Note 9 for additional information.

***Investments in related party investment funds***

The Company invests in Third Point Enhanced LP ("TP Enhanced Fund"), Third Point Venture Offshore Fund I LP ("TP Venture Fund") and Third Point Venture Offshore Fund II LP ("TP Venture Fund II") (collectively, the "Related Party Investment Funds"), which are related party investment funds. The Company's investments in the funds are stated at their fair value, that generally represents the Company's proportionate interest in the funds as reported by the fund based on the NAV provided by the fund administrator. Increases or decreases in such fair value are recorded within net realized and unrealized investment gains (losses) from related party investment funds in the Company's consolidated statements of income (loss). The Company records contributions and withdrawals related to its investments in the funds on the transaction date.

**Derivative financial instruments**

The Company holds derivative contracts to manage credit risk, interest rate risk, currency exchange risk and other exposure risks. The Company uses derivatives in connection with its risk-management activities to economically hedge certain risks and to gain exposure to certain investments. The utilization of derivative contracts also allows for an efficient means by which to trade certain asset classes.

Fair values of derivatives are determined by using quoted market prices, industry recognized pricing vendors and counterparty quotes when available; otherwise fair values were based on pricing models that consider the time value of money, volatility and the current market and contractual prices of underlying financial instruments.

**Share-based compensation** 

The Company accounts for its share-based compensation transactions using the fair value of the award at the grant date and accounts for forfeitures when they occur. Determining the fair value of share purchase options at the grant date requires

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estimation and judgment. The Company uses an option-pricing model (Black-Scholes) to calculate the fair value of share purchase options and used a simplified method to develop the estimate of expected term, where appropriate.

For share-based compensation awards that contain both a service and performance condition, the Company recognizes compensation expense only for the portion of the award that is considered probable of vesting. Fair value of share-based compensation awards considered probable of vesting are expensed over the requisite service period. The probability of share-based awards vesting is evaluated at each reporting period. Share-based compensation awards that contain only service condition and share purchase options are expensed ratably over the requisite service period.

**Defined benefit plans**

Certain SiriusPoint employees in Europe participate in defined benefit plans. The liability for the defined benefit plans that is reported on the consolidated balance sheets is the current value of the defined benefit obligation at the end of the period, reduced by the fair value of the plan's assets, with adjustments for actuarial gains and losses. The defined benefit pension plan obligation is calculated annually by independent actuaries. The current value of the defined benefit obligation is determined through discounting of expected future cash flows, using interest rates determined by current market interest rates. The service costs and actuarial gains and losses on the defined benefit obligation and the fair value on the plan assets are recognized in the consolidated statements of income (loss).

**Debt offering costs**

Costs incurred in issuing debt, which includes underwriters' fees, legal and accounting fees, printing and other fees are capitalized and presented as a direct deduction from the principal amount of notes payable in the consolidated balance sheets. These costs are amortized over the term of the debt and are included in interest expense in the consolidated statements of income (loss).

**Other underwriting expenses and Net corporate and other expenses**

Other underwriting expenses primarily consist of general and administrative expenses and other operating income and expenses associated with underwriting activities. Other underwriting expenses are also comprised of expenses relating to interest crediting features in certain reinsurance contracts and changes in fair value of reinsurance contracts accounted for as derivatives. Variable and fixed interest crediting features are calculated on funds transferred to the Company where interest is credited based on actual cash received into a notional experience account. The ceding company can typically elect to commute at specific points in time in exchange for the amounts held in the notional experience account. For those contracts that contain variable interest crediting features, actual investment returns realized by the Company are included in the calculation, which can increase the overall effective interest crediting rate on those contracts. Variable interest credit features are accounted for as embedded derivatives. Fixed interest credits on reinsurance contracts are included in other underwriting expenses in the consolidated statements of income (loss).

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

**Foreign currency exchange**

The U.S. dollar is the functional currency for the Company's businesses except for the Canadian reinsurance operations of SiriusPoint America Insurance Company. The Company invests in securities denominated in foreign currencies. Assets and liabilities recorded in these foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are translated using the average exchange rates for the period. Net foreign exchange gains and losses arising from the translation of functional currencies are reported in shareholders' equity, in accumulated other comprehensive loss. As of December 31, 2022, the Company had net unrealized foreign currency translation losses of $5.0 million recorded in accumulated other comprehensive loss on its consolidated balance sheet.

For non functional currencies, the resulting exchange gains and losses are reported as a component of net income (loss) in the period in which they arise within net realized and unrealized investment gains (losses) and net foreign exchange gains (losses).

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**Federal and foreign income taxes**

The Company provides for income taxes for its operations in income tax paying jurisdictions. The Company's provision relies on estimates and interpretations of currently enacted tax laws.

The Company recognizes deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. Any adjustments to deferred income taxes are accounted for as changes in estimates and are reflected in the consolidated statements of income (loss) in the year in which they are made. Adjustments could be material and could significantly impact earnings in the year they are recorded.

**Variable and voting interest entities**

We evaluate our investments to determine whether those investments are variable interest entities ("VIEs") or voting interest entities ("VOEs") and whether consolidation is required. The Company consolidates the results of operations and financial position of all VOEs in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary. 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.

VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity's operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below.

FASB ASC Topic 810 Consolidation requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE's expected losses or residual returns that could potentially be significant to the VIE. For VIEs the Company determines it has a variable interest in, it determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE's purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE's capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company's assessment.

**Noncontrolling interests**

The Company consolidates the results of entities in which it has a controlling financial interest. Noncontrolling interests are presented as a separate line within shareholders' equity in the consolidated balance sheets. The Company records the portion of net (income) loss attributable to noncontrolling interests as a separate line within the consolidated statements of income (loss).

**Earnings per share** 

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

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**Leases** 

Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. The Company does not have any leases classified as finance leases. For its operating leases, the Company recognizes lease assets and liabilities on the balance sheet, with the exception of leases with an original term of 12 months or less. Lease assets and liabilities are initially recognized and measured based on the present value of the lease payments.

**Segment information** 

Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance of the Company. The Company manages its business on the basis of two operating segments: Reinsurance and Insurance & Services.

**Liability-classified capital instruments**

As part of the consideration transferred in the acquisition of Sirius Group, the Company issued various instruments that were classified as liabilities based on their terms, notably the settlement features for each and any potential adjustments to the exercise price for the warrants issued. Liability-classified capital instruments reported in the consolidated balance sheets include Series A preference shares, Merger Warrants, Private Warrants, Sirius Group Public Warrants, Upside Rights and Contingent Value Rights. See Note 3 for additional information on each of these instruments. The liability-classified capital instruments are carried at fair value with changes in fair value included in other revenues in the consolidated statements of income (loss).

**Recent accounting pronouncements** 

***Recently Issued Accounting Standards Not Yet Adopted***

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). The amendment clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. This new pronouncement is not expected to have a material impact on the Company's consolidated financial statements.

**Reclassifications**

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no impact on the previously reported net income (loss) or shareholders' equity attributable to SiriusPoint shareholders.

**3. Acquisition of Sirius Group**

**Overview**

On February 26, 2021, the Company completed its acquisition of Sirius Group. Prior to the closing of the acquisition, Sirius Group was a publicly listed company and traded on the Nasdaq Global Select Market under the symbol "SG". Sirius Group, through its wholly owned subsidiaries, provides multi-line insurance and reinsurance on a worldwide basis. The acquisition of Sirius Group is expected to benefit the Company through expanded underwriting capabilities, geographic footprint and product offerings.

Pursuant to the terms of the acquisition, each common share, par value $0.01 per share, of Sirius Group (each, a "Sirius Share") that was issued and outstanding immediately prior to the closing date of the acquisition was canceled and converted into the right to receive one of the following three consideration options at the shareholder's election:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $9.50 in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a combination of common shares, par value $0.10 per share, of the Company ("Company shares"), and CVR consideration comprising (1) 0.743 of a Company share and (2) one contractual contingent value right (each, a "CVR"), which represents the right to receive a contingent cash payment, which, taken together with the fraction of the Company share received, guarantee that on the second anniversary of the acquisition, the electing shareholder

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will have received equity and cash valued at least $13.73 per Sirius Share; should SiriusPoint shares trade at or above $18.50 over any 14 consecutive trading day period up to the second anniversary of the acquisition, the CVR component will be automatically extinguished (4.7 million CVRs were issued under this consideration option); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** a combination of cash, Company shares, Series A preference shares, warrants and Upside Rights (a "Mixed Election") comprising (1) $0.905 in cash, (2) 0.496 Company shares, (3) 0.106 Series A preference shares, par value $0.10 per share, of the Company (the "Series A preference shares"), (4) 0.190 of a warrant (each, a "Merger warrant") and (5) $0.905 aggregate principal amount of an "upside right" issued by the Company (collectively, the "Upside Rights"). Pursuant to the Company Voting and Support Agreement, CM Bermuda Limited ("CM Bermuda"), whose parent company is CMIG International Holdings Pte. Ltd. ("CMIG International"), made the Mixed Election.

The aggregate consideration for the transaction included the issuance of 58,331,196 SiriusPoint common shares valued at $595.6 million and $100.4 million of cash. In addition to the SiriusPoint common shares and the cash, the aggregate consideration for the transaction also consisted of the issuance of preference shares, warrants, and other contingent value components, as discussed below. The cash consideration portion was funded from available cash resources and $48.6 million from the issuance of SiriusPoint common shares pursuant to the equity commitment letter between the Company, Third Point Opportunities Master Fund Ltd. and Daniel S. Loeb, pursuant to which Third Point Opportunities Master Fund Ltd. committed to purchase up to 9.5% of the Company's shares in connection with closing of the acquisition of Sirius Group.

***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. The Company issued 11,720,987 Series A Preference Shares. The Series A Preference Shares rank *pari passu* with the Company's common shares with respect to the payment of dividends or distributions. Each Series A Preference Share has voting power equal to the number of Company shares into which it is convertible, and the Series A Preference Shares and Company shares shall vote together as a single class with respect to any and all matters.

During the year ended December 31, 2022, the Company did not declare or pay dividends to Series A preference shareholders.

Upon the third anniversary of the closing date of the Sirius Group acquisition, the Series A Preference Shares will be subject to a conversion ratio calculation, which will be based on ultimate COVID-19 losses along with other measurement criteria, to convert to the Company's common shares.

Series A preference shares are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the year ended December 31, 2022, the Company recorded a gain of $18.6 million from the change in fair value of the Series A preference shares. As of December 31, 2022, the estimated fair value of the Series A preference shares is $1.8 million.

***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"). As of December 31, 2022, the Company had reserved for issuance common shares underlying warrants to purchase, in the aggregate, up to 21,009,324 common shares, to previous Sirius Group common shareholders.

The Merger warrants are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the year ended December 31, 2022, the Company recorded a gain of $17.8 million from the change in fair value of the Merger warrants. As of December 31, 2022, the estimated fair value of the Merger warrants is $14.7 million.

***Sirius Group Private Warrants***

On February 26, 2021, the Company entered into an assumption agreement pursuant to which the Company agreed to assume all of the warrants issued on November 5, 2018 and November 28, 2018 (the "Private warrants") by Sirius Group to certain counterparties.

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The Private warrants are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the year ended December 31, 2022, the Company recorded a loss of $1.7 million from the change in fair value of the Private warrants. As of December 31, 2022, the estimated fair value of the Private warrants is $4.9 million.

***Sirius Group Public Warrants***

Under the merger agreement between Sirius Group and Easterly Acquisition Corporation, each of Easterly's existing issued and outstanding public warrants was converted into a warrant exercisable for Sirius Group common shares ("Sirius Group Public Warrants"). From February 26, 2021, holders of the Sirius Group Public Warrants have the right to receive the merger consideration that the holder of the Sirius Group Public Warrants would have received if such holder had exercised his, her or its warrants immediately prior to February 26, 2021. Because the exercise price of such Sirius Group Public Warrants of $18.89 was greater than the per share merger consideration, no such warrants were exercised prior to the completion of the merger and therefore no merger consideration was paid to holders of such warrants. The Sirius Group Public Warrants are not currently listed on any public exchange and will terminate in accordance with their terms.

The Sirius Group Public Warrants are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the year ended December 31, 2022, the Company recorded a gain of $1.1 million from the change in fair value of the Sirius Group Public Warrants. As of December 31, 2022, the Sirius Group Public Warrants had no estimated fair value.

***Upside Rights***

On February 26, 2021, the Company issued Upside Rights with respect to the consideration price of the Sirius Group acquisition. The Upside Rights expired without any value on February 26, 2022.

***Contingent Value Rights***

On February 26, 2021, the Company entered into a contingent value rights agreement with respect to the consideration price of the Sirius Group acquisition. The contingent value rights ("CVRs") are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the year ended December 31, 2022, the Company recorded a loss of $8.4 million from the change in fair value of the CVRs. As of December 31, 2022, the fair value of the CVRs is $39.0 million. The CVRs became publicly traded on the OTCQX Best Market during the quarter ended June 30, 2021.

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**Purchase Price**

The components of the Company's total purchase price for Sirius Group at February 26, 2021 were as follows:

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| | | |
|:---|:---|:---|
| *Cash consideration* |  |  |
| Sirius Group shares acquired for cash |  | $100.4 |
| *Common Shares* |  |  |
| Common Shares issued by SiriusPoint | 58331196 |  |
| SiriusPoint share price as of February 26, 2021 | $10.21 | 595.6 |
| *Preference Shares* |  |  |
| Series A Preference Shares issued, at fair value |  | 40.8 |
| Series B Preference Shares issued, at fair value <sup>(1)</sup> |  | 200.0 |
| *Warrants* |  |  |
| Merger warrants issued, at fair value |  | 53.4 |
| Private warrants issued, at fair value |  | 7.3 |
| Sirius Group Public Warrants, at fair value |  | 2.6 |
| *Upside Rights* |  |  |
| Upside Rights issued, at fair value |  | 6.5 |
| *Contingent value rights (CVRs)* |  |  |
| CVRs issued, at fair value |  | 27.0 |
| CVR waiver restricted shares |  | 0.7 |
| *Other* |  |  |
| Fair value of the replaced Sirius Group equity awards attributable to pre-combination services |  | 37.5 |
| Transaction fee reimbursement |  | 8.0 |
| Total purchase price |  | $1079.8 |

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(1)See Note 17 for additional information.

**Fair Value of Net Assets Acquired and Liabilities Assumed**

The following table summarizes the estimated fair values of major classes of identifiable assets acquired and liabilities assumed of Sirius Group as of February 26, 2021, the date the transaction closed:

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| | |
|:---|:---|
| Identifiable net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and investments | $3944.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance and reinsurance balances receivable, net | 1201.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance assets | 649.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of business acquired | 147.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset | 228.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 178.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 181.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss and loss adjustment expense reserves | (2928.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unearned premium reserves | (900.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | (186.8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt | (728.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (657.7) |
| Total identifiable net assets acquired | 1130.2 |
| Total purchase price | 1079.8 |
| Bargain purchase gain | $50.4 |

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The bargain purchase gain represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase price. The gain from bargain purchase is included in other revenues in the consolidated statements of income (loss). The bargain purchase determination is consistent with the fact that Sirius Group's shares traded at a discount to book value and the need for Sirius Group to quickly diversify its ownership base.

An explanation of the significant fair value adjustments is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Goodwill and intangibles - to eliminate the goodwill and intangible assets in Sirius Group net assets acquired as part of the purchase accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss and loss adjustment expense reserves - to record loss and loss adjustment expense reserves at fair value, reflecting an increase for a market based risk margin, which represents the cost of capital required by a market participant to assume the loss and loss adjustment expense reserves of Sirius Group, partially offset by a deduction which represents the discount due to the present value calculation of the loss and loss adjustment expense reserves based on the expected payout of the net unpaid loss and loss adjustment expense reserves. The fair value adjustment resulted in an additional liability of $80.6 million which is amortized over the expected settlement period of the underlying claims. In addition, management increased certain casualty loss reserves by $70.0 million in order to reflect a consistent reserving approach between the two companies. The increase was in response to accumulated loss experience and the broader industry trends of social inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred acquisition costs - to eliminate Sirius Group's deferred acquisition costs asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value of business acquired ("VOBA") - the expected future losses and expenses associated with the policies and contracts that were in-force as of the closing date of the transaction were estimated and compared to the future premium remaining expected to be earned. The difference between the risk-adjusted future loss and expenses, discounted to present value and the unearned premium reserve, was estimated to be the VOBA. The Company recognized VOBA of $147.9 million as a result of the Sirius Group acquisition. As of December 31, 2022, VOBA was fully amortized and therefore had no carrying value (2021 - $50.0 million). In the year ended December 31, 2022, amortization of $50.0 million (2021- $97.9 million) was recorded in acquisition costs, net in the consolidated statements of net income (loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finite-lived insurance intangible assets - to establish the fair value of identifiable finite-lived insurance intangible assets acquired, including customer and other relationships, trade names and technology. The fair values of the finite-lived intangible assets relating to customer and other relationships were determined using the multi-period excess earnings approach. This method reflects the present value of the projected cash flows that are expected to be generated by the asset, reduced by returns on contributory assets. The Company recognized identifiable finite-lived intangible assets of $130.0 million, which will be amortized over their estimated useful lives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indefinite-lived insurance intangible assets - to establish the fair value of identifiable indefinite-lived insurance intangible assets acquired (Lloyd's capacity and insurance licenses). The Company recognized identifiable indefinite lived intangible assets of $48.8 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax - to reflect adjustments to net deferred tax assets and liabilities related to the fair value adjustments above.

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Identifiable intangible assets consisted of the following and are included in intangible assets on the Company's consolidated balance sheets as of December 31, 2022 and 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Economic Useful Life** | **Gross balance at February 26, 2021** | **Accumulated amortization** | **Net balance at December 31, 2022** |
| Distribution relationships | 17 years | $75.0 | $(1.9) | $73.1 |
| MGA relationships | 13 years | 34.0 | (9.4) | 24.6 |
| Lloyd's Capacity - Syndicate 1945 | Indefinite | 41.8 |  | 41.8 |
| Insurance licenses | Indefinite | 7.0 |  | 7.0 |
| Trade name | 16 years | 16.0 | (0.8) | 15.2 |
| Internally developed computer software | 5 years | 5.0 | (1.9) | 3.1 |
| Identifiable intangible assets |  | $178.8 | $(14.0) | 164.8 |
| Insurance licenses sold |  |  |  | (1.0) |
| Net identifiable intangible assets at December 31, 2022 related to the acquisition of Sirius Group <sup>(1)</sup> | Net identifiable intangible assets at December 31, 2022 related to the acquisition of Sirius Group <sup>(1)</sup> | Net identifiable intangible assets at December 31, 2022 related to the acquisition of Sirius Group <sup>(1)</sup> | Net identifiable intangible assets at December 31, 2022 related to the acquisition of Sirius Group <sup>(1)</sup> | $163.8 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Economic Useful Life** | **Gross balance at February 26, 2021** | **Accumulated amortization** | **Net balance at December 31, 2021** |
| Distribution relationships | 17 years | $75.0 | $— | $75.0 |
| MGA relationships | 13 years | 34.0 | (4.9) | 29.1 |
| Lloyd's Capacity - Syndicate 1945 | Indefinite | 41.8 |  | 41.8 |
| Insurance licenses | Indefinite | 7.0 |  | 7.0 |
| Trade name | 16 years | 16.0 | (0.2) | 15.8 |
| Internally developed computer software | 5 years | 5.0 | (0.8) | 4.2 |
| Identifiable intangible assets |  | $178.8 | $(5.9) | 172.9 |
| Insurance licenses sold |  |  |  | (1.0) |
| Net identifiable intangible assets at December 31, 2021 related to the acquisition of Sirius Group <sup>(1)</sup> | Net identifiable intangible assets at December 31, 2021 related to the acquisition of Sirius Group <sup>(1)</sup> | Net identifiable intangible assets at December 31, 2021 related to the acquisition of Sirius Group <sup>(1)</sup> | Net identifiable intangible assets at December 31, 2021 related to the acquisition of Sirius Group <sup>(1)</sup> | $171.9 |

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(1)No impairments were recorded in the years ended December 31, 2022 and 2021.

The estimated remaining amortization expense for the Company's intangible assets with finite lives is as follows:

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| | |
|:---|:---|
| 2023 | $11.1 |
| 2024 | 12.0 |
| 2025 | 11.4 |
| 2026 | 9.9 |
| 2027 and thereafter | 71.6 |
| Total remaining amortization expense | $116.0 |

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An explanation of the identifiable intangible assets is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution relationships - refers to the relationships Sirius Group has established with external independent distributors and brokers to facilitate the distribution of its products in the marketplace. As a result of owning the distribution relationships, management will not have to duplicate historical marketing, training, and start-up expenses to redevelop comparable relationships to support business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MGA relationships - refers to relationships with managing general agents on the direct insurance business. Through the MGA relationships, Sirius Group generates a predictable and recurring stream of service fee revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lloyd's Capacity - Syndicate 1945 - relates to relationships associated with the right to distribute and market policies underwritten through Lloyd's Syndicate 1945;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insurance licenses - Sirius Group, like other insurance providers, is required to maintain licenses to produce and service insurance contracts. Insurance licenses are estimated to have an indefinite life and are therefore not amortized but are subject to periodic impairment testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade name - represents the value of the Sirius Group brand acquired; and

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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;• Internally developed computer software - represents the value of internally developed computer software utilized by the Company.

**Financial results**

The following table summarizes the results of Sirius Group that have been included in the Company's consolidated statements of income for the year ended December 31, 2021:

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| | |
|:---|:---|
| | **For the period from**<br>**February 26, 2021 to December 31, 2021** |
| Total revenues | $1224.3 |
| Net loss | $(161.2) |

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**Supplemental Pro Forma Information**

Sirius Group's results have been included in the Company's consolidated financial statements from February 26, 2021 to December 31, 2021 and for the year ended December 31, 2022. As such, the following table presents unaudited pro forma consolidated financial information for the years ended December 31, 2021 and 2020, and assumes the acquisition of Sirius Group occurred on January 1, 2020. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2020 or that may be achieved in the future. The unaudited pro forma consolidated financial information does not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may result from the acquisition of Sirius Group. In addition, unaudited pro forma consolidated financial information does not include the effects of costs associated with any restructuring or integration activities resulting from the acquisition of Sirius Group, as they are nonrecurring.

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| | | |
|:---|:---|:---|
| | **2021** | **2020** |
| Total revenues | $2343.9 | $2613.6 |
| Net income (loss) | $60.7 | $(268.4) |

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Among other adjustments, and in addition to the fair value adjustments and recognition of identifiable intangible assets noted above, other material nonrecurring pro forma adjustments directly attributable to the acquisition of Sirius Group principally included certain adjustments to recognize transaction related costs, align reserving approach, amortize fair value adjustments, amortize identifiable indefinite lived intangible assets and recognize related tax impacts.

**4. Segment reporting** 

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

***Reinsurance***

The Company is a leading global (re)insurer, which offers both treaty and facultative reinsurance worldwide through our network of local branches. The Company participates in the broker market for reinsurance treaties written in the United States and Bermuda primarily on a proportional and excess of loss basis. For the Company's international business, the book consists of treaty, written on both a proportional and excess of loss basis, facultative, and primary business, primarily in Europe, Asia and Latin America.

The Reinsurance segment provides coverage in the following product lines:

Aviation & Space – Aviation covers loss of or damage to an aircraft and the aircraft operations' liability to passengers, cargo and hull as well as to third parties, and Space covers damage to a satellite during launch and in orbit.

Casualty – covers a cross section of all casualty lines, including general liability, umbrella, auto, workers compensation, professional liability, and other specialty classes.

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Contingency – covers event cancellation and non-appearance.

Credit & Bond – covers traditional short-term commercial credit insurance, including pre-agreed domestic and export sales of goods and services with typical coverage periods of 60 to 120 days.

Marine & Energy – Marine covers damage to ships and goods in transit, marine liability lines as well as yacht-owner perils. Energy covers offshore energy industry insurance.

Mortgage – covers credit risks that compensates insureds for losses arising from mortgage loan defaults.

Property – consists of the Company's underwriting lines of business that offer property catastrophe excess of loss, proportional property reinsurance, per risk property reinsurance, and agriculture reinsurance and property risk and pro rata on a worldwide basis. Property catastrophe excess of loss reinsurance treaties cover losses to a pool of risks from catastrophic events. Property proportional covers both attritional and catastrophic risks, property per risk covers loss to individual risk, and agriculture provides stop-loss reinsurance coverage, including to companies writing U.S. government-sponsored multi-peril crop insurance.

***Insurance & Services***

The Company provides insurance products to individuals and corporations directly, through agents/brokers or through delegated underwriting agreements with MGAs. The Company seeks to work with MGAs that have strong underwriting expertise, deep understanding of the customer/product niches and/or technology-driven approaches, and a sustainable competitive moat.

Insurance & Services offers a comprehensive set of services for startup MGAs and insurance services companies including risk capital and equity and debt financing. Furthermore, the Company offers expertise in underwriting, pricing and product development to businesses it partners with. The Company's process to identify and approve partner companies includes alignment of interests, disciplined management and strong oversight, which are believed to be critical for success. The Insurance & Services segment predominantly provides insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties.

The Company makes both controlling and non-controlling equity investments and debt investments in MGAs and other insurance-related business (collectively, "Strategic Investments").

The Insurance & Services segment provides coverage in the following product lines:

Accident and Health ("A&H") – consists of life, accident and health coverage, and our MGA units (which include ArmadaCorp Capital, LLC ("Armada") and International Medical Group, Inc. ("IMG")). Armada's products are offered in the United States while IMG offers accident, health and travel products on a worldwide basis.

Environmental – consists of an environmental insurance book in the U.S. comprised of 4 core products that revolve around pollution coverage, which are premises pollution liability, contractor's pollution/pollution liability and professional liability.

Workers' Compensation – consists of state-mandated insurance coverage that provides medical, disability, survivor, burial, and rehabilitation benefits to employees who are injured or killed due to a work-related injury or illness.

Other – consists of a cross section of property and casualty lines, including but not limited to property, general liability, excess liability, commercial auto, professional liability, directors and officers, cyber and other specialty classes.

Management uses segment income (loss) as the primary basis for assessing segment performance. Segment income (loss) is comprised of two components, underwriting income (loss) and net services income (loss). The Company calculates underwriting income (loss) by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned. Net services income (loss) consists of services revenues (fee for service revenues), services expenses, services non-controlling (income) loss and net investment gains (losses) from Strategic Investments. 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 (loss). These items are reconciled to the consolidated presentation in the segment measure reclass column below and include net investment gains (losses) from Strategic Investments where Insurance & Services holds private equity investments. Also included in Insurance & Services segment income (loss) are services noncontrolling loss (income)

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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 (loss).

Corporate includes the results of all runoff business, which represent certain classes of business that the Company no longer actively underwrites, including those that have asbestos and environmental and other latent liability exposures and certain reinsurance contracts that have interest crediting features. In addition, revenue and expenses managed at the corporate level, including realized gains and losses (excluding net investment gains (losses) from Strategic Investments, which are allocated to the Segment results), net realized and unrealized investment gains (losses) from related party investment funds, other investment income, 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 years ended December 31, 2022, 2021 and 2020:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| | **Reinsurance** | **Insurance & Services** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| Gross premiums written  | $1521.4 | $1884.2 | $3405.6 | $— | $4.1 | $— | $3409.7 |
| Net premiums written | 1199.6 | 1346.0 | 2545.6 |  | 3.6 |  | 2549.2 |
| Net premiums earned | 1213.1 | 1086.8 | 2299.9 |  | 18.2 |  | 2318.1 |
| Loss and loss adjustment expenses incurred, net | 855.9 | 718.7 | 1574.6 | (5.2) | 19.0 |  | 1588.4 |
| Acquisition costs, net | 310.3 | 273.2 | 583.5 | (118.6) | (3.0) |  | 461.9 |
| Other underwriting expenses | 113.8 | 62.8 | 176.6 |  | 7.9 |  | 184.5 |
| **Underwriting income (loss)** | (66.9) | 32.1 | (34.8) | 123.8 | (5.7) |  | 83.3 |
| Services revenue | (0.2) | 215.7 | 215.5 | (133.4) |  | (82.1) |  |
| Services expenses |  | 179.2 | 179.2 |  |  | (179.2) |  |
| Net services fee income (loss) | (0.2) | 36.5 | 36.3 | (133.4) |  | 97.1 |  |
| Services noncontrolling loss |  | 1.1 | 1.1 |  |  | (1.1) |  |
| Net investment losses from Strategic Investments | (3.9) | (2.2) | (6.1) |  |  | 6.1 |  |
| **Net services income (loss)** | (4.1) | 35.4 | 31.3 | (133.4) |  | 102.1 |  |
| **Segment income (loss)** | (71.0) | 67.5 | (3.5) | (9.6) | (5.7) | 102.1 | 83.3 |
| 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 | (219.4) | (6.1) | (225.5) |
| Net realized and unrealized investment losses from related party investment funds | Net realized and unrealized investment losses from related party investment funds | Net realized and unrealized investment losses from related party investment funds | Net realized and unrealized investment losses from related party investment funds | Net realized and unrealized investment losses from related party investment funds | (210.5) |  | (210.5) |
| Net investment income |  |  |  |  | 113.3 |  | 113.3 |
| Other revenues |  |  |  |  | 28.1 | 82.1 | 110.2 |
| Net corporate and other expenses |  |  |  |  | (133.6) | (179.2) | (312.8) |
| Intangible asset amortization |  |  |  |  | (8.1) |  | (8.1) |
| Interest expense |  |  |  |  | (38.6) |  | (38.6) |
| Foreign exchange gains |  |  |  |  | 66.0 |  | 66.0 |
| **Income (loss) before income tax benefit** | $(71.0) | $67.5 | (3.5) | (9.6) | (408.5) | (1.1) | (422.7) |
| Income tax benefit |  |  |  |  | 36.7 |  | 36.7 |
| **Net loss** |  |  | (3.5) | (9.6) | (371.8) | (1.1) | (386.0) |
| Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests |  |  | (1.9) | 1.1 | (0.8) |
| **Net loss attributable to SiriusPoint** | **Net loss attributable to SiriusPoint** | **Net loss attributable to SiriusPoint** | $(3.5) | $(9.6) | $(373.7) | $— | $(386.8) |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Loss ratio | 70.6% | 66.1% | 68.5% |  |  |  | 68.5% |
| Acquisition cost ratio | 25.6% | 25.1% | 25.4% |  |  |  | 19.9% |
| Other underwriting expenses ratio | 9.4% | 5.8% | 7.7% |  |  |  | 8.0% |
| Combined ratio  | 105.6% | 97.0% | 101.6% |  |  |  | 96.4% |

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

(2)Insurance and 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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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| | **Reinsurance** | **Insurance & Services** | **Core** | **Eliminations** <sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| Gross premiums written  | $1350.4 | $897.9 | $2248.3 | $— | $(11.8) | $— | $2236.5 |
| Net premiums written | 1124.9 | 652.8 | 1777.7 |  | (43.5) |  | 1734.2 |
| Net premiums earned | 1210.9 | 522.8 | 1733.7 |  | (16.7) |  | 1717.0 |
| Loss and loss adjustment expenses incurred, net | 989.4 | 320.6 | 1310.0 | (2.6) | 19.1 |  | 1326.5 |
| Acquisition costs, net | 302.7 | 149.7 | 452.4 | (67.6) | 3.0 |  | 387.8 |
| Other underwriting expenses | 105.5 | 29.2 | 134.7 |  | 24.1 |  | 158.8 |
| **Underwriting income (loss)** | (186.7) | 23.3 | (163.4) | 70.2 | (62.9) |  | (156.1) |
| Services revenue |  | 133.7 | 133.7 | (82.6) |  | (51.1) |  |
| Services expenses |  | 120.5 | 120.5 |  |  | (120.5) |  |
| Net services fee income |  | 13.2 | 13.2 | (82.6) |  | 69.4 |  |
| Services noncontrolling loss |  | 2.3 | 2.3 |  |  | (2.3) |  |
| Net investment gains (losses) from Strategic Investments | 0.3 | (4.8) | (4.5) |  |  | 4.5 |  |
| **Net services income** | 0.3 | 10.7 | 11.0 | (82.6) |  | 71.6 |  |
| **Segment income (loss)** | (186.4) | 34.0 | (152.4) | (12.4) | (62.9) | 71.6 | (156.1) |
| 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 | (12.4) | (4.5) | (16.9) |
| Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | 304.0 |  | 304.0 |
| Net investment income |  |  |  |  | 25.4 |  | 25.4 |
| Other revenues |  |  |  |  | 100.1 | 51.1 | 151.2 |
| Net corporate and other expenses |  |  |  |  | (146.1) | (120.5) | (266.6) |
| Intangible asset amortization |  |  |  |  | (5.9) |  | (5.9) |
| Interest expense |  |  |  |  | (34.0) |  | (34.0) |
| Foreign exchange gains |  |  |  |  | 44.0 |  | 44.0 |
| **Income (loss) before income tax benefit** | $(186.4) | $34.0 | (152.4) | (12.4) | 212.2 | (2.3) | 45.1 |
| Income tax benefit |  |  |  |  | 10.7 |  | 10.7 |
| **Net income (loss)** |  |  | (152.4) | (12.4) | 222.9 | (2.3) | 55.8 |
| Net loss attributable to noncontrolling interests | Net loss attributable to noncontrolling interests | Net loss attributable to noncontrolling interests |  |  |  | 2.3 | 2.3 |
| **Net income (loss) available to SiriusPoint** | **Net income (loss) available to SiriusPoint** | **Net income (loss) available to SiriusPoint** | $(152.4) | $(12.4) | $222.9 | $— | $58.1 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Loss ratio | 81.7% | 61.3% | 75.6% |  |  |  | 77.3% |
| Acquisition cost ratio | 25.0% | 28.6% | 26.1% |  |  |  | 22.6% |
| Other underwriting expenses ratio | 8.7% | 5.6% | 7.8% |  |  |  | 9.2% |
| Combined ratio | 115.4% | 95.5% | 109.5% |  |  |  | 109.1% |

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

(2)Insurance and 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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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2020** | **2020** | **2020** | **2020** | **2020** | **2020** | **2020** |
| | **Reinsurance** | **Insurance & Services** | **Core** | **Eliminations**<sup>(2)</sup> | **Corporate** | **Segment Measure Reclass** | **Total** |
| Gross premiums written | $534.1 | $25.5 | $559.6 | $— | $28.9 | $— | $588.5 |
| Net premiums written | 497.3 | 16.0 | 513.3 |  | 28.9 |  | 542.2 |
| Net premiums earned | 575.6 | 7.1 | 582.7 |  | 28.1 |  | 610.8 |
| Loss and loss adjustment expenses incurred, net | 459.5 | 5.9 | 465.4 |  | (0.1) |  | 465.3 |
| Acquisition costs, net | 160.4 | 1.4 | 161.8 | (0.1) | 25.4 |  | 187.1 |
| Other underwriting expenses | 24.0 | 0.2 | 24.2 |  | 5.9 |  | 30.1 |
| **Underwriting loss** | (68.3) | (0.4) | (68.7) | 0.1 | (3.1) |  | (71.7) |
| Services revenue |  | 1.7 | 1.7 | (1.7) |  |  |  |
| Services expenses |  | 1.0 | 1.0 |  |  | (1.0) |  |
| Net services fee income |  | 0.7 | 0.7 | (1.7) |  | 1.0 |  |
| Services noncontrolling income |  | (0.3) | (0.3) |  |  | 0.3 |  |
| **Net services income** |  | 0.4 | 0.4 | (1.7) |  | 1.3 |  |
| **Segment loss** | (68.3) |  | (68.3) | (1.6) | (3.1) | 1.3 | (71.7) |
| 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 | 69.2 |  | 69.2 |
| Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | Net realized and unrealized investment gains from related party investment funds | 195.0 |  | 195.0 |
| Net investment income |  |  |  |  | 14.7 |  | 14.7 |
| Net corporate and other expenses |  |  |  |  | (40.9) | (1.0) | (41.9) |
| Interest expense |  |  |  |  | (8.2) |  | (8.2) |
| Foreign exchange losses |  |  |  |  | (5.2) |  | (5.2) |
| **Income (loss) before income tax expense** | $(68.3) | $— | (68.3) | (1.6) | 221.5 | 0.3 | 151.9 |
| Income tax expense |  |  |  |  | (8.1) |  | (8.1) |
| **Net income (loss)** |  |  | (68.3) | (1.6) | 213.4 | 0.3 | 143.8 |
| Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests |  |  |  | (0.3) | (0.3) |
| **Net income (loss) available to SiriusPoint** | **Net income (loss) available to SiriusPoint** | **Net income (loss) available to SiriusPoint** | $(68.3) | $(1.6) | $213.4 | $— | $143.5 |
| **Underwriting Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Loss ratio | 79.8% | 83.1% | 79.9% |  |  |  | 76.2% |
| Acquisition cost ratio | 27.9% | 19.7% | 27.8% |  |  |  | 30.6% |
| Other underwriting expenses ratio | 4.2% | 2.8% | 4.2% |  |  |  | 4.9% |
| Combined ratio | 111.9% | 105.6% | 111.9% |  |  |  | 111.7% |

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

(2)Insurance and 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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The following tables provide a breakdown of net premiums written by client location and underwriting location by reportable segment for the years ended December 31, 2022, 2021 and 2020:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2022** |
| | **Reinsurance** | **Insurance & Services** | **Corporate** | **Total** |
| **Net written premiums by client location:** |  |  |  |  |
| United States and Canada | $746.9 | $1139.5 | $0.5 | $1886.9 |
| Europe | 241.6 | 120.5 | 3.1 | 365.2 |
| Bermuda, the Caribbean and Latin America | 171.4 | 54.6 |  | 226.0 |
| Asia and Other | 39.7 | 31.4 |  | 71.1 |
| **Total net written premiums by client location** | $1199.6 | $1346.0 | $3.6 | $2549.2 |
| **Net written premiums by underwriting location:** |  |  |  |  |
| United States and Canada | $569.2 | $931.3 | $0.5 | $1501.0 |
| Europe | 384.4 | 255.0 | 0.4 | 639.8 |
| Bermuda, the Caribbean and Latin America | 243.6 | 159.7 | 2.7 | 406.0 |
| Asia and Other | 2.4 |  |  | 2.4 |
| **Total net written premiums by underwriting location** | $1199.6 | $1346.0 | $3.6 | $2549.2 |
|  | **2021** | **2021** | **2021** | **2021** |
|  | **Reinsurance** | **Insurance & Services** | **Corporate** | **Total** |
| **Net written premiums by client location:** |  |  |  |  |
| United States and Canada | $579.1 | $560.3 | $1.6 | $1141.0 |
| Europe | 309.5 | 36.4 | (45.8) | 300.1 |
| Bermuda, the Caribbean and Latin America | 114.3 | 13.7 |  | 128.0 |
| Asia and Other | 122.0 | 42.4 | 0.7 | 165.1 |
| **Total net written premiums by client location** | $1124.9 | $652.8 | $(43.5) | $1734.2 |
| **Net written premiums by underwriting location:** |  |  |  |  |
| United States and Canada | $447.1 | $408.9 | $1.6 | $857.6 |
| Europe | 379.8 | 93.0 | (17.5) | 455.3 |
| Bermuda, the Caribbean and Latin America | 246.1 | 150.9 | (27.9) | 369.1 |
| Asia and Other | 51.9 |  | 0.3 | 52.2 |
| **Total net written premiums by underwriting location** | $1124.9 | $652.8 | $(43.5) | $1734.2 |
|  | **2020** | **2020** | **2020** | **2020** |
|  | **Reinsurance** | **Insurance & Services** | **Corporate** | **Total** |
| **Net written premiums by client location:** |  |  |  |  |
| United States and Canada | $300.1 | $13.8 | $— | $313.9 |
| Europe | 83.7 | 1.9 | 28.9 | 114.5 |
| Bermuda, the Caribbean and Latin America | 108.6 |  |  | 108.6 |
| Asia and Other | 4.9 | 0.3 |  | 5.2 |
| **Total net written premiums by client location** | $497.3 | $16.0 | $28.9 | $542.2 |
| **Net written premiums by underwriting location:** |  |  |  |  |
| United States and Canada | $236.3 | $4.9 | $— | $241.2 |
| Bermuda, the Caribbean and Latin America | 261.0 | 11.1 | 28.9 | 301.0 |
| **Total net written premiums by underwriting location** | $497.3 | $16.0 | $28.9 | $542.2 |

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No contract contributed more than 10% of gross premiums written for the years ended December 31, 2022, 2021 and 2020.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Cash and cash equivalents | $705.3 | $999.8 |
| Restricted cash securing letter of credit facilities (1) | 34.3 | 500.2 |
| Restricted cash securing reinsurance contracts (2) | 148.9 | 431.8 |
| Restricted cash held by managing general underwriters | 25.2 | 16.6 |
| Total cash, cash equivalents and restricted cash (3) | 913.7 | 1948.4 |
| Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4) | 2202.2 | 1107.0 |
| Total cash, cash equivalents, restricted cash and restricted investments | $3115.9 | $3055.4 |

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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 our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years.

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

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

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

**6. Fair value measurements**

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

&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. For example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

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

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

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The following tables present the Company's investments, categorized by the level of the fair value hierarchy as of December 31, 2022 and 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2022** |
| | | | | **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 | $— | $230.7 | $— | $230.7 |
| Residential mortgage-backed securities |  | 340.7 |  | 340.7 |
| Commercial mortgage-backed securities |  | 61.2 |  | 61.2 |
| Corporate debt securities |  | 415.7 |  | 415.7 |
| U.S. government and government agency | 1546.2 | 4.4 |  | 1550.6 |
| Non-U.S. government and government agency | 5.0 | 31.6 |  | 36.6 |
| Total debt securities, available for sale | 1551.2 | 1084.3 |  | 2635.5 |
| Asset-backed securities |  | 553.7 |  | 553.7 |
| Residential mortgage-backed securities |  | 133.6 |  | 133.6 |
| Commercial mortgage-backed securities |  | 113.4 |  | 113.4 |
| Corporate debt securities |  | 363.5 |  | 363.5 |
| U.S. government and government agency | 264.1 | 6.3 |  | 270.4 |
| Non-U.S. government and government agency | 8.7 | 79.5 |  | 88.2 |
| Preferred stocks |  |  | 3.2 | 3.2 |
| Total debt securities, trading | 272.8 | 1250.0 | 3.2 | 1526.0 |
| Total equity securities | 1.6 |  |  | 1.6 |
| Short-term investments | 972.8 | 11.8 |  | 984.6 |
| Other long-term investments |  |  | 227.3 | 227.3 |
| Derivative assets |  |  | 9.5 | 9.5 |
|  | $2798.4 | $2346.1 | $240.0 | 5384.5 |
| Cost and equity method investments |  |  |  | 104.8 |
| Investments in funds valued at NAV |  |  |  | 173.9 |
| **Total assets** |  |  |  | $5663.2 |
| **Liabilities** |  |  |  |  |
| Total securities sold, not yet purchased | $27.0 | $— | $— | $27.0 |
| Securities sold under an agreement to repurchase |  | 18.0 |  | 18.0 |
| Liability-classified capital instruments |  | 39.0 | 21.4 | 60.4 |
| Derivative liabilities |  |  | 8.6 | 8.6 |
| **Total liabilities** | $27.0 | $57.0 | $30.0 | $114.0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2021** |
| | | | | **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 | $— | $513.1 | $— | $513.1 |
| Residential mortgage-backed securities |  | 301.9 |  | 301.9 |
| Commercial mortgage-backed securities |  | 147.3 |  | 147.3 |
| Corporate debt securities |  | 602.6 |  | 602.6 |
| U.S. Government and government agency | 360.9 | 24.5 |  | 385.4 |
| Non-U.S. government and government agency | 17.8 | 114.5 |  | 132.3 |
| U.S. States, municipalities, and political subdivision |  | 0.2 |  | 0.2 |
| Preferred stocks |  |  | 2.8 | 2.8 |
| Total debt securities, trading | 378.7 | 1704.1 | 2.8 | 2085.6 |
| Fixed income mutual funds | 2.1 |  |  | 2.1 |
| Common stocks | 0.7 |  |  | 0.7 |
| Total equity securities | 2.8 |  |  | 2.8 |
| Short-term investments | 1073.2 | 2.6 |  | 1075.8 |
| Other long-term investments |  |  | 262.0 | 262.0 |
| Derivative assets | 0.2 |  | 0.4 | 0.6 |
|  | $1454.9 | $1706.7 | $265.2 | 3426.8 |
| Cost and equity method investments |  |  |  | 89.2 |
| Investments in funds valued at NAV |  |  |  | 1014.5 |
| **Total assets** |  |  |  | $4530.5 |
| **Liabilities** |  |  |  |  |
| Liability-classified capital instruments | $— | $30.6 | $57.2 | $87.8 |
| Derivative liabilities |  |  | 3.2 | 3.2 |
| **Total liabilities** | $— | $30.6 | $60.4 | $91.0 |

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During the years ended December 31, 2022 and December 31, 2021 the Company did not reclassify its assets or liabilities between Levels 2 and 3.

**Valuation techniques**

The Company uses outside 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 outside 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 outside 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 pricing services using a pricing model that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including issuer, vintage, loan type,

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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 pricing services. When evaluating these securities, the 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 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 pricing services. When evaluating these securities, the 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 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 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 pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

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

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

***Preferred stocks***

The fair value of preferred stocks is generally priced by independent pricing services using an evaluated pricing model that calculates the appropriate spread over a comparable security for each issue. Key inputs include exchange prices (underlying and common stock of same issuer), benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications.

***Short-term investments***

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

**Investments measured using Net Asset Value** 

The Company values its investments in limited partnerships, including its investments in related party investment funds, at fair value. The Company has elected the practical expedient for fair value for these investments which is estimated based on the Company's share of the NAV of the limited partnerships, as provided by the independent fund administrator, as the

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Company believes it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents the Company's proportionate interest in the members' equity of the limited partnerships.

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

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

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

**Level 3 Investments**

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

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

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

For Strategic Investments carried at fair value, management either engages a third-party valuation specialist to assist in determination of the fair value based on commonly accepted valuation methods (i.e., income approach, market approach) as of the valuation date or performs valuation internally. In addition, investors fair value analyses prepared by third party valuation specialists working with Strategic Investment operating management are referenced where available.

See Note 10 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 table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2022:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **January 1,<br>2022** | **Transfers in to (out of) Level 3** | **Purchases** | **Sales** | **Realized and Unrealized Gains (Losses)** <sup>(1)</sup> | **Change in Unrealized Gains (Losses) in OCI** | **December 31,<br>2022** |
| **Assets** | | | | | | | |
| Preferred stocks | $2.8 | $— | $— | $— | $0.4 | $— | $3.2 |
| Other long-term investments | 262.1 |  | 2.1 | (24.7) | (12.2) |  | 227.3 |
| Derivative assets | 0.4 |  | 43.3 |  | (34.2) |  | 9.5 |
| **Total assets** | $265.3 | $— | $45.4 | $(24.7) | $(46.0) | $— | $240.0 |
| **Liabilities** |  |  |  |  |  |  |  |
| Liability-classified capital instruments | $(57.2) | $— | $— | $— | $35.8 | $— | $(21.4) |
| Derivative liabilities | (3.2) |  |  | (3.4) | (2.0) |  | (8.6) |
| **Total liabilities** | $(60.4) | $— | $— | $(3.4) | $33.8 | $— | $(30.0) |

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(1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total realized and unrealized investment gains (losses) and net investment income in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other underwriting expenses, net of foreign exchange (gains) losses, in the consolidated statements of income (loss).

The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the year ended December 31, 2021:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **January 1,<br>2021** | **Transfers in to (out of) Level 3** | **Purchases** | **Assets Acquired** <sup>(1)</sup> | **Sales** | **Realized and Unrealized Gains (Losses)** <sup>(2)</sup> | **December 31,<br>2021** |
| **Assets** | | | | | | | |
| Preferred stocks | $— | $— | $10 | $2.8 | $(10.0) | $— | $2.8 |
| Other long-term investments | 4.0 |  | 71.2 | 216.6 | (24.9) | (4.8) | 262.1 |
| Derivative assets | 1.2 | (1.2) |  | 0.3 | (1.4) | 1.5 | 0.4 |
| Loan participations |  |  | 9.0 | 32.8 | (42.8) | 1.0 |  |
| **Total assets** | $5.2 | $(1.2) | $90.2 | $252.5 | $(79.1) | $(2.3) | $265.3 |
| **Liabilities** |  |  |  |  |  |  |  |
| Liability-classified capital instruments | $— | $27 | $(137.6) | $— | $— | $53.4 | $(57.2) |
| Contingent consideration liabilities |  |  |  | (0.7) | 1.9 | (1.2) |  |
| Derivative liabilities | (1.0) | 1.2 | (0.4) | (2.0) |  | (1.0) | (3.2) |
| **Total liabilities** | $(1.0) | $28.2 | $(138.0) | $(2.7) | $1.9 | $51.2 | $(60.4) |

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(1)Includes amounts acquired as a result of the Sirius Group acquisition.

(2)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total realized and unrealized investment gains (losses) and net investment income in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other underwriting expenses, net of foreign exchange (gains) losses, in the consolidated statements of income (loss).

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.

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***Financial instruments disclosed, but not carried at fair value***

The Company uses various financial instruments in the normal course of its business. The carrying values of cash, accrued investment income, certain other assets, certain other liabilities, and other financial instruments not included in the table below approximated their fair values as of December 31, 2022 and 2021, due to their respective short maturities. The following table includes financial instruments for which the carrying value differs from the estimated fair values as of December 31, 2022 and 2021. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| | **Fair Value** | **Carrying Value** | **Fair Value** | **Carrying Value** |
| 2017 SEK Subordinated Notes | $259.0 | $258.6 | $302.3 | $296.3 |
| 2016 SIG Senior Notes | 343.7 | 404.8 | 412.8 | 406.0 |
| 2015 Senior Notes | 112.6 | 114.6 | 120.5 | 114.4 |
| Series B preference shares | $186.0 | $200.0 | $220.9 | $200.0 |

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**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 held for trading, debt securities available for sale, short-term investments, equity securities, and other long-term investments which are classified as trading securities with the exception of debt securities held as available for sale. 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 flow through other comprehensive income (loss).

For debt securities classified as available for sale 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 (loss). The allowance is limited to the difference between amortized cost and fair value. A credit losses impairment assessment is performed on securities with 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 (loss).

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**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 December 31, 2022 and 2021:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| | **Cost or<br>amortized<br>cost** | **Gross<br>unrealized<br>gains** | **Gross**<br>**unrealized**<br>**losses** <sup>(3)</sup> | **Net foreign<br>currency<br>gains<br>(losses)** | **Fair value** |
| Debt securities, available for sale |  |  |  |  |  |
| Asset-backed securities | $234.1 | $0.9 | $(4.3) | $— | $230.7 |
| Residential mortgage-backed securities | 354.3 | 0.3 | (13.9) |  | 340.7 |
| Commercial mortgage-backed securities | 62.1 |  | (0.9) |  | 61.2 |
| Corporate debt securities | 428.5 | 0.5 | (13.1) | (0.2) | 415.7 |
| U.S. government and government agency <sup>(1)</sup> | 1561.9 | 3.2 | (14.5) |  | 1550.6 |
| Non-U.S. government and government agency | 37.2 |  | (0.7) | 0.1 | 36.6 |
| Total debt securities, available for sale<sup>(2)(3)</sup> | $2678.1 | $4.9 | $(47.4) | $(0.1) | $2635.5 |
| Debt securities, trading |  |  |  |  |  |
| Asset-backed securities | $575.5 | $0.1 | $(21.9) | $— | $553.7 |
| Residential mortgage-backed securities | 155.9 |  | (22.3) |  | 133.6 |
| Commercial mortgage-backed securities | 130.5 |  | (17.1) |  | 113.4 |
| Corporate debt securities | 391.4 |  | (27.2) | (0.7) | 363.5 |
| U.S. government and government agency <sup>(1)</sup> | 278.6 |  | (8.2) |  | 270.4 |
| Non-U.S. government and government agency | 95.8 |  | (4.0) | (3.6) | 88.2 |
| Preferred stocks | 2.4 | 0.8 |  |  | 3.2 |
| Total debt securities, trading | $1630.1 | $0.9 | $(100.7) | $(4.3) | $1526.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| | **Cost or<br>amortized<br>cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Net foreign<br>currency<br>gains<br>(losses)** | **Fair value** |
| Asset-backed securities | $512.6 | $0.9 | $(0.4) | $— | $513.1 |
| Residential mortgage-backed securities | 306.5 |  | (4.6) |  | 301.9 |
| Commercial mortgage-backed securities | 148.4 | 0.6 | (1.7) |  | 147.3 |
| Corporate debt securities | 605.5 | 0.6 | (3.5) |  | 602.6 |
| U.S. government and government agency<sup>(1)</sup> | 388.1 | 0.1 | (2.8) |  | 385.4 |
| Non-U.S. government and government agency | 135.4 | 0.3 | (2.6) | (0.8) | 132.3 |
| U.S. states, municipalities and political subdivision | 0.2 |  |  |  | 0.2 |
| Preferred stocks | 2.6 | 0.2 |  |  | 2.8 |
| Total debt securities <sup>(2)(3)</sup> | $2099.3 | $2.7 | $(15.6) | $(0.8) | $2085.6 |

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(1)The Company had $27.0 million short positions in long duration U.S. Treasuries as of December 31, 2022 (As of December 31, 2021, there were no short positions in long duration U.S. Treasuries). These amounts are included in securities sold, not yet purchased in the consolidated balance sheets.

(2)As of December 31, 2022, all debt securities classified as available for sale that are in a gross unrealized loss position have been in a gross unrealized loss position for less than 12 months. As of December 31, 2021, there were no debt securities classified as available for sale.

(3)As of December 31, 2022, the Company did not record an allowance for credit losses on the AFS portfolio. As of December 31, 2021, there were no debt securities classified as available for sale.

The weighted average duration of the Company's debt securities, net of short positions in U.S. treasuries, as of December 31, 2022 was approximately 1.8 years, including short-term investments (2021 - 1.6 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 ("trading") and AFS as of December 31, 2022 and 2021 by contractual maturity. Actual maturities

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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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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| | **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** |
| Due in one year or less | $240.4 | $230.9 | $104.2 | $104.0 | $145.6 | $145.1 |
| Due after one year through five years | 426.5 | 407.0 | 1822.7 | 1802.0 | 870.4 | 862.4 |
| Due after five years through ten years | 63.4 | 55.7 | 95.8 | 92.3 | 69.6 | 68.6 |
| Due after ten years | 35.5 | 28.5 | 4.9 | 4.6 | 43.6 | 44.4 |
| Mortgage-backed and asset-backed securities | 861.9 | 800.7 | 650.5 | 632.6 | 967.5 | 962.3 |
| Preferred stocks | 2.4 | 3.2 |  |  | 2.6 | 2.8 |
| Total debt securities | $1630.1 | $1526.0 | $2678.1 | $2635.5 | $2099.3 | $2085.6 |

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(1) As of December 31, 2021, there were no debt securities classified as available for sale.

The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of December 31, 2022 and 2021:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2022** | **2021** |
| | **Debt securities, trading** | **Debt securities, AFS** | **Debt securities, trading** |
| AAA | $564.4 | $172.8 | $696.4 |
| AA | 523.2 | 1907.6 | 884.1 |
| A | 181.1 | 188.9 | 278.5 |
| BBB | 158.1 | 149.9 | 153.1 |
| Other | 99.2 | 216.3 | 73.5 |
| Total debt securities <sup>(1)(2)</sup> | $1526.0 | $2635.5 | $2085.6 |

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(1)Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor's ("S&P") and 2) Moody's Investors Service.

(2)As of December 31, 2021, there were no debt securities classified as available for sale.

As of December 31, 2022, the above totals included $95.3 million of sub-prime securities. Of this total, $56.1 million were rated AAA, $20.0 million rated AA and $19.2 million were unrated. As of December 31, 2021, the above totals included $51.8 million of sub-prime securities. Of this total, $35.1 million were rated AAA, $16.1 million rated AA and $0.6 million rated A.

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**Equity securities and 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 equity securities and other long-term investments as of December 31, 2022 and 2021 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** |
| **December 31, 2022** | | | | | |
| Equity securities | $1.8 | $— | $(0.2) | $— | $1.6 |
| Other long-term investments | $392.0 | $27.5 | $(41.8) | $(0.5) | $377.2 |
| **December 31, 2021** |  |  |  |  |  |
| Equity securities | $4.5 | $0.1 | $(2.0) | $0.2 | $2.8 |
| Other long-term investments | $443.0 | $28.9 | $(16.8) | $1.0 | $456.1 |

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The carrying value of other long-term investments as of December 31, 2022 and 2021 were as follows:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Hedge funds and private equity funds <sup>(1)</sup> | $84.9 | $195.7 |
| Strategic Investments <sup>(2)</sup> | 262.0 | 215.3 |
| Other investments <sup>(2)</sup> | 30.3 | 45.1 |
| Total other long-term investments | $377.2 | $456.1 |

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(1)Includes $45.1 million of investments carried at NAV (December 31, 2021 - $115.2 million) and $25.1 million of investments classified as Level 3 (December 31, 2021 - $80.5 million) within the fair value hierarchy.

(2)As of December 31, 2022, the Company had $16.0 million of unfunded commitments relating to these investments (December 31, 2021 - $13.8 million).

**Hedge funds and private equity funds**

The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. The following table summarizes investments in hedge funds and private equity interests by investment objective and sector as of December 31, 2022 and 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| | **Fair value** | **Unfunded<br>commitments** | **Fair value** | **Unfunded<br>commitments** |
| Hedge funds |  |  |  |  |
| Long/short multi-sector | $8.8 | $— | $19.8 | $— |
| Distressed mortgage credit |  |  | 24.6 |  |
| Private credit | 20.7 |  | 24.2 |  |
| Other | 0.2 |  | 1.7 |  |
| Total hedge funds | 29.7 |  | 70.3 |  |
| Private equity funds |  |  |  |  |
| Energy infrastructure & services | 10.2 | 5.0 | 48.4 | 19.0 |
| Multi-sector | 6.6 | 5.1 | 10.1 | 5.1 |
| Healthcare | 19.9 | 0.3 | 31.0 | 2.2 |
| Life settlement | 13.6 |  | 12.9 |  |
| Manufacturing/Industrial |  |  | 19.9 |  |
| Private equity secondaries | 0.4 | 0.1 | 0.5 | 0.4 |
| Other | 4.5 | 21.0 | 2.6 |  |
| Total private equity funds | 55.2 | 31.5 | 125.4 | 26.7 |
| Total hedge and private equity funds included in other long-term investments | $84.9 | $31.5 | $195.7 | $26.7 |

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(1)The table excludes the Company's investments in TP Enhanced Fund, TP Venture Fund and TP Venture Fund II. See "Investment in related party investment funds" below for additional information.

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Redemption of investments in certain hedge funds is subject to restrictions including lock-up periods where no redemptions or withdrawals are allowed, restrictions on redemption frequency, and advance notice periods for redemptions. Amounts requested for redemptions remain subject to market fluctuations until the redemption effective date, which generally falls at the end of the defined redemption period.

The following summarizes the December 31, 2022 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Notice Period** | **Notice Period** | **Notice Period** | **Notice Period** | **Notice Period** | **Notice Period** |
|<br>**Redemption Frequency** | **1-29 days<br>notice** | **30-59 days<br>notice** | **60-89 days<br>notice** | **90-119 days<br>notice** | **120+ days<br>notice** | **Total** |
| Quarterly | $— | $0.1 | $8.7 | $0.1 | $— | $8.9 |
| Semi-annual |  |  | 0.1 |  |  | 0.1 |
| Annual |  |  |  | 0.1 | 20.6 | 20.7 |
| Total | $— | $0.1 | $8.8 | $0.2 | $20.6 | $29.7 |

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Certain of the hedge fund and private equity fund investments in which the Company is invested are no longer active and are in the process of disposing of their underlying investments. Distributions from such funds are remitted to investors as the fund's underlying investments are liquidated. As of December 31, 2022, $6.3 million in distributions were outstanding from these investments.

Investments in private equity and other investment funds may be subject to a "lock-up" or commitment period during which investors may not request a redemption prior to the expected termination date. Distributions prior to the expected termination date of the fund may be limited to dividends or proceeds arising from the liquidation of the fund's underlying investments. In addition, certain private equity funds provide an option to extend the lock-up or commitment periods at either the sole discretion of the fund manager or upon agreement between the fund and the investors.

As of December 31, 2022, investments in private equity funds were subject to lock-up periods as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 - 3 years** | **3 – 5 years** | **5 – 10 years** | **Total** |
| Private equity funds – expected lock-up or commitment period remaining | $19.5 | $19.9 | $15.8 | $55.2 |

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**Investment in related party investment funds**

The following table provides the fair value of the Company's investments in related party investment funds as of December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Third Point Enhanced LP | $100.3 | $878.2 |
| Third Point Venture Offshore Fund I LP | 26.0 | 31.4 |
| Third Point Venture Offshore Fund II LP | 2.5 |  |
| Investments in related party investment funds, at fair value | $128.8 | $909.6 |

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**Investment in Third Point Enhanced LP**

On February 23, 2022, the Company entered into the Fourth Amended and Restated Exempted Limited Partnership Agreement of Third Point Enhanced LP ("TP Enhanced Fund") with Third Point Advisors LLC ("TP GP") and the other parties thereto (the "2022 LPA"), which amended and restated the Third Amended and Restated Exempted Limited Partnership Agreement dated August 6, 2020 (the "2020 LPA").

The TP Enhanced Fund investment strategy, as implemented by Third Point LLC, is intended to achieve superior risk-adjusted returns by deploying capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies. Third Point LLC identifies investment opportunities via a bottom-up, value-oriented approach to single security analysis supplemented by a top-down view of portfolio and risk management. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures.

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The 2020 LPA was amended and restated to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* add the right to withdraw the Company's capital accounts in TP Enhanced Fund as of any month-end in accordance with an agreed withdrawal schedule to be reinvested in, or contractually committed to, the Third Point Optimized Credit portfolio (the "TPOC Portfolio"), or other Third Point strategies ("TPE Withdrawn Amounts");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remove restrictions on the Company's withdrawal rights following a change of control with respect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize the Company's Chief Investment Officer to exercise all decisions under the 2022 LPA, without the need for separate approval from the Investment Committee of the Company's Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that the Company may amend the investment guidelines of the 2022 LPA from time to time for risk management purposes in consultation with TP GP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* provide that the Company and TP GP may discuss the adoption of new risk parameters for TP Enhanced Fund from time to time, and TP GP will work with the Company to create additional risk management guidelines responsive to the Company's needs that do not fundamentally alter the general investment strategy or investment approach of TP Enhanced Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* provide that the Company may increase or decrease TP Enhanced Fund's leverage targets upon reasonable prior notice to meet the business needs of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* revise the "cause event" materiality qualifier with respect to violations of law related to Third Point LLC's investment-related business and Third Point LLC being subject to regulatory proceedings to include events that will likely have a material adverse effect on Third Point LLC's ability to provide investment management services to TP Enhanced Fund and/or the TPOC Portfolio.

All other material terms of the 2022 LPA remain consistent with the 2020 LPA.

*Amended and Restated Investment Management Agreement* 

On February 23, 2022, the Company entered into an Amended and Restated Investment Management Agreement (the "2022 IMA") with Third Point LLC and the other parties thereto, which amended and restated the Investment Management Agreement dated August 6, 2020.

Pursuant to the 2022 IMA, Third Point LLC provides discretionary investment management services with respect to a newly established TPOC Portfolio, subject to investment and risk management guidelines, and continues to provide certain non-discretionary investment advisory services to the Company. The Company agreed to contribute to the TPOC Portfolio amounts withdrawn from TP Enhanced Fund on January 31, 2022 that were not invested or committed for investment in other Third Point strategies. The 2022 IMA contains revised term and termination rights, withdrawal rights, incentive fees, management fees, investment guidelines and advisory fees.

For the investment management services provided in respect of the TPOC Portfolio, the Company will pay Third Point LLC, from the assets of each sub-account, an annual incentive fee equal to 15% of outperformance over a specified benchmark. The Company will also pay Third Point LLC a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses, and a fixed advisory fee for the advisory services equal to 1/4 of $1,500,000 per quarter.

Under the 2022 IMA, the Company may withdraw any amount from the TPOC Portfolio as of any month-end up to (i) the full balance of any sub-account established in respect of any capital contribution not in respect of TPE Withdrawn Amounts and (ii) any net profits in respect of any other sub-account. The Company may withdraw the TPOC Portfolio in full on March 31, 2026, and each successive anniversary of such date. The Company will have the right to withdraw funds monthly from the TPOC Portfolio upon the occurrence of certain events specified in the 2022 IMA, including, within 120 days following the occurrence of a Cause Event (as defined in the 2022 LPA), to meet capital adequacy requirements, to prevent a negative credit rating, for risk management purposes, underperformance of the TPOC Portfolio relative to investment funds managed by third-party managers and pursuing the same or substantially similar investment strategy as the TPOC Portfolio (i.e., which measure performance relative to the benchmark) for two or more consecutive calendar years or a Key Person Event (as defined in the 2022 LPA), subject to certain limitations on such withdrawals as specified in the 2022 IMA. The Company is also entitled to withdraw funds from the TPOC Portfolio in order to satisfy its risk management guidelines, upon prior written notice to Third Point LLC, in an amount not to exceed the Risk Management Withdrawable Amount (as defined in the 2022 LPA).

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As of December 31, 2022, the Company had no unfunded commitments related to TP Enhanced Fund.

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

On March 1, 2021, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement ("2021 Venture LPA") of TP Venture Fund") which became effective on March 1, 2021. In accordance with the 2021 Venture LPA, Third Point Venture GP LLC ("TP Venture GP") serves as the general partner of TP Venture Fund.

The TP Venture Fund investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments.

As of December 31, 2022, the Company had $9.5 million of unfunded commitments related to TP Venture Fund. As of December 31, 2022, the Company holds interests of approximately 16.8% of the net asset value of TP Venture Fund.

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

On June 30, 2022, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement ("2022 Venture II LPA") of TP Venture Fund II"). In accordance with the 2022 Venture II LPA, Third Point Venture GP II LLC ("TP Venture GP II") serves as the general partner of TP Venture Fund II.

The TP Venture Fund II investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments.

As of December 31, 2022, the Company had $22.5 million of unfunded commitments related to TP Venture Fund II. As of December 31, 2022, the Company holds interests of approximately 17.8% of the net asset value of TP Venture Fund II.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Total realized and unrealized investment gains (losses) and net investment income for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Debt securities, available for sale | $35.1 | $— | $— |
| Debt securities, trading | (115.6) | (4.9) | 72.7 |
| Short-term investments | 17.7 | 1.6 |  |
| Other long-term investments | (10.6) | 35.2 |  |
| Equity securities | (0.4) | (2.5) |  |
| Net realized and unrealized investment gains (losses) from related party investment funds | (210.5) | 304.0 | 195.0 |
| Realized and unrealized investment gains and net investment income before other investment expenses and investment income (loss) on cash and cash equivalents | (284.3) | 333.4 | 267.7 |
| Investment expenses | (20.3) | (11.6) | (1.1) |
| Net investment loss on cash and cash equivalents | (18.1) | (9.3) | 12.3 |
| Total realized and unrealized investment gains (losses) and net investment income (loss) | $(322.7) | $312.5 | $278.9 |

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

Net realized and unrealized investment gains (losses) for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Gross realized gains | $56.2 | $40.4 | $64.3 |
| Gross realized losses | (132.3) | (9.6) | (15.9) |
| Net realized gains (losses) on investments | (76.1) | 30.8 | 48.4 |
| Net unrealized gains (losses) on investments | (149.4) | (47.7) | 20.8 |
| Net realized and unrealized gains (losses) on investments (1) (2) | $(225.5) | $(16.9) | $69.2 |

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(1)Excludes realized and unrealized gains (losses) on the Company's investments in related party investment funds and unrealized gains (losses) from available for sale investments, net of tax.

(2)Includes net realized and unrealized gains (losses) of $5.6 million from related party investments included in other long-term investments for the year ended December 31, 2022 (2021 - $12.9 million and 2020 - none).

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

Net realized investment gains (losses) for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Debt securities, available for sale | $2.7 | $— | $— |
| Debt securities, trading | (66.7) | 12.3 | 46.4 |
| Short-term investments | (2.9) | (0.1) |  |
| Equity securities | (2.3) | (0.1) |  |
| Other long-term investments | 2.9 | 14.1 |  |
| Net investment income (loss) on cash and cash equivalents | (9.8) | 4.6 | 2.0 |
| Net realized investment gains (losses) (1) | $(76.1) | $30.8 | $48.4 |

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(1)Includes realized gains (losses) due to foreign currency of $(25.2) million for the year ended December 31, 2022 (2021 - $4.5 million and 2020 - $1.6 million).

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

Net unrealized investment gains (losses) for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Debt securities, trading (1) | $(105.0) | $(40.2) | $14.9 |
| Short-term investments | (0.3) | 1.4 |  |
| Equity securities | 1.8 | (2.5) |  |
| Other long-term investments | (25.7) | 11.2 |  |
| Net investment income (loss) on cash and cash equivalents | (20.2) | (17.6) | 5.9 |
| Net unrealized investment gains (losses) (2) | $(149.4) | $(47.7) | $20.8 |

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(1)Includes unrealized losses, excluding foreign currency, of $15.0 million for the year ended December 31, 2022 (2021 - $23.9 million and 2020 - none).

(2)Includes unrealized gains (losses) due to foreign currency of $17.9 million for the year ended December 31, 2022 (2021 - $(32.8) million and 2020 - $6.0 million).

The following table summarizes the amount of total (losses) included in earnings attributable to unrealized investment (losses) – Level 3 investments for the years ended December 31, 2022, 2021 and 2020:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Debt securities, trading | $0.7 | $— | $— |
| Other long-term investments | (15.4) | (5.7) |  |
| Total unrealized investment (losses) – Level 3 investments | $(14.7) | $(5.7) | $— |

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**9. Investments in unconsolidated entities**

The Company's investments in unconsolidated entities are included within other long-term investments and consist of investments in common equity securities or similar instruments, which give the Company the ability to exert significant influence over the investee's operating and financial policies. Such investments may be accounted for under either the equity method ("equity method eligible entities") or, alternatively, the Company may elect to account for them under the fair value option ("equity method eligible unconsolidated entities").

The following table presents the components of other long-term investments as of December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Equity method eligible unconsolidated entities, using the fair value option <sup>(1)</sup>  | $147.9 | $168.1 |
| Equity method investments | 41.8 | 83.2 |
| Other unconsolidated investments, at fair value <sup>(2)</sup> | 124.5 | 198.8 |
| Other unconsolidated investments, at cost <sup>(3)</sup> | 63.0 | 6.0 |
| Total other long-term investments | $377.2 | $456.1 |

---

(1)Excludes the Company's investments in Related Party Investment Funds, which are equity method eligible but are carried outside of other long-term investments. See Notes 7 and 11 for additional information on these related party investment funds.

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

(3)The Company has elected to apply the cost adjusted for market observable events less 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.

**10. Derivatives** 

The Company holds derivative financial instruments for both risk management and investment purposes.

**Foreign currency risk derivatives**

The Company executes foreign currency forwards, call options, swaps, and futures to manage foreign currency exposure. The foreign currency risk derivatives are not designated or accounted for under hedge accounting. Changes in fair value are presented within foreign exchange (gains) losses. 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

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have quoted prices in active markets, and accordingly, were classified as a Level 1 measurement. The Company holds $15.2 million in collateral associated with the foreign currency derivatives.&nbsp;&nbsp;&nbsp;&nbsp;

**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 GAAP. The Company receives payment of premium at the contract inception in exchange for bearing the risk of variations in a quantifiable weather index. Changes in fair value are presented within net corporate and other expenses. 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 as of December 31, 2022. The Company does not provide or hold any collateral associated with the weather derivatives.

**Interest rate cap**

The Company entered into an interest rate swap ("Interest rate cap") that matured on June 30, 2022 with two financial institutions where it paid an upfront premium and in return receives a series of quarterly payments based on the 3-month London Interbank Offered Rate ("LIBOR") at the time of payment. Changes in fair value are recognized as unrealized gains or losses and are presented within net investment income.

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 December 31, 2022 and 2021:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **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 | $9.0 | $— | $425.1 | $— | $1.3 | $83.6 |
| Foreign currency swaps |  | 1.5 | 264.6 |  | 1.7 | 40.0 |
| Weather derivatives |  | 4.9 | 30.6 |  | 0.8 | 6.2 |
| Foreign currency futures contracts |  |  |  | 0.2 |  | 133.9 |
| Equity warrants |  |  |  | 0.1 |  | 0.1 |
| Interest rate cap | $— | $— | $— | $— | $— | $250.0 |

---

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

(2)Derivative liabilities are classified within accounts payable, accrued expenses and other liabilities in the Company's consolidated balance sheets.

The following table summarizes information on the classification and net impact on earnings, recognized in the Company's consolidated statements of income (loss) relating to derivatives during the years ended December 31, 2022, 2021 and 2020:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not designated as hedging instruments** | **Classification of gains (losses) recognized in earnings** | **2022** | **2021** | **2020** |
| Foreign currency futures contracts | Foreign exchange (gains) losses | $(32.1) | $(8.0) | $— |
| Foreign currency forwards | Foreign exchange (gains) losses | (8.1) | (1.3) |  |
| Weather derivatives | Other revenues | 7.3 | 0.9 |  |
| Foreign currency swaps | Foreign exchange (gains) losses | 1.5 | 0.2 |  |
| Equity warrants | Net realized and unrealized investment gains (losses) | (0.1) | (0.3) |  |
| Foreign currency call options | Foreign exchange (gains) losses | $— | $0.4 | $— |

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**Underwriting-related derivatives**

The following tables identify the listing currency, fair value and notional amounts of underwriting-related derivatives included in the consolidated balance sheets as of December 31, 2022 and 2021:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Derivative assets** | **Listing currency** | **Fair Value** | **Notional Amounts** <sup>(1)</sup> | **Fair Value** | **Notional Amounts** <sup>(1)</sup> |
| Reinsurance contracts accounted for as derivative assets | British Pound | $0.5 | $16.5 | $1.2 | $49.3 |
| Reinsurance contracts accounted for as derivative liabilities | British Pound | $2.2 | $76.4 | $0.1 | $37.4 |

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(1)The absolute notional exposure represents the Company's derivative activity as of December 31, 2022 and 2021, which is representative of the volume of derivatives held during the period.

**11. 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 Re Insurance Company ("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 December 31, 2022, Alstead Re's assets and liabilities included in the Company's consolidated balance sheets were $14.0 million and $9.0 million, respectively (December 31, 2021 - $9.8 million and $5.5 million, respectively).

***Arcadian***

Arcadian Risk Capital Ltd. ("Arcadian") is considered a VIE and the Company has concluded that it is the primary beneficiary of Arcadian because the Company can exercise control over the activities that most significantly impact the economic performance of Arcadian. As a result, the Company has consolidated the results of Arcadian in its consolidated financial statements. The Company's ownership in Arcadian as of December 31, 2022 was 49%, and its financial exposure to Arcadian is limited to its investment in Arcadian's common shares and other financial support up to $18.0 million through an unsecured promissory note. As of December 31, 2022, Arcadian's assets and liabilities, after intercompany eliminations, included in the Company's consolidated balance sheets were $32.3 million and $9.7 million, respectively (December 31, 2021 - $29.0 million and $7.0 million, respectively).

***Joyn***

Joyn Insurance Services Inc. ("Joyn") was considered a VIE through the third quarter of 2022 and the Company concluded that it was the primary beneficiary of Joyn because the Company could have exercised control over the activities that most significantly impact the economic performance of Joyn. As a result, the Company had consolidated the results of Joyn in its consolidated financial statements. During the quarter ended December 31, 2022, an additional investment was made in Joyn by third parties, after which Joyn no longer met the criterion for consolidation. During the year ended December 31, 2022, the Company recognized a pre-tax loss of $8.7 million related to Joyn, recorded in other revenues in the Company's consolidated statements of income (loss). As of December 31, 2022, the investment in Joyn is recorded in other long-term investments in the Company's consolidated balance sheets utilizing cost adjusted for market observable events less impairment method.

As of December 31, 2021, Joyn's assets and liabilities, after intercompany eliminations, included in the Company's consolidated balance sheets were $7.8 million and $4.1 million, respectively.

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**Consolidated voting interest entities**

***Alta Signa***

On June 30, 2022, the Company entered into a strategic partnership with Alta Signa Holdings ("Alta Signa"), a European MGA specializing in financial and professional lines insurance. The Company's ownership in Alta Signa as of December 31, 2022 was 75.1%. 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. As of December 31, 2022, Alta Signa's assets and liabilities, after intercompany eliminations, included in the Company's consolidated balance sheets were $8.0 million and $2.1 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 years ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| Balance, beginning of period | $(0.4) | $1.4 |
| Sirius Group acquisition and other business combinations (1) | 0.8 | 0.3 |
| Net income (loss) attributable to noncontrolling interests | 0.8 | (2.3) |
| Contributions (Redemptions) |  | 0.2 |
| Derecognition of noncontrolling interest (2) | 6.7 |  |
| Balance, end of period | $7.9 | $(0.4) |

---

(1)See Note 3 for additional information related to the acquisition of Sirius Group.

(2)See above for additional information on the derecognition of noncontrolling interest in Joyn.

**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 total assets 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 December 31, 2022 and December 31, 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Maximum Exposure to Loss** | **Maximum Exposure to Loss** | **Maximum Exposure to Loss** |
| |<br>**Total VIE Assets** | **On-Balance Sheet** | **Off-Balance Sheet** | **Total** |
| **December 31, 2022** | | | | |
| Other long-term investments <sup>(1)</sup> | $211.5 | $144.0 | $2.0 | $146.0 |
| **December 31, 2021** |  |  |  |  |
| Other long-term investments <sup>(1)</sup> | $326.2 | $177.5 | $2.1 | $179.6 |

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(1)Excludes the Company's investments in Related Party Investment Funds which are also VIEs and are discussed separately below.

***Third Point Enhanced LP***

As of December 31, 2022, the Company and TP GP hold interests of approximately 89.4% and 10.6%, 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. The Company's maximum exposure to loss corresponds to the value of its investments in TP Enhanced Fund.

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

TP Venture GP 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. The Company's maximum exposure to loss corresponds to the value of its investment in TP Venture Fund. See Note 7 for additional information on the Company's investment in TP Venture Fund.

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

TP Venture GP II 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. The Company's maximum exposure to loss corresponds to the value of its investment in TP Venture Fund II. See Note 7 for additional information on the Company's investment in TP Venture Fund II.

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

As of December 31, 2022 and 2021, loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Case loss and loss adjustment expense reserves | $1980.2 | $1916.8 |
| Incurred but not reported loss and loss adjustment expense reserves | 3226.5 | 2868.2 |
| Unallocated loss adjustment expense reserves | 62.0 | 55.8 |
| Deferred gains on retroactive reinsurance contracts |  | 0.6 |
|  | $5268.7 | $4841.4 |

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**Reserving methodologies**

The Company establishes loss and loss adjustment expense reserves that are estimates of future amounts needed to pay claims and related expenses for events that have already occurred. The Company also obtains reinsurance whereby another reinsurer contractually agrees to indemnify the Company for all or a portion of the insurance or reinsurance risks underwritten by the Company. The Company establishes estimates of amounts recoverable from the reinsurer in a manner consistent with the loss and loss adjustment expense liability associated with the original policies issued, net of an allowance for uncollectible amounts. Net reinsurance loss reserves represent loss and loss adjustment expense reserves reduced by reinsurance recoverable on unpaid losses.

The process of estimating reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain. Based on the above, such uncertainty may be larger relative to the reserves for reinsurance compared to insurance, and certainty may take a longer time to emerge. Upon notification of a loss from an insured (either a ceding company or a primary insured), the Company establishes case reserves, including loss adjustment expense reserves, based upon the Company's share of the amount of reserves reported by the insured and the Company's independent evaluation of the loss.

Generally, initial actuarial estimates of IBNR reserves not related to a specific event are based on the expected loss ratio method applied to each class of business. The Company regularly reviews the adequacy of its recorded reserves by using a variety of generally accepted actuarial methods, including incurred and paid loss development methods and Bornhuetter-Ferguson paid and incurred loss methods. Use of these methods involves key assumptions, including expected loss ratios and paid and incurred loss development factors. Key to the projection of ultimate losses are the selection and weighting of the actuarial methods. Estimates of the initial expected ultimate losses involve management judgment and are based on historical information for that class of business, which includes loss ratios, market conditions, changes in pricing and conditions, underwriting changes, changes in claims emergence and other factors that may influence expected ultimate losses. If actual loss activity differs substantially from expectations, an adjustment to recorded reserves may be warranted. The uncertainties that could lead to these substantial differences are primarily due to the lapse of time to receive the reporting of the claims and the ultimate settlement of the claims; the diversity of development patterns among different lines of business; and the reliance

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on cedents, managing general underwriters, and brokers for information regarding claims. As time passes, loss reserve estimates for a given year will rely more on actual loss activity and historical patterns than on initial loss ratio assumptions.

***Catastrophe event estimates***

Some of the Company's contracts are exposed to losses from catastrophes (either natural catastrophes or man-made catastrophes). Given the high-severity, low-frequency nature of these events, the losses typically generated from catastrophe events do not lend themselves to traditional actuarial reserving methods, such as those described above. Therefore, the reserving approach for these types of coverages is to estimate the ultimate cost associated with a single loss event rather than analyzing the historical development patterns of past losses for estimating ultimate losses for an entire contract. The Company estimates reserves for these catastrophe events on a contract-by-contract basis by means of a review of policies with known or potential exposure to a particular loss event. The Company considers the following information when making these contract-by-contract estimates of catastrophe event losses: information provided by cedents and brokers; industry loss estimates; our estimated market share; catastrophe model output; and the terms and conditions of the contracts with exposure to those events. Initial estimates are established in the period that a catastrophe event occurs and are then monitored each subsequent quarter, considering the latest information available.

**Roll forward of loss and loss adjustment expense reserves**

The following table represents the activity in the loss and loss adjustment expense reserves for the years ended December 31, 2022, 2021 and 2020:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Gross reserves for loss and loss adjustment expenses, beginning of year | $4841.4 | $1310.1 | $1111.7 |
| Less: loss and loss adjustment expenses recoverable, beginning of year | (1215.3) | (14.4) | (5.5) |
| Less: deferred charges on retroactive reinsurance contracts | (1.4) | (6.0) | (6.7) |
| Net reserves for loss and loss adjustment expenses, beginning of year | 3624.7 | 1289.7 | 1099.5 |
| Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | 1609.7 | 1369.1 | 431.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (21.3) | (42.6) | 33.8 |
| Total incurred loss and loss adjustment expenses | 1588.4 | 1326.5 | 465.3 |
| Net loss and loss adjustment expenses paid in respect of losses occurring in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | (316.1) | (271.2) | (73.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (939.2) | (1178.9) | (209.5) |
| Total net paid losses | (1255.3) | (1450.1) | (283.1) |
| Foreign currency translation | (66.3) | (9.2) | 8.0 |
| Amounts acquired as a result of Sirius Group acquisition <sup>(1)</sup> |  | 2467.8 |  |
| Net reserves for loss and loss adjustment expenses, end of year | 3891.5 | 3624.7 | 1289.7 |
| Plus: loss and loss adjustment expenses recoverable, end of year | 1376.2 | 1215.3 | 14.4 |
| Plus: deferred charges on retroactive reinsurance contracts <sup>(2)</sup> | 1.0 | 1.4 | 6.0 |
| Gross reserves for loss and loss adjustment expenses, end of year | $5268.7 | $4841.4 | $1310.1 |

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(1)Represents the fair value of Sirius Group's reserves for claims and claim expenses, net of reinsurance recoverables, acquired at February 26, 2021. See Note 3 for additional information related to the acquisition of Sirius Group.

(2)Deferred charges on retroactive contracts are recorded in other assets on the Company's consolidated balance sheets.

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 year ended December 31, 2022, the Company recorded $21.3 million of net favorable prior year loss reserve development driven by favorable development due to reserve releases in COVID-19 and A&H reserves due to better than expected loss experience, with the most significant offsetting movements being reserve strengthening in direct Workers' Compensation reserves based on reported loss emergence, and in the Property lines, driven by the current elevated level of inflation.

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For the year ended December 31, 2021, the Company recorded $42.6 million of net favorable prior year loss reserve development driven by $18.6 million of net favorable prior year reserve development in the Reinsurance segment as a result of better than expected loss reserve emergence on historical property events relating to multiple accident years and better than expected attritional loss experience, $13.5 million of net favorable prior year reserve development in the Insurance & Services segment as a result of better than expected loss experience in A&H for recent accident years, and $10.5 million of net favorable prior year reserve development in Corporate as a result of better than expected loss experience on property and contingency classes moved to runoff in 2021.

For the year ended December 31, 2020, the Company recorded $33.8 million of net adverse prior years loss reserve development, which includes $18.8 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts and $15.0 million of net adverse reserve development related to increases in loss reserve estimates. In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates, after the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions, resulted in a $30.5 million increase in the net underwriting loss for the year ended December 31, 2020. The adverse underwriting loss development was a result of accumulated loss experience and cedent reserving increases, indicating that underlying casualty loss trends were higher than initial pricing and reserving.

**Incurred and paid development tables by accident year**

The Company manages its business on the basis of two operating segments, Reinsurance and Insurance & Services. The Company has disaggregated its loss information presented in the tables below by line of business in each segment. The Company has presented the below development tables for all accident years shown using exchange rates as at December 31, 2022. All accident years prior to the current year have been restated and presented using the current year exchange rate.

The Company's loss reserve analysis is based primarily on underwriting year data. The preparation of accident year development tables requires an allocation of underwriting year data to the corresponding accident years. For instance, a contract written in one particular underwriting year may have exposure to losses from two or more accident years. These allocations are done using accident year loss payment and reporting patterns, along with premium earnings patterns. These patterns are derived from either company-specific or industry historical loss data, depending on availability and applicability. The Company believes that its allocations are reasonable; however, to the extent that the Company's allocation procedure for loss and loss adjustment expenses incurred differs from actual historical development, the actual loss development may differ materially from the loss development presented.

As described in the roll forward of loss and loss adjustment expense reserves section above, changes in the Company's loss and loss adjustment expense reserves result from both re-estimating loss reserves as well as changes in premium estimates.

***Reinsurance***

The following tables provide a breakdown of the Company's loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid by accident year by line of business for the Company's Reinsurance segment for the year ended December 31, 2022. The information related to loss and allocated loss adjustment expenses

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incurred, net and net loss and allocated loss adjustment expenses paid for the years ended December 31, 2013 through 2021 is presented as supplementary information and is unaudited:

*Aviation & Space*

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $38.4 | $34.3 | $31.2 | $29.9 | $30.8 | $30.9 | $31.0 | $30.7 | $31.4 | $31.6 | $— |
| **2014** |  | 31.8 | 34.3 | 30.8 | 29.8 | 29.7 | 28.3 | 30.0 | 29.2 | 29.7 | (2.2) |
| **2015** |  |  | 34.6 | 31.0 | 35.0 | 34.0 | 33.3 | 33.5 | 34.3 | 34.9 | 1.7 |
| **2016** |  |  |  | 31.7 | 32.0 | 33.0 | 35.3 | 34.9 | 35.2 | 36.3 | (0.1) |
| **2017** |  |  |  |  | 33.7 | 42.6 | 43.8 | 45.3 | 45.7 | 48.4 | 0.5 |
| **2018** |  |  |  |  |  | 47.7 | 50.3 | 58.2 | 60.7 | 63.2 | 3.1 |
| **2019** |  |  |  |  |  |  | 60.2 | 71.6 | 75.7 | 93.8 | 21.2 |
| **2020** |  |  |  |  |  |  |  | 39.8 | 41.5 | 39.9 | 1.5 |
| **2021** |  |  |  |  |  |  |  |  | 41.9 | 37.5 | 9.8 |
| **2022** |  |  |  |  |  |  |  |  |  | 58.2 | 46.0 |
| **Total** |  |  |  |  |  |  |  |  |  | $473.5 | $81.5 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $12.4 | $18.1 | $22.1 | $24.7 | $26.4 | $27.1 | $28.4 | $28.5 | $29.4 | $29.4 |  |
| **2014** |  | 6.2 | 14.2 | 19.7 | 22.0 | 23.6 | 24.2 | 25.7 | 25.3 | 25.8 |  |
| **2015** |  |  | 8.8 | 18.2 | 24.2 | 30.5 | 32.0 | 32.8 | 33.4 | 34.0 |  |
| **2016** |  |  |  | 7.5 | 19.2 | 26.3 | 28.7 | 32.0 | 33.2 | 34.3 |  |
| **2017** |  |  |  |  | 8.9 | 23.5 | 32.2 | 35.5 | 39.1 | 40.6 |  |
| **2018** |  |  |  |  |  | 14.2 | 27.3 | 36.5 | 42.2 | 46.2 |  |
| **2019** |  |  |  |  |  |  | 8.3 | 22.3 | 32.3 | 37.7 |  |
| **2020** |  |  |  |  |  |  |  | 10.8 | 22.1 | 29.5 |  |
| **2021** |  |  |  |  |  |  |  |  | 6.5 | 15.0 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 6.9 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $299.4 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 174.1 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | 2.4 |  |
| Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | Aviation & Space - net reserves for loss and allocated loss adjustment expenses, end of year | $176.5 |  |

---

------

*Casualty*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $72.1 | $53.4 | $57.9 | $57.9 | $57.9 | $57.8 | $57.4 | $57.6 | $57.0 | $57.2 | $— |
| **2014** |  | 178.1 | 178.3 | 182.4 | 171.5 | 172.6 | 171.8 | 172.3 | 171.8 | 171.3 | 0.8 |
| **2015** |  |  | 223.5 | 256.7 | 237.5 | 237.6 | 237.9 | 240.4 | 240.4 | 239.8 | 5.9 |
| **2016** |  |  |  | 270.3 | 267.2 | 265.5 | 261.7 | 264.6 | 265.2 | 264.6 | 12.1 |
| **2017** |  |  |  |  | 246.2 | 253.5 | 254.7 | 258.8 | 261.9 | 262.5 | 27.7 |
| **2018** |  |  |  |  |  | 317.3 | 340.4 | 346.8 | 349.3 | 351.9 | 63.7 |
| **2019** |  |  |  |  |  |  | 388.8 | 423.9 | 441.4 | 446.0 | 138.3 |
| **2020** |  |  |  |  |  |  |  | 377.7 | 416.8 | 414.9 | 214.3 |
| **2021** |  |  |  |  |  |  |  |  | 351.8 | 342.5 | 211.9 |
| **2022** |  |  |  |  |  |  |  |  |  | 391.4 | 317.5 |
| **Total** |  |  |  |  |  |  |  |  |  | $2942.1 | $992.2 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $11.3 | $27.8 | $40.4 | $46.8 | $51.4 | $53.6 | $55.0 | $55.4 | $56.0 | $55.9 |  |
| **2014** |  | 51.1 | 128.3 | 147.6 | 153.5 | 161.1 | 164.3 | 166.2 | 167.2 | 168.2 |  |
| **2015** |  |  | 75.7 | 151.7 | 184.6 | 201.3 | 210.9 | 218.9 | 223.7 | 226.7 |  |
| **2016** |  |  |  | 64.9 | 171.4 | 196.4 | 212.3 | 224.0 | 232.3 | 239.3 |  |
| **2017** |  |  |  |  | 82.3 | 136.1 | 157.2 | 180.1 | 199.0 | 212.6 |  |
| **2018** |  |  |  |  |  | 57.2 | 111.2 | 151.0 | 211.2 | 237.5 |  |
| **2019** |  |  |  |  |  |  | 45.5 | 116.2 | 181.2 | 236.9 |  |
| **2020** |  |  |  |  |  |  |  | 38.0 | 65.7 | 137.2 |  |
| **2021** |  |  |  |  |  |  |  |  | 29.1 | 77.9 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 24.6 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $1616.8 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 1325.3 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | 9.5 |  |
| Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | Casualty - net reserves for loss and allocated loss adjustment expenses, end of year | $1334.8 |  |

---

------

*Contingency*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $— |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  | 0.5 | 0.5 | 1.1 | 0.7 | 0.8 | 0.7 |  |
| **2018** |  |  |  |  |  | 1.4 | 1.7 | 1.5 | 1.6 | 1.4 |  |
| **2019** |  |  |  |  |  |  | 1.8 | 1.8 | 1.8 | 1.8 |  |
| **2020** |  |  |  |  |  |  |  | 13.7 | 11.2 | 11.7 | 1.2 |
| **2021** |  |  |  |  |  |  |  |  | 8.4 | 10.4 | 0.1 |
| **2022** |  |  |  |  |  |  |  |  |  | 8.7 | 0.6 |
| **Total** |  |  |  |  |  |  |  |  |  | $34.8 | $1.9 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 |  |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  | (0.1) | 0.1 | 0.4 | 0.6 | 0.6 | 0.6 |  |
| **2018** |  |  |  |  |  | (0.1) | 0.8 | 1.3 | 1.3 | 1.4 |  |
| **2019** |  |  |  |  |  |  | (0.1) | 1.1 | 1.2 | 1.5 |  |
| **2020** |  |  |  |  |  |  |  | 3.2 | 4.1 | 11.2 |  |
| **2021** |  |  |  |  |  |  |  |  | 3.6 | 7.3 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 4.0 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $26.1 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 8.7 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | 0.8 |  |
| Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | Contingency - net reserves for loss and allocated loss adjustment expenses, end of year | $9.5 |  |

---

------

*Credit & Bond*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $29.1 | $28.3 | $27.4 | $27.0 | $27.8 | $27.4 | $27.7 | $27.8 | $28.3 | $28.7 | $0.8 |
| **2014** |  | 25.1 | 24.6 | 25.2 | 23.2 | 22.2 | 22.0 | 21.9 | 22.1 | 22.1 | (2.0) |
| **2015** |  |  | 23.7 | 23.3 | 22.5 | 20.9 | 20.0 | 19.4 | 19.4 | 19.7 | 0.6 |
| **2016** |  |  |  | 19.3 | 17.9 | 17.6 | 16.7 | 16.3 | 16.6 | 16.0 | 0.1 |
| **2017** |  |  |  |  | 24.3 | 25.0 | 24.0 | 22.5 | 22.5 | 21.5 | 3.2 |
| **2018** |  |  |  |  |  | 30.8 | 31.3 | 30.5 | 30.8 | 29.7 | 1.5 |
| **2019** |  |  |  |  |  |  | 40.2 | 38.4 | 38.0 | 35.1 | 3.0 |
| **2020** |  |  |  |  |  |  |  | 44.7 | 41.1 | 38.9 | 10.5 |
| **2021** |  |  |  |  |  |  |  |  | 22.5 | 21.6 | 9.6 |
| **2022** |  |  |  |  |  |  |  |  |  | 37.5 | 25.8 |
| **Total** |  |  |  |  |  |  |  |  |  | $270.8 | $53.1 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $11.1 | $19.0 | $22.0 | $23.2 | $23.9 | $24.0 | $24.2 | $24.2 | $24.5 | $26.2 |  |
| **2014** |  | 7.5 | 13.6 | 17.9 | 19.9 | 20.5 | 20.9 | 20.9 | 21.0 | 21.2 |  |
| **2015** |  |  | 4.6 | 12.6 | 16.8 | 18.1 | 18.2 | 18.1 | 18.0 | 18.3 |  |
| **2016** |  |  |  | 5.3 | 10.4 | 13.2 | 14.3 | 14.7 | 15.0 | 15.3 |  |
| **2017** |  |  |  |  | 3.9 | 10.2 | 14.4 | 15.5 | 15.9 | 17.3 |  |
| **2018** |  |  |  |  |  | 8.2 | 17.6 | 22.9 | 24.2 | 25.4 |  |
| **2019** |  |  |  |  |  |  | 9.7 | 20.7 | 26.8 | 28.5 |  |
| **2020** |  |  |  |  |  |  |  | 18.6 | 20.6 | 23.5 |  |
| **2021** |  |  |  |  |  |  |  |  | 4.4 | 7.2 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 7.7 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $190.6 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 80.2 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | 2.5 |  |
| Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | Credit & Bond - net reserves for loss and allocated loss adjustment expenses, end of year | $82.7 |  |

---

------

*Marine & Energy*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $19.9 | $17.8 | $16.6 | $15.8 | $15.4 | $15.4 | $15.5 | $15.6 | $15.2 | $14.9 | $0.5 |
| **2014** |  | 21.7 | 20.3 | 18.7 | 17.4 | 16.9 | 17.6 | 17.5 | 17.5 | 17.4 | (0.2) |
| **2015** |  |  | 26.7 | 28.6 | 26.5 | 26.0 | 25.8 | 26.3 | 26.2 | 26.2 |  |
| **2016** |  |  |  | 29.9 | 28.2 | 24.5 | 24.4 | 24.5 | 24.4 | 24.5 |  |
| **2017** |  |  |  |  | 34.1 | 30.0 | 29.0 | 31.5 | 31.1 | 31.2 | 0.3 |
| **2018** |  |  |  |  |  | 18.8 | 20.3 | 20.3 | 20.0 | 20.3 | 0.9 |
| **2019** |  |  |  |  |  |  | 18.5 | 18.9 | 19.1 | 19.2 | 0.6 |
| **2020** |  |  |  |  |  |  |  | 19.9 | 18.0 | 18.1 | 5.2 |
| **2021** |  |  |  |  |  |  |  |  | 24.6 | 22.8 | 11.8 |
| **2022** |  |  |  |  |  |  |  |  |  | 22.5 | 17.0 |
| **Total** |  |  |  |  |  |  |  |  |  | $217.1 | $36.1 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $2.5 | $8.1 | $10.9 | $12.2 | $12.4 | $12.7 | $12.9 | $13.0 | $13.0 | $12.9 |  |
| **2014** |  | 3.8 | 9.8 | 13.2 | 14.5 | 15.0 | 15.1 | 16.1 | 16.1 | 16.1 |  |
| **2015** |  |  | 3.0 | 10.0 | 19.5 | 23.6 | 24.6 | 25.2 | 25.3 | 25.3 |  |
| **2016** |  |  |  | 5.9 | 14.2 | 17.5 | 20.1 | 22.1 | 23.1 | 23.6 |  |
| **2017** |  |  |  |  | 4.8 | 12.9 | 19.0 | 23.2 | 24.9 | 26.7 |  |
| **2018** |  |  |  |  |  | 2.8 | 8.7 | 14.3 | 15.0 | 15.9 |  |
| **2019** |  |  |  |  |  |  | 2.5 | 7.3 | 10.2 | 11.6 |  |
| **2020** |  |  |  |  |  |  |  | 1.9 | 6.3 | 8.4 |  |
| **2021** |  |  |  |  |  |  |  |  | 1.9 | 4.4 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 2.7 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $147.6 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 69.5 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | 0.9 |  |
| Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | Marine & Energy - net reserves for loss and allocated loss adjustment expenses, end of year | $70.4 |  |

---

------

*Mortgage* 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $0.3 | $0.3 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $— |
| **2014** |  | 3.6 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 |  |
| **2015** |  |  | 1.7 | 1.7 | 1.6 | 1.6 | 0.8 | 0.8 | 0.8 | 0.8 |  |
| **2016** |  |  |  | 5.9 | 5.5 | 5.8 | 1.4 | 2.2 | 1.9 | 1.7 | 0.3 |
| **2017** |  |  |  |  | 8.0 | 8.4 | 2.2 | 3.1 | 2.5 | 2.4 | 0.8 |
| **2018** |  |  |  |  |  | 11.2 | 4.3 | 5.5 | 4.9 | 4.3 | 2.1 |
| **2019** |  |  |  |  |  |  | 7.0 | 8.7 | 8.0 | 6.9 | 4.1 |
| **2020** |  |  |  |  |  |  |  | 12.0 | 11.8 | 7.8 | 5.0 |
| **2021** |  |  |  |  |  |  |  |  | 11.1 | 7.7 | 5.0 |
| **2022** |  |  |  |  |  |  |  |  |  | 8.8 | 6.3 |
| **Total** |  |  |  |  |  |  |  |  |  | $41.0 | $23.6 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $— | $— | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 |  |
| **2014** |  |  | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |  |
| **2015** |  |  | 0.3 | 0.5 | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 |  |
| **2016** |  |  |  | 0.1 | 0.5 | 0.8 | 1.0 | 1.0 | 1.0 | 1.0 |  |
| **2017** |  |  |  |  | 0.1 | 0.7 | 1.0 | 1.1 | 1.0 | 1.2 |  |
| **2018** |  |  |  |  |  | 0.3 | 1.2 | 1.3 | 1.4 | 1.4 |  |
| **2019** |  |  |  |  |  |  | 0.8 | 1.6 | 1.8 | 1.7 |  |
| **2020** |  |  |  |  |  |  |  | 1.4 | 1.5 | 1.3 |  |
| **2021** |  |  |  |  |  |  |  |  | 1.1 | 1.1 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 0.9 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $10.1 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 30.9 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 |  |  |
| Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | Mortgage - net reserves for loss and allocated loss adjustment expenses, end of year | $30.9 |  |

---

------

*Property*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $224.2 | $247.2 | $236.2 | $233.0 | $231.7 | $231.4 | $230.8 | $231.2 | $230.5 | $230.1 | $0.2 |
| **2014** |  | 198.3 | 203.0 | 201.3 | 205.5 | 205.8 | 205.5 | 205.2 | 205.5 | 205.5 | (0.6) |
| **2015** |  |  | 210.8 | 208.2 | 212.3 | 212.8 | 211.5 | 211.5 | 211.6 | 211.2 | (5.6) |
| **2016** |  |  |  | 286.0 | 285.6 | 288.3 | 288.6 | 286.6 | 285.8 | 285.6 | 0.8 |
| **2017** |  |  |  |  | 455.5 | 499.0 | 508.9 | 514.6 | 514.2 | 510.3 | 11.1 |
| **2018** |  |  |  |  |  | 452.8 | 510.1 | 516.9 | 510.0 | 502.4 | 16.6 |
| **2019** |  |  |  |  |  |  | 515.1 | 500.8 | 500.2 | 483.8 | 27.1 |
| **2020** |  |  |  |  |  |  |  | 563.1 | 554.9 | 524.0 | 104.1 |
| **2021** |  |  |  |  |  |  |  |  | 596.9 | 662.1 | 161.4 |
| **2022** |  |  |  |  |  |  |  |  |  | 334.7 | 171.4 |
| **Total** |  |  |  |  |  |  |  |  |  | $3949.7 | $486.5 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $55.4 | $166.2 | $204.4 | $216.6 | $220.9 | $222.7 | $224.3 | $225.6 | $225.6 | $225.9 |  |
| **2014** |  | 49.1 | 136.5 | 170.8 | 187.3 | 193.5 | 197.4 | 198.3 | 199.2 | 199.5 |  |
| **2015** |  |  | 52.5 | 144.2 | 177.1 | 192.8 | 201.0 | 203.3 | 205.3 | 205.8 |  |
| **2016** |  |  |  | 62.2 | 186.8 | 238.2 | 261.3 | 272.3 | 276.2 | 278.0 |  |
| **2017** |  |  |  |  | 86.6 | 311.4 | 398.6 | 453.7 | 465.9 | 480.4 |  |
| **2018** |  |  |  |  |  | 67.9 | 312.8 | 406.6 | 437.9 | 457.9 |  |
| **2019** |  |  |  |  |  |  | 67.5 | 291.6 | 380.4 | 414.5 |  |
| **2020** |  |  |  |  |  |  |  | 76.6 | 220.5 | 330.2 |  |
| **2021** |  |  |  |  |  |  |  |  | 79.2 | 232.5 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 45.0 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $2869.7 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 1080.0 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | 29.7 |  |
| Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | Property - net reserves for loss and allocated loss adjustment expenses, end of year | $1109.7 |  |

---

------

***Insurance & Services***

The following tables provide a breakdown of the Company's loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid by accident year by line of business for the Company's Insurance & Services segment for the year ended December 31, 2022. The information related to loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid for the years ended December 31, 2013 through 2021 is presented as supplementary information and is unaudited:

*A&H*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $124.6 | $122.2 | $117.7 | $117.2 | $116.6 | $115.8 | $115.7 | $115.5 | $115.6 | $115.5 | $— |
| **2014** |  | 130.4 | 131.5 | 130.0 | 130.0 | 129.1 | 129.0 | 128.9 | 129.1 | 129.1 | 0.1 |
| **2015** |  |  | 152.2 | 148.5 | 145.2 | 143.9 | 143.5 | 143.6 | 143.6 | 143.6 | 0.3 |
| **2016** |  |  |  | 172.3 | 172.0 | 167.9 | 166.4 | 166.2 | 165.8 | 165.9 | 2.3 |
| **2017** |  |  |  |  | 176.5 | 172.6 | 166.0 | 163.8 | 163.6 | 163.9 | (0.6) |
| **2018** |  |  |  |  |  | 200.2 | 207.6 | 205.5 | 203.8 | 203.8 | (1.6) |
| **2019** |  |  |  |  |  |  | 274.7 | 269.8 | 261.1 | 260.8 | (1.5) |
| **2020** |  |  |  |  |  |  |  | 311.3 | 305.4 | 282.8 | 13.7 |
| **2021** |  |  |  |  |  |  |  |  | 223.1 | 216.3 | 21.2 |
| **2022** |  |  |  |  |  |  |  |  |  | 355.1 | 156.6 |
| **Total** |  |  |  |  |  |  |  |  |  | $2036.8 | $190.5 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $54.1 | $102.7 | $113.1 | $114.5 | $115.8 | $115.2 | $115.2 | $115.3 | $115.3 | $115.3 |  |
| **2014** |  | 59.1 | 110.9 | 124.3 | 126.0 | 126.0 | 126.7 | 126.8 | 126.8 | 126.8 |  |
| **2015** |  |  | 75.2 | 129.6 | 141.0 | 142.6 | 142.9 | 143.0 | 143.0 | 143.0 |  |
| **2016** |  |  |  | 97.6 | 149.3 | 160.9 | 162.8 | 163.3 | 163.0 | 163.1 |  |
| **2017** |  |  |  |  | 58.8 | 146.9 | 159.5 | 160.3 | 160.7 | 160.8 |  |
| **2018** |  |  |  |  |  | 90.6 | 187.5 | 204.2 | 205.4 | 205.8 |  |
| **2019** |  |  |  |  |  |  | 130.9 | 235.6 | 252.6 | 255.7 |  |
| **2020** |  |  |  |  |  |  |  | 107.0 | 246.1 | 273.2 |  |
| **2021** |  |  |  |  |  |  |  |  | 120.6 | 182.8 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 169.7 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $1796.2 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 240.6 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | (0.4) |  |
| A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | A&H - net reserves for loss and allocated loss adjustment expenses, end of year | $240.2 |  |

---

------

*Environmental*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  |  |  |  |  |  |  |  |
| **2018** |  |  |  |  |  | 0.4 | 0.1 | 0.1 | 0.1 | 0.1 |  |
| **2019** |  |  |  |  |  |  | 4.5 | 4.6 | 2.7 | 2.8 | 0.9 |
| **2020** |  |  |  |  |  |  |  | 3.6 | 3.2 | 3.4 | 2.9 |
| **2021** |  |  |  |  |  |  |  |  | 4.7 | 4.9 | 3.3 |
| **2022** |  |  |  |  |  |  |  |  |  | 11.8 | 11.4 |
| **Total** |  |  |  |  |  |  |  |  |  | $23.0 | $18.5 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |  |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  |  |  |  |  |  |  |  |
| **2018** |  |  |  |  |  |  |  | 0.1 | 0.1 | 0.1 |  |
| **2019** |  |  |  |  |  |  |  | 0.9 | 1.8 | 1.9 |  |
| **2020** |  |  |  |  |  |  |  |  | 0.3 | 0.5 |  |
| **2021** |  |  |  |  |  |  |  |  |  | 0.8 |  |
| **2022** |  |  |  |  |  |  |  |  |  |  |  |
| **Total** |  |  |  |  |  |  |  |  |  | $3.3 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 19.7 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 |  |  |
| Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | Environmental - net reserves for loss and allocated loss adjustment expenses, end of year | $19.7 |  |

---

------

*Workers' Compensation*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  |  |  |  |  |  |  |  |
| **2018** |  |  |  |  |  | 1.5 | 1.5 | 1.1 | 1.2 | 0.6 | 0.2 |
| **2019** |  |  |  |  |  |  | 18.6 | 16.6 | 15.7 | 15.7 | 1.3 |
| **2020** |  |  |  |  |  |  |  | 45.8 | 46.9 | 47.6 | 2.8 |
| **2021** |  |  |  |  |  |  |  |  | 94.9 | 119.1 | 34.2 |
| **2022** |  |  |  |  |  |  |  |  |  | 97.7 | 67.9 |
| **Total** |  |  |  |  |  |  |  |  |  | $280.7 | $106.4 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |  |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  |  |  |  |  |  |  |  |
| **2018** |  |  |  |  |  |  | 0.2 | 0.3 | 0.4 | 0.5 |  |
| **2019** |  |  |  |  |  |  | 1.3 | 6.8 | 10.0 | 12.6 |  |
| **2020** |  |  |  |  |  |  |  | 4.2 | 19.7 | 29.1 |  |
| **2021** |  |  |  |  |  |  |  |  | 10.4 | 43.9 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 8.5 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $94.6 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 186.1 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 |  |  |
| Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | Workers' Compensation - net reserves for loss and allocated loss adjustment expenses, end of year | $186.1 |  |

---

------

*Other*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | **Loss and allocated loss adjustment expenses incurred, net** | |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |<br>**IBNR loss and ALAE reserves, net** |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  |  |  |  |  |  |  |  |
| **2018** |  |  |  |  |  |  |  |  |  |  |  |
| **2019** |  |  |  |  |  |  |  |  |  |  |  |
| **2020** |  |  |  |  |  |  |  | 2.6 | 2.2 | 2.2 | 1.1 |
| **2021** |  |  |  |  |  |  |  |  | 61.7 | 62.1 | 42.8 |
| **2022** |  |  |  |  |  |  |  |  |  | 238.2 | 213.3 |
| **Total** |  |  |  |  |  |  |  |  |  | $302.5 | $257.2 |
| **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** | **Cumulative net losses and allocated loss adjustment expenses paid** |  |
| **Accident year** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |  |
|  | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** | **<--------------------------------------------------- Unaudited --------------------------------------------------->** |  |  |
| **2013** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |  |
| **2014** |  |  |  |  |  |  |  |  |  |  |  |
| **2015** |  |  |  |  |  |  |  |  |  |  |  |
| **2016** |  |  |  |  |  |  |  |  |  |  |  |
| **2017** |  |  |  |  |  |  |  |  |  |  |  |
| **2018** |  |  |  |  |  |  |  |  |  |  |  |
| **2019** |  |  |  |  |  |  |  |  |  |  |  |
| **2020** |  |  |  |  |  |  |  | 0.4 | 0.8 | 0.9 |  |
| **2021** |  |  |  |  |  |  |  |  | 1.4 | 12.5 |  |
| **2022** |  |  |  |  |  |  |  |  |  | 15.6 |  |
| **Total** |  |  |  |  |  |  |  |  |  | $29.0 |  |
|  | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | Net reserves for loss and allocated loss adjustment expenses from 2013 to 2022 | 273.5 |  |
|  | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | Net reserves for loss and allocated loss adjustment expenses prior to 2013 | 2.0 |  |
| Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | Other - net reserves for loss and allocated loss adjustment expenses, end of year | $275.5 |  |

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------

**Reconciliation of loss development information to loss and loss adjustment expense reserves**

The following table provides a reconciliation of the Company's loss and loss adjustment expense reserves as of December 31, 2022:

---

| | |
|:---|:---|
| | **2022** |
| **Net reserves for loss and allocated loss adjustment expenses** |  |
| ***Reinsurance*** |  |
| Aviation & Space | $176.5 |
| Casualty | 1334.8 |
| Contingency | 9.5 |
| Credit & Bond | 82.7 |
| Marine & Energy | 70.4 |
| Mortgage | 30.9 |
| Property | 1109.7 |
| ***Insurance & Services*** |  |
| A&H | 240.2 |
| Environmental | 19.7 |
| Workers' Compensation | 186.1 |
| Other | 275.5 |
| ***Corporate*** <sup>(1)</sup> | 239.9 |
| Net reserves for loss and allocated loss adjustment expenses, end of year | 3775.9 |
| **Loss and allocated loss adjustment expenses recoverable** |  |
| ***Reinsurance*** |  |
| Aviation & Space | 60.0 |
| Casualty | 9.1 |
| Contingency | 2.6 |
| Credit & Bond | 7.5 |
| Marine & Energy | 9.3 |
| Mortgage | 1.9 |
| Property | 527.3 |
| ***Insurance & Services*** |  |
| A&H | 72.5 |
| Environmental | 7.6 |
| Workers' Compensation | 121.4 |
| Other | 129.6 |
| ***Corporate*** | 427.4 |
| Total loss and allocated loss adjustment expenses recoverable | 1376.2 |
| Unallocated loss adjustment expense reserves | 62.0 |
| Other items, net <sup>(2)</sup> | 53.6 |
| Deferred charges on retroactive reinsurance contracts | 1.0 |
| **Gross reserves for loss and loss adjustment expenses, end of year** | $5268.7 |

---

(1)Corporate includes the results of all runoff business and is not presented in the loss development tables.

(2)Includes fair value adjustments associated with the acquisition of Sirius Group.

**Cumulative claims frequency**

The reporting of cumulative claims frequency for the reserve classes within the Reinsurance and Insurance & Services segments are deemed to be impracticable as the information necessary to provide cumulative claims frequency for these reserve classes is not available to the Company. The underlying claim count is not provided for most reinsurance contracts written on a quote share or aggregate loss basis, and certain MGAs report data to the Company in an aggregate format and therefore the information necessary to provide cumulative claims is not available.

------

**Claims duration**

The following table is presented as supplementary information and presents the Company's historical average annual percentage payout of loss and loss adjustment expenses incurred, net by age, as of December 31, 2022:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** | **Year 8** | **Year 9** | **Year 10** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | | | |
| **Reinsurance** | | | | | | | | | | |
| Aviation & Space | 19.1% | 23.2% | 15.3% | 8.3% | 6.4% | 2.7% | 3.4% | 0.2% | 2.4% | —% |
| Casualty | 16.3% | 20.8% | 13.0% | 10.2% | 5.8% | 3.5% | 2.1% | 1.0% | 0.7% | (0.2)% |
| Contingency | 30.3% | 26.3% | 51.8% | 13.9% | 3.6% | 1.6% | 0.1% | (1.4)% | —% | (19.1)% |
| Credit & Bond | 29.9% | 25.1% | 15.5% | 5.6% | 2.5% | 2.0% | 0.4% | 0.5% | 1.0% | 6.2% |
| Marine & Energy | 14.7% | 26.9% | 20.9% | 10.1% | 4.8% | 3.2% | 2.2% | 0.1% | 0.2% | (0.2)% |
| Mortgage | 12.6% | 11.0% | 3.7% | 1.9% | 0.8% | 1.5% | 0.4% | (0.3)% | (0.2)% | —% |
| Property | 16.3% | 38.9% | 18.2% | 7.7% | 3.2% | 1.8% | 0.7% | 0.4% | 0.1% | 0.2% |
| **Insurance & Services** |  |  |  |  |  |  |  |  |  |  |
| A&H | 47.3% | 41.5% | 8.2% | 1.0% | 0.3% | —% | —% | —% | —% | —% |
| Environmental | 0.7% | 17.9% | 17.1% | 3.7% | 4.4% | —% | —% | —% | —% | —% |
| Workers' Compensation | 8.7% | 29.9% | 19.9% | 16.4% | 11.7% | —% | —% | —% | —% | —% |
| Other | 5.8% | 17.8% | 7.2% | 8.3% | —% | —% | —% | —% | —% | —% |

---

**13. Third party reinsurance** 

In the normal course of business, the Company seeks to protect its businesses from losses due to concentration of risk and losses arising from catastrophic events by reinsuring with third-party reinsurers. Additionally, retrocession can be used as a mechanism to share the risks and rewards of business written and therefore can be used as a tool to align the Company's interests with those of its counterparties. The Company remains liable for risks reinsured in the event that the reinsurer does not honor its obligations under reinsurance contracts.

The following tables provide a breakdown of the Company's written and earned premiums and loss and loss adjustment expenses from direct business, reinsurance assumed and reinsurance ceded for the years ended December 31, 2022, 2021 and 2020:

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Written premiums:** |  |  |  |
| Direct | $1403.9 | $718.0 | $19.0 |
| Assumed | 2005.8 | 1518.5 | 569.5 |
| Gross premiums written | 3409.7 | 2236.5 | 588.5 |
| Ceded | (860.5) | (502.3) | (46.3) |
| Net premiums written | $2549.2 | $1734.2 | $542.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Premiums earned:** |  |  |  |
| Direct | $1153.6 | $600.8 | $1.0 |
| Assumed | 1915.2 | 1598.5 | 638.8 |
| Gross premiums earned | 3068.8 | 2199.3 | 639.8 |
| Ceded | (750.7) | (482.3) | (29.0) |
| Net premiums earned | $2318.1 | $1717.0 | $610.8 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Loss and loss adjustment expense:** |  |  |  |
| Direct | $778.0 | $349.3 | $0.8 |
| Assumed | 1386.8 | 1506.1 | 483.2 |
| Loss and loss adjustment expense incurred | 2164.8 | 1855.4 | 484.0 |
| Ceded | (576.4) | (528.9) | (18.7) |
| Loss and loss adjustment expense incurred, net | $1588.4 | $1326.5 | $465.3 |

---

Because retrocessional reinsurance contracts do not relieve the Company of its obligation to its insureds, the collectability of balances due from the Company's reinsurers is important to its financial strength. The Company monitors the financial strength and ratings of retrocessionaires on an ongoing basis. As of December 31, 2022, the Company had loss and loss adjustment expenses recoverable of $1,376.2 million (December 31, 2021 - $1,215.3 million). Loss and loss adjustment expenses recoverable from the retrocessionaire are recorded as assets.

The following tables provide a listing of the Company's loss and loss adjustment expenses recoverable by the reinsurer's S&P rating and the percentage of total recoverables as of December 31, 2022 and 2021. With certain reinsurers, if S&P's rating was not available, an equivalent AM Best rating was used.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| Rating <sup>(1) (2)</sup> | **Gross** | **Collateral** | **Net** | **% of Net<br>Total** |
| AA | $252.8 | $41.2 | $211.6 | 29.5% |
| A | 370.6 | 48.5 | 322.1 | 44.9% |
| BBB or lower | 246.7 | 104.8 | 141.9 | 19.8% |
| Not rated | 506.1 | 464.2 | 41.9 | 5.8% |
| Total | $1376.2 | $658.7 | $717.5 | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| Rating <sup>(1) (2)</sup> | **Gross** | **Collateral** | **Net** | **% of Net<br>Total** |
| AA | $149.5 | $1.7 | 147.8 | 22.6% |
| A | 360.8 | 16.0 | 344.8 | 52.6% |
| BBB or lower | 212.3 | 130.5 | 81.8 | 12.5% |
| Not rated | 492.7 | 412.0 | 80.7 | 12.3% |
| Total | $1215.3 | $560.2 | $655.1 | 100.0% |

---

(1) S&P's ratings as detailed above are: "AAA" (Extremely Strong), "AA" (Very strong), "A" (Strong) and "BBB" (Adequate).

(2) Not rated represents reinsurers who are not rated by either S&P or AM. Best. Included in the "Not rated" category as of December 31, 2022 is $327.7 million (2021 - $355.9 million) related to Pallas Reinsurance Ltd. as a result of the 2021 LPT, and the amount is fully collateralized.

The following tables provide a listing of the five highest loss and loss adjustment expenses recoverable by reinsurer, along with percentage of total recoverable amount, the reinsurer's S&P reinsurer rating and the percentage that the recoverable is collateralized as of December 31, 2022 and 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| | **Balance** | **% of Total** | **S&P rating** | **% Collateralized** |
| Reinsurer: |  |  |  |  |
| Pallas Reinsurance Company Ltd. | $327.7 | 23.8% | Not rated | 100.0% |
| General Insurance Corporation of India | 184.9 | 13.4% | BBB | 31.3% |
| Arch Reinsurance Ltd | 79.6 | 5.8% | A+ | 1.3% |
| Swiss Reinsurance Company Ltd | 68.6 | 5.0% | AA- | 25.8% |
| Pie Casualty Insurance Company | $44.1 | 3.2% | Not rated | 100.0% |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| | **Balance** | **% of Total** | **S&P rating** | **% Collateralized** |
| Reinsurer: |  |  |  |  |
| Pallas Reinsurance Company Ltd. | $355.9 | 29.3% | Not rated | 100.0% |
| General Insurance Corporation of India <sup>(1)</sup> | 140.9 | 11.6% | BBB | 89.4% |
| Swiss Reinsurance Company, Ltd. | 34.8 | 2.9% | AA- | 13.4% |
| Argo Capital Group Ltd. | 28.6 | 2.4% | Not rated | 100.0% |
| Lloyd's of London | $27.4 | 2.3% | A+ | 51.8% |

---

(1) Reflects an AM Best rating of "B++" (Good).

**14. 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 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, S&P). 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 December 31, 2022 and December 31, 2021 are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Insurance and reinsurance balances receivable, net <sup>(1)</sup> | $1876.9 | $1708.2 |
| Loss and loss adjustment expenses recoverable, net | 1376.2 | 1215.3 |
| Other assets <sup>(2)</sup> | 52.4 | 14.5 |
| Total assets in scope | $3305.5 | $2938.0 |

---

(1)As of December 31, 2022, one counterparty's insurance and reinsurance balances receivable of $236.5 million exceeded 10% of the Company's total insurance and reinsurance balances receivable (December 31, 2021 - no counterparties exceeded 10%).

(2)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 $34.3 million as of December 31, 2022 (December 31, 2021 - $21.6 million). For the year ended December 31, 2022, the Company recorded current expected credit losses of $12.7 million (2021 - $21.0 million and 2020 - $0.6 million). These amounts are included in net corporate and other expenses in the consolidated statements of income (loss).

The Company monitors counterparty credit ratings and macroeconomic conditions, and considers the most current AM Best and S&P credit ratings to determine the allowance each quarter. As of December 31, 2022, approximately 55% of the total gross assets in scope were balances with counterparties rated by either AM Best or S&P and, of the total rated, 78% were rated A- or better.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**15. 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 December 31, 2022 and December 31, 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| | **Amount** | **Effective rate** <sup>(1)</sup> | **Amount** | **Effective rate** <sup>(1)</sup> |
| 2017 SEK Subordinated Notes, at face value | $264.3 | 6.0% | $303.1 | 4.1% |
| &nbsp;&nbsp;&nbsp;Unamortized discount | (5.7) |  | (6.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 SEK Subordinated Notes, carrying value | 258.6 |  | 296.3 |  |
| 2016 Senior Notes, at face value | 400.0 | 4.5% | 400.0 | 4.5% |
| &nbsp;&nbsp;&nbsp;Unamortized premium | 4.8 |  | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 Senior Notes, carrying value  | 404.8 |  | 406.0 |  |
| 2015 Senior Notes, at face value | 115.0 | 7.0% | 115.0 | 7.0% |
| &nbsp;&nbsp;&nbsp;Unamortized issuance costs | (0.4) |  | (0.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 Senior Notes, carrying value | 114.6 |  | 114.4 |  |
| Total debt | $778.0 |  | $816.7 |  |

---

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

***2017 SEK Subordinated Notes***

On September 22, 2017, Sirius Group, through SIG, issued floating rate callable subordinated notes denominated in Swedish kronor ("SEK") in the amount of SEK 2,750.0 million (or $346.1 million on date of issuance) at a 100% issue price ("2017 SEK Subordinated Notes"). The 2017 SEK Subordinated Notes were issued in an offering that was exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The 2017 SEK Subordinated Notes bear interest on their principal amount at a floating rate equal to the applicable Stockholm Interbank Offered Rate for the relevant interest period plus an applicable margin, payable quarterly in arrears on March 22, June 22, September 22 and December 22 of each year until maturity in September 2047. Beginning on September 22, 2022, the 2017 SEK Subordinated Notes may be redeemed, in whole or in part, at the Company's option.

As a result of the Company's merger with SIG, the Company assumed the existing and outstanding aggregate principal amount of the 2017 SEK Subordinated Notes pursuant to the First Supplemental Subordinated Indenture, dated May 27, 2021, among SIG, the Company and The Bank of New York Mellon, as trustee (the "Trustee"). The Company was in compliance with all debt covenants as of and for the period ended December 31, 2022.

For the year ended December 31, 2022, the Company recorded $13.2 million of interest expense, inclusive of amortization of discount, on the 2017 SEK Subordinated Notes (2021 - $11.1 million). For the year ended December 31, 2022, the Company also recognized $38.0 million of foreign exchange (losses) gains on the translation of the 2017 SEK Subordinated Notes into USD from SEK (2021 - $25.2 million).

***2016 Senior Notes***

On November 1, 2016, Sirius Group, through SIG, issued $400.0 million face value of senior unsecured notes ("2016 Senior Notes") at an issue price of 99.2% for net proceeds of $392.4 million after taking into effect both deferrable and non-deferrable issuance costs. The 2016 SIG Senior Notes were issued in an offering that was exempt from the registration requirements of the Securities Act. The 2016 SIG Senior Notes bear an annual interest rate of 4.6%, payable semi-annually in arrears on May 1 and November 1 of each year until maturity in November 2026.

As a result of the Company's merger with SIG, the Company assumed the existing and outstanding aggregate principal amount of the 2016 SIG Senior Notes pursuant to the Third Supplemental Senior Indenture, dated May 27, 2021, among SIG, the Company and the Trustee. The Company was in compliance with all debt covenants as of and for the period ended December 31, 2022.

For the year ended December 31, 2022, the Company recorded $17.2 million of interest expense, inclusive of amortization of premium, on the 2016 Senior Notes (2021 - $14.7 million).

------

***2015 Senior Notes***

As of December 31, 2022, the Company had outstanding debt obligations consisting of an aggregate principal amount of $115.0 million of senior unsecured notes (the "2015 Senior Notes") due February 13, 2025. The 2015 Senior Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year. The Company was in compliance with all debt covenants as of and for the years ended December 31, 2022 and December 31, 2021.

As a result of the Company's merger with Third Point Re (USA) Holdings Inc, the Company acquired the existing and outstanding aggregate principal amount of the 2015 Senior Notes pursuant to the Second Supplemental Indenture, dated December 31, 2021, among Third Point Re (USA) Holdings Inc, the Company and the Trustee.

For the year ended December 31, 2022, the Company recorded $8.2 million of interest expense, inclusive of amortization of issuance costs, on the 2015 Senior Notes (2021 - $8.2 million).

**Interest expense**

Total interest expense incurred by the Company for its indebtedness for the year ended December 31, 2022 was $38.6 million (2021 - $34.0 million).

**Standby letter of credit facilities** 

As of December 31, 2022, the Company had entered into the following letter of credit facilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Letters of Credit** | **Letters of Credit** | **Collateral** | **Collateral** |
| | **Committed Capacity** | **Issued** | **Cash and Cash Equivalents** | **Debt securities** |
| Committed - Secured letters of credit facilities | $380.0 | $288.0 | $15.8 | $205.9 |
| Uncommitted - Secured letters of credit facilities | n/a | 982.4 | 18.5 | 1188.5 |
|  |  | $1270.4 | $34.3 | $1394.4 |

---

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 three-year, $300.0 million senior unsecured revolving credit facility (the "Facility") with JPMorgan Chase Bank, N.A. as administrative agent, effective February 26, 2021. The Facility includes an option, subject to satisfaction of certain conditions including agreement of lenders representing greater than a majority of commitments, for the Company to request an extension by such lenders of the maturity date of the Facility by an additional 12 months. 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. Loans and letters of credit under the Facility will become available, subject to customary conditions precedent. As of December 31, 2022, there were no outstanding borrowings under the Facility.

**16. Income taxes** 

The Company provides for income tax expense or benefit based upon pre-tax income or loss reported in the consolidated statements of income (loss) and the provisions of currently enacted tax laws. The Company and its Bermuda-domiciled subsidiaries are incorporated under the laws of Bermuda and are subject to Bermuda law with respect to taxation. Under current Bermuda law, the Company and its Bermuda-domiciled subsidiaries are not subject to any income or capital gains taxes in Bermuda. In the event that such taxes are imposed, the Company and its Bermuda-domiciled subsidiaries would be exempted from any such taxes until March 2035 under the Tax Assurance Certificates issued to such entities pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966, as amended.

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 Australia, Belgium, Canada, Germany, Gibraltar, Hong Kong (China), Ireland, Luxembourg, Malaysia, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

------

The following is a summary of the Company's income (loss) before income tax (expense) benefit by jurisdiction for the years ended December 31, 2022, 2021 and 2020:

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Bermuda | $(151.7) | $178.5 | $113.6 |
| U.S. | (47.0) | 21.8 | 38.1 |
| U.K. | (9.7) | 1.9 | 0.2 |
| Sweden | (174.6) | (138.1) |  |
| Luxembourg | (37.2) | (20.5) |  |
| Other | (2.5) | 1.5 |  |
| Income (loss) before income tax (expense) benefit | $(422.7) | $45.1 | $151.9 |

---

For the years ended December 31, 2022, 2021 and 2020, income tax (expense) benefit consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Current tax (expense) benefit: |  |  |  |
| &nbsp;&nbsp;U.S. Federal | $1.6 | $(3.5) | $(0.1) |
| &nbsp;&nbsp;State | (0.9) | (1.8) |  |
| &nbsp;&nbsp;Non-U.S. | (3.2) | (18.2) |  |
| Total current tax (expense) benefit | (2.5) | (23.5) | (0.1) |
| Deferred tax (expense) benefit: |  |  |  |
| &nbsp;&nbsp;U.S. Federal | 20.7 | (13.1) | (8.0) |
| &nbsp;&nbsp;State | 2.0 | (4.8) |  |
| &nbsp;&nbsp;Non-U.S. | 16.5 | 52.1 |  |
| Total deferred tax (expense) benefit | 39.2 | 34.2 | (8.0) |
| Total income tax (expense) benefit | $36.7 | $10.7 | $(8.1) |

---

**Effective Rate Reconciliation**

The following table presents a reconciliation of expected income taxes to income tax (expense) benefit for the years ended December 31, 2022, 2021 and 2020:

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Tax (expense) benefit at the 0% Bermuda statutory rate | $— | $— | $— |
| Differences in taxes resulting from: |  |  |  |
| &nbsp;&nbsp;Non-Bermuda earnings | 52.9 | 17.6 | (8.0) |
| &nbsp;&nbsp;Change in valuation allowance | (14.3) | 10.5 |  |
| &nbsp;&nbsp;Foreign currency effects | (10.7) | (19.0) |  |
| &nbsp;&nbsp;Change in uncertain tax positions | 8.0 | (8.0) | (0.1) |
| &nbsp;&nbsp;Provision-to-return true up | 3.9 | (0.5) |  |
| &nbsp;&nbsp;Tax rate change | 2.7 | 4.3 |  |
| &nbsp;&nbsp;Tax on Safety Reserve | (2.4) | (1.0) |  |
| &nbsp;&nbsp;Non-taxable/deductible income | (1.4) | 7.2 |  |
| &nbsp;&nbsp;Other, net | (1.3) | 0.5 |  |
| &nbsp;&nbsp;State taxes expense | (0.7) | (0.9) |  |
| Total income tax (expense) benefit | $36.7 | $10.7 | $(8.1) |

---

For the year ended December 31, 2022, the non-Bermuda component of pre-tax income (loss) was $(270.8) million (2021 - $(133.5) million and 2020 - $38.3 million).

The Tax Cuts and Jobs Act ("TCJA") includes a Base Erosion and Anti-Abuse Tax ("BEAT") provision, which is essentially a minimum tax on certain otherwise deductible payments made by U.S. entities to non-U.S. affiliates, including cross-border interest payments and reinsurance premiums paid or ceded. The statutory BEAT rate is 10% through 2025, and then rises to

------

12.5% in 2026 and thereafter. The TCJA also includes provisions for Global Intangible Low-Taxed Income ("GILTI"), under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, the Company will treat BEAT as an in period tax charge when incurred in future periods for which no deferred taxes need to be provided and has made an accounting policy election to treat GILTI taxes in a similar manner. No provision for income taxes related to BEAT or GILTI was recorded as of December 31, 2022 and December 31, 2021.

The Company has capital and liquidity in many of its subsidiaries, some of which may reflect undistributed earnings. If such capital or liquidity were to be paid or distributed to the Company or to one of its intermediary subsidiaries as dividends or otherwise, they may be subject to withholding tax by the source country and/or income tax by the recipient country. The Company generally intends to operate, and manage its capital and liquidity, in a tax-efficient manner. However, the applicable tax laws in relevant countries are still evolving, including in connection with guidance and proposals from the Organization for Economic Cooperation and Development (OECD). Accordingly, such payments or distributions may be subject to income or withholding tax in jurisdictions where they are not currently taxed or at higher rates of tax than currently taxed, and the applicable tax authorities could attempt to apply income or withholding tax to past earnings or payments. It is not practicable to estimate the income tax liabilities that might be incurred if such earnings were remitted since it is driven by facts at the time of distribution.

**Deferred Tax Inventory**

The following table presents the tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Deferred tax assets: |  |  |
| Non-U.S. net operating loss carryforwards | $301.1 | $273.3 |
| Unearned premiums | 22.1 | 13.4 |
| U.S. federal net operating loss and capital carryforwards | 17.8 | 19.4 |
| Purchase accounting | 16.9 | 17.8 |
| Tax credit carryforwards | 16.0 | 26.2 |
| Investment basis differences | 10.7 | 5.9 |
| Discounting of loss and loss adjustment expense reserves | 9.3 | 7.6 |
| Unrealized losses on investments | 9.0 |  |
| Incentive compensation and benefit accruals | 5.8 | 5.7 |
| Deferred interest | 4.3 | 3.9 |
| Allowance for doubtful accounts | 4.0 | 2.9 |
| Other items | 4.0 | 5.2 |
| Total gross deferred tax assets | 421.0 | 381.3 |
| Valuation allowance | (114.3) | (113.3) |
| Total adjusted deferred tax asset | $306.7 | $268.0 |
| Deferred tax liabilities: |  |  |
| Safety reserve | $126.5 | $150.1 |
| Deferred acquisition costs | 22.5 | 6.7 |
| Intangible assets | 13.4 | 14.3 |
| Foreign currency translation on investments | 0.9 | 1.7 |
| Unrealized gains on investments |  | 3.8 |
| Other Items | 2.9 | 4.8 |
| Total deferred tax liabilities | 166.2 | 181.4 |
| Net deferred tax assets | $140.5 | $86.6 |

---

Of the net deferred tax asset, net of valuation allowance, of $140.5 million as of December 31, 2022, $70.9 million relates to net deferred tax assets in U.S. subsidiaries, $129.6 million relates to net deferred tax assets in Luxembourg subsidiaries,

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$5.2 million relates to net deferred tax liabilities in UK subsidiaries, $53.9 million relates to net deferred tax liabilities in Sweden subsidiaries, and $0.9 million relates to net deferred tax liabilities in other jurisdictions.

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

Based on this approach, for the year ended December 31, 2022, the Company recorded $114.3 million in the valuation allowance applicable to deferred tax assets. Of the $114.3 million, $69.4 million relates to net operating loss carryforwards in Luxembourg subsidiaries, $38.5 million relates primarily to net operating loss carryforward in the United Kingdom and $6.4 million relates to foreign tax credits in the United States.

**Net Operating Loss and Capital Loss Carryforwards**

Net operating loss and capital loss carryforwards as of December 31, 2022, the expiration dates and the deferred tax assets thereon are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| | **United States** | **Luxembourg** | **Sweden** | **U.K.** | **Total** |
| 2023-2027 | $3.0 | $— | $— | $— | $3.0 |
| 2028-2042 | 63.0 | 74.8 |  |  | 137.8 |
| No expiration date | 21.1 | 723.6 | 312.1 | 150.3 | 1207.1 |
| Total | 87.1 | 798.4 | 312.1 | 150.3 | 1347.9 |
| Gross deferred tax asset | 18.0 | 199.1 | 64.3 | 37.6 | 319.0 |
| Valuation allowance |  | (69.4) |  | (37.6) | (107.0) |
| Net deferred tax asset | $18.0 | $129.7 | $64.3 | $— | $212.0 |

---

The Company expects to utilize net operating loss carryforwards in Luxembourg of $524.1 million but does not expect to utilize the remainder based on forecasted taxable income. The U.S. net operating loss carryforwards of $87.1 million are subject to an annual limitation on utilization under Internal Revenue Code Section 382. Of the Section 382 limited loss carryforwards, $3.0 million will expire between 2023 and 2025, $63.0 million will expire between 2036 and 2039 and the remaining $21.1 million does not expire. The Company expects to utilize all of the U.S. net operating loss carryforwards.

**Foreign Tax Credits**

As of December 31, 2022, there are U.S. foreign tax credits carryforwards available of $8.1 million, of which minimal amount expires in 2023 and the remaining will expire between 2024 and 2031. As of December 31, 2022, there are alternative minimum tax credit carryforwards of $0.1 million which do not expire and are expected to become fully refundable beginning in the 2024 tax year under the TCJA. Further, there are Swedish foreign tax credits carryforwards available of $7.8 million and will start to expire in 2026.

**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.

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The following table is a reconciliation of the beginning and ending unrecognized tax benefits for the years ended December 31, 2022 and 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Permanent**<br>**differences** <sup>(1)</sup> | **Temporary**<br>**differences** <sup>(2)</sup> | **Interest and**<br>**penalties** <sup>(3)</sup> | **Total** |
| Balance as of January 1, 2021 | $1.1 | $— | $0.5 | $1.6 |
| Acquisition of Sirius Group | 0.7 | 0.1 | 0.1 | 0.9 |
| Changes in prior year tax positions | (0.1) | (0.1) | 0.1 | (0.1) |
| Tax positions taken during the current year | 8.0 | 0.3 |  | 8.3 |
| Balance as of December 31, 2021 | 9.7 | 0.3 | 0.7 | 10.7 |
| Changes in prior year tax positions | (8.0) | (0.3) |  | (8.3) |
| Lapse in statute of limitations | (0.1) |  |  | (0.1) |
| Balance as of December 31, 2022 | $1.6 | $— | $0.7 | $2.3 |

---

(1)Represents the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate.

(2)Represents the amount of unrecognized tax benefits that, if recognized, would create a temporary difference between the reported amount of an item in the consolidated balance sheets and its tax basis.

(3)Net of tax benefit.

As of December 31, 2022, the total reserve for unrecognized tax benefits is $2.3 million. 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 $1.6 million of such reserves as of December 31, 2022 would be recorded as an income tax benefit and would impact the effective tax rate.

The Company classifies all interest and penalties on unrecognized tax benefits as part of income tax expense. During the year ended December 31, 2022, the Company did not recognize interest expense, net of any tax benefit (2021 - $0.1 million and 2020 - none). As of December 31, 2022, the balance of accrued interest, net of any tax benefit, is $0.7 million (2021 - $0.7 million).

**Tax Examinations**

With few exceptions, which are not material, the Company is no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2018.

**17. Shareholders' equity** 

**Common shares**

The following table presents a summary of the common shares issued and outstanding as of and for the years ended December 31, 2022, 2021 and 2020:

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Common shares issued and outstanding, beginning of year | 161929777 | 95582733 | 94225498 |
| Issuance of common shares, net of forfeitures and shares withheld | 942923 | 3133969 | 1012939 |
| Shares repurchased | (695047) |  |  |
| Options exercised |  | 220000 |  |
| Performance restricted shares granted, net of forfeitures and shares withheld |  | (1431963) | 344296 |
| Issuance of common shares for Sirius Group acquisition |  | 58331196 |  |
| Issuance of common shares to related party |  | 6093842 |  |
| Common shares issued and outstanding, end of year | 162177653 | 161929777 | 95582733 |

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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 years ended December 31, 2022, 2021 and 2020, 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 Company has 8,000,000 of Series B preference shares outstanding, par value $0.10. Dividends on the Series B preference shares will be cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum. The preference shareholders will 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 will 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%.

On June 28, 2021 and August 12, 2021, the Company entered into Underwriting Agreements with the Series B preference shareholders (the "Selling Shareholders") pursuant to which the Selling Shareholders sold to the public market an aggregate of 8,000,000 Series B preference shares. The Company did not receive any proceeds from the sale of the Series B preference shares by the Selling Shareholders. The transaction did not change the underlying conditions of the Series B preference shares. The Series B preference shares are listed on the New York Stock Exchange under the symbol "SPNT PB".

During the year ended December 31, 2022, the Company declared and paid dividends of $16.0 million (2021 - $12.1 million) to the Series B preference shareholders.

**Share repurchases** 

On February 28, 2018, the Company's Board of Directors authorized the repurchase of an additional $148.3 million common shares, which together with the authorized amount remaining under the previously announced share repurchase program would allow the Company to repurchase up to $200.0 million of the Company's outstanding common shares in the aggregate. On August 5, 2021, the Company's Board of Directors expanded the scope of the prior authority to include the repurchase of outstanding CVRs and warrants. Under the common share repurchase program, the Company may repurchase shares from time to time in privately negotiated transactions or in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

During the year ended December 31, 2022, the Company repurchased 695,047 of its common shares in the open market for $5.0 million at a weighted average cost, including commissions, of $7.17 per share. Common shares repurchased by the Company during the period were retired.

As of December 31, 2022 the Company was authorized to repurchase up to an aggregate of $56.3 million of outstanding common shares, CVRs and warrants under its repurchase program.

**18. Share-based compensation and employee benefit plans** 

**Share-based compensation**

As of December 31, 2022, the Company's share-based awards consisted of Restricted Share Units ("RSUs"), Performance Share Units ("PSUs"), Restricted Share Awards ("RSAs") and options.

As part of the 2022-2024 annual long-term incentive award cycle, the Company granted to its employees a number of RSUs pursuant to the terms and conditions of the SiriusPoint Ltd. 2013 Omnibus Incentive Plan. The RSUs generally vest over three years in equal, one-third installments on each anniversary of the award grant date subject to continued provision of services through the applicable vesting date. As of December 31, 2022, 17,018,916 (December 31, 2021 - 18,532,406) of the Company's common shares were available for future issuance under the equity incentive compensation plans.

The total share-based compensation expense recognized during the years ended December 31, 2022, 2021 and 2020 was $26.8 million, $22.6 million and $6.6 million, respectively.

As of December 31, 2022, the Company had $24.2 million (December 31, 2021 - $37.0 million) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.7 years (December 31, 2021 - 2.4 years).

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***Restricted Share Units***

RSU activity for the year ended December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| | **Number of non-<br>vested restricted <br>shares** | **Weighted <br>average grant <br>date fair value** |
| Balance as of January 1, 2022 | 3428888 | $10.14 |
| Granted | 4928981 | 6.53 |
| Forfeited | (1214252) | 5.89 |
| Vested | (1982204) | 9.85 |
| Balance as of December 31, 2022 | 5161413 | $7.29 |

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RSUs with service condition vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability.

***Restricted Share Awards***

Restricted share award activity for the year ended December 31, 2022 was as follows:

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| | | |
|:---|:---|:---|
| | **Number of non-<br>vested restricted <br>shares** | **Weighted <br>average grant <br>date fair value** |
| Balance as of January 1, 2022 | 2590194 | $10.13 |
| Granted | 237118 | 6.01 |
| Forfeited | (292989) | 8.80 |
| Vested | (825715) | 10.22 |
| Balance as of December 31, 2022 | 1708608 | $7.40 |

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RSAs vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability.

***Performance Share Units***

PSU activity for the year ended December 31, 2022 was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Number of non-<br>vested PSUs** | **Number of non-<br>vested PSUs probable of vesting** | **Weighted average grant date fair value of PSUs probable of vesting** |
| Balance as of January 1, 2022 | 1085294 | 1085294 | $10.30 |
| Granted |  |  |  |
| Forfeited | (495502) | (495502) | 10.33 |
| Vested | (13114) | (13114) | 10.36 |
| Balance as of December 31, 2022 | 576678 | 576678 | $9.85 |

---

PSUs vest over four distinct performance periods subject to participant's continued provision of services to the Company until the vesting date.

***Options***

The share options issued to management under the Share Incentive Plan are subject to a service condition. The fair value of share options issued were estimated on the grant date using the Black-Scholes option-pricing model. The Black-Scholes

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option-pricing model used the following assumptions for options granted during the year ended December 31, 2022 and December 31, 2021 (there were no options granted for the year ended December 31, 2020):

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| Dividend yield | —% | —% |
| Risk free interest rate | 3.57% | 1.55% |
| Expected volatility<sup>(1)</sup> | 32.30% | 34.17% |
| Expected life (in years) | 6.3 | 6.5 |
| Weighted average grant date fair value | $1.93 | $3.28 |

---

(1) The volatility assumption used was based on the average estimated volatility of a reinsurance peer group.

The options activity for the years ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| | **Number of <br>options** | **Weighted <br>average exercise <br>price** |
| Outstanding as of January 1, 2022 | 7087095 | $12.61 |
| Granted | 2905709 | 6.94 |
| Forfeited and expired | (4650065) | 12.92 |
| Exercised |  |  |
| Outstanding as of December 31, 2022 | 5342739 | 9.25 |
| Exercisable as of December 31, 2022 | 2781527 | $11.01 |

---

As of December 31, 2022 the weighted average remaining contractual term for options outstanding and exercisable was 4.0 years and 1.6 years, respectively (2021 - 2.0 years and 2.1 years, respectively).

As of December 31, 2022, the aggregate intrinsic value of options outstanding and options exercisable was immaterial (December 31, 2021 - nil). For the year ended December 31, 2022, the Company did not receive proceeds from the exercise of options (2021 - $2.2 million).

**Employee Benefit Plans**

The Company operates several retirement plans in accordance with the local regulations and practices. These plans cover substantially all of the Company's employees and provide benefits to employees in event of death, disability, or retirement.

***Defined benefit plans***

Swedish and German employees of SiriusPoint International can participate in defined benefit plans which are based on the employees' pension entitlements and length of employment. In Sweden, where a defined benefit pension plan is mandated by the government, SiriusPoint International's employees participate in collective agreements funded by SiriusPoint International. These collective agreements are managed by third party trustees who calculate the pension obligation, invoice SiriusPoint International for additional funding and invest the funds. All employees in Germany are covered by defined benefit pension plans sponsored by SiriusPoint International called SiriusPoint Re GmbH Pension Plan. Paid pension premiums are invested with Skandia Liv for employees in Sweden and with Allianz for employees in Germany.

As of December 31, 2022, the projected benefit obligation of SiriusPoint International's various benefit plans was $18.3 million (2021 - $20.4 million) and the funded status was $6.0 million (2021 - $2.3 million). As of December 31, 2022, the Swedish plan had a funded status of $7.6 million (2021 - $6.0 million) and the German plan had a funded status of $(1.6) million (2021 - $(3.7) million). The accumulated benefit obligation for the year ended December 31, 2022 was $13.5 million (2021 - $20.4 million).

***Defined contribution plans***

In the United Kingdom, SiriusPoint International contributes 12% of the employee's salary. Contributed funds are invested into an annuity of the employee's choice. In Belgium, SiriusPoint International contributes 6.5% - 8.5% of the employee's salary. In Switzerland, employees are eligible to participate in an industry-sponsored pension plan, which is a combination of a defined contribution and a defined benefit plan. SiriusPoint International incurs 60% - 70% of the total premium charges and the employees incur the remaining 30% - 40%. In Sweden, the insurance industry's occupational pension plan is a

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combination of a defined contribution and a defined benefit plan, in which SiriusPoint International contributes 5.5% - 31.3% of the employee's salary dependent on base salary. In Bermuda, SiriusPoint Bermuda's employees are eligible for retirement benefits through defined contribution retirement plans. SiriusPoint Bermuda and employees contribute an amount equal to a specified percentage of each employee's salary. The Company's U.S. subsidiaries' employees are eligible for retirement benefits through 401(k) retirement savings plans. These plans provide qualifying employees with matching contributions from the Company based on the amount of employee contribution. Total expenses related to the Company's contributions to the above defined contribution plans was $6.1 million for the year ended December 31, 2022 (2021 - $6.9 million and 2020 - $0.9 million).

**19. Earnings (loss) per share available to SiriusPoint common shareholders** 

The following sets forth the computation of basic and diluted earnings (loss) per share available to SiriusPoint common shareholders for the years ended December 31, 2022, 2021 and 2020:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Weighted-average number of common shares outstanding:** | **($ in millions, except share and per share amounts)** | **($ in millions, except share and per share amounts)** | **($ in millions, except share and per share amounts)** |
| Basic number of common shares outstanding | 160228588 | 148667770 | 92510090 |
| Dilutive effect of options |  |  |  |
| Dilutive effect of warrants |  |  |  |
| Dilutive effect of restricted share units |  | 1488696 | 447709 |
| Diluted number of common shares outstanding | 160228588 | 150156466 | 92957799 |
| **Basic earnings (loss) per common share:** |  |  |  |
| Net income (loss) available to SiriusPoint common shareholders | $(402.8) | $44.6 | $143.5 |
| Net income allocated to SiriusPoint participating common shareholders |  | (3.4) | (1.1) |
| Net income (loss) allocated to SiriusPoint common shareholders | $(402.8) | $41.2 | $142.4 |
| Basic earnings (loss) per share available to SiriusPoint common shareholders | $(2.51) | $0.28 | $1.54 |
| **Diluted earnings (loss) per common share:** |  |  |  |
| Net income (loss) available to SiriusPoint common shareholders | $(402.8) | $44.6 | $143.5 |
| Net income allocated to SiriusPoint participating common shareholders |  | (3.4) | (1.1) |
| Net income (loss) allocated to SiriusPoint common shareholders | $(402.8) | $41.2 | $142.4 |
| Diluted earnings (loss) per share available to SiriusPoint common shareholders | $(2.51) | $0.27 | $1.53 |

---

For the years ended December 31, 2022, 2021 and 2020, options of 4,257,266, 7,087,095 and 3,741,266, respectively, and warrants of 31,123,755, 31,123,755 and 3,494,979, respectively, were excluded from the computation of diluted earnings (loss) per share available to SiriusPoint common shareholders.

For the year ended December 31, 2021, Upside Rights of 10,000,000 were excluded from the computation of diluted earnings per share available to SiriusPoint common shareholders.

**20. Related party transactions**

In addition to the transactions disclosed in Notes 7 and 11 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**

Insurance and reinsurance contracts with certain of the Company's insurance and MGA related parties resulted in gross written premiums of $336.4 million during the year ended December 31, 2022 (2021 - $214.0 million). As of December 31, 2022, the Company had total receivables from these related parties of $59.6 million and payables of $4.6 million (2021 - $35.6 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 December 31, 2022 and December 31, 2021:

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| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| Third Point Enhanced LP | $100.3 | $878.2 |
| Third Point Venture Offshore Fund I LP | 26.0 | 31.4 |
| Third Point Venture Offshore Fund II LP | 2.5 |  |
| Investments in related party investment funds, at fair value | 128.8 | 909.6 |
| Third Point Optimized Credit Portfolio <sup>(1)(2)</sup> | 530.7 |  |
| Total investments managed by related parties | $659.5 | $909.6 |

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(1)The Third Point Optimized Credit Portfolio is reported in debt securities available for sale and trading in the consolidated balance sheets.

(2)Includes $59.9 million of asset-backed securities withdrawn as a redemption in-kind from the TP Enhanced Fund.

As of December 31, 2022, $350.0 million of withdrawals from the TP Enhanced Fund remain to be reinvested in, or contractually committed to, the TPOC Portfolio or other Third Point strategies, pursuant to the 2022 LPA.

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

The total management, advisory and performance fees to related parties for the years ended December 31, 2022, 2021 and 2020 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Management and advisory fees | $7.3 | $17.9 | $14.5 |
| Performance fees - fixed income and other investments <sup>(1)</sup> |  |  | 14.0 |
| Performance fees (before loss carryforward) | (1.2) | 75.7 | 51.8 |
| Performance fees - loss carryforward utilized |  |  | (0.5) |
| Total management and performance fees to related parties <sup>(2)</sup> | $6.1 | $93.6 | $79.8 |

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(1)Pursuant to the terms of the 2020 LPA, the performance of certain fixed income and other investments managed by Third Point LLC were subject to 20% performance fees for the year ended December 31, 2020 only.

(2)Management, advisory and performance fees for the Related Party Investment Funds, where applicable, are presented within net realized and unrealized investment gains from related party investment funds in the consolidated statements of income (loss)

***Management and advisory fees***

*Third Point Enhanced LP*

Effective January 1, 2019, SiriusPoint and SiriusPoint Bermuda entered into the Second Amended and Restated Exempted Limited Partnership Agreement (the "2019 LPA") of TP Enhanced Fund. Pursuant to the 2019 LPA, Third Point LLC is entitled to receive monthly management fees. Management fees are charged at the TP Enhanced Fund level and are calculated based on 1.25% of the investment in TP Enhanced Fund and multiplied by an exposure multiplier computed by dividing the average daily investment exposure leverage of the TP Enhanced Fund by the average daily investment exposure leverage of the Third Point Offshore Master Fund L.P. ("Offshore Master Fund"). Third Point LLC also serves as the investment manager for the Offshore Master Fund.

The 2020 LPA, effective February 26, 2021, removed the adjustment for investment exposure leverage in the management fee calculation, as previously adjusted for under the 2019 LPA. The 2020 LPA did not amend the management fee rate of 1.25% per annum.

The 2022 LPA, effective February 23, 2022, did not amend the management fee rate of 1.25% per annum.

*Third Point Venture Offshore Fund I LP*

No management fees are payable by the Company under the 2021 Venture LPA.

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*Third Point Venture Offshore Fund II LP*

Pursuant to the 2022 Venture II LPA, management fees are charged at the TP Venture Fund II level and are calculated based on 0.1875% per quarter (0.75% per annum).

*Third Point Insurance Portfolio Solutions and Third Point Optimized Credit*

Effective February 26, 2021, Third Point LLC, Third Point Insurance Portfolio Solutions ("TPIPS") and the Company entered into an Investment Management Agreement (the "TPIPS IMA"), pursuant to which TPIPS will serve as investment manager to the Company and provide investment advice with respect to the investable assets of the Company, other than assets that the Company may withdraw from time to time as working capital. The Amended and Restated Collateral Assets Investment Management Agreement was terminated at the effective date of the TPIPS IMA.

Pursuant to the TPIPS IMA, the Company will pay Third Point LLC a fixed management fee, payable monthly in advance, equal to 1/12 of 0.06% of the fair value of assets managed (other than assets invested in TP Enhanced Fund).

On February 23, 2022, the Company entered into the 2022 IMA with Third Point LLC and the other parties thereto, which amended and restated the TPIPS IMA.

Pursuant to the 2022 IMA, effective February 23, 2022, the Company will also pay Third Point LLC a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses, and a fixed advisory fee of $1.5 million per annum.

***Performance fees***

*Third Point Enhanced LP*

Pursuant to the 2019 LPA, TP GP receives a performance fee allocation equal to 20% of the Company's investment income in the related party investment fund. The performance fee is included as part of "Investments in related party investment fund, at fair value" on the Company's consolidated balance sheet since the fees are charged at the TP Enhanced Fund level.

The performance fee is subject to a loss carryforward provision pursuant to which TP GP is required to maintain a loss recovery account, which represents the sum of all prior period net loss amounts and not subsequently offset by prior year net profit amounts, and that is allocated to future profit amounts until the loss recovery account has returned to a positive balance. Until such time, no performance fees are payable, provided that the loss recovery account balance shall be reduced proportionately to reflect any withdrawals from TP Enhanced Fund. The 2019 LPA preserves the loss carryforward attributable to our investment in TP Enhanced Fund when contributions to TP Enhanced Fund are made within nine months of certain types of withdrawals from TP Enhanced Fund.

Pursuant to the 2020 LPA, the performance of certain fixed income and other investments managed by Third Point LLC were included when calculating the performance fee allocation and loss recovery account amounts under the terms of the 2019 LPA for the year ended December 31, 2020 only. There are no other changes to the performance fee calculation under the 2020 LPA.

The 2022 LPA did not amend the performance fee calculation.

*Third Point Venture Offshore Fund I LP*

Pursuant to the 2021 Venture LPA, TP Venture GP receives a performance fee allocation equal to 20% of the Company's investment income in the related party investment fund.

*Third Point Venture Offshore Fund II LP*

Pursuant to the 2022 Venture II LPA, TP Venture GP II receives a performance fee allocation equal to 20% of the Company's investment income in the related party investment fund.

*Third Point Optimized Credit*

Pursuant to the 2022 IMA, the Company will pay Third Point LLC, from the assets of each sub-account, an annual incentive fee equal to 15% of outperformance over a specified benchmark. The performance fee is included as part of Net investment income on the Company's consolidated statements of income (loss).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21. Commitments and contingencies** 

**Concentrations of credit risk**

The Company has exposure to credit risk as it relates to its business written through brokers, if any of the Company's brokers are unable to fulfill their contractual obligations with respect to payments to the Company. In addition, in some jurisdictions, if the broker fails to make payments to the insured under the Company's policy, the Company may remain liable to the insured for the deficiency. These brokers are fairly large and well established, and there are no indications they are financially distressed. The Company's exposure to such credit risk is somewhat mitigated in certain jurisdictions by contractual terms. The following table sets forth the Company's premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2022, 2021 and 2020:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| Aon Corporation and subsidiaries | $625.5 | 18.3% | $536.6 | 24.0% | $189.1 | 32.1% |
| Guy Carpenter & Company and subsidiaries | 441.9 | 13.0% | 414.1 | 18.5% | 164.6 | 28.0% |
| Arthur J. Gallagher & Co. and subsidiaries | 216.8 | 6.4% | 244.2 | 10.9% | 67.6 | 11.5% |
| Other | 2125.5 | 62.3% | 1041.6 | 46.6% | 167.2 | 28.4% |
|  | $3409.7 | 100.0% | $2236.5 | 100.0% | $588.5 | 100.0% |

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The Company is exposed to credit risk through reinsurance contracts with companies that write credit risk insurance. The Company's portfolio of risk is predominantly U.S. mortgage insurance and mortgage credit risk transfer. The Company provides its clients in these lines of business with reinsurance protection against credit deterioration, defaults or other types of financial non-performance. Loss experience in these lines of business has been very good but is cyclical and is affected by the state of the general economic environment. The Company proactively manages the risks associated with these credit-sensitive lines of business by closely monitoring its risk aggregation and by diversifying the underlying risks where possible. The Company has bought some retrocessional coverage against a subset of these risks.

The Company has exposure to credit risk related to balances receivable under our reinsurance contracts, including funds withheld and premiums receivable, and the possibility that counterparties may default on their obligations to the Company. The risk of counterparty default is partially mitigated by the fact that any amount owed from a reinsurance counterparty would be netted against any losses or acquisition costs the Company would pay in the future. The Company monitors the collectability of these balances on a regular basis.

**Lloyd's Central Fund**

The Lloyd's Central Fund is available to satisfy claims if a member of Lloyd's is unable to meet its obligations to policyholders. The Company has an obligation to pay contributions to the Lloyd's Central Fund each year based on gross written premium. The Company estimates the Lloyd's Central Fund contributions to be $0.6 million (based on the December 31, 2022 GBP to USD exchange rate) which is 0.35% of gross written premium. The Council of Lloyd's have the power to levy an additional contribution on members if it considered necessary, and the maximum additional contribution is currently 5.0% of capacity.

**Financing**

See Note 15 for additional information related to the Company's debt obligations.

**Letters of Credit**

See Note 15 for additional information related to the Company's letter of credit facilities.

**Liability-classified capital instruments**

See Note 3 for additional information related to the contingent value consideration components of the Sirius Group acquisition.

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**Promissory Note & Loan Agreement**

On September 16, 2020, the Company entered into an Unsecured Promissory Note agreement with Arcadian, pursuant to which the Company has committed to loan up to $18.0 million. Interest shall accrue and be computed on the aggregate principal amount drawn and outstanding at a rate of 8.0% per annum. No amounts were drawn as of December 31, 2022.

On July 2, 2021, the Company entered into a loan and security agreement with Joyn, pursuant to which the Company has lent Joyn $11.5 million. In the year ended December 31, 2022, $1.4 million of unsecured promissory notes were also issued by Joyn to the Company, of which $0.3 million was subsequently repaid. As a part of Joyn's recapitalization in December 2022, all outstanding promissory notes and the loan were converted into equity.

On March 7, 2022, the Company entered into an Unsecured Convertible Promissory Note agreement with Player's Health, pursuant to which the Company has lent $8.0 million. Interest shall accrue and be computed on the aggregate principal amount drawn and outstanding at a rate of 6.0% per annum.

**Restructuring Plan**

On November 2, 2022, the Company announced a restructuring of our underwriting platform to support the future shape of our business. In line with our strategy to strengthen underwriting results and align our operating platform to our business portfolio, we have made changes to the structure and composition of our international branch network (the "Restructuring Plan"). In the fourth quarter of 2022, the Company incurred approximately $30.0 million of costs to implement the Restructuring Plan, which primarily related to severance expense. These costs were included as part of net corporate and other expenses on the Company's consolidated statements of income (loss).

**Litigation**

From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company's reinsurance and insurance 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 procedures 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 in Bermuda, the United States and Europe, and leases office space under various non-cancelable operating lease agreements.

During the year ended December 31, 2022, the Company recognized operating lease expense of $12.8 million (2021 - $10.5 million and 2020 - $0.9 million), including property taxes and routine maintenance expense as well as rental expenses related to short term leases. As of December 31, 2022 the Company had $25.9 million (December 31, 2021 - $27.4 million) of operating lease right-of-use assets included in other assets. As of December 31, 2022 the Company had $30.3 million (December 31, 2021 - $32.5 million) of operating lease liabilities included in accounts payable, accrued expenses and other liabilities.

The following table presents the lease balances within the consolidated balance sheets as of December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| Operating lease right-of-use assets | $25.9 | $27.4 |
| Operating lease liabilities | $30.3 | $32.5 |
| Weighted average lease term (years) | 5.5 | 5.0 |
| Weighted average discount rate | 3.1% | 2.4% |

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Future minimum rental commitments as of December 31, 2022 under these leases are expected to be as follows:

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| | |
|:---|:---|
| | **Future Payments** |
| 2023 | $9.2 |
| 2024 | 5.9 |
| 2025 | 4.6 |
| 2026 | 3.7 |
| 2027 and thereafter | 9.7 |
| Total future annual minimum rental payments | 33.1 |
| Less: present value discount | (2.8) |
| Total lease liability as of December 31, 2022 | $30.3 |

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**22. Statutory requirements** 

The Company'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. These regulations include certain restrictions on the amount of dividends or other distributions available to shareholders without prior approval of the insurance regulatory authorities. Statutory accounting differs from GAAP by jurisdiction in the reporting of certain reinsurance contracts, investments, subsidiaries, acquisition expenses, fixed assets, deferred income taxes, and certain other items.

***Bermuda***

The Insurance Act 1978 of Bermuda and related regulations, as amended ("Insurance Act"), regulates the insurance business of Bermuda-domiciled insurers and reinsurers. The Insurance Act imposes solvency and liquidity standards on Bermuda insurance companies, as well as auditing and reporting requirements. Under the Insurance Act, insurers and reinsurers are required to maintain minimum statutory capital and surplus at a level equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR") which is established by reference to either a Bermuda Solvency Capital Requirement ("BSCR") model or an approved internal capital model. The BSCR model is a standardized statutory risk-based capital model that provides a method for determining an insurer's minimum required capital taking into account the risk characteristics of different aspects of the company's business. The Economic Balance Sheet ("EBS") is an input to the BSCR which determines the Company's ECR. The EBS regime prescribes the use of financial statements prepared in accordance with GAAP as the basis on which statutory financial statements are prepared, and those statutory financial statements form the starting basis for the EBS. The model also requires insurers to estimate insurance technical provisions, which consist of the insurer's insurance related balances valued based on best-estimate cash flows, adjusted to reflect the time value of money, with the addition of a risk margin to reflect the uncertainty in the underlying cash flows. The BMA has established a target capital level which is set at 120% of the ECR. While the Company is not required to maintain statutory economic capital and surplus at this level, it serves as an early warning signal for the BMA, and failure to meet the target capital level may result in additional reporting requirements or increased regulatory oversight.

The BMA acts as the group supervisor for the Company. The Company is currently completing its group BSCR for the year ended December 31, 2022, which must be filed with the BMA on or before May 31, 2023, and at this time, the Company believes it will exceed the target level of required statutory economic capital and surplus. During 2022 and 2021, the Company did not pay any dividends to its common shareholders.

The Company has two Bermuda based insurance subsidiaries: SiriusPoint Bermuda, a Class 4 insurer, and Alstead Re, a Class 3A insurer. Each of these Bermuda insurance subsidiaries are registered under the Insurance Act and are subject to regulation and supervision of the BMA. The Company is currently completing its BSCRs for SiriusPoint Bermuda and Alstead Re for the year ended December 31, 2022, which must be filed with the BMA on or before April 30, 2023, and at this time, the Company believes it will exceed the target level of required statutory economic capital and surplus. Each of the Company's Bermuda based insurance subsidiaries met their target level of required statutory economic capital and surplus for

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the year ended December 31, 2021. The following is a summary of available and required statutory economic capital and surplus of the Bermuda based insurance subsidiaries as of December 31, 2021:

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| | |
|:---|:---|
| | **December 31, 2021** |
| **Available statutory economic capital and surplus** | |
| SiriusPoint Ltd. | $3119.1 |
| SiriusPoint Bermuda | 3333.5 |
| Alstead Re | 4.6 |
| **Required statutory economic capital and surplus** |  |
| SiriusPoint Ltd. | 1558.3 |
| SiriusPoint Bermuda | 1531.6 |
| Alstead Re | $1.6 |

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The following is a summary of the statutory net income (loss) for the Bermuda based insurance subsidiaries for the years ended December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| SiriusPoint Bermuda | $(360.1) | $90.6 |
| Alstead Re | $0.9 | $(0.4) |

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The Bermuda based insurance subsidiaries are also required to maintain a minimum liquidity ratio whereby the value of their relevant assets are not less than 75% of the amount of their relevant liabilities for general business. As of December 31, 2022, all liquidity ratio requirements were met.

SiriusPoint Bermuda's ability to pay dividends is limited under Bermuda law and regulations. SiriusPoint Bermuda may declare dividends subject to it continuing to meet its solvency and capital requirements, which includes continuing to hold statutory capital and surplus equal to or exceeding its ECR. In addition, SiriusPoint Bermuda is prohibited from declaring or paying in any fiscal year dividends of more than 25% of its prior year's statutory capital and surplus unless SiriusPoint Bermuda files with the BMA a signed affidavit by at least two members of the Board of Directors attesting that a dividend would not cause SiriusPoint Bermuda to fail to meet its capital requirements. As of December 31, 2022, SiriusPoint Bermuda could pay dividends of approximately $713.5 million (2021 - $844.4 million) without providing an affidavit to the BMA. SiriusPoint Bermuda indirectly owns SiriusPoint International, SiriusPoint America, and SiriusPoint's other insurance and reinsurance operating companies, each of which are limited in their ability to pay dividends by the insurance laws of their relevant jurisdictions.

***Europe***

The financial services industry in the United Kingdom is dual-regulated by the Financial Conduct Authority and the Prudential Regulation Authority (collectively, the "U.K. Regulators"). The U.K. Regulators regulate insurers, insurance intermediaries and Lloyd's. The U.K. Regulators and Lloyd's have common objectives in ensuring that the Lloyd's market is appropriately regulated. Lloyd's is required to implement certain rules prescribed by the U.K. Regulators by the powers it has under the Lloyd's Act of 1982 relating to the operation of the Lloyd's market. In addition, each year the U.K. Regulators require Lloyd's to satisfy an annual solvency test that measures whether Lloyd's has sufficient assets in the aggregate to meet all the outstanding liabilities of its members.

Lloyd's permits its corporate and individual members ("Members") to underwrite insurance risks through Lloyd's syndicates. Members of Lloyd's may participate in a syndicate for one or more underwriting years by providing capital to support the syndicate's underwriting. All syndicates are managed by Lloyd's approved managing agents. Managing agents receive fees and profit commissions in respect of the underwriting and administrative services they provide to the syndicates. Lloyd's prescribes, in respect of its managing agents and Members, certain minimum standards relating to their management and control, solvency and various other requirements.

The Company participates in the Lloyd's market through the 100% ownership of SiriusPoint Corporate Member Ltd., a Lloyd's corporate member, which in turn provides underwriting stamp capacity to Syndicate 1945. The Company has its own Lloyd's managing agent, SiriusPoint International Managing Agency, which manages Syndicate 1945. Lloyd's approved net capacity for 2022 was £89.0 million, or approximately $107.5 million (based on the December 31, 2022 GBP to USD

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exchange rate). Stamp capacity is a measure of the amount of net premium (premiums written less acquisition costs) that a syndicate is authorized by Lloyd's to write.

SiriusPoint International is subject to regulation and supervision by the Swedish Financial Supervisory Authority ("SFSA"). Under Solvency II, the SFSA also acts as the European Economic Area group supervisor, with Sirius Group International S.a.r.l. ("SGI") serving as the highest European entity subject to the SFSA's group supervision. Solvency II regulation in Europe gives the SFSA the option to waive European-level group supervision if certain legal requirements are met. As of December 31, 2022, the SFSA has not exercised this option.

For the year ended December 31, 2022, SiriusPoint International's statutory net income (loss) was $(69.6) million (2021 - $289.5 million). The Company is currently completing its statutory returns for SiriusPoint International and SGI for the year ended December 31, 2022, which must be filed with the SFSA on or before April 8, 2023 and May 20, 2023, respectively, and at this time, the Company believes it will exceed the target level of required capital and surplus.

SiriusPoint International has the ability to pay dividends to its immediate parent subject to the availability of unrestricted equity, calculated in accordance with the Swedish Act on Annual Accounts in Insurance Companies and the SFSA. Unrestricted equity is calculated on a consolidated group account basis and on a parent account basis. Differences between the two include but are not limited to accounting for goodwill, subsidiaries (with parent accounts stated at original foreign exchange rates), taxes and pensions. SiriusPoint International's ability to pay dividends is limited to the "lower of" unrestricted equity as calculated within the group and parent accounts. As of December 31, 2022, SiriusPoint International had $437.4 million (based on the December 31, 2022 SEK to USD exchange rate) of unrestricted equity on a stand alone basis (the lower of the two approaches) available to pay dividends in 2022 (2021 - $560.3 million). The amount of dividends available to be paid by SiriusPoint International in any given year is also subject to cash flow and earnings generated by SiriusPoint International's business, the maintenance of adequate solvency capital ratios for SiriusPoint International and the consolidated SGI group, as well as to dividends received from its subsidiaries. Earnings generated by SiriusPoint International's business that are allocated to the Safety Reserve are not available to pay dividends (see "Safety Reserve" below). During 2022, SiriusPoint International did not declare a dividend and paid SEK 25.1 million (or $2.3 million on date of payment) of dividends declared prior to 2022.

***U.S.***

SiriusPoint America, SiriusPoint Specialty Insurance Corporation ("SiriusPoint Specialty") and Oakwood Insurance Company ("Oakwood") are subject to regulation and supervision by the National Association of Insurance Commissioners ("NAIC") and the department of insurance in the state of domicile. The NAIC uses risk-based capital ("RBC") standards for U.S. property and casualty insurers as a means of monitoring certain aspects affecting the overall financial condition of insurance companies. As of December 31, 2022, the NAIC risk-based capital authorized control level for SiriusPoint America, SiriusPoint Specialty, and Oakwood was $152.2 million, $9.2 million and $0.3 million, respectively, and the subsidiaries' available capital exceeded their respective RBC requirements.

The following is a summary of estimated actual and required statutory capital and surplus of the U.S. based insurance and reinsurance subsidiaries as of December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Actual statutory capital and surplus** | | |
| SiriusPoint America | $508.8 | $581.5 |
| SiriusPoint Specialty | 57.0 | 55.2 |
| Oakwood | 39.4 | 39.7 |
| **Required statutory capital and surplus**<sup>(1)</sup> |  |  |
| SiriusPoint America | 152.2 | 112.4 |
| SiriusPoint Specialty | 46.0 | 47.0 |
| Oakwood | $7.5 | $7.5 |

---

(1)Equals the authorized control level of the NAIC risk-based capital.

------

The following is a summary of the statutory net income (loss) for the U.S. based insurance and reinsurance subsidiaries for the years ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| SiriusPoint America | $(56.2) | $28.9 |
| SiriusPoint Specialty | (8.1) | (7.1) |
| Oakwood | $(0.2) | $(0.4) |

---

The principal differences between the statutory amounts and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, gains recognized under retroactive reinsurance contracts and market value adjustments for debt securities.

Under the normal course of business, SiriusPoint America has the ability to pay dividends to its immediate parent during any twelve-month period without the prior approval of regulatory authorities in an amount set by a formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus and subject to dividends paid in prior periods. Based on this formula, SiriusPoint America has dividend capacity as of December 31, 2022, without prior regulatory approval. As of December 31, 2022, SiriusPoint America had approximately $508.8 million (2021 - $581.5 million) of statutory surplus and $9.9 million (2021 - $69.0 million) of earned surplus, and could pay approximately $9.9 million (2021 - $11.0 million) to its parent company. During 2022, SiriusPoint America did not pay a dividend to its immediate parent.

**Safety Reserve**

Subject to certain limitations under Swedish law, SiriusPoint International is permitted to transfer pre-tax income amounts into a reserve referred to as a "Safety Reserve." Under local statutory requirements, an amount equal to the deferred tax liability on SiriusPoint International's Safety Reserve is included in Solvency Capital. Access to the Safety Reserve is generally restricted to cover insurance and reinsurance losses and to cover a breach of the Solvency Capital Requirement. Similar to the approach taken by Swedish regulatory authorities, most major rating agencies generally take into account the Safety Reserve in SiriusPoint International's regulatory capital when assessing SiriusPoint International and SiriusPoint's financial strength.

As of December 31, 2022, SiriusPoint International's Safety Reserve was SEK 6.0 billion, or $0.6 billion (based on the December 31, 2022 SEK to USD exchange rate). Under Swedish GAAP, an amount equal to the Safety Reserve, net of a related deferred tax liability established at the Swedish tax rate, is classified as common shareholders' equity. Generally, this deferred tax liability ($118.9 million based on the December 31, 2022 SEK to USD exchange rate) is required to be paid by SiriusPoint International if it fails to maintain prescribed levels of premium writings and loss reserves in future years. As a result of the indefinite deferral of these taxes, the related deferred tax liability is not taken into account by Swedish regulatory authorities for purposes of calculating Solvency Capital under Swedish insurance regulations.

------

**SIRIUSPOINT LTD.**

**Schedule I - Summary of Investments - Other than Investments in Related Parties**

**As of December 31, 2022**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Cost or amortized cost** | **Fair value** | **Balance sheet value** |
| **Assets** | | | |
| Asset-backed securities | $234.1 | $230.7 | $230.7 |
| Residential mortgage-backed securities | 354.3 | 340.7 | 340.7 |
| Commercial mortgage-backed securities | 62.1 | 61.2 | 61.2 |
| Bank debt |  |  |  |
| Corporate debt securities | 428.5 | 415.7 | 415.7 |
| U.S. government and government agency | 1561.9 | 1550.6 | 1550.6 |
| Non-U.S. government and government agency | 37.2 | 36.6 | 36.6 |
| Total debt securities, available for sale | 2678.1 | 2635.5 | 2635.5 |
| Asset-backed securities | 575.5 | 553.7 | 553.7 |
| Residential mortgage-backed securities | 155.9 | 133.6 | 133.6 |
| Commercial mortgage-backed securities | 130.5 | 113.4 | 113.4 |
| Corporate debt securities | 391.4 | 363.5 | 363.5 |
| U.S. government and government agency | 278.6 | 270.4 | 270.4 |
| Non-U.S. government and government agency | 95.8 | 88.2 | 88.2 |
| Preferred stocks | 2.4 | 3.2 | 3.2 |
| Total debt securities, trading | 1630.1 | 1526.0 | 1526.0 |
| Total short-term investments | 984.5 | 984.6 | 984.6 |
| Total equity securities | 1.8 | 1.6 | 1.6 |
| Total other long-term investments | 159.0 | 176.0 | 176.0 |
| Total investments in securities | $5453.5 | $5323.7 | $5323.7 |

---

------

**SIRIUSPOINT LTD.**

**Schedule II - Condensed Financial Information of Registrant** <sup>(1)</sup>

**Balance Sheets**

**As of December 31, 2022 and 2021** 

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

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Assets** | | |
| Total investments | $19.4 | $13.0 |
| Cash and cash equivalents | 5.6 | 7.9 |
| Investment in subsidiaries | 2875.9 | 3405.6 |
| Amounts due from affiliates | 14.7 |  |
| Other assets | 12.8 | 12.7 |
| **Total assets** | $2928.4 | $3439.2 |
| **Liabilities** |  |  |
| Accounts payable, accrued expenses and other liabilities | $15.3 | $17.4 |
| Amounts due to affiliates |  | 13.6 |
| Liability-classified capital instruments | 60.4 | 87.8 |
| Debt | 778.0 | 816.7 |
| **Total liabilities** | 853.7 | 935.5 |
| **Shareholders' equity** |  |  |
| Series B preference shares | 200.0 | 200.0 |
| Common shares | 16.2 | 16.2 |
| Additional paid-in capital | 1641.3 | 1622.7 |
| Retained earnings | 262.2 | 665.0 |
| Accumulated other comprehensive loss | (45.0) | (0.2) |
| **Total shareholders' equity** | 2074.7 | 2503.7 |
| **Total liabilities and shareholders' equity** | $2928.4 | $3439.2 |

---

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.

------

**SIRIUSPOINT LTD.**

**Schedule II - Condensed Financial Information of Registrant** <sup>(1)</sup>

**Statements of Income**

**For the years ended December 31, 2022, 2021 and 2020**

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Revenues** |  |  |  |
| Total realized and unrealized investment gains and net investment income | $6.4 | $1.3 | $— |
| Other revenues | 30.6 | 100.2 |  |
| Equity in earnings (losses) of subsidiaries | (360.2) | 90.1 | 169.9 |
| Total revenues | (323.2) | 191.6 | 169.9 |
| **Expenses** |  |  |  |
| Net corporate and other expenses | 64.9 | 109.5 | 26.4 |
| Interest expense | 38.6 | 34.0 |  |
| Foreign exchange gains | (38.1) | (18.2) |  |
| Total expenses | 65.4 | 125.3 | 26.4 |
| Income (loss) before income tax (expense) benefit | (388.6) | 66.3 | 143.5 |
| Income tax (expense) benefit | 1.8 | (8.2) |  |
| **Net income (loss) available to SiriusPoint** | (386.8) | 58.1 | 143.5 |
| Dividends on Series B preference shares | (16.0) | (13.5) |  |
| **Net income (loss) available to SiriusPoint common shareholders** | $(402.8) | $44.6 | $143.5 |

---

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.

------

**SIRIUSPOINT LTD.**

**Schedule II - Condensed Financial Information of Registrant** <sup>(1)</sup>

**Statements of Income**

**For the years ended December 31, 2022, 2021 and 2020**

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Comprehensive income (loss)** |  |  |  |
| Net income (loss) available to SiriusPoint | $(386.8) | $58.1 | $143.5 |
| **Other comprehensive loss** |  |  |  |
| Change in foreign currency translation, net of tax | (5.0) | (0.2) |  |
| Unrealized gains (losses) from debt securities held as available for sale investments | (42.5) |  |  |
| Reclassifications from accumulated other comprehensive income | 2.7 |  |  |
| **Total other comprehensive loss** | (44.8) | (0.2) |  |
| **Comprehensive income (loss) available to SiriusPoint** | $(431.6) | $57.9 | $143.5 |

---

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.

------

**SIRIUSPOINT LTD.**

**Schedule II - Condensed Financial Information of Registrant** <sup>(1)</sup>

**Statements of Cash Flow**

**For the years ended December 31, 2022, 2021 and 2020**

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Operating activities** |  |  |  |
| Net income (loss) available to SiriusPoint | $(386.8) | $58.1 | $143.5 |
| Adjustments to reconcile net income available to SiriusPoint to net cash provided by operating activities: |  |  |  |
| Equity in (earnings) losses of subsidiaries | 360.2 | (90.1) | (169.9) |
| Dividend received by parent | 125.0 | 74.0 | 135.2 |
| Share compensation expense | 30.6 | 11.7 | 0.7 |
| Net realized and unrealized gain on investments and derivatives | (6.4) | (1.3) |  |
| Amortization of premium and accretion of discount, net | (0.5) | (0.7) |  |
| Other revenues | (27.4) | (100.1) |  |
| Other items, net | (38.0) | (25.4) |  |
| **Changes in assets and liabilities:** |  |  |  |
| Other assets | (0.1) | 0.8 | (4.2) |
| Accounts payable, accrued expenses and other liabilities | (2.5) | 15.8 | (2.4) |
| Amounts due from (to) affiliates | (28.3) | 86.1 | (102.3) |
| Net cash provided by operating activities | 25.8 | 28.9 | 0.6 |
| **Investing activities** |  |  |  |
| Purchases of investments |  | (11.8) |  |
| Proceeds from sales and maturities of investments |  | 4.1 |  |
| Acquisition of Sirius Group |  | (51.6) |  |
| Net cash used in investing activities |  | (59.3) |  |
| **Financing activities** |  |  |  |
| Proceeds from issuance of SiriusPoint common shares, net of costs |  | 50.8 |  |
| Taxes paid on withholding shares | (7.1) | (0.5) | (0.4) |
| Purchases of SiriusPoint common shares under share repurchase program | (5.0) |  |  |
| Cash dividends paid to preference shareholders | (16.0) | (12.2) |  |
| Net cash provided by (used in) financing activities | (28.1) | 38.1 | (0.4) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (2.3) | 7.7 | 0.2 |
| Cash, cash equivalents and restricted cash at beginning of year | 7.9 | 0.2 |  |
| **Cash, cash equivalents and restricted cash at end of year** | $5.6 | $7.9 | $0.2 |

---

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.

------

**SIRIUSPOINT LTD.**

**Schedule III - Supplementary Insurance Information**

**As of and for the years ended December 31, 2022, 2021 and 2020**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** | **As of and for the year ended December 31, 2022** |
| | **Deferred acquisition costs and value of business acquired, net** | **Loss and loss adjustment expense reserves** | **Unearned premium** | **Net premiums earned** | **Total realized and unrealized investment gains (losses) and net investment income** | **Loss and loss adjustment expenses incurred, net** | **Acquisition costs, net** | **Other underwriting expenses** | **Net premiums written** |
| Reinsurance | $175.7 | $3512.2 | $843.9 | $1213.1 | $(3.9) | $855.9 | $310.3 | $113.8 | $1199.6 |
| Insurance & Services | 119.1 | 1068.5 | 676.8 | 1086.8 | (2.2) | 718.7 | 273.2 | 62.8 | 1346.0 |
| Corporate & Eliminations<sup>(1)</sup> | 0.1 | 688.0 | 0.4 | 18.2 | (316.6) | 13.8 | (121.6) | 7.9 | 3.6 |
|  | $294.9 | $5268.7 | $1521.1 | $2318.1 | $(322.7) | $1588.4 | $461.9 | $184.5 | $2549.2 |
|  | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** | **As of and for the year ended December 31, 2021** |
|  | **Deferred acquisition costs and value of business acquired, net** | **Loss and loss adjustment expense reserves** | **Unearned premium** | **Net premiums earned** | **Total realized and unrealized investment gains (losses) and net investment income** | **Loss and loss adjustment expenses incurred, net** | **Acquisition costs, net** | **Other underwriting expenses** | **Net premiums written** |
| Reinsurance | $147.5 | $3435.7 | $687.5 | $1210.9 | $0.3 | $999.6 | $302.7 | $105.5 | $1124.9 |
| Insurance & Services | 71.2 | 511.1 | 498.4 | 522.8 | (4.8) | 320.6 | 149.7 | 29.2 | 652.8 |
| Corporate & Eliminations<sup>(1)</sup> | 0.1 | 894.6 | 12.5 | (16.7) | 317.0 | 6.3 | (64.6) | 24.1 | (43.5) |
|  | $218.8 | $4841.4 | $1198.4 | $1717.0 | $312.5 | $1326.5 | $387.8 | $158.8 | $1734.2 |
|  | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** | **As of and for the year ended December 31, 2020** |
|  | **Deferred acquisition costs and value of business acquired, net** | **Loss and loss adjustment expense reserves** | **Unearned premium** | **Net premiums earned** | **Total realized and unrealized investment gains and net investment income** | **Loss and loss adjustment expenses incurred, net** | **Acquisition costs, net** | **Other underwriting expenses** | **Net premiums written** |
| Reinsurance | $69.5 | $1084.1 | $261.9 | $575.6 | $— | $459.5 | $160.4 | $24.0 | $497.3 |
| Insurance & Services | (0.9) | 6.3 | 19.5 | 7.1 |  | 5.9 | 1.4 | 0.2 | 16.0 |
| Corporate & Eliminations<sup>(1)</sup> |  | 219.7 | 3.4 | 28.1 | 278.9 | (0.1) | 25.3 | 5.9 | 28.9 |
|  | $68.6 | $1310.1 | $284.8 | $610.8 | $278.9 | $465.3 | $187.1 | $30.1 | $542.2 |

---

(1)Corporate & Eliminations includes the results of all runoff business and non-underwriting income and expenses.

------

**SIRIUSPOINT LTD.**

**Schedule IV - Reinsurance**

**For the years ended December 31, 2022, 2021 and 2020**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Direct premiums written** | **Ceded to other companies** | **Assumed from other companies** | **Net amount** | **Percentage of amount assumed to net** |
| Year ended December 31, 2022 | $1403.9 | $860.5 | $2005.8 | $2549.2 | 78.7% |
| Year ended December 31, 2021 | $718.0 | $502.3 | $1518.5 | $1734.2 | 87.6% |
| Year ended December 31, 2020 | $19.0 | $46.3 | $569.5 | $542.2 | 105.0% |

---

------

**SIRIUSPOINT LTD.**

**Schedule VI - Supplementary Information for Property-Casualty Insurance Operations** 

**As of and for the years ended December 31, 2022, 2021 and 2020**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Deferred acquisition costs and value of business acquired, net** | **Loss and<br>loss<br>adjustment<br>expense<br>reserves** | **Unearned premium reserves** | **Net premiums earned** | **Total realized and unrealized investment gains (losses) and net investment income** | **Loss and<br>loss<br>expenses<br>incurred<br>related<br>to current<br>year** | **Loss and loss<br>expenses<br>incurred<br>related to prior<br>year** | **Acquisition costs, net** | **Net paid losses<br>and loss<br>expenses** | **Net<br>premiums<br>written** |
| 2022 | $294.9 | $5268.7 | $1521.1 | $2318.1 | $(322.7) | $1609.7 | $(21.3) | $461.9 | $1255.3 | $2549.2 |
| 2021 | 218.8 | 4841.4 | 1198.4 | 1717.0 | 312.5 | 1369.1 | (42.6) | 387.8 | 1450.1 | 1734.2 |
| 2020 | $68.6 | $1310.1 | $284.8 | $610.8 | $278.9 | $431.5 | $33.8 | $187.1 | $283.1 | $542.2 |

---

## Exhibit 10.51

**SETTLEMENT AGREEMENT AND GENERAL RELEASE**

This Settlement Agreement and General Release (the "<u>Agreement</u>") is entered into by and between Sirius Global Services LLC (collectively with its parents, subsidiaries and affiliates, the "<u>Company</u>") and Vievette Henry ("<u>you,</u>" and together with the Company collectively referred to as the "<u>Parties</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Separation of Employment</u>.** Your employment with the Company will terminate as a result of a corporate realignment at the close of business on October 22, 2022 (the "<u>Separation Date</u>"). You acknowledge and agree that, as of the Separation Date, you shall be deemed to have resigned from any and all offices, boards (or similar governing bodies) and committees of the Company. You agree to execute such documents and instruments as may be reasonably necessary or appropriate to effectuate such resignation(s). On the Company's next available regular payroll date after the Separation Date, the Company will pay your salary through the Separation Date, subject to required payroll deductions and withholdings. You are entitled to this payment of salary whether or not you sign this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Separation Payments and Benefits</u>.** In consideration of your acceptance of and compliance with the terms and conditions of this Agreement, the Company agrees to provide you with the payments and benefits set forth in Paragraphs 2(a) and (b) below (collectively referred to as "<u>Separation Payments and Benefits</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;A payment in the total aggregate amount of One Million, Four Hundred and Two Thousand, Five Hundred Dollars ($1,402,500.00) to be paid 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;(i) Seven Hundred, Seventy-Four Thousand, Five Hundred Dollars ($774,500.00), less all applicable income tax withholdings and deductions, payable to "Vievette Henry," for which a Form W-2 will issue to you;

&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) Six Hundred Thousand Dollars ($600,000.00) payable to "Vievette Henry" for alleged emotional distress damages, for which a Form 1099 will issue to you; 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;(iii) Twenty Eight Thousand Dollars ($28,000.00), for attorney fees, payable to "Kraus & Zuchlewski LLP, as attorneys for Vievette Henry," for which Forms 1099 will issue to both you and Kraus & Zuchlewski LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The payments listed in Paragraphs 2(a)(i) through (iii) shall be made within thirty (30) days of the date you sign and return this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;With respect to your equity holdings in the Company, the parties acknowledge and agree 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;(i) Your equity compensation awards (in the form of RSAs, RSUs, PSUs and stock options) are set forth in Schedule 1 attached hereto ("<u>Equity Awards</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;(ii) The unvested RSAs and RSUs set forth in column M of Schedule 1 shall vest on or within thirty (30) days of the Separation Date (the "<u>Vested RSAs & RSUs</u>"). The Vested RSAs & RSUs shall be released and delivered to you in equal installments on or within sixty (60) days of the anniversary dates of the respective Grant Dates of the Vested RSAs & RSUs, with the final installment of each of the Vested RSAs & RSUs to be released and delivered on or within sixty (60) days of the corresponding Restricted Period End Date set forth in Schedule 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;(iii) All PSUs and stock options shall be forfeited and cancelled as of the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -1- <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as modified by this Paragraph 2(c), your rights and obligations concerning the Equity Awards shall be governed by the terms of the applicable grant agreements, grant notices and/or equity compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event of an inquiry from a government entity regarding the tax treatment of the payments made to you pursuant to Paragraph 2 of the Agreement, you and the Company agree to cooperate in good faith in responding to such inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;You acknowledge and agree that, other than as set forth above, no compensation, wages, bonuses, commissions, benefits, awards or other payments are due to you arising from or relating to your employment with the Company or the termination of your employment. You further acknowledge and agree that the payments and benefits provided to you under this Agreement reflect any and all separation and/or severance payments or benefits to which you may have been entitled under any applicable plan, policy, practice, or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>General Release and Waiver of All Claims</u>.** In consideration for the payments and benefits described in this Agreement, you on your own behalf and on behalf of your successors, heirs, beneficiaries, agents, assigns, and representatives (collectively, the "Releasors") voluntarily, knowingly and willingly release, to the fullest extent permitted by law, the Company and its past and present parents, subsidiaries, predecessors, affiliated entities and successors and assigns, together with each of those entities' past and present officers, directors, partners, shareholders, employees, agents, representatives, fiduciaries, insurers and reinsurers, administrators, and employee benefit plans and programs, both individually and in their business capacities (collectively, the "Releasees"), from any and all known and unknown claims, complaints, causes of action, demands or rights of any nature whatsoever which any Releasor now has or in the future may have against any Releasee, of whatever kind or nature arising out of any actions, inactions, conduct, decisions, behavior, or events occurring on or prior to the date you sign this Agreement, whether known or unknown, including, without limitation, any and all claims of discrimination, harassment, whistleblowing or retaliation (whether based on federal, state, local or other law, whether statutory or decisional), including without limitation claims under Title VII of the Civil Rights Act of 1964 ("Title VII"); the Civil Rights Act of 1991; Section 1981 of the Civil Rights Acts of 1866; the Pregnancy Discrimination Act; the Family and Medical Leave Act ("FMLA"); the Americans with Disabilities Act of 1990 ("ADA"); the National Labor Relations Act ("NLRA"); the Labor Management Relations Act ("LMRA"); the Lilly Ledbetter Fair Pay Act; the Employee Retirement Income Security Act ("ERISA"); the Worker Adjustment and Retraining Notification ("WARN") Act; the Fair Credit Reporting Act ("FCRA"); the Occupational Safety and Health Act ("OSHA"); the Health Insurance Portability and Accountability Act ("HIPPA"); the Uniformed Services Employment and Reemployment Rights Act ("USERRA"); the Genetic Information Nondiscrimination Act of 2008 ("GINA"); the Immigration Reform and Control Act of 1986 ("IRCA"); the Equal Pay Act of 1963 ("EPA"); the Uniform Trade Secrets Act; ("UTSA"); Sections 1981 through 1988 of Title 42 of the United States Code; the Rehabilitation Act; the Older Workers Benefit Protection Act ("OWBPA"); provisions of the Corporate and Criminal Fraud Accountability Act (Sarbanes-Oxley Act); the New York State Human Rights Law; the New York State Labor Law; the New York State Whistleblower Laws; the New York State Equal Rights Law; the New York State Wage Theft Prevention Act; the New York City Human Rights Law; the New York City Administrative Code; and any other federal, state, local or other law, rule, regulation, constitution, code, guideline or ordinance; any public policy, contract (oral or written, express or implied), tort, or common law; any claims for vacation, sick or personal leave pay, short term or long term disability benefits, or payment pursuant to any practice, policy, handbook or manual; and any other basis for recovering costs, fees, or other expenses, including but not limited to attorneys' fees and/or costs. It is your intent to release all claims against Releasees that can legally be released by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Exclusions from General Release and Waiver of Claims</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -2- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Nothing in this Agreement limits your right to bring an action to enforce the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The General Release and Waiver of Claims contained in Paragraph 3 above does not include a release of any claims: (i) that may arise after you sign this Agreement, including the right to enforce this Agreement; (ii) which cannot be waived as a matter of law, including your rights to COBRA, workers compensation, and unemployment insurance (the application for which shall not be contested by the Company); (iii) to vested benefits under any employee benefit, savings, insurance, or pension plan of the Company; and (iv) to indemnification, contribution, and advancement or defense in accordance with the terms of the Company by-laws, articles of incorporation, liability insurance coverage, or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Nothing in this Agreement prohibits or restricts you from providing information or testimony to, otherwise assisting or participating in an investigation or proceeding with or brought by, or filing a charge or complaint: (i) with any government agency, law enforcement organization, legislative body, regulatory organization, or self-regulatory organization, including, but not limited to, the Securities and Exchange Commission ("SEC") and the Equal Employment Opportunity Commission, (ii) as required by court order or subpoena (clause (i) and clause (ii), collectively, a "Government Action"), or (iii) otherwise from providing any other disclosure required by law in connection with any Government Action. However, you hereby waive all rights to personally recover any compensation, damages, and other relief in connection with any such Government Action, except that you do not waive any right you may have to receive a monetary award from the SEC as a whistleblower or directly from any other federal, state, or local agency pursuant to a similar program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In accordance with the Defend Trade Secrets Act of 2016, you will not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret that: (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the Company's trade secrets to your attorney and use the trade secret information in the court proceeding if you file any document containing the trade secret under seal, and do not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>No Admission of Wrongdoing</u>.** You agree that the Company and Releasees do not admit, but in fact deny, any wrongdoing or violation of any law. The existence and execution of this Agreement shall not be considered, and shall not be admissible, in any proceeding as an admission by the Company or Releasees of any liability, error, violation or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>No Other Proceedings or Claims</u>.** You affirm that you are not a party to, and have not filed, any claim, complaint, or action against the Company or any Releasee in any forum. You affirm that you have not complained of, and are not aware of, any fraudulent activity or any acts which would form the basis of a claim of fraudulent or illegal activity by the Company or any of its officers, directors or employees and that you have disclosed to the Company any information you have concerning any conduct involving the Company, any of its affiliates or any of its or their respective officers, directors, or employees that you have any reason to believe may be unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Restrictive Covenants</u>.** The Third Point Reinsurance Ltd. Restrictive Covenant Agreement (the "<u>Restrictive Covenant Agreement</u>"), attached hereto as Exhibit A, shall remain in effect in accordance with its terms except as modified as follows: provided that during your employment you fully complied with and following the Separation Date you continue to fully comply with: (a) any nondisclosure obligations that may apply to you, including the nondisclosure obligation in Paragraph 9 of this Agreement and in Paragraph 1 of the Restrictive Covenant Agreement, and (b) the non-solicitation obligations in the Restrictive Covenant

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -3- <br>

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Agreement (which expire one year from the Separation Date), the Company agrees to waive your "Noncompetition" obligations set forth in Paragraph 1(a) of the Restrictive Covenant Agreement. To the extent the Company learns or has a good faith basis to believe you have breached any of your nondisclosure and/or non-solicitation obligations, the Company reserves all rights to enforce the "Noncompetition" obligation in the Restrictive Covenant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Non-Disparagement</u>.** You agree not to directly or indirectly take any actions or make any statements that criticize, ridicule, disparage or are otherwise derogatory to the Company or any of the Releasees or any of their respective products or services, financial status or businesses, or that damages or is intended to damage the Company or any of the Releasees in any of their respective business relationships. You also agree not to encourage the making of such statements or the taking of such actions by any third party. You agree to direct any inquiries from prospective employers to the Company's Human Resources Department. In accordance with Company policy (of which the Company's Legal and Human Resources departments are aware), the Human Resources Department will respond to such inquiries by only providing your dates of employment with the Company and position(s) held with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Confidential and Proprietary Information</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)You agree to refrain from disclosing any Confidential Information to any person or using any Confidential Information for your own benefit or the benefit of any third party. "<u>Confidential Information</u>" refers to confidential, proprietary or commercially sensitive information relating to the Company or its employees, board members, customers, vendors, or other business partners and their businesses, operations, or affairs, including, without limitation, strategic plans, formulations, protocols, processes, designs, formulae, ideas, know-how, test methods, evaluation techniques, patents, trade secrets, technical data, regardless of the form in which it is maintained or provided, orally or in writing, whether prepared by the Company, a third party or you, together with all analyses, compilations, notes and other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)You further agree that the terms of this Agreement shall be considered Confidential Information and that you shall not disclose the existence of, or any information contained in, this Agreement to any person, other than (i) your spouse, (ii) as required by law, (iii) with the express written authority of the Company, (iv) for the purpose of obtaining confidential accounting, financial or legal advice, or (v) for the purpose of enforcing this Agreement. If you do tell your lawyer, financial advisor or any immediate family member about this Agreement or its contents, they must first agree to comply with the nondisclosure obligations described in the prior sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>Return of Company Property</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As of the Separation Date, and before the Company is obligated to provide you with any portion of the Separation Payments and Benefits, you shall return to the Company all property the Company in your possession or control, including without limitation all materials, work product or documents containing or pertaining to Confidential Information, and including, without limitation, all computers (including laptops), cell phones, keys, PDAs, Blackberries, iPhones, Androids, iPads, credit cards, printers, facsimile machines, televisions, card access to any Company building, customer lists, reports, files, e-mails, work papers, memoranda, notes, formulae, tapes, programs, records and software, computer access codes or disks, instructional manuals, and other similar materials or documents which you used, received or prepared, helped prepare, or supervised the preparation of in connection with your employment with the Company (collectively, "<u>Company Property</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)You agree (i) not to use any Company Property or retain any copies, reproductions or excerpts of any Company Property, (ii) not to transmit to or store any Company Property on any personal or unauthorized electronic messaging systems or devices, and (iii) not to transmit any Company Property to any unauthorized person. Personal electronic messaging

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -4- <br>

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systems and devices include, but are not limited to, personal computers, laptops, e-mail accounts, cell phones, smartphones or other wireless devices, iPads, iPhones, Blackberrys, facsimile machines, instant messaging systems, and copy machines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Intellectual Property / Work Product.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the purposes of this clause, "<u>Intellectual Property</u>" includes all Confidential Information, inventions whether patentable or not, patents, trademarks, formulae, service marks, designs, design rights, copyrights, utility models, applications for registration of any of the foregoing and the rights to apply for them in any part of the work, drawings, computer programs, trade secrets, processes, ideas, know-how and rights of a like nature arising or subsisting in the work, whether registered or unregistered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)You agree that all of your work product, including all Intellectual Property, whether created solely or jointly with others, and including any moral rights therein, given, disclosed, created, developed or prepared in connection with your employment with the Company, shall be the sole and exclusive property of the Company. In the event that any such Intellectual Property or other work product does not vest by operation of law as the sole and exclusive property of the Company, you hereby irrevocably assign, transfer and convey to the Company, exclusively and perpetually, all right, title and interest which you may have or acquire in and to such Intellectual Property or other work product throughout the world. The Company and its affiliates or their designees shall have the exclusive right to make full and complete use of, and make changes to, all Intellectual Property or other work product without restrictions or liabilities of any kind, and you shall not have the right to use any such materials, other than within the legitimate scope and purpose of your employment with the Company. You affirm that you have disclosed to the Company the creation or existence of any Intellectual Property or other work product and agree to take whatever additional lawful action may be necessary, and to sign whatever documents the Company may require, in order to secure and vest in the Company or its designee all right, title and interest in and to any Intellectual Property or other work product and any industrial or Intellectual Property rights therein (including full cooperation in support of any Company applications for patents and copyright or trademark registrations). To the extent additional nominal consideration is required pursuant to applicable law, you agree that such nominal consideration shall be sufficient for the assignments described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**<u>Cooperation</u>.** You agree to make yourself available (with reasonable notice from the Company) and to cooperate in good faith with the Company at any time following the Separation Date in responding to inquiries and subpoenas and conducting investigations, whether involving the Company or a third party, as well as preparation for, and defense of, any lawsuit, arbitration, government inquiry or potential government inquiry, or any other action or proceeding filed or claim made against the Company, its agents, directors, officers and employees, whether currently pending or asserted in the future. The Company will fully reimburse you for reasonable out-of-pocket expenses incurred in connection with such cooperation provided they are pre-approved by the Company and properly documented. Such expenses include, but are not limited to, the monetary value of any paid time off from subsequent employment you must take in order to fulfill your duty to cooperate pursuant to this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**<u>Breach of This Agreement and Equitable Relief</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; You acknowledge and agree that the restrictions imposed on you by this Agreement, including the post-employment obligations set forth in the Restrictive Covenant Agreement, are fair and reasonably required for the protection of the Company. You acknowledge and agree that, if you breach this Agreement or the Restrictive Covenant Agreement, remedies at law will be inadequate to protect the Company. Therefore, you agree, without prejudice to any other rights and remedies otherwise available to the Company, that the Company shall be entitled to an injunction in the Company's favor in connection with any such

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -5- <br>

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breach or violation without proof of irreparable harm. You expressly waive any security or bond that might otherwise be required in connection with such relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;You further acknowledge and agree that the Company's obligation to pay you any amount or provide you with any benefit or right pursuant to this Agreement is subject to your compliance with your obligations under this Agreement and those set forth in the Restrictive Covenant Agreement, as modified by this Agreement, and that, in the event of a material breach by you of the Restrictive Covenant Agreement or paragraph 8 or 9 of this Agreement: (i) you shall be obligated to immediately repay to the Company any and all of the Separation Payments and Benefits you have already received and (ii) to the extent you have not already received any of the Separation Payments and Benefits, you will forfeit your right to receive the Separation Payments and Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**<u>Taxes</u>.** The Company does not guarantee the tax treatment of any payments or benefits under this Agreement, including, without limitation, under the Internal Revenue Code and/or any other federal, state, municipal, local or foreign laws. You shall be solely responsible for all taxes that result from any payments due to you under this Agreement. The Parties intend, to the maximum extent permitted under all applicable law, that this Agreement will be interpreted and administered to be exempt from or conform to the requirements of Internal Revenue Code Section 409A. The Agreement is intended to be exempt from or comply with the provisions of Code Section 409A so as to prevent the imposition of tax pursuant to Section 409A and shall be interpreted and/or amended to avoid a violation of 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**<u>Assignment; Severability</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)You expressly agree that this Agreement shall be assignable by the Company to a successor to the Company or any of the businesses of the Company, and you hereby expressly consent to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. In the event one or more terms or provisions of this Agreement are deemed invalid or unenforceable by reason of being vague or unreasonable as to duration or scope of activities restricted or for any other reason, the provision in question shall be immediately amended or reformed to the extent necessary to make it valid and enforceable by the court of such jurisdiction charged with interpreting and/or enforcing such provision. You agree and acknowledge that the provision in question, as so amended or reformed, shall be valid and enforceable as though the invalid or unenforceable portion had never been included herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**<u>Entire Agreement and Waiver</u>.** This Agreement (including all exhibits and schedules hereto) constitutes the entire agreement between you and the Company with respect to the termination of your employment and supersedes all other correspondence, offers, proposals, promises, agreements or arrangements relating to the subject matter contained herein but does not supersede the Restrictive Covenant Agreement (except as amended by this Agreement) and/or any equity incentive plan(s) or grant agreement(s) that may apply to you (other than as amended by this Agreement). The failure of any Party to enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provisions, nor in any way affect the validity of this Agreement or any provision hereof or the right of either of the Parties to thereafter enforce each and every provision of this Agreement. You acknowledge that you have not relied on any representation, promise, or agreement of any kind made in connection with your decision to sign this Agreement, except for those set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -6- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**<u>No Modification</u>.** This Agreement may not be amended unless the amendment is in writing and signed by you and the General Counsel of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**<u>Governing Law; Consent to Jurisdiction</u>.** The terms of this Agreement shall for all purposes be enforced, governed by, and construed in accordance with the laws of the State of New York except to the extent preempted by federal law. Each Party consents and submits to the exclusive jurisdiction of the federal and state courts of New York State located in New York County in respect of the interpretation and enforcement of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**<u>Acknowledgments</u>.** By signing this Agreement, you acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)You have carefully read and understand this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company has advised you to seek legal counsel of your own choosing and/or to consult with any other advisors of your choice before signing this Agreement***,*** and that the time afforded to you to consider the terms of this Agreement has provided you with a full and fair opportunity to thoroughly discuss all aspects of your rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)You have had a reasonable period of time to review and consider this Agreement before signing it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)You understand the consequences of entering into this Agreement, including with respect to the general release and waiver in Paragraph 3, that this Agreement is **LEGALLY BINDING**, and by signing it you give up certain rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As set forth in Paragraph 3 herein and except for excluded claims noted in Paragraph 4, you **KNOWINGLY AND VOLUNTARILY RELEASE** the Company and Releasees from any and all claims you may have, known or unknown, as of the date you sign this Agreement, in exchange for the benefits you have obtained in the Agreement, and that these benefits are in addition to any benefit you would have otherwise received if you did not sign this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)You have voluntarily chosen to enter into this Agreement and have not been forced or pressured in any way to sign it by any person or party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**<u>Counterparts</u>.** This Agreement may be executed in counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall constitute one and the same instrument. You and the Company may execute this Agreement by executing any counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**<u>Binding Nature</u>.** This Agreement, and all the terms and provisions contained herein, shall bind your heirs, personal representatives, successors, and assigns. This Agreement inures to the benefit of the Company and its agents, directors, officers, employees, servants, successors, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**<u>Construction</u>.** This Agreement shall not be construed in favor of one Party or against the other.

THE PARTIES ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE ENTIRE AGREEMENT AND HAVE CONSULTED WITH THEIR RESPECTIVE ATTORNEYS AS TO ITS CONTENTS AND EFFECT, THAT THEY HAVE HAD A REASONABLE PERIOD OF TIME TO CONSIDER THIS AGREEMENT PRIOR TO ITS ACCEPTANCE, AND THAT THEY ENTER INTO THIS AGREEMENT KNOWINGLY AND VOLUNTARILY.

IN WITNESS WHEREOF, you and the Company hereto knowingly and voluntarily execute this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -7- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;SIRIUS GLOBAL SERVICES LLC

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Scott Egan________________________</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name: Scott Egan

&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;Date: November 14, 2022

<u>/s/ Vievette Henry_________________</u>

Vievette Henry

Date: October 24, 2022&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -8- <br>

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**<u>Schedule 1</u>**

EQUITY AWARDS CHART

SMRH:4881-5459-2566.10 -9- <br>

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;

**Third Point Reinsurance Ltd.<br>Restrictive Covenant Agreement**

This Employee Restrictive Covenant Agreement (the "**Agreement**") is entered into by and between Third Point Reinsurance Ltd., a Bermuda exempted company limited by shares (the "**Company**"), and the undersigned (the "**Executive**") effective as of the first day of the Executive's employment with the Company pursuant to the letter agreement to which this Agreement is attached.

In consideration of the Executive's employment by the Company and compensation and benefits to be provided pursuant to such employment, which the Employee acknowledges to be good and valuable consideration for the Executive's obligations hereunder, the Company and the Employee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;*Confidentiality*. The Executive agrees and understands that in the Executive's position with the Company, the Executive will be exposed to and will receive information relating to the confidential affairs of the Company and its respective subsidiaries (together, as of any such date, the "**Company Group**"), including but not limited to, technical information, intellectual property, business and marketing plans, strategies, customer information, other information concerning the products, promotions, development, financing, expansion plans, business policies and practices of the Company Group, and other forms of information considered by the Company Group reasonably and in good faith to be confidential and in the nature of trade secrets ("**Confidential Information**"). The Executive agrees that during the term of Executive's employment and thereafter, the Executive will not, other than on behalf of the Company, disclose such Confidential Information, either directly or indirectly, to any third person or entity without the prior written consent of the Company; <u>provided, that</u> disclosure may be made to the extent required by law, regulation, or order of a regulatory body, in each case so long as the Executive gives the Company as much advance notice of the disclosure as possible to enable the Company to seek a protective order, confidential treatment, or other appropriate relief. This confidentiality covenant has no temporal, geographical, or territorial restriction. Upon termination of the Executive's employment, the Executive will promptly supply to the Company (*i*) all property of the Company and (*ii*) all notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data, or any other tangible product or document containing Confidential Information produced by, received by, or otherwise submitted to the Executive during or prior to the Executive's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. &nbsp;&nbsp;&nbsp;&nbsp;*Noncompetition*. By and in consideration of the Executive's employment by the Company and the payments to be made and benefits to be provided by the Company in connection with the Executive's employment, and further in consideration of the Executive's exposure to the proprietary information of the Company Group, the Executive agrees that the Executive will not, during the Noncompetition Term (as defined below), directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including but not limited to holding any position as a shareholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); <u>provided, that</u> in no event shall ownership of less than 1% of the outstanding equity securities of any issuer whose securities are registered under the Securities and Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 2. Following termination of the Executive's employment, upon request of the Company during the Noncompetition Term, the Executive shall notify the Company of the Executive's then-current employment status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. &nbsp;&nbsp;&nbsp;&nbsp;*Nonsolicitation*. During the Noncompetition Term, the Executive shall not, and shall not cause any other person to, (*i*) interfere with or harm, or attempt to interfere with or harm, the relationship of any member of the Company with any Restricted Person (as defined below), or (*ii*) endeavor to entice any Restricted Person away from the Company Group.

SMRH:4881-5459-2566.10 -10- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. &nbsp;&nbsp;&nbsp;&nbsp;*Nondisparagement*. While the Executive is employment with the Company Group and thereafter, the Executive shall not make or publish any disparaging statements (whether written or oral) regarding the Company Group or any of its affiliates, directors, officers, or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. &nbsp;&nbsp;&nbsp;&nbsp;*Proprietary Rights*. The Executive assigns all of the Executive's interest in any and all inventions, discoveries, improvements, and patentable or copyrightable works initiated, conceived, or made by the Executive, either alone or in conjunction with others, while employed by the Company and related to the business or activities of the Company Group to the Company or its nominee. Whenever requested to do so by the Company, the Executive shall execute any and all applications, assignments, or other instruments that the Company shall in good faith deem necessary to apply for and obtain trademarks, patents, or copyrights of the United States or any foreign country or otherwise protect the interests of the Company Group therein. These obligations shall continue beyond the conclusion of the Executive's employment with the Company with respect to inventions, discoveries, improvements, or copyrightable works initiated, conceived, or made by the Executive during the Executive's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. &nbsp;&nbsp;&nbsp;&nbsp;*Remedies*. The Executive agrees that any breach of the terms of this Agreement would result in irreparable injury and damage to the Company Group for which the Company would have no adequate remedy at law; the Executive therefore also agrees that in the event of such breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach, threatened breach, or continued breach by the Executive and any and all persons or entities acting for or with the Executive, without having to prove damages, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to, the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of the covenants contained in this Agreement are reasonable and necessary to protect the business of the Company Group because of the Executive's access to Confidential Information and his material participation in the operation of such business. Should a court, arbitrator, or other similar authority determine, however, that any provisions of the covenants contained in this Agreement are not reasonable or valid, either in period of time, geographical area, or otherwise, the parties hereto agree that such covenants should be interpreted and enforced to the maximum extent to which such court or arbitrator deems reasonable or valid. The existence of any claim or cause of action by the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. &nbsp;&nbsp;&nbsp;&nbsp;*Notice Under Federal Defend Trade Secrets Act.* Executive is hereby notified in accordance with the Defend Trade Secrets Act that Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or if the disclosure of a trade secret is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation against the Company for reporting a suspected violation of law, the Executive may disclose the Company's trade secrets to his attorney and use the trade secret information in the court proceeding if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. &nbsp;&nbsp;&nbsp;&nbsp;*No Interference*. Executive understands that nothing contained in this Agreement limits Executive's ability to report possible violations of law or regulation to, or file a charge or complaint with, the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) or any other federal, state or local governmental agency or commission ("**Governmental Agencies**"). Executive further understands that this Agreement does not limit Executive's ability to communicate with any Governmental Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Governmental Agency, including providing documents or other information, without notice to the Company.

SMRH:4881-5459-2566.10 -11- <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. &nbsp;&nbsp;&nbsp;&nbsp;*Certain Definitions.* For purposes of this 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;i. &nbsp;&nbsp;&nbsp;&nbsp;The "**Noncompetition Term**" shall mean the period beginning on the date of this Agreement and ending twelve (12) months following the Executive's termination of 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;ii. &nbsp;&nbsp;&nbsp;&nbsp;"**Restricted Enterprise**" shall mean (*x*) on any date during the Executive's employment, any person, corporation, partnership, or other entity that competes, directly or indirectly, in the Territory with any material business activity engaged in by any member of the Company Group on such date, and (*y*) on and after the date of Executive's termination, any person, corporation, partnership, or other entity that otherwise competes, directly or indirectly, in the Territory with any material business activity engaged in by any member of the Company Group as of the Termination 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;iii. &nbsp;&nbsp;&nbsp;&nbsp;"**Restricted Person**" shall mean any person who at any time during the Executive's employment with the Company was an employee or customer of any member of the Company Group, or otherwise had a material business relationship with any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. &nbsp;&nbsp;&nbsp;&nbsp;The "**Territory**" shall mean, as of any date, (*x*) the geographic markets in which the business of the Company Group is then being conducted by the Company Group and (*y*) any other geographic market as to which the Company Group has, during the twelve (12) months preceding such date, devoted more than *de minimis* resources as a prospective geographic market for the business of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;*At-Will Employment.* Nothing in this Agreement shall be construed to in any way terminate, supersede, undermine, or otherwise modify the "at-will" status of the employment relationship between the Company Group and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;*No Waiver of Rights*. The failure to enforce at any time the provisions of this Agreement or to require at any time performance by any other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part hereof, or the right of any party to enforce each and every provision in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;*Binding Effect/Assignment*. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and the Company Group, and each of their respective heirs, executors, personal representatives, estates and successors (including, without limitation, by way of merger), and assigns. Notwithstanding the provisions of the immediately preceding sentence, the Executive shall not assign all or any portion of this Agreement without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;*Entire Agreement*. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between them as to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp;*Severability*. If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. &nbsp;&nbsp;&nbsp;&nbsp;*Governing Law; Consent to Jurisdiction and Wavier of Jury Trial*. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without reference to the principles of conflict of laws. Each party hereby irrevocably submits to the exclusive jurisdiction of the Federal and state courts of New York State located in New York County in respect of the interpretation and enforcement of the provisions of this

SMRH:4881-5459-2566.10 -12- <br>

------

Agreement. Each party hereby waives and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation and enforcement hereof, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts. Each party hereby consents to and grants any such court jurisdiction over the person of such parties and over the subject matter of any such action, suit, or proceeding and agrees that the mailing of process or other papers in connection with any such action, suit, or proceeding in any such manner as may be permitted by law shall be valid and sufficient service thereof. EACH PARTY FURTHER ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OR ANY LITIGATION ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT. Each party certifies and acknowledges that (A) no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, (B) each such party understands and has considered the implications of this waiver, (C) each such party makes this waiver voluntarily, and (D) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;*Modifications and Waivers*. No provision of this Agreement may be modified, altered, or amended except by an instrument in writing executed by the parties hereto. No waiver by any party hereto of any breach by any other party hereto of any provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at the time or at any prior or subsequent time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;*Headings*. The headings contained herein are solely for the purposes of reference, are not part of this Agreement, and shall not in any way affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;*Counterparts*. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by authority of its Board of Directors, and the Executive has hereunto set his hand, in each case effective as of the day and year first above written.

&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;EXECUTIVE

/s/ Vievette Henry

&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;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &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;Vievette Henry

&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;THIRD POINT REINSURANCE LIMITED

&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;/s/ Sid Sankaran<br>

&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;By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&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; Name: Sid Sankaran<br>&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; Title: Chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SMRH:4881-5459-2566.10 -13- <br>

## Exhibit 10.52

![image_01.jpg](image_01.jpg)****

Stuart Liddell<br>***Via Email***<br>March 25, 2021

Dear Stuart,

**<u>Offer and Position</u>**

We are pleased to offer you the position of Global President of A&H of SiriusPoint Ltd, employed by Sirius International Insurance Corporation (the "**Company**"), subject to the following revised terms and conditions set forth in this offer letter agreement (the "**Offer Letter**").

**<u>Duties</u>**

In your capacity as Global President of A&H of the Company, you will perform such duties, services, and responsibilities on behalf of the Company (or any company in the Company Group) consistent with such position as may be reasonably assigned to you from time to time. You will report directly to the Chief Operating Officer & President, Insurance and Services of the Company. You agree to devote your full business time, attention, and skill to the performance of your duties, and to use your best efforts to promote the interests of the Company, and you will not engage in any other business activity without the prior written approval of the Company. Notwithstanding the foregoing, you will be permitted to manage your personal investments and engage in such other activities as are permitted by the Company from time to time; provided, that such activities do not interfere with the performance of your duties hereunder, create a conflict of interest or violate any agreement or policy in effect with the Company.

In consideration of the Long Term Incentive Grants offered herein we would expect you to sign the standard Restrictive Covenant Agreement outlined in Exhibit A.

**<u>Location</u>**

Your principal place of employment will be such location as specified by the Company in London, subject to business travel to other locations as needed to properly fulfill your employment duties and responsibilities. Normal business hours are 9 am to 5 pm, Monday to Friday, but, due to the nature of your position, you may be required to work outside these hours for no additional remuneration.

**<u>Effective Date</u>**

Subject to your execution of this Offer Letter and form of Restrictive Covenant Agreement attached hereto as **Exhibit A**, you shall commence to serve as Global President of A&H of the Company effective as of March 25, 2021 (Commencement Date). Your period of continuous employment began on 21 November 2002.

**<u>Base Salary</u>**

In full consideration of your services to the Company (including any services as an officer, director, employee, or member of any committee of any company in Company Group, or otherwise on behalf of the Company), you will be paid a base salary of £332,150 per year (Base Salary), payable in accordance with the normal payroll practices of the Company and subject to all withholdings and deductions as required by law.

**<u>Annual Bonus</u>**

During your employment, you will continue be eligible to receive, in respect of each calendar year, an annual bonus pursuant to the bonus agreement letter signed by you and the Company dated 1 March 2012 and subject to the terms and conditions therein (and subject to the terms according to which such letter was amended by a further letter agreement signed by you and the Company dated 3 August 2020).

&nbsp;&nbsp;&nbsp;&nbsp;Sirius International Insurance Corporation (publ) UK Branch, Floor 4 • 20 Fenchurch Street • London • EC3M 3BY, UK

Registered Office: the Swedish Companies Registration Office, Stockholm, Sweden

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**<u>Long-term Incentive Grants</u>**

Commencing in 2021 and in each subsequent calendar year of your employment, at such time as long-term equity incentive awards are granted to employees of the Company of a similar level to you and in the same location, you will receive a long-term equity incentive award having a target value (calculated in the same manner as the target values of the other award recipients) equal to 60% of base salary (the "**Annual Equity Award**"). The Annual Equity Award will have such terms and conditions as determined by the Group Board or its compensation committee from time to time. The terms and conditions of the Annual Equity Award will be subject to and evidenced by an award agreement to be entered into between the Company and you at the time that the Annual Equity Award is granted, and will be subject to the terms and provisions of the Company's equity incentive plan in effect from time to time.

**<u>Benefits and Perquisites</u>**

You will continue to be eligible to participate in the employee benefit plans, policies, programs, and arrangements, as may be amended from time to time, on the same terms as you currently participate, to the extent you continue to meet the eligibility requirements for any such plan, policy, program, or arrangement, including pension, death in service benefit, private medical insurance scheme and group income protection scheme.

Subject to the terms of this Offer Letter you will be entitled to take 30 days paid holiday in each holiday year (plus all bank and public holidays normally observed in England). The Company's holiday year currently runs from 1 January to 31 December each year. You will be deemed to have taken the statutory basic annual leave entitlement first then the statutory additional annual leave entitlement and finally any additional contractual leave entitlement. The times at which you take holiday must be in accordance with Company policy.

Failure by you to take holiday entitlement in the appropriate holiday year will, save as required by law, lead to the forfeiture of any holiday untaken in the relevant holiday year without any right to payment in lieu thereof. You will be entitled to carry forward any accrued but untaken holiday to a subsequent holiday year where you have been prevented from taking it in the relevant holiday year due to a period of sickness absence, paternity, adoption, parental or shared parental leave. In cases of sickness absence, carry over is limited to four weeks' holiday per year less any leave taken during the leave year which has just ended. Any such carried over holiday which is not taken within eighteen months of the end of the relevant holiday year will be lost.

Notwithstanding the foregoing on the termination of the employment no payment in lieu will be made in respect of any public or bank holidays. During any period of notice or Garden Leave the Company may require you to take any holiday entitlement accrued but untaken in the holiday year in which the employment terminates or may make a payment in lieu of the same. If, on the termination of the employment, you have taken more than your accrued holiday entitlement, you will repay the excess to the Company from any sums due to you and, for the purposes of the Employment Rights Act 1996, you hereby authorise the Company to make such deduction.

The calculation of any entitlement to accrued and untaken holiday or deductions where you have, on termination, taken more than you accrued holiday entitlement shall be based on 1/260th of the Base Salary for each untaken or excess day of the entitlement for the holiday year in which termination takes place.

If the Company has terminated or would be entitled to terminate the employment summarily or if you have terminated the employment in breach of this agreement any payment due under this in respect of accrued holiday shall be limited to the Executive's statutory entitlement under the Working Time Regulations 1998 and any paid holidays (including paid public holidays) taken shall be deemed first to have been taken in satisfaction of that statutory entitlement.

The Company reserves the right to change its policies with respect to any and all employee benefits from time to time, subject to compliance with applicable law. You will continue to be enrolled into the Sirius International Insurance Corporation Group Pension scheme.

**<u>Termination of Employment</u>**

Notwithstanding the other provisions of this letter agreement and without prejudice to the Company's right at common law to terminate your employment in response to a fundamental breach of contract by you, your employment shall be subject to termination by the Company by summary notice in writing

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(notwithstanding that the Company may have allowed any time to elapse or on a former occasion may have waived its rights under this clause) if you shall have:

(a)&nbsp;&nbsp;&nbsp;&nbsp;committed an act of gross misconduct;

(b)&nbsp;&nbsp;&nbsp;&nbsp;committed by act or omission any serious breach or material breach of your obligations hereunder; or

(c)&nbsp;&nbsp;&nbsp;&nbsp;committed by act or omission any repeated or continued (after warning) breach of your obligations hereunder; or

(d)&nbsp;&nbsp;&nbsp;&nbsp;been guilty of conduct by act or omission (whether in the course of the duties hereunder or otherwise) which does or may bring you or the Company (or any Company Group) into disrepute in the reasonable opinion of the Company or which causes the Company (or any Company Group) substantial economic harm; or

(e)&nbsp;&nbsp;&nbsp;&nbsp;become bankrupt or had an interim order made against you under the Insolvency Act 1986 or compounded with your creditors generally; or

(f)&nbsp;&nbsp;&nbsp;&nbsp;been convicted of an offence under any statutory enactment or regulation (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non custodial penalty is imposed); or

(g)&nbsp;&nbsp;&nbsp;&nbsp;become prevented by an applicable law or regulation from performing any material part of your duties; or

(h)&nbsp;&nbsp;&nbsp;&nbsp;been guilty of a material breach of the applicable rules or regulations as amended from time to time of any regulatory authorities relevant to the Company or any Company Group or any code of practice issued by the Company (as amended from time to time or failed to meet the requirements of such regulatory authority whose consent is required to enable you to undertake all or any of the duties under the employment); or

(i)&nbsp;&nbsp;&nbsp;&nbsp;ceased to be eligible to work in the United Kingdom in accordance with Sections 15-25 of the Immigration, Asylum and Nationality Act 2006; or

(j)&nbsp;&nbsp;&nbsp;&nbsp;been absent from work for a period of [180] days or more in any period of 12 consecutive months as a result of ill health or incapacity.

Any delay by the Company in exercising such right of termination shall not constitute a waiver thereof.

If the Company becomes entitled to terminate the employment pursuant to any or all of (a) – (j) above or whilst the Company or any external body investigates any disciplinary matter involving you (regardless of whether it is an allegation which would or may entitle the Company to terminate the employment or while any disciplinary proceeding or process against you is outstanding or on-going, the Company shall be entitled (but without prejudice to its right subsequently to terminate the employment on the same or any other ground) to suspend you for so long as it may think fit. During any such period of suspension the Company will continue to pay the Base Salary only and you shall not be entitled to or be eligible to receive or accrue any bonus, share entitlement, allowance or any other remuneration or benefits.

In the event of your termination of employment for any reason other than for gross misconduct, **(i)** you will be entitled to receive any accrued and unpaid Base Salary and all accrued and unpaid benefits under any benefit plans in which you participated as of the termination date subject to and in accordance with the applicable terms and conditions of such plans; **(ii)** you will be deemed to have resigned from any boards of, or other positions with, the Company (and any company in the Company Group) and if necessary you will do all acts the Company may request in order to effect your resignation of such directorships or other positions held by you ; and **(iii)** you agree to cooperate with the Company and any company in the Company Group and to be reasonably available for a reasonable period of time with respect to matters arising out of your employment hereunder or any other relationship with the Company or the Company Group, whether such matters are business-related, legal, or otherwise.

**<u>Notice Period</u>**

Either you or the Company may lawfully terminate your employment with the Company by giving to the other party not less than 6 months' prior notice in writing.

Notwithstanding the previous paragraph, the Company may, in its sole and absolute discretion, terminate your employment at any time (including once either party has given notice to terminate) and with

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immediate effect by notifying you that it is exercising its right under this paragraph and that it will make, within 28 days, a payment in lieu of notice ("**Payment in Lieu**") to you. A Payment in Lieu will be equal to the Base Salary (as at the date of termination) which you would have been entitled to receive under this Offer Letter during the notice period referred to in the previous paragraph (or, if notice has already been given, during the remainder of the notice period), less applicable withholding and deductions. A Payment in Lieu will include Base Salary only and not any payment in respect of bonus, benefits or holiday to which you may have been entitled during the notice period.

Following service of notice to terminate your employment by either party, the Company may place you on garden leave for the whole or part of the remainder of your employment. During any period of garden leave **(i)** the Company may require you to carry out no duties or alternative duties, or to only perform such specific duties as are expressly assigned to you, at such location (including your home) as the Company may decide; **(ii)** you shall continue to receive your base salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement; **(iii)** you shall remain an employee of the Company and bound by the terms of this Offer Letter (including any implied duties of good faith and fidelity); **(iv)** the Company may exclude you from any of its premises; and **(v)** the Company may require you not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, broker, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company.

**<u>Withholding</u>**

You will be solely responsible for taxes imposed on you by reason of any compensation and benefits provided to you by the Company, and all such compensation and benefits will be subject to applicable withholding and deductions.

**<u>Other</u>**

 **(i)** *No collective agreements.* There is no collective agreement which directly affects your employment with the Company. **(ii)** *Disciplinary and grievance.* You are subject to our disciplinary rules and procedures, and our grievance procedure, copies of which are in the Employee Handbook available from the human resources department. These rules and procedures do not form part of your contract of employment. If you want to raise a grievance, you may apply in writing to the person to whom you report. **(iii)** *Training.* You may be required to attend compliance or other training from time to time. **(iv)** *Sickness absence.* If you are unable to work due to illness or incapacity, you shall certify your absence in accordance with our sickness policy which is available in the Employee Handbook. Subject to your compliance with this Offer Letter and the Company's sickness policy (as amended from time to time), you may be eligible to receive sick pay in accordance with the Company's sickness policy. This may be amended from time to time by the Company.

**<u>Governing Law; Consent to Jurisdiction.</u>**

This Offer Letter shall be governed by the laws of England, without regard to conflict of law principles. To the extent permitted by law, you and the Company hereby irrevocably submit to the exclusive jurisdiction of the courts of England in respect of the interpretation and enforcement of the provisions of this Offer Letter. You and the Company hereby waive and agree not to assert, as a defense in any action, suit or proceeding for the interpretation and enforcement hereof, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Offer Letter may not be enforced in or by such courts. You and the Company hereby consent to and grant any such court jurisdiction over your person and over the subject matter of any such action, suit, or proceeding, and agree that the mailing of process or other papers in connection with any such action, suit, or proceeding in any such manner as may be permitted by law shall be valid and sufficient service thereof. You certify and acknowledge that **(i)** no representative, agent or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of litigation, seek to enforce the foregoing waiver, **(ii)** you understand and have considered the implications of this waiver, **(iii)** you make this waiver voluntarily, and **(iv)** the Company has been induced to enter into this Offer Letter by, among other things, the waiver and certifications in this paragraph.

------

**<u>Restrictive Covenant Agreement</u>**

As a condition to the offer set forth in this Offer Letter, and simultaneously with your entry into this Offer Letter, you and the Company are also entering into the Restrictive Covenant Agreement attached hereto as **Exhibit A**.

**<u>Miscellaneous</u>**

This Offer Letter sets forth the terms of your employment with the Company and supersedes any prior representations or agreements, whether written or oral. This Offer Letter may not be modified or amended except by written agreement signed by the Company and you. This Offer Letter will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, estates and successors (including, without limitation, by way of merger), and assigns; however, you may not assign all or any portion of this Offer Letter without the prior written consent of the Company.

If you have any questions about the above details, please call me. If you wish to accept this agreement, please sign below and return this Offer Letter to me within fourteen (14) days.

I look forward to hearing from you.

Yours sincerely

<u>/s/ Prashanth Gangu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Prashanth Gangu<br>Chief Operating Officer &

President, Insurance and Services<br>SiriusPoint Ltd. for and on behalf of Sirius International Insurance Group Limited.

<u>Acceptance of Offer</u>

I have read and understood and I accept all the terms of the offer as set forth in this Offer Letter. I have not relied on any agreements or representations, express or implied, that are not set forth expressly in the Offer Letter, and this Offer Letter supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the subject matter of this Offer Letter.

Stuart Liddell

Signed&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stuart Liddell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date &nbsp;&nbsp;&nbsp;&nbsp;<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;</u>

------

**Exhibit A**

**Sirius International Insurance Group Limited<br>Restrictive Covenant Agreement**

This Employee Restrictive Covenant Agreement (the "**Agreement**") is entered into by and between Sirius International Insurance Group, (the "**Company**"), and the undersigned (the "**Executive**") effective as of the effective date set forth in the Offer Letter agreement to which this Agreement is attached.

Company Group in this Exhibit A and in the Offer Letter means any holding company or parent undertaking for the time being of the Company or any subsidiary or subsidiary undertaking for the time being of the Company or of any such holding company or parent undertaking (for which purpose the expressions "holding company" and "subsidiary" shall have the meanings ascribed thereto by section 1159 Companies Act 2006 and the expressions "parent undertaking" and "subsidiary undertaking" shall have the meanings ascribed thereto by section 1162 Companies Act 2006);

In consideration of the Executive's employment by the Company and compensation and benefits to be provided pursuant to such employment, which the Executive acknowledges to be good and valuable consideration for the Executive's obligations hereunder, the Company and the Executive hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Confidentiality*. The Executive agrees and understands that in the Executive's position with the Company, the Executive will be exposed to and will receive information relating to the confidential affairs of the Company and companies in the Company Group, including but not limited to, technical information, intellectual property, business and marketing plans, strategies, customer information, other information concerning the products, promotions, development, financing, expansion plans, business policies and practices of the Company Group, and other forms of information considered by the Company Group reasonably and in good faith to be confidential and in the nature of trade secrets ("**Confidential Information**"). The Executive agrees that during the term of Executive's employment and thereafter, the Executive will not, other than on behalf of the Company, disclose such Confidential Information, either directly or indirectly, to any third person or entity without the prior written consent of the Company; <u>provided, that</u> disclosure may be made to the extent required by law, regulation, or order of a regulatory body, in each case so long as the Executive gives the Company as much advance notice of the disclosure as possible to enable the Company to seek a protective order, confidential treatment, or other appropriate relief. This confidentiality covenant has no temporal, geographical, or territorial restriction. Upon termination of the Executive's employment, the Executive will promptly supply to the Company (*i*) all property of the Company and (*ii*) all notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data, or any other tangible product or document containing Confidential Information produced by, received by, or otherwise submitted to the Executive during or prior to the Executive's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Noncompetition*. By and in consideration of the Executive's employment by the Company and the payments to be made and benefits to be provided by the Company in connection with the Executive's employment, and further in consideration of the Executive's exposure to the proprietary information of the Company Group (including but not limited to Confidential Information), the Executive agrees that the Executive will not, during the Noncompetition Term (as defined below), directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including but not limited to holding any position as a shareholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); save that the Executive may be interested in (i) securities in a company which are listed/traded or dealt in on any recognised investment exchange granted recognition under section 285 (1) Financial Services and Markets Act 2000 including a recognised overseas investment exchange; and, provided that the Executive does not hold or is not interested (directly or indirectly) in shares which represent more than one per cent of the votes that could be cast at a general meeting of any body corporate; or (ii) any class of securities not so listed

trade or dealt provided that the Executive does not hold (and is not interested directly or indirectly in) shares representing more than 5 per cent per cent of the issued share capital of that body corporate. Following

&nbsp;&nbsp;&nbsp;&nbsp;Sirius International Insurance Corporation (publ) UK Branch, Floor 4 • 20 Fenchurch Street • London • EC3M 3BY, UK

Registered Office: the Swedish Companies Registration Office, Stockholm, Sweden

------

termination of the Executive's employment, upon request of the Company during the Noncompetition Term where the Company has reason to believe the Executive has or may have breached the restrictions herein, the Executive shall notify the Company of the Executive's then-current employment status and the names and details of the entity by which he is engaged or employed or providing services to at the time of the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Nonsolicitation/nondealing*. During the Noncompetition Term, the Executive shall not directly or indirectly, and shall not cause any other person to, (*i*) solicit or interfere with or harm (or in the case of a customer, have dealings with in competition with a Company Group that would or may harm), or attempt to solicit, interfere with or harm (or in the case of a customer, have dealings with in competition with a Company Group that would or may harm), the relationship of the Company Group or any member of the Company Group with any Restricted Person (as defined below), or (*ii*) endeavor to entice any Restricted Person away from the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*Nondisparagement*. While the Executive is employed with the Company Group and thereafter, the Executive shall not make or publish any disparaging statements (whether written or oral) regarding the Company Group or any of its affiliates, directors, officers, or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*Proprietary Rights*. The Executive assigns all of the Executive's interest in any and all inventions, discoveries, improvements, and patentable or copyrightable works initiated, conceived, or made by the Executive, either alone or in conjunction with others, while employed by the Company and related to the business or activities of the Company Group to the Company or its nominee. Whenever requested to do so by the Company, the Executive shall execute any and all applications, assignments, or other instruments that the Company shall in good faith deem necessary to apply for and obtain trademarks, patents, or copyrights of the United States or any foreign country or otherwise protect the interests of the Company Group therein. These obligations shall continue beyond the conclusion of the Executive's employment with the Company with respect to inventions, discoveries, improvements, or copyrightable works initiated, conceived, or made by the Executive during the Executive's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.*Remedies*. The Executive agrees that any breach of the terms of this Agreement would result in irreparable injury and damage to the Company Group for which the Company would have no adequate remedy at law; the Executive therefore also agrees that in the event of such breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach, threatened breach, or continued breach by the Executive and any and all persons or entities acting for or with the Executive, without having to prove damages, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to, the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of the covenants contained in this Agreement are reasonable and necessary to protect the business of the Company Group because of the Executive's access to Confidential Information and his material participation in the operation of such business. Should a court, arbitrator, or other similar authority determine, however, that any provisions of the covenants contained in this Agreement are not reasonable or valid, either in period of time, geographical area, or otherwise, the parties hereto agree that such covenants should be interpreted and enforced to the maximum extent to which such court or arbitrator deems reasonable or valid. The existence of any claim or cause of action by the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.*No Interference*. Executive understands that nothing contained in this Agreement limits Executive's ability to report possible violations of law or regulation to, or file a charge or complaint with, the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA), the UK Financial Conduct Authority or Prudential Regulation Authority or any other federal, national, state or local governmental agency or commission ("**Governmental Agencies**"). Executive further understands that this Agreement does not limit Executive's ability to communicate with any Governmental Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Governmental Agency, including providing documents or other information, without notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.*Certain Definitions.* For purposes of this 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;(a)The "**Noncompetition Term**" shall mean the period beginning on the date of this Agreement and ending six (6) months following the Executive's termination of employment for any reason whatsoever (less any period of garden leave served immediately prior to the termination 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)"**Restricted Enterprise**" shall mean (*x*) on any date during the Executive's employment, any person, corporation, partnership, or other entity that competes, directly or indirectly, in the Territory with any material business activity engaged in by any member of the Company Group on such date, and (*y*) on and after the date of Executive's termination of employment, any person, corporation, partnership, or other entity that otherwise competes, directly or indirectly, in the Territory with any material business activity engaged in by any member of the Company Group as of the termination date and with which the Executive was involved in the twelve (12) months immediately prior to the termination date (or, if applicable, the twelve (12) months immediately prior to the start of 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;(c)"**Restricted Person**" shall mean (*x*) on any date during the Executive's employment, any person who at any time during the Executive's employment with the Company was a senior employee or a customer of any member of the Company Group, or otherwise had a material business relationship with any member of the Company Group, and (*y*) on and after the date of Executive's termination, any person who was a senior employee or customer of any member of the Company Group, or otherwise had a material business relationship with any member of the Company Group and with whom the Executive had material dealings in the course of his employment, or about whom the Executive received Confidential Information, in the twelve (12) months immediately prior to the termination date (or, if applicable the twelve (12) months immediately prior to the start of garden leave).The "**Territory**" shall mean, as of any date, (*x*) the geographic markets in which the business of the Company Group is then being conducted by the Company Group and (*y*) any other geographic market as to which the Company Group has, during the twelve (12) months preceding such date, devoted more than *de minimis* resources as a prospective geographic market for the business of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.*No Waiver of Rights*. The failure to enforce at any time the provisions of this Agreement or to require at any time performance by any other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part hereof, or the right of any party to enforce each and every provision in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.*Binding Effect/Assignment*. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and the Company Group, and each of their respective heirs, executors, personal representatives, estates and successors (including, without limitation, by way of merger), and assigns. Notwithstanding the provisions of the immediately preceding sentence, the Executive shall not assign all or any portion of this Agreement without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.*Entire Agreement*. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between them as to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.*Severability*. If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.*Governing Law; Consent to Jurisdiction*. This Agreement shall be governed by and construed in accordance with the internal laws of England, without reference to the principles of conflict of laws. Each party hereby irrevocably submits to the exclusive jurisdiction of the courts of England in respect of the interpretation and enforcement of the provisions of this Agreement. Each party hereby waives and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation and enforcement hereof, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts. Each party hereby consents to and grants any such court jurisdiction over the person of such parties and over the subject matter of any such action, suit, or proceeding and agrees that the mailing of process or other papers in connection with any such action, suit, or proceeding in any such manner as may be permitted by law shall be valid and sufficient service thereof. Each party certifies and acknowledges that (*A*) no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, (*B*) each such party understands and has considered the implications of this waiver, (*C*) each

------

such party makes this waiver voluntarily, and (*D*) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.*Modifications and Waivers*. No provision of this Agreement may be modified, altered, or amended except by an instrument in writing executed by the parties hereto. No waiver by any party hereto of any breach by any other party hereto of any provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at the time or at any prior or subsequent time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.*Headings*. The headings contained herein are solely for the purposes of reference, are not part of this Agreement, and shall not in any way affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.*Counterparts*. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by authority of its Board of Directors, and the Executive has hereunto set his hand, in each case effective as of the day and year first above written.

&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;**EXECUTIVE**

&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;<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stuart Liddell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &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;Stuart Liddell

&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;Sirius International Insurance Group Limited

&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;<br>&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;By: <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Prashanth Gangu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&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; Name: Prashanth Gangu<br>&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; Title: Chief Operating Officer &

&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; President, Insurance and Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.53

![image_0.jpg](image_0.jpg)

August 3, 2020

Stuart Liddell

![image_1.jpg](image_1.jpg)

Dear Stuart,

Reference is made to your annual incentive agreement dated March 1, 2012 ("Bonus Agreement") providing for an annual cash incentive award equaling five percent (5%) of the A&H technical underwriting profits over successive three year rolling periods, capped at 3.5 times your base salary, as more fully set forth therein.

In March 2019, in connection with a broader management realignment, and with your approval, you received a Sirius Group LTI grant for the 2019-21 performance cycle with an initial target value of £278,250, and in return we lowered the percentage cap of your special cash bonus award from 3.5x salary to 2.866x (£903,000) for the 2018 annual incentive performance cycle.

In March 2020, we sought a similar approach including the lower cap on your cash incentive harvest and a similar sized Sirius Group LTI grant for the 2020-22 performance cycle with an initial target value of

£257,546. We understand that your position is that the 2.866x cap on your cash bonus was a one-time accommodation to Sirius Group.

In order to confirm our mutual understanding and resolve any potential disagreements with regard to your annual cash incentive, please acknowledge your consent and approval of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;Your Bonus Agreement will be determined to have applied for March 2020 harvest of your 2019 annual cash incentive award, entitling you to an incremental cash payment of £199,500 to be paid promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Going forward, your annual cash incentive award will be treated as contemplated by the Bonus Agreement (providing for a cap equal to 3.5x of your annualized base salary in-force at the end of the year prior to the time of any future annual cash incentive harvest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)You have previously signed an acknowledgement and consent to settle your LTI grants for the 2019- 21 and 2020-22 performance cycles in exchange for new cash-based restricted stock units, as provided in such acknowledgement and consent letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)For the sake of clarity, you acknowledge that you shall not be entitled to any future grants of Sirius Group LTI awards.

Regards,

![image_2.jpg](image_2.jpg)

Agreed and Accepted:

![image_3.jpg](image_3.jpg)

Stuart Liddell, Esq.

## Exhibit 21.1

---

| | |
|:---|:---|
| SUBSIDIARIES OF SIRIUSPOINT LTD. (as of December 31, 2022) | SUBSIDIARIES OF SIRIUSPOINT LTD. (as of December 31, 2022) |
| **Subsidiary** | **Jurisdiction of Organization** |
| A La Carte Healthcare Limited | United Kingdom |
| Akeso Care Management, Inc. | Indiana |
| ALC Health (Hong Kong) LTD. | Hong Kong |
| Alstead Reinsurance Ltd. | Bermuda |
| Armada Administrators, LLC | Maryland |
| ArmadaCare, LLC | Maryland |
| ArmadaCorp Capital, LLC | Maryland |
| ArmadaHealth, LLC | Maryland |
| Banyan Risk Ltd. | Bermuda |
| Banyan Risk Services Ltd. | Canada |
| Fund American Holdings AB | Sweden |
| Gate's Bay Services Limited | United Kindom |
| Global Response, Ltd. | United Kingdom |
| IMG CANADA INSURANCE SERVICES LTD. | Canada |
| IMG Europe Ltd. | United Kingdom |
| IMG Healthcare (Europe) Limited | Ireland |
| International Medical Administrators, Inc. | Nebraska |
| International Medical Group Limited | United Kingdom |
| International Medical Group, Inc. | Indiana |
| iTravelInsured, Inc. | Indiana |
| Oakwood Insurance Company | Connecticut |
| S.I. Holdings (Luxembourg) S.á r.l | Luxembourg |
| Sirius Acquisitions Holding Company | New York |
| Sirius Global Services LLC | New York |
| Sirius Group International S.á r.l | Luxembourg |
| Sirius Insurance Agency, LLC | New York |
| Sirius Insurance Holding Sweden AB | Sweden |
| Sirius International Corporate Member Limited | United Kingdom |
| Sirius International Managing Agency Limited | United Kingdom |
| Sirius International UK Holdings II Ltd | United Kingdom |
| Sirius Investment Advisors LLC | New York |
| Sirius Re Holdings, Inc. | New York |
| SiriusPoint AR Company Limited | United Kingdom |
| SiriusPoint America Insurance Company | New York |
| SiriusPoint Bermuda Insurance Company Ltd. | Bermuda |
| SiriusPoint International Advisory Zurich LLC | Switzerland |
| SiriusPoint International Insurance Corporation (publ) | Sweden |
| SiriusPoint Specialty Insurance Corporation | New Hampshire |
| White Sands Holdings (Luxembourg) S.á r.l | Luxembourg |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-255917) and Form S-8 (No. 333-253593 and No. 333-190724) of SiriusPoint Ltd. of our report dated February 24, 2023 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2023

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the following registration statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Registration Statement (Form S-8 No. 333-253593) pertaining to the SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.) 2013 Omnibus Incentive Plan and Sirius International Insurance Group, Ltd. 2018 Omnibus Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Registration Statement (Form S-4 No. 333-248989) of SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Registration Statement (Form S-3 No. 333-255917) of SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.)

of our report dated February 23, 2021, except for Notes 2, 4, 12 and 13 as to which the date is June 17, 2021, and for Note 4, Schedule II and Schedule III as to which the date is March 1, 2022, with respect to the consolidated financial statements of SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.), included in this Current Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission.

/s/ Ernst & Young Ltd.

Hamilton, Bermuda

February 24, 2023

## Exhibit 23.3

**Exhibit 23.3**

**Consent of Independent Auditors**

We consent to the incorporation by reference in the following registration statements:

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement (Form S-8 No. 333-253593) pertaining to the SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.) 2013 Omnibus Incentive Plan and Sirius International Insurance Group, Ltd. 2018 Omnibus Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement (Form S-4 No. 333-248989) of SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.); and

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement (Form S-3 No. 333-255917) of SiriusPoint Ltd. (formerly known as Third Point Reinsurance Ltd.)

of our report dated February 17, 2023, with respect to the financial statements of Third Point Enhanced LP (an investee of SiriusPoint Ltd., formerly known as Third Point Reinsurance Ltd.) included in this Current Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission.

/s/ Ernst & Young Ltd.

Grand Cayman, Cayman Islands

February 24, 2023

## 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 Annual Report on Form 10-K 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: February 24, 2023

---

| |
|:---|
| /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, Stephen Yendall, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Annual Report on Form 10-K 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

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&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: February 24, 2023

---

| |
|:---|
| /s/ Stephen Yendall |
| Stephen Yendall |
| 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 Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2022 (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: February 24, 2023

---

| |
|:---|
| /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, Stephen Yendall, 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 Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2022 (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: February 24, 2023

---

| |
|:---|
| /s/ Stephen Yendall |
| Stephen Yendall |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 99.1

![](tpenhanced2022auditedfin001.jpg)

F IN A N C IA L S T A T E M E N T S T H I R D P O I N T E N H A N C E D L P As of and for the Years Ended 12/31/2022, 12/31/2021 and 12/31/2020 With Report of Independent Auditors

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![](tpenhanced2022auditedfin002.jpg)

Contents 01 Report of Independent Auditors 03 Statements of Financial Condition 04 Condensed Schedules of Investments 28 Statements of Operations 29 Statements of Changes in Partners' Capital 31 Statements of Cash Flows 33 Notes to Financial Statements

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![](tpenhanced2022auditedfin003.jpg)

THIRD POINT ENHANCED LP REPORT OF INDEPENDENT AUDITORS FINANCIAL STATEMENTS 2022 1 Ernst & Young Ltd. 62 Forum Lane Camana Bay P.O. Box 510 Grand Cayman KY1-1106 CAYMAN ISLANDS Tel: +1 345 949 8444 Fax: +1 345 949 8529 ey.com A member firm of Ernst & Young Global Limited Report of Independent Auditors The General Partner Third Point Enhanced LP Opinion We have audited the financial statements of Third Point Enhanced LP (the "Partnership"), which comprise the statements of financial condition, including the condensed schedules of investments, as of December 31, 2022, December 31, 2021 and December 31, 2020, and the related statements of operations, changes in partners' capital and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2022, December 31, 2021 and December 31, 2020, and the results of its operations, changes in its partners' capital and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Partnership and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for one year after the date that the financial statements are available to be issued. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. A member firm of Ernst & Young Global Limited

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![](tpenhanced2022auditedfin004.jpg)

THIRD POINT ENHANCED LP 2 FINANCIAL STATEMENTS 2022 REPORT OF INDEPENDENT AUDITORS In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. February 17, 2023 A member firm of Ernst & Young Global Limited

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![](tpenhanced2022auditedfin005.jpg)

(Stated in United States Dollars) December 31, 2022 $ December 31, 2021 $ December 31, 2020 $ Assets Cash and cash equivalents 55,622 128,273 40,072,813 Investments in securities, at fair value (cost $128,501,766, 2021: $1,328,219,935, 2020: $1,711,486,047) (see Note 2 and Note 6) 75,678,785 1,580,389,628 2,167,250,074 Investments in affiliated investment funds, at fair value (cost $25,038,918, 2021:$34,629,688, 2020: $28,963,747) (see Note 2 and Note 6) 30,238,850 43,137,705 33,669,956 Due from brokers (see Note 4) 150,602,866 523,970,735 124,586,536 Derivative contracts, at fair value (net upfront fees paid and cost of $46,052, 2021: $6,849,054, 2020: $7,521,973) (see Note 2 and Note 8) 770,271 46,544,478 36,977,997 Interest and dividends receivable 186,614 3,076,597 3,236,403 Other assets 3,039,990 1,547,807 3,883,238 Total assets 260,572,998 2,198,795,223 2,409,677,017 Liabilities and Partners' Capital Liabilities Securities sold, not yet purchased, at fair value (proceeds $0, 2021: $278,192,863, 2020: $184,986,886) (see Note 2 and Note 6) — 290,398,282 182,978,897 Securities sold under agreements to repurchase (see Note 2) 2,282,230 33,616,216 5,542,093 Due to brokers (see Note 4) 124,848,839 493,630,158 894,004,314 Derivative contracts, at fair value (net upfront fees received and cost of $17,192, 2021: $19,308, 2020: $20,042) (see Note 2 and Note 8) 131,173 8,362,971 23,703,804 Withdrawals payable to General Partner 1,996,092 139,516,326 75,000,000 Withdrawals payable to Limited Partners 18,451,228 250,000,000 — Management fee payable (see Note 6) 16,223 155,869 176,911 Interest and dividends payable 171,126 700,901 672,006 Accrued expenses 711,133 1,144,829 1,033,825 Total liabilities 148,608,044 1,217,525,552 1,183,111,850 Commitments (see Notes 6 and 10) Partners' Capital General partner's capital 11,852,565 103,033,315 170,947,421 Limited partners' capital 100,112,389 878,236,356 1,055,617,746 Total partners' capital 111,964,954 981,269,671 1,226,565,167 Total liabilities and partners' capital 260,572,998 2,198,795,223 2,409,677,017 See accompanying notes. THIRD POINT ENHANCED LP STATEMENTS OF FINANCIAL CONDITION FINANCIAL STATEMENTS 2022 3 Statements of Financial Condition

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![](tpenhanced2022auditedfin006.jpg)

Investments in Securities Equity Securities North America: Diversified 3,651,934 3.26 Energy 6,016 0.01 Total North America (cost $3,579,558) 3,657,950 3.27 Europe: Diversified 477,722 0.43 Total Europe (cost $481,625) 477,722 0.43 Latin America and the Caribbean: Diversified 536,492 0.48 Total Latin America and the Caribbean (cost $536,938) 536,492 0.48 Total Equity Securities (cost $4,598,121) 4,672,164 4.18 Asset-Backed Securities North America: Aircraft 168,310 0.14 Consumer Loan 6,411,382 5.73 Corporate 3,132,395 2.80 Mortgage 6,528,224 5.83 Student Loan 858,390 0.77 Total North America (cost $25,543,871) 17,098,701 15.27 Europe: Mortgage 164,416 0.15 Total Europe (cost $187,190) 164,416 0.15 Latin America and the Caribbean: Aircraft 37,603 0.03 Corporate 417,376 0.37 Total Latin America and the Caribbean (cost $829,539) 454,979 0.40 Total Asset-Backed Securities (cost $26,560,600) 17,718,096 15.82 Corporate Bonds North America: Technology 129,000 0.11 Total North America (cost $566,155) 129,000 0.11 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 4 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS Condensed Schedules of Investments December 31, 2022

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![](tpenhanced2022auditedfin007.jpg)

Investments in Securities (continued) Corporate Bonds (continued) Latin America and the Caribbean: Real Estate 2,581,476 2.31 Total Latin America and the Caribbean (cost $3,263,654) 2,581,476 2.31 Total Corporate Bonds (cost $3,829,809) 2,710,476 2.42 Private Preferred Equity Securities North America: Consumer, Cyclical 132,134 0.12 Consumer, Non-Cyclical 1,479,727 1.32 Financial 46,402 0.04 Litigation Financing 193,855 0.17 Technology: Verbit, Inc. - Preferred (Series A, B, C, D, E1, Seed) 750,020 6,492,942 5.80 Other 22,310,541 19.93 Total Technology 28,803,483 25.73 Total North America (cost $43,351,984) 30,655,601 27.38 Europe: Consumer, Non-Cyclical 395,733 0.36 Financial: N26 GmbH - Preferred (Series E) 188 5,120,215 4.57 Total Europe (cost $14,255,548) 5,515,948 4.93 Latin America and the Caribbean: Consumer, Non-Cyclical 2,473,606 2.21 Total Latin America and the Caribbean (cost $7,032,244) 2,473,606 2.21 Middle East and Africa: Technology 2,500,375 2.23 Total Middle East and Africa (cost $3,094,341) 2,500,375 2.23 Total Private Preferred Equity Securities (cost $67,734,117) 41,145,530 36.75 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 5 Condensed Schedules of Investments continued December 31, 2022

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![](tpenhanced2022auditedfin008.jpg)

Investments in Securities (continued) Private Common Equity Securities North America: Consumer, Cyclical 3,864,966 3.45 Consumer, Non-Cyclical 4,962 0.01 Financial 46,399 0.04 Technology: Verbit, Inc. - Common 27,720 239,973 0.21 Other 178,524 0.16 Total Technology 418,497 0.37 Total North America (cost $14,424,728) 4,334,824 3.87 Total Private Common Equity Securities (cost $14,424,728) 4,334,824 3.87 Investment Funds North America: Litigation Financing 954,317 0.85 Total North America (cost $3,776,917) 954,317 0.85 Total Investment Funds (cost $3,776,917) 954,317 0.85 Real Estate North America: Commercial 2,511,068 2.24 Total North America (cost $5,393,387) 2,511,068 2.24 Total Real Estate (cost $5,393,387) 2,511,068 2.24 Rights and Warrants North America: Consumer Loan 858,798 0.77 Diversified 59,588 0.06 Financial 1,919 — Industrial 4,568 — Technology 3,790 — Total North America (cost $1,944,010) 928,663 0.83 Europe: Basic Materials 52,060 0.05 Diversified 1,005 — Financial: N26 GmbH - Warrants 44 557,209 0.50 Total Europe (cost $37,216) 610,274 0.55 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 6 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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![](tpenhanced2022auditedfin009.jpg)

Investments in Securities (continued) Rights and Warrants (continued) Latin America and the Caribbean: Diversified 2,057 — Total Latin America and the Caribbean (cost $22,326) 2,057 — Total Rights and Warrants (cost $2,003,552) 1,540,994 1.38 Digital Assets North America: Technology 91,316 0.08 Total Digital Assets (cost $180,535) 91,316 0.08 Total Investments in Securities, at fair value (cost $128,501,766) 75,678,785 67.59 Affiliated Investment Funds North America: Investments In Limited Partnerships: Third Point Structured Credit Opportunities Offshore Fund LP (see Note 6) 30,228,126 27.00 Total North America (cost $25,000,000) 30,228,126 27.00 Latin America and the Caribbean: Investments In Limited Partnerships 10,724 0.01 Total Latin America and the Caribbean (cost $38,918) 10,724 0.01 Total Affiliated Investment Funds (cost $25,038,918) 30,238,850 27.01 Derivatives Contracts Contracts for Differences—Long Contracts North America: Consumer, Cyclical 374 — Total North America 374 — Total Contracts for Differences—Long Contracts 374 — Credit Default Swaps—Protection Purchased North America: Asset-Backed Securities Index 60,045 0.05 Total North America (net upfront fees paid $46,052) 60,045 0.05 Total Credit Default Swaps—Protection Purchased (net upfront fees paid $46,052) 60,045 0.05 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 7 Condensed Schedules of Investments continued December 31, 2022

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![](tpenhanced2022auditedfin010.jpg)

Derivative Contracts (continued) Credit Default Swaps - Protection Sold North America: Asset-Backed Securities Index (21,863) (0.02) Total North America (net upfront fees received $17,192) (21,863) (0.02) Total Credit Default Swaps—Protection Sold (net upfront fees received $17,192) (21,863) (0.02) Foreign Currency Forward Contracts Buy United States Dollar, Sell Chilean Peso (33,223) (0.03) Buy United States Dollar, Sell Euro (66,339) (0.06) Total Foreign Currency Forward Contracts (99,562) (0.09) Interest Rate Swaps - Long Contracts North America: US Treasury Rates 468,030 0.42 Total North America 468,030 0.42 Total Interest Rate Swaps 468,030 0.42 Total Return Swaps—Short Contracts North America: Equity Swap Basket (9,748) (0.01) Total North America (9,748) (0.01) Futures—Short Contracts North America: Interest Rate 223,738 0.20 Commodities 18,084 0.02 Total North America 241,822 0.22 Total Futures—Short Contracts 241,822 0.22 Net Derivative Contracts (including net upfront fees paid and cost of $28,860) 639,098 0.57 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % See accompanying notes THIRD POINT ENHANCED LP 8 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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![](tpenhanced2022auditedfin011.jpg)

Investments in Securities Equity Securities North America: Basic Materials 25,943,272 2.64 Communications Amazon.com Inc. 26,000 86,692,840 8.83 Other 105,853,240 10.79 Total Communications 192,546,080 19.62 Consumer, Cyclical 99,568,281 10.15 Consumer, Non-Cyclical Danaher Corp 211,600 69,618,517 7.09 Other 216,854,709 22.10 Total Consumer, Non-Cyclical 286,473,226 29.19 Energy 13,945,691 1.43 Financial 45,227,395 4.62 Government 419,020 0.04 Industrial 15,207,092 1.55 Technology Intuit Inc. 83,900 53,966,158 5.50 SentinelOne Inc. 1,949,468 98,428,639 10.03 Other 71,635,827 7.28 Total Technology 224,030,624 22.81 Utilities Pacific Gas & Electric Co 5,619,497 68,220,694 6.96 Pacific Gas & Electric Co, 8/16/2023, 5.5% 36,400 4,210,752 0.43 Other 13,690,680 1.40 Total Utilities 86,122,126 8.79 Diversified 25,008,579 2.55 Total North America (cost $753,781,341) 1,014,491,386 103.39 Europe: Basic Materials 6,536,634 0.67 Consumer, Non-Cyclical 5,151,300 0.52 Industrial 2,554,275 0.26 Technology 37,806,960 3.85 Total Europe (cost $46,246,792) 52,049,169 5.30 Latin America and the Caribbean: Diversified 6,193,719 0.63 Total Latin America and the Caribbean (cost $6,242,751) 6,193,719 0.63 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 9 Condensed Schedules of Investments continued December 31, 2021

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![](tpenhanced2022auditedfin012.jpg)

Investments in Securities (continued) Equity Securities (continued) Middle East and Africa: Diversified 1,284,114 0.13 Financial 248,683 0.03 Total Middle East and Africa (cost $1,432,947) 1,532,797 0.16 Asia-Pacific: Communications 6,456,842 0.66 Total Asia-Pacific (cost $6,894,995) 6,456,842 0.66 Total Equity Securities (cost $814,598,826) 1,080,723,913 110.14 Asset-Backed Securities North America: Aircraft 5,176,109 0.52 Consumer Loan 63,021,380 6.44 Corporate 13,553,044 1.37 Mortgage 134,424,355 13.68 Student Loan 13,223,944 1.35 Total North America (cost $226,132,744) 229,398,832 23.36 Europe: Aircraft 344,758 0.04 Mortgage 2,636,055 0.27 Total Europe (cost $2,971,466) 2,980,813 0.31 Latin America and the Caribbean: Aircraft 2,958,069 0.30 Corporate 2,465,458 0.26 Total Latin America and the Caribbean (cost $6,068,658) 5,423,527 0.56 Total Asset-Backed Securities (cost $235,172,868) 237,803,172 24.23 Corporate Bonds North America: Communications 138,539 0.01 Consumer, Cyclical 17,505,493 1.78 Consumer, Non-Cyclical 6,753,425 0.69 Energy 55,892,789 5.70 Financial 3,493,424 0.36 Industrial 27,790,839 2.83 Technology 151,000 0.02 Total North America (cost $104,967,428) 111,725,509 11.39 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 10 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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![](tpenhanced2022auditedfin013.jpg)

Investments in Securities (continued) Corporate Bonds (continued) Europe: Consumer, Cyclical 6,668,152 0.68 Consumer, Non-Cyclical 7,692,315 0.78 Energy 952,952 0.10 Industrial 3,492,227 0.36 Total Europe (cost $20,003,081) 18,805,646 1.92 Latin America and the Caribbean: Communications 100,166 0.01 Consumer, Cyclical 10,067,562 1.02 Real Estate 8,327,472 0.85 Total Latin America and the Caribbean (cost $19,154,973) 18,495,200 1.88 Asia-Pacific: Financial 414,643 0.04 Total Asia-Pacific (cost $668,202) 414,643 0.04 Total Corporate Bonds (cost $144,793,684) 149,440,998 15.23 Private Preferred Equity Securities North America: Consumer, Cyclical 762,842 0.08 Consumer, Non-Cyclical 7,233,931 0.74 Financial 181,410 0.02 Litigation Financing 87,318 0.01 Technology 46,216,154 4.70 Total North America (cost $54,983,023) 54,481,655 5.55 Europe: Consumer, Non-Cyclical 596,045 0.06 Financial 12,952,205 1.32 Total Europe (cost $16,306,094) 13,548,250 1.38 Latin America and the Caribbean: Technology 3,079,864 0.31 Total Latin America and the Caribbean (cost $2,255,560) 3,079,864 0.31 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 11 Condensed Schedules of Investments continued December 31, 2021

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![](tpenhanced2022auditedfin014.jpg)

Investments in Securities (continued) Private Preferred Equity Securities (continued) Middle East and Africa: Technology 3,662,916 0.38 Total Middle East and Africa (cost $3,645,362) 3,662,916 0.38 Total Private Preferred Equity Securities (cost $77,190,039) 74,772,685 7.62 Private Common Equity Securities North America: Consumer, Cyclical 7,012,618 0.72 Consumer, Non-Cyclical 34,304 0.00 Financial 181,420 0.02 Technology 1,179,082 0.12 Total North America (cost $15,017,098) 8,407,424 0.86 Latin America and the Caribbean: Technology 337,053 0.03 Total Latin America and the Caribbean (cost $219,168) 337,053 0.03 Total Private Common Equity Securities (cost $15,236,266) 8,744,477 0.89 Bank Debt North America: Consumer, Cyclical 2,025,469 0.21 Total North America (cost $2,178,932) 2,025,469 0.21 Latin America and the Caribbean: Consumer, Cyclical 3,768,450 0.38 Total Latin America and the Caribbean ($5,588,941) 3,768,450 0.38 Total Bank Debt (cost $7,767,873) 5,793,919 0.59 Investment Funds North America: Digital Assets 148,220 0.02 Litigation Financing 871,357 0.09 Total North America (cost $1,675,401) 1,019,577 0.11 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 12 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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![](tpenhanced2022auditedfin015.jpg)

Investments in Securities (continued) Investment Funds (continued) Latin America and the Caribbean: Real Estate — 0.00 Total Latin America and the Caribbean (cost $3,911,700) — 0.00 Total Investment Funds (cost $5,587,101) 1,019,577 0.11 Real Estate North America: Commercial 8,440,476 0.86 Total North America (cost $9,110,383) 8,440,476 0.86 Total Real Estate (cost $9,110,383) 8,440,476 0.86 Rights and Warrants North America: Basic Materials 646,525 0.07 Communications 75,876 0.01 Consumer Loan 1,549,004 0.16 Consumer, Cyclical 181,702 0.02 Consumer, Non-Cyclical 85,006 0.01 Diversified 707,212 0.07 Financial 13,745 0.00 Industrial 169,011 0.01 Technology 167,128 0.02 Utilities 722,436 0.07 Total North America (cost $4,927,917) 4,317,645 0.44 Latin America and the Caribbean: Diversified 151,954 0.02 Total Latin America and the Caribbean (cost $310,204) 151,954 0.02 Total Rights and Warrants (cost $5,238,121) 4,469,599 0.46 Sovereign Debt Latin America and the Caribbean: Government 532,782 0.05 Total Latin America and the Caribbean (cost $3,377,736) 532,782 0.05 Total Sovereign Debt (cost $3,377,736) 532,782 0.05 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 13 Condensed Schedules of Investments continued December 31, 2021

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![](tpenhanced2022auditedfin016.jpg)

Investments in Securities (continued) Trade Claims North America: Financial 32,928 0.00 Total North America (cost $83,190) 32,928 0.00 Total Trade Claims (cost $83,190) 32,928 0.00 Option Contracts North America: Communications 2,677,790 0.28 Funds 58,999 0.01 Index 337,215 0.03 Technology 5,425,185 0.55 Total North America (cost $9,587,083) 8,499,189 0.87 Europe: Index 115,913 0.01 Total Europe (cost $476,765) 115,913 0.01 Total Option Contracts (cost $10,063,848) 8,615,102 0.88 Total Investments in Securities, at fair value (cost $1,328,219,935) 1,580,389,628 161.06 Affiliated Investment Funds North America: Investments In Limited Partnerships 32,295,000 3.29 Total North America (cost $25,000,000) 32,295,000 3.29 Latin America and the Caribbean: Investments In Limited Partnerships 10,842,705 1.11 Total Latin America and the Caribbean (cost $9,629,688) 10,842,705 1.11 Total Affiliated Investment Funds (cost $34,629,688) 43,137,705 4.40 Securities Sold, not yet Purchased Equity Securities North America: Basic Materials (5,483,660) (0.55) Communications (20,460,931) (2.09) Consumer, Cyclical (34,000,473) (3.47) Consumer, Non-Cyclical (25,616,332) (2.60) Energy (10,271,414) (1.05) Financial (7,259,556) (0.74) (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 14 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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![](tpenhanced2022auditedfin017.jpg)

Securities Sold, not yet Purchased (continued) Equity Securities (continued) North America (continued): Funds (91,677,452) (9.34) Industrial (28,504,598) (2.90) Technology (11,032,174) (1.12) Utilities (1,778,510) (0.18) Total North America (proceeds $222,727,031) (236,085,100) (24.04) Europe: Consumer, Non-Cyclical (683,228) (0.07) Technology (1,204,208) (0.12) Total Europe (proceeds $1,947,559) (1,887,436) (0.19) Asia-Pacific: Technology (1,471,480) (0.15) Total Asia-Pacific (proceeds $958,634) (1,471,480) (0.15) Total Equity Securities (proceeds $225,633,224) (239,444,016) (24.38) Corporate Bonds North America: Consumer, Cyclical (921,528) (0.09) Total North America (proceeds $913,588) (921,528) (0.09) Total Corporate Bonds (proceeds $913,588) (921,528) (0.09) Treasury Securities North America: Government (48,061,582) (4.93) Total North America (proceeds $47,359,690) (48,061,582) (4.93) Total Treasury Securities (proceeds $47,359,690) (48,061,582) (4.93) (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 15 Condensed Schedules of Investments continued December 31, 2021

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Securities Sold, not yet Purchased (continued) Option Contracts North America: Communications (1,035,114) (0.11) Consumer, Cyclical (657,140) (0.06) Financial (43,688) (0.00) Funds (1,439) (0.00) Index (37,950) (0.00) Technology (182,188) (0.02) Total North America (proceeds $4,203,268) (1,957,519) (0.19) Europe Index (13,637) (0.00) Total Europe (proceeds $83,093) (13,637) (0.00) Total Option Contracts (proceeds $4,286,361) (1,971,156) (0.19) Total Securities Sold, not yet Purchased (proceeds $278,192,863) (290,398,282) (29.59) Derivatives Contracts Contracts for Differences—Long Contracts North America: Diversified (41,100) (0.00) Energy 907,555 0.10 Financial (28,516) (0.00) Industrial 1,201,065 0.12 Total North America 2,039,004 0.22 Europe: Communications 1,052,171 0.11 Consumer, Cyclical 26,826,143 2.73 Consumer, Non-Cyclical 1,490,554 0.15 Energy 2,283,365 0.24 Financial 465,016 0.04 Total Europe 32,117,249 3.27 Total Contracts for Differences—Long Contracts 34,156,253 3.49 Contracts for Differences—Short Contracts North America: Funds (392,394) (0.04) Total North America (392,394) (0.04) (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 16 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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Derivatives Contracts (continued) Contracts for Differences—Short Contracts (continued) Europe: Basic Materials (12,100) (0.00) Consumer, Cyclical (76,314) (0.01) Consumer, Non-Cyclical 352,948 0.03 Financial 144,171 0.02 Industrial (136,161) (0.01) Total Europe 272,544 0.03 Asia-Pacific: Industrial (140,767) (0.01) Technology (1,624,926) (0.17) Total Asia-Pacific (1,765,693) (0.18) Total Contracts for Differences—Short Contracts (1,885,543) (0.19) Credit Default Swaps—Protection Purchased North America: Asset-Backed Securities Index 76,003 0.00 Total North America (net upfront fees paid $59,446) 76,003 0.00 Total Credit Default Swaps—Protection Purchased (net upfront fees paid $59,446) 76,003 0.00 Credit Default Swaps—Protection Sold North America: Asset-Backed Securities Index (23,512) (0.00) Total North America (net upfront fees received $19,308) (23,512) (0.00) Total Credit Default Swaps—Protection Sold (net upfront fees received $19,308) (23,512) (0.00) Foreign Currency Forward Contracts Buy United States Dollar, Sell Chinese Yuan (204,061) (0.02) Buy United States Dollar, Sell Euro (83,281) (0.01) Total Foreign Currency Forward Contracts (287,342) (0.03) Interest Rate Swaptions North America: US Treasury Rates 9,102,513 0.93 Total North America (cost $6,789,608) 9,102,513 0.93 Total Interest Rate Swaptions (cost $6,789,608) 9,102,513 0.93 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 17 Condensed Schedules of Investments continued December 31, 2021

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Derivatives Contracts (continued) Total Return Swaps—Long Contracts North America: Energy (1,968) (0.00) Equity Swap Basket 100,754 0.01 Total North America 98,786 0.01 Total Return Swaps—Long Contracts 98,786 0.01 Total Return Swaps—Short Contracts North America: Equity Swap Basket (854,602) (0.09) Index (2,428,320) (0.25) Total North America (3,282,922) (0.34) Europe: Equity Swap Basket (104,237) (0.01) Total Europe (104,237) (0.01) Total Return Swaps—Short Contracts (3,387,159) (0.35) Commodity Futures—Long Contracts North America: Commodities 1,757,294 0.18 Total North America 1,757,294 0.18 Total Commodity Futures—Long Contracts 1,757,294 0.18 Futures—Short Contracts North America: Interest Rate (648) (0.00) Total North America (648) (0.00) Europe: Index (1,472,742) (0.15) Interest Rate 47,604 0.00 Total Europe (1,425,138) (0.15) Total Futures—Short Contracts (1,425,786) (0.15) Net Derivative Contracts (including net upfront fees paid and cost of 6,829,746) 38,181,507 3.89 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % See accompanying notes. THIRD POINT ENHANCED LP 18 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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Investments in Securities Equity Securities North America: Communications The Walt Disney Co. 579,400 104,975,692 8.56 Other 291,663,347 23.79 Total Communications 396,639,039 32.35 Consumer, Cyclical IAA, Inc. 1,196,888 77,773,782 6.34 Other 173,890,819 14.17 Total Consumer, Cyclical 251,664,601 20.51 Consumer, Non-Cyclical 151,269,267 12.34 Energy 20,259,680 1.66 Financial 132,964,820 10.86 Industrial Danaher Corp 361,500 80,303,609 6.55 Other 86,284,576 7.04 Total Industrial 166,588,185 13.59 Technology 264,159,969 21.54 Utilities Pacific Gas & Electric Co 10,240,097 127,591,609 10.41 Pacific Gas & Electric Co, 8/16/2023, 5.5% 60,300 7,407,252 0.60 Total Utilities 134,998,861 11.01 Total North America (cost $1,139,780,638) 1,518,544,422 123.86 Europe: Consumer, Cyclical 53,356,155 4.36 Consumer, Non-Cyclical 7,357,000 0.60 Technology 14,544,660 1.18 Total Europe (cost $55,716,740) 75,257,815 6.14 Asia-Pacific: Consumer, Cyclical (cost $22,084,619) 44,839,074 3.66 Latin America and the Caribbean: Financial (cost $1,774,000) 2,306,200 0.19 Middle East and Africa: Financial (cost $1,501,068) 2,930,089 0.24 Total Equity Securities (cost $1,220,857,065) 1,643,877,600 134.09 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 19 Condensed Schedules of Investments continued December 31, 2020

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Investments in Securities (continued) Asset-Backed Securities North America: Aircraft 5,343,534 0.43 Consumer Loan 21,416,301 1.75 Mortgage 196,524,131 16.02 Student Loan 155,171 0.01 Total North America (cost $203,223,808) 223,439,137 18.21 Europe: Mortgage (cost $2,961,321) 3,346,217 0.27 Latin America and the Caribbean: Mortgage (cost $651,440) 543,263 0.04 Total Asset-Backed Securities (cost $206,836,569) 227,328,617 18.52 Corporate Bonds North America: Basic Materials 12,513 0.00 Communications 8,038,245 0.65 Consumer, Cyclical 48,640,950 3.96 Consumer, Non-Cyclical 1,939,541 0.16 Energy 50,696,137 4.13 Industrial 32,821,390 2.68 Technology 12,758,198 1.04 Utilities 8,727,409 0.71 Total North America (cost $138,679,752) 163,634,383 13.33 Europe: Consumer, Cyclical 661,541 0.05 Consumer, Non-Cyclical 9,471,993 0.76 Total Europe (cost $10,040,537) 10,133,534 0.81 Latin America and the Caribbean: Real Estate (cost $14,175,448) 8,335,084 0.68 Total Corporate Bonds (cost $162,895,737) 182,103,001 14.82 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 20 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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Investments in Securities (continued) Private Preferred Equity Securities North America: Consumer, Cyclical 1,120,504 0.09 Consumer, Non-Cyclical 4,464,212 0.37 Financial 18,120,646 1.48 Technology 42,970,208 3.50 Total North America (cost $53,055,562) 66,675,570 5.44 Europe: Consumer, Non-Cyclical (cost $2,907,175) 284,856 0.03 Latin America and the Caribbean: Technology (cost $13,309,967) 11,755,005 0.96 Total Private Preferred Equity Securities (cost $69,272,704) 78,715,431 6.43 Private Common Equity Securities North America: Consumer, Cyclical 1,123,564 0.09 Consumer, Non-Cyclical 29,664 0.00 Financial 3,437,770 0.28 Technology 303,280 0.02 Total Private Common Equity Securities (cost $14,780,983) 4,894,278 0.39 Bank Debt North America: Consumer, Cyclical 3,308,417 0.27 Total Bank Debt (cost $3,016,024) 3,308,417 0.27 Investment Funds North America: Litigation Financing (cost $2,303,794) 1,167,917 0.09 Latin America and the Caribbean: Litigation Financing 284,250 0.02 Total Latin America and the Caribbean (cost $5,728,141) 284,250 0.02 Total Investment Funds (cost $8,031,935) 1,452,167 0.11 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 21 Condensed Schedules of Investments continued December 31, 2020

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Investments in Securities (continued) Real Estate North America: Commercial 6,489,006 0.52 Total Real Estate (cost $8,114,345) 6,489,006 0.52 Rights and Warrants North America: Consumer Loan 1,903,734 0.16 Energy 832,414 0.07 Financial 1,268,952 0.10 Technology 234,480 0.02 Total North America (cost $3,335,634) 4,239,580 0.35 Europe: Consumer, Non-Cyclical (cost $2,847) 614,383 0.05 Total Rights and Warrants (cost $3,338,481) 4,853,963 0.40 Sovereign Debt Latin America and the Caribbean: Sovereign Debt 140,903 0.01 Total Sovereign Debt (cost $3,377,736) 140,903 0.01 Trade Claims North America: Financial 55,904 0.00 Total Trade Claims (cost $135,783) 55,904 0.00 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 22 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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Investments in Securities (continued) Option Contracts North America Communications The Walt Disney Co. 1/21/2022, $115 319 2,252,938 0.18 The Walt Disney Co. 1/21/2022, $120 827 5,450,757 0.44 Other 2,935,835 0.24 Total Communications 10,639,530 0.86 Financial 192,095 0.02 Technology 673,314 0.05 Utilities Pacific Gas & Electric Co 3/1/2021, $12 3,047 405,251 0.03 Indices 2,120,597 0.17 Total Option Contracts (cost $10,828,685) 14,030,787 1.13 Total Investments in Securities, at fair value (cost $1,711,486,047) 2,167,250,074 176.69 Affiliated Investment Funds North America: Investments In Limited Partnerships (cost $25,000,000) 27,681,475 2.26 Latin America and the Caribbean Investments In Limited Partnerships (cost $3,963,747) 5,988,481 0.49 Total Affiliated Investment Funds (cost $28,963,747) 33,669,956 2.75 Securities Sold, not yet Purchased Equity Securities North America: Communications (8,133,328) (0.68) Consumer, Cyclical (6,024,975) (0.49) Consumer, Non-Cyclical (11,300,559) (0.92) Financial (3,258,300) (0.26) Funds (51,164,510) (4.17) Indices (12,379,140) (1.01) Industrial (8,774,458) (0.72) Technology (19,123,362) (1.55) Utilities (17,097,709) (1.39) Total Equity Securities (proceeds $135,824,695) (137,256,341) (11.19) (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 23 Condensed Schedules of Investments continued December 31, 2020

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Securities Sold, not yet Purchased (continued) Corporate Bonds North America: Consumer, Cyclical (1,501,480) (0.12) Energy (6,027,342) (0.49) Total Corporate Bonds (proceeds $6,543,596) (7,528,822) (0.61) Treasury Securities North America: Government (34,065,099) (2.78) Total Treasury Securities (proceeds $35,812,902) (34,065,099) (2.78) Option Contracts North America: Communications (2,055,300) (0.17) Financial (86,263) (0.01) Index (610,522) (0.05) Technology (1,245,529) (0.10) Utilities (131,021) (0.01) Total Option Contracts (proceeds $6,805,693) (4,128,635) (0.34) Total Securities Sold, not yet Purchased (proceeds $184,986,886) (182,978,897) (14.92) Derivatives Contracts Contracts for Differences – Long Contracts North America: Industrial 2,436,417 0.20 Europe: Consumer, Cyclical 611,633 0.05 Consumer, Non-Cyclical (1,099,454) (0.10) Financial 18,242,370 1.49 Industrial 7 0.00 Technology 1,720,041 0.14 Total Europe 19,474,597 1.58 Total Contracts for Differences – Long Contracts 21,911,014 1.78 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 24 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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Derivatives Contracts (continued) Contracts for Differences - Short Contracts North America: Equity Swap Basket (2,959,291) (0.24) Europe: Consumer, Cyclical (39,380) 0.00 Consumer, Non-Cyclical (183,211) (0.01) Energy (1,393,617) (0.10) Industrial 1,648,359 0.14 Total Europe 32,151 0.03 Asia-Pacific: Consumer, Cyclical (142,490) (0.02) Consumer, Non-Cyclical 36,837 0.00 Total Asia-Pacific (105,653) (0.02) Total Contracts for Differences – Short Contracts (3,032,793) (0.23) Credit Default Swaps – Protection Purchased North America: Asset-Backed Securities Index 108,942 0.00 Total Credit Default Swaps – Protection Purchased (net of upfront fees paid $73,455) 108,942 0.00 Credit Default Swaps – Protection Sold North America: Asset-Backed Securities Index (24,317) (0.00) Total Credit Default Swaps – Protection Sold (net of upfront fees received $20,042) (24,317) (0.00) Foreign Currency Forward Contracts Buy United States Dollar, Sell Chinese Yuan (510,441) (0.04) Buy United States Dollar, Sell Euro 62,776 0.01 Total Foreign Currency Forward Contracts (447,665) (0.03) Index Futures – Short Contracts North America: Indices (2,367,816) (0.19) (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 25 Condensed Schedules of Investments continued December 31, 2020

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Derivatives Contracts (continued) Europe: Indices (335,298) (0.03) Asia-Pacific: Indices (361,110) (0.04) Total Index Futures – Short Contracts (3,064,224) (0.26) Interest Rate Swaptions North America: US Treasury Rates 8,559,345 0.70 Total Interest Rate Swaptions (net upfront fees paid $6,325,598) 8,559,345 0.70 Total Return Swaps – Long Contracts North America: Energy (1,968) 0.00 Technology (686,637) (0.06) Total Total Return Swaps – Long Contracts (688,605) (0.06) Total Return Swaps – Short Contracts North America: Basic Materials (1,072,493) (0.09) Communications (284,158) (0.02) Consumer, Cyclical 497,456 0.04 Consumer, Non-Cyclical (310,893) (0.03) Equity Swap Basket (9,273,867) (0.75) Financial 4,984 0.00 Funds (205) 0.00 Industrial 643,689 0.05 Technology (5,834) 0.00 Total North America (9,801,321) (0.80) Europe: Equity Swap Basket (12,468) 0.00 Asia-Pacific: Communications 746,325 0.06 Total Total Return Swaps – Short Contracts (9,067,464) (0.74) (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % THIRD POINT ENHANCED LP 26 FINANCIAL STATEMENTS 2022 CONDENSED SCHEDULES OF INVESTMENTS

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Derivatives Contracts (continued) Commodity Options – Long Contracts North America: Commodities 49,800 0.00 Total Commodity Options – Long Contracts (net upfront fees paid $1,122,920) 49,800 0.00 Commodity Futures – Long Contracts North America: Energy (1,029,840) (0.08) Total Commodity Futures – Long Contracts (1,029,840) (0.08) Net Derivative Contracts (including net upfront fees paid and cost $7,501,931) 13,274,193 1.08 (Stated in United States Dollars) Description Shares/Contracts Fair Value $ Percentage of Partners' Capital % See accompanying notes. THIRD POINT ENHANCED LP CONDENSED SCHEDULES OF INVESTMENTS FINANCIAL STATEMENTS 2022 27 Condensed Schedules of Investments continued December 31, 2020

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(Stated in United States Dollars) For the year ended December 31, 2022 $ For the year ended December 31, 2021 $ For the year ended December 31, 2020 $ Realized and unrealized gain (loss) on investment transactions Net realized gain/(loss) from securities and foreign currency translations (see Note 6) 50,423,066 647,235,473 52,981,351 Net realized gain/(loss) from affiliated investment funds and foreign currency translations (see Note 6) 434,578 2,383,830 40,526 Net realized gain/(loss) from derivative contracts and foreign currency translations (see Note 8) 42,145,128 (33,150,719) (46,967,901) Net change in unrealized gain/(loss) on securities and foreign currency translations (see Note 6) (292,787,255) (217,807,742) 283,501,490 Net change in unrealized gain/(loss) on affiliated investment funds and foreign currency translations (see Note 6) (3,308,085) 3,801,808 982,089 Net change in unrealized gain/(loss) on derivative contracts and foreign currency translations (see Note 8) (30,741,523) 25,579,499 4,912,822 Net gain/(loss) on currencies 1,185,714 24,395 (548,815) Net realized and unrealized gain/(loss) from investment transactions (232,648,377) 428,066,544 294,901,562 Investment income Interest 26,142,919 29,335,046 29,550,661 Dividends, net of withholding taxes of $453,463 (2021: $1,081,534, 2020: $1,899,176) 1,508,156 4,017,645 5,803,346 Stock loan fees 430,161 44,758 706,620 Other 495,244 — 228,384 Total investment income 28,576,480 33,397,449 36,289,011 Expenses Management fee (see Note 6) 5,785,354 16,723,958 14,520,576 Interest 4,925,917 5,845,711 7,536,090 Dividends on securities sold, not yet purchased 1,418,602 10,576,023 4,706,429 Research fees 636,203 1,659,374 1,453,000 Stock borrow fees 662,748 2,811,364 768,462 Administrative and professional fees 964,082 2,632,222 2,661,097 Other 460,766 1,126,800 277,859 Total expenses 14,853,672 41,375,452 31,923,513 Net investment income/(loss) 13,722,808 (7,978,003) 4,365,498 Net income/(loss) (218,925,569) 420,088,541 299,267,060 See accompanying notes. THIRD POINT ENHANCED LP 28 FINANCIAL STATEMENTS 2022 STATEMENTS OF OPERATIONS Statements of Operations

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Year ended December 31, 2022 Total General Partner Limited Partners (Stated in United States Dollars) $$$ Partners' capital at beginning of year 981,269,671 103,033,315 878,236,356 Capital withdrawals (650,379,148) (69,036,195) (581,342,953) Allocation of net income/(loss): Net realized gain/(loss) from investment transactions 94,188,486 9,764,571 84,423,915 Net change in unrealized gain/(loss) from investment transactions (326,836,863) (33,883,352) (292,953,511) Net investment income/(loss) 13,722,808 1,974,226 11,748,582 Net income/(loss) (218,925,569) (22,144,555) (196,781,014) Partners' capital at end of year 111,964,954 11,852,565 100,112,389 See accompanying notes. Year ended December 31, 2021 Total General Partner Limited Partners (Stated in United States Dollars) $$$ Partners' capital at beginning of year 1,226,565,167 170,947,421 1,055,617,746 Capital withdrawals (665,384,037) (189,516,326) (475,867,711) Allocation of net income/(loss): Net realized gain/(loss) from investment transactions 616,492,979 66,618,615 549,874,364 Net change in unrealized gain/(loss) from investment transactions (188,426,435) (20,361,478) (168,064,957) Net investment income/(loss) (7,978,003) 983,920 (8,961,923) Incentive allocation — 74,361,163 (74,361,163) Net income/(loss) 420,088,541 121,602,220 298,486,321 Partners' capital at end of year 981,269,671 103,033,315 878,236,356 See accompanying notes. THIRD POINT ENHANCED LP STATEMENTS OF CHANGES IN PARTNERS' CAPITAL FINANCIAL STATEMENTS 2022 29 Statements of Changes in Partners' Capital

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Year ended December 31, 2020 Total General Partner Limited Partners (Stated in United States Dollars) $$$ Partners' capital at beginning of year 1,030,916,896 166,120,891 864,796,005 Capital withdrawals (103,618,789) (100,000,000) (3,618,789) Allocation of net income: Net realized gain from investment transactions 5,505,161 691,668 4,813,493 Net change in unrealized gain from investment transactions 289,396,401 36,359,741 253,036,660 Net investment income 4,365,498 2,496,739 1,868,759 Incentive allocation — 65,278,382 (65,278,382) Net income 299,267,060 104,826,530 194,440,530 Partners' capital at end of year 1,226,565,167 170,947,421 1,055,617,746 See accompanying notes. THIRD POINT ENHANCED LP 30 FINANCIAL STATEMENTS 2022 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL Statements of Changes in Partners' Capital continued

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Cash flows from operating activities Net income/(loss) (218,925,569) 420,088,541 299,267,060 Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: Purchases of investment securities (1,772,956,936) (3,806,258,287) (3,935,540,767) Proceeds from disposition of investment securities 2,930,597,089 4,889,628,053 3,714,688,527 Purchases of investment securities to cover short sales (290,032,357) (489,545,036) (310,794,634) Proceeds from short sales of investment securities 41,272,407 528,731,512 212,682,832 Purchases of affiliated investment funds (3,100,196) (7,073,803) (48,956,538) Proceeds from disposition of affiliated investment funds 13,125,544 3,791,692 24,966,418 Purchases of derivatives (2,500,341) (104,120,235) (8,854,841) Proceeds/(settlements) from disposition of derivatives 51,446,355 71,641,701 (43,895,875) Repayments for securities sold under agreements to repurchase (411,669,539) (89,870,893) (141,419,234) Proceeds from securities sold under agreements to repurchase 380,335,553 117,945,016 146,961,327 Net realized (gain)/loss from securities and foreign currency translations (see Note 6) (50,423,066) (647,235,473) (52,981,351) Net realized (gain)/loss from affiliated investment funds and foreign currency translations (see Note 6) (434,578) (2,383,830) (40,526) Net realized (gain)/loss from derivative contracts and foreign currency translations (see Note 8) (42,145,128) 33,150,719 46,967,901 Net change in unrealized (gain)/loss on securities and foreign currency translations (see note 6) 292,787,255 217,807,742 (283,501,490) Net change in unrealized (gain)/loss on affiliated investment funds and foreign currency translations (see Note 6) 3,308,085 (3,801,808) (982,089) Net change in unrealized (gain)/loss on derivative contracts and foreign currency translations (see Note 8) 30,741,523 (25,579,499) (4,912,822) (Stated in United States Dollars) For the year ended December 31, 2022 $ For the year ended December 31, 2021 $ For the year ended December 31, 2020 $ THIRD POINT ENHANCED LP STATEMENTS OF CASH FLOWS FINANCIAL STATEMENTS 2022 31 Statements of Cash Flows

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Amortization of premium and accretion of discount, net 176,444 1,151,320 (660,945) Changes in operating assets and liabilities: Decrease/(increase) in due from brokers 373,367,869 (399,384,199) 38,095,689 Decrease/(increase) in interest and dividends receivable 2,889,983 159,806 (2,026,013) Decrease/(increase) in other assets (see Note 6) (1,492,183) 2,335,431 (3,671,816) Increase/(decrease) in due to brokers (368,781,319) (400,374,156) 467,392,095 Increase/(decrease) in management fee payable (see Note 6) (139,646) (21,042) (79,424) Increase/(decrease) in interest and dividends payable (529,775) 28,895 (300,204) Increase/(decrease) in accrued expenses (433,696) 111,004 (1,382,813) Net cash provided by/(used in) operating activities 956,483,778 310,923,171 111,020,467 Cash flows from financing activities Capital withdrawals (956,556,429) (350,867,711) (70,999,463) Net cash provided by/(used in) financing activities (956,556,429) (350,867,711) (70,999,463) Net increase/(decrease) in cash and cash equivalents (72,651) (39,944,540) 40,021,004 Cash and cash equivalents at beginning of year 128,273 40,072,813 51,809 Cash and cash equivalents at end of year 55,622 128,273 40,072,813 Supplemental disclosure of cash flow information Cash paid during the year for interest 5,169,072 5,853,103 7,875,169 In-kind transfer of assets to satisfy withdrawals (see Note 6) 62,891,725 — — (Stated in United States Dollars) For the year ended December 31, 2022 $ For the year ended December 31, 2021 $ For the year ended December 31, 2020 $ See accompanying notes. THIRD POINT ENHANCED LP 32 FINANCIAL STATEMENTS 2022 STATEMENTS OF CASH FLOWS Statement of Cash Flows continued

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1. Organization Third Point Enhanced LP (the "Partnership") was organized as an exempted limited partnership under the laws of the Cayman Islands on June 25, 2018, commenced operations on September 3, 2018, and is registered under the Cayman Islands Mutual Funds Law and with the Cayman Islands Monetary Authority. Third Point LLC (the "Investment Manager") serves as the Investment Manager for the Partnership. The Partnership was formed to invest on a pari passu basis with the Third Point Offshore Master Fund LP, whose investment objective is to achieve superior risk-adjusted returns by deploying capital in investments with a favorable risk/reward scenario across select asset classes, sectors, and geographies, both long and short. The Investment Manager identifies these opportunities using a combination of top-down asset allocation decisions and a bottom-up, value-oriented approach to single security analysis. The Investment Manager supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures across specific asset classes, sectors and geographies. The Partnership will continue until terminated as provided for in the Amended and Restated Exempted Limited Partnership Agreement (the "Agreement"). The General Partner of the Partnership is Third Point Advisors L.L.C. (the "General Partner"). The Investment Manager is registered as an investment adviser under the U.S. Investment Advisers Act of 1940. The managing member of the Investment Manager and the General Partner are responsible for the operation and management of the Partnership. The Partnership is an investment company and applies specialized accounting guidance as outlined in Financial Services – Investment Companies (Topic 946) and in accordance with the relevant articles of Regulation S-X. The Investment Manager evaluated this guidance and determined that the Partnership meets the criteria to be classified as an investment company. Accordingly, the Partnership reflects its investments in the Statements of Financial Condition at their estimated fair value, with unrealized gains and losses resulting from changes in fair value, if any, reflected in net change in unrealized gain/loss on securities, affiliated investment funds, derivative contracts and foreign currency translations in the Statements of Operations. International Fund Services (N.A.), L.L.C. serves as the administrator (the "Administrator") and transfer agent to the Partnership. Certain prior period amounts may be reclassified to conform to the current presentation, with no effect on the Partnership's assets, liabilities, partners' capital, results of operations or cash flows. During December of 2022 SiriusPoint Bermuda Insurance Company Ltd. ("SiriusPoint"), the largest limited partner in the Partnership, requested a withdrawal representing a substantial portion of their remaining capital (approximately $177.3 million). This withdrawal was satisfied in part from available cash or proceeds generated from sales of investments and in part from an in-kind transfer of SiriusPoint's approximate pro-rata indirect share of certain underlying investments, as described in detail in Note 6. The General Partner also withdrew approximately $21.0 million to maintain their pro-rata ownership of the THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 33 Notes to Financial Statements Year ended December 31, 2022

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1. Organization (continued) Partnership. While the Partnership may make periodic distributions to partners as certain investments are sold, Management continues to see the Partnership as a going concern. 2. Significant Accounting Policies The Partnership's financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and are expressed in United States dollars. The following is a summary of the significant accounting and reporting policies: The Partnership is exempt from all forms of taxation in the Cayman Islands, including income, capital gains and withholding taxes. In jurisdictions other than the Cayman Islands, in some cases foreign taxes will be withheld at the source on dividends and certain interest received by the Partnership. Capital gains derived by the Partnership in such jurisdictions generally will be exempt from foreign income or withholding taxes at the source. The Partnership will be treated as a partnership for federal income tax purposes and each investor will be subject to taxation on its share of the Partnership's ordinary income and capital gains. The Partnership evaluates tax positions taken or expected to be taken in the course of preparing the Partnership's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a "more likely-than-not" threshold would be recorded as a tax expense in the current year. The General Partner has reviewed the Partnership's tax positions and has concluded that no material provision for income tax is required in the Partnership's financial statements. Generally, the Partnership may be subject to income tax examinations by major tax authorities including the United States and other authorities for open tax years since inception. The Partnership would recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Partnership did not incur any interest or penalties related to unrecognized tax positions. The Partnership records security transactions and related income and expense on a trade-date basis. Realized gains and losses are determined using cost calculated on a specific identification basis. Dividends are recorded on the ex-dividend date. Income and expense are recorded on the accrual basis, including interest and premiums amortized and discounts accreted on interest bearing investments. The Partnership may enter into repurchase (or "securities sold under agreement to repurchase") and reverse repurchase agreements (or "securities purchased under agreement to resell") with financial institutions in which the financial institution agrees to resell or repurchase securities and the Partnership agrees to repurchase or resell such securities at a mutually agreed price upon maturity. These agreements are collateralized primarily by debt securities. At December 31, 2022, the fair value of securities pledged under repurchase agreements was $3,015,441 (2021: $46,306,770, 2020: $7,962,996) and included in investments in securities in the Statements of Financial Condition. The Partnership did not have reverse repurchase agreements as of the years ended December 31, 2022, December 31, 2021 and December 31, 2020. THIRD POINT ENHANCED LP 34 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) Interest expense and income related to repurchase and reverse repurchase agreements held during the year are included in the Statements of Operations. Generally, repurchase and reverse repurchase agreements that the Partnership enters into mature within 30 to 180 days. The Partnership may lend securities for securities lending transactions or pledge securities and/or cash for securities borrowed transactions. The value of any securities loaned is reflected in Investments in securities in the Statements of Financial Condition. As of December 31, 2022, the Partnership had no securities loaned (2021:$1,107,323, 2020: $0). Any collateral received would be reflected in due from/to brokers in the Statements of Financial Condition. The Partnership engages in securities lending transactions whereby upon the Partnership's request, its prime brokers, as lending agents, may loan securities of the Partnership as selected by the Partnership to certain institutions. The securities loaned are generally collateralized in the form of cash or U.S. treasury securities in an amount typically at least equal to the fair value of the securities loaned. The fair value of the loaned securities is determined at the close of business on each business day and any additional required collateral is delivered to the Partnership on the next business day. Risks may arise upon entering into securities lending transactions to the extent that the value of the collateral is less than the value of the securities loaned due to changes in the value of the securities loaned. Changes in the value of the securities loaned that may occur during the course of the loan will be recognized by the Partnership. The Partnership has the right under the lending agreement to recover the securities from the borrower on demand. The Partnership receives interest based on the outstanding fair value of the loaned shares at a rate that is initially agreed with the prime broker prior to lending the shares and is subject to change by mutual agreement of the parties over the course of the transaction. The Partnership's repurchase and securities lending agreements may result in credit exposure in the event the counterparty to the transaction is unable to fulfill its contractual obligations. It is the Partnership's policy to monitor and control collateral under such agreements. Refer to Note 8 for additional disclosures regarding the Partnership's collateral policy. The following table presents the remaining contractual maturity of the repurchase agreements and securities lending transactions by class of collateral loaned for the years ended December 31, 2022, December 31, 2021 and December 31, 2020: THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 35

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2. Significant Accounting Policies (continued) 2022 Repurchase agreements Overnight and Continuous $ Up to 30 days $30-90 days $ Greater Than 90 Days $ Total $ Fair value pledged as collateral $ Asset-backed securities – 988,630 1,293,600 – 2,282,230 3,015,441 2021 Repurchase agreements Overnight and Continuous $ Up to 30 days $30-90 days $ Greater Than 90 Days $ Total $ Fair value pledged as collateral $ Asset-backed securities – – 33,616,216 – 33,616,216 46,306,770 2021 Securities lending transactions Overnight and Continuous $ Up to 30 days $30-90 days $ Greater Than 90 Days $ Total $ Fair value of securities loaned $ Corporate Bonds 987,191 – – – 987,191 987,191 Equity Securities 120,132 – – – 120,132 120,132 2020 Repurchase agreements Overnight and Continuous $ Up to 30 days $30-90 days $ Greater Than 90 Days $ Total $ Fair value pledged as collateral $ Asset-backed securities – – 5,542,093 – 5,542,093 7,962,996 The fair value of the Partnership's assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements and accompanying notes. Actual results could differ from these estimates. The Investment Manager has a formal valuation policy that sets forth the pricing methodology for investments to be implemented in fair valuing each security in the Partnership's portfolio. Depending on market or company circumstances, valuation techniques and methodologies may change from year to year. The valuation policy is reviewed at least on an annual basis by the valuation committee (the "Committee"). The Committee is comprised of officers and employees who are senior business management personnel. The Committee meets at least on a monthly basis. The Committee's role is to review and verify the propriety and consistency of the valuation methodology to determine fair value of investments. The Committee also reviews any due diligence performed and approves any changes to current or potential external pricing vendors. THIRD POINT ENHANCED LP 36 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) Securities listed on a national securities exchange or quoted on NASDAQ are valued at their last sales price. Listed securities with no reported sales on such date and over-the-counter ("OTC") securities are valued at their last closing bid price if held long by the Partnership and last closing ask price if held short by the Partnership. Approximately $2.7 million (2021: $31.5 million, 2020: $104.5 million) or approximately 3% (2021: 2%, 2020: 5%) of the Partnership's investments in securities, affiliated investment funds and derivative assets, and none of the securities sold, not yet purchased and derivative liabilities (2021: $0, 2020: $0), are valued based on dealer quotes or other quoted market prices for similar securities. Investments which are valued based on recognized third-party pricing vendors are excluded from these amounts and discussed below. Private securities, real estate and related debt investments are not registered for public sale and are carried at an estimated fair value, as determined by the Investment Manager. Valuation techniques used by the Investment Manager in determining fair value may include market approach, appraisals, last transaction analysis, liquidation analysis and/or using discounted cash flow models where the significant inputs could include but are not limited to additional rounds of equity financing, financial metrics such as revenue multiples or price-earnings ratio, discount rates, appraisals, revenue projections and other factors. In addition, the Investment Manager employs third party valuation firms to conduct separate valuations of most of these securities. The third party valuation firms provide the Investment Manager with a written report documenting their recommended valuation as of the determination date for the specified investments. Due to the inherent uncertainty of valuation for these investments, the estimate of fair value for the Partnership's interest in these investments may differ from the values that would have been used had a ready market existed for the investment, and the difference could be material. At December 31, 2022, the Partnership had approximately $52.1 million (2021: $102.6 million, 2020:$101.0 million) of investments fair valued by the Investment Manager, representing approximately 48.9% (2021: 6.1%, 2020: 4.5%) of investments in securities, affiliated investment funds and derivative contracts, of which approximately 99.1% (2021: 93.8%, 2020: 99.3%) were separately valued using third party valuation firms. The resulting change in unrealized gains and losses are reflected in the Statements of Operations. The Partnership's derivatives are recorded at fair value. The Partnership values exchange-traded derivative contracts at their last sales price on the exchange where it is primarily traded. OTC derivatives, which include swap, option, swaption and forward currency contracts, are valued at independent values provided by third party sources when available; otherwise, fair values are obtained from counterparty quotes that are based on pricing models that consider the time value of money, volatility, and the current market and contractual prices of the underlying financial instruments. As of December 31, 2022, certain of the Partnership's asset-backed securities ("ABS") holdings were private-label issued, non-investment grade securities, and some of these securities were not guaranteed by government-sponsored entities. These investments are valued using broker quotes or a recognized third- party pricing vendor, where available. All of these classes of ABS are sensitive to changes in interest rates and any resulting change in the rate at which borrowers sell their assets, refinance, or otherwise pre-pay their obligations. As an investor in these classes of ABS, the Partnership may be exposed to the credit risk of THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 37

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2. Significant Accounting Policies (continued) underlying borrowers not being able to make timely payments on obligations or the likelihood of borrowers defaulting. In addition, the Partnership may be exposed to significant market and liquidity risks. Investment funds are valued at fair value. Fair values are generally determined utilizing the net asset value ("NAV") provided by, or on behalf of, the underlying investment managers of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund and is in accordance with the "practical expedient", as defined by U.S. GAAP. NAVs received by, or on behalf of, the underlying investment managers are based on the fair value of the investment funds' underlying investments in accordance with policies established by each investment fund, as described in each of their financial statements and offering memorandum. The strategies of the underlying investment funds may include structured credit, global emerging markets, real estate, middle market buy-out and litigation financing. The Investment Manager generally has limited access, if any, to specific information regarding the underlying non-affiliated investment managers' portfolios and relies on NAVs provided by or on behalf of the underlying managers. The management agreements of non-related party investment funds provide for compensation to the underlying managers in the form of management and performance fees. The Partnership's investments in investment funds are non-redeemable and distributions are made by the investment funds as underlying investments are monetized. It is expected that the underlying investments will be monetized over the next five years. Investments in affiliated investment funds are recorded at fair value in accordance with the valuation policies discussed above. Investments in affiliated investment funds include certain of the Partnership's investments in the equity and debt instruments of the special-purpose entities managed by the Investment Manager. Certain of the Partnership's investments are denominated in foreign currencies and thus, are subject to the risk associated with foreign currency fluctuations. These investments are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investments and income and expenses denominated in foreign currencies are translated in U.S. dollar amounts on the respective dates of such transactions. The Partnership does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments, investments in affiliated investment funds and derivative contracts from the fluctuations arising from changes in market values of investments, investments in affiliated investment funds and derivative contracts. Such fluctuations are included within net realized gain/(loss) on securities, affiliated investment funds, derivative contracts and foreign currency translations and net change in unrealized gain/(loss) on securities, affiliated investment funds, derivative contracts and foreign currency translations in the Statements of Operations. THIRD POINT ENHANCED LP 38 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) Fair value is defined as the price that the Partnership would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirements also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-tier hierarchy of inputs is summarized below: • Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date. The types of assets and liabilities that are classified at this level generally include equity securities, futures and option contracts listed in active markets. • Level 2 – Pricing inputs other than observable inputs including but not limited to prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are not active, and fair value is determined through the use of models or other valuation methodologies. The types of assets and liabilities that are classified at this level generally include equity securities traded on non-active exchanges or with certain restrictions in place, corporate, sovereign, asset-backed and bank debt securities, forward contracts and certain derivatives. • Level 3 – Pricing inputs are unobservable due to little, if any, market activity and data. The inputs into determination of fair value require significant management judgment and estimation. The types of assets and liabilities that are classified at this level generally include certain corporate and bank debt, asset-backed securities, private investments, trade claims and certain derivatives. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Situations may arise when market quotations or valuations provided by external pricing vendors are available but the fair value may not represent current market conditions. In those cases, the Investment Manager may substitute valuations provided by external pricing vendors with multiple broker-dealer quotations. In accordance with U.S. GAAP, the Partnership has not leveled positions valued using the practical expedient. 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 independent 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. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 39

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2. Significant Accounting Policies (continued) 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 Investment Manager's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The key inputs for corporate, government and sovereign bonds valuation are coupon frequency, coupon rate and underlying bond spread. The key inputs for asset-backed securities are yield, probability of default, loss severity and prepayment. Key inputs for OTC valuation vary based on the type of underlying on which the contract was written. Please see below discussion by OTC type: • The key inputs for most OTC option contracts include notional, strike price, maturity, payout structure, current foreign exchange forward and spot rates, current market price of underlying and volatility of underlying. • The key inputs for most forward contracts include notional, maturity, forward rate, spot rate, various interest rate curves and discount factor. • The key inputs for swap valuation will vary based on the type of underlying on which the contract was written. Generally, the key inputs for most swap contracts include notional, swap period, fixed rate, credit or interest rate curves, current market or spot price of the underlying and the volatility of the underlying. THIRD POINT ENHANCED LP 40 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) The following is a summary of the Partnership's assets and liabilities categorized by the inputs utilized to determine their fair value as of December 31, 2022: Fair Value Measurements at December 31, 2022 Quoted prices in active markets (Level 1) $ Significant other observable inputs (Level 2) $ Significant unobservable inputs (Level 3) $ Total $ Asset Investments in Securities Private Preferred Equity Securities — — 41,145,530 41,145,530 Asset-Backed Securities — 16,119,249 1,598,847 17,718,096 Equity Securities 4,672,164 — — 4,672,164 Private Common Equity Securities — — 4,334,824 4,334,824 Corporate Bonds — — 2,710,476 2,710,476 Rights and Warrants 121,197 — 1,419,797 1,540,994 Real Estate — — 2,511,068 2,511,068 Digital Assets — 91,316 — 91,316 Derivatives Contracts (1) Contracts for Differences - Long Contracts — 374 — 374 Credit Default Swaps - Protection Purchased — — 60,045 60,045 Futures - Short Contracts — 241,822 — 241,822 Interest Rate Swaps - Long Contracts — 468,030 — 468,030 Subtotal 4,793,361 16,920,791 53,780,587 75,494,739 Investments Valued at NAV 31,193,167 Investments in Securities, Affiliated Investment Funds, and Derivative Contracts 106,687,906 THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 41

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2. Significant Accounting Policies (continued) Quoted prices in active markets (Level 1) $ Significant other observable inputs (Level 2) $ Significant unobservable inputs (Level 3) $ Total $ Liabilities Derivatives Contracts (1) Credit Default Swaps - Protection Sold — — 21,863 21,863 Foreign Currency Forward Contracts — 99,562 — 99,562 Total Return Swaps - Short Contracts — 9,748 — 9,748 Total Derivative Contracts — 109,310 21,863 131,173 (1) Derivative Contracts are shown gross of any offsetting permitted under U.S. GAAP. THIRD POINT ENHANCED LP 42 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) The following is a summary of the Partnership's assets and liabilities categorized by the inputs utilized to determine their fair value as of December 31, 2021: Fair Value Measurements at December 31, 2021 Quoted prices in active markets (Level 1) $ Significant other observable inputs (Level 2) $ Significant unobservable inputs (Level 3) $ Total $ Asset Investments in Securities Equity Securities 1,056,526,845 24,197,068 — 1,080,723,913 Asset-Backed Securities — 233,666,480 4,136,692 237,803,172 Private Preferred Equity Securities — — 74,772,685 74,772,685 Private Common Equity Securities — — 8,744,477 8,744,477 Corporate Bonds — 140,406,820 9,034,178 149,440,998 Bank Debt — 2,025,469 3,768,450 5,793,919 Real Estate — — 8,440,476 8,440,476 Rights and Warrants 2,031,031 882,764 1,555,804 4,469,599 Sovereign Debt — — 532,782 532,782 Trade Claims — — 32,928 32,928 Option Contracts 99,510 8,515,592 — 8,615,102 Derivatives Contracts (1) Commodity Futures - Long Contracts — 1,757,294 — 1,757,294 Contracts for Differences - Long Contracts — 34,605,298 — 34,605,298 Contracts for Differences - Short Contracts — 638,670 — 638,670 Credit Default Swaps - Protection Purchased — — 76,003 76,003 Futures - Short Contracts — 49,194 — 49,194 Interest Rate Swaptions — 9,102,513 — 9,102,513 Total Return Swaps - Long Contracts — 100,754 — 100,754 Total Return Swaps - Short Contracts — 214,752 — 214,752 Subtotal 1,058,657,386 456,162,668 111,094,475 1,625,914,529 Investments Valued at NAV 44,157,282 Investments in Securities, Affiliated Investment Funds, and Derivative Contracts 1,670,071,811 THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 43

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2. Significant Accounting Policies (continued) Quoted prices in active markets (Level 1) $ Significant other observable inputs (Level 2) $ Significant unobservable inputs (Level 3) $ Total $ Liabilities Equity Securities 239,444,016 — — 239,444,016 Corporate Bonds — 921,528 — 921,528 Treasury Securities — 48,061,582 — 48,061,582 Option Contracts 21,700 1,949,456 — 1,971,156 Derivatives Contracts (1) Contracts for Differences - Long Contracts — 449,045 — 449,045 Contracts for Differences - Short Contracts — 2,524,213 — 2,524,213 Credit Default Swaps - Protection Sold — — 23,512 23,512 Foreign Currency Forward Contracts — 287,342 — 287,342 Futures - Short Contracts 1,472,742 2,238 — 1,474,980 Total Return Swaps - Long Contracts — 1,968 — 1,968 Total Return Swaps - Short Contracts — 3,601,911 — 3,601,911 Total Securities Sold, not yet Purchased and Derivative Contracts 240,938,458 57,799,283 23,512 298,761,253 (1) Derivative Contracts are shown gross of any offsetting permitted under U.S. GAAP. THIRD POINT ENHANCED LP 44 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) The following is a summary of the Partnership's assets and liabilities categorized by the inputs utilized to determine their fair value as of December 31, 2020: Fair Value Measurements at December 31, 2020 Quoted prices in active markets (Level 1) $ Significant other observable inputs (Level 2) $ Significant unobservable inputs (Level 3) $ Total $ Asset Investments in Securities Equity Securities 1,561,157,438 82,720,162 — 1,643,877,600 Asset-Backed Securities — 210,967,953 16,360,664 227,328,617 Corporate Bonds — 171,991,033 10,111,968 182,103,001 Private Preferred Equity Securities — — 78,715,431 78,715,431 Private Common Equity Securities — — 4,894,278 4,894,278 Bank Debt — 3,308,417 — 3,308,417 Real Estate — — 6,489,006 6,489,006 Rights and Warrants 2,948,137 — 1,905,826 4,853,963 Sovereign Debt — — 140,903 140,903 Trade Claims — — 55,904 55,904 Option Contracts — 14,030,787 — 14,030,787 Derivatives Contracts (1) Commodity Options - Long Contracts — 49,800 — 49,800 Contracts for Differences - Long Contracts — 23,655,348 — 23,655,348 Contracts for Differences - Short Contracts — 1,853,073 — 1,853,073 Credit Default Swaps - Protection Purchased — — 108,942 108,942 Foreign Currency Forward Contracts — 62,776 — 62,776 Interest Rate Swaptions — 8,559,345 — 8,559,345 Total Return Swaps - Short Contracts — 2,688,713 — 2,688,713 Subtotal 1,564,105,575 519,887,407 118,782,922 2,202,775,904 Investments Valued at NAV 35,122,123 Investments in Securities, Affiliated Investment Funds, and Derivative Contracts 2,237,898,027 THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 45

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2. Significant Accounting Policies (continued) Quoted prices in active markets (Level 1) $ Significant other observable inputs (Level 2) $ Significant unobservable inputs (Level 3) $ Total $ Liabilities Equity Securities 137,256,341 — — 137,256,341 Corporate Bonds — 7,528,822 — 7,528,822 Treasury Securities — 34,065,099 — 34,065,099 Option Contracts — 4,128,635 — 4,128,635 Derivatives Contracts (1) Commodity Futures - Long Contracts 1,029,840 — — 1,029,840 Contracts for Differences - Long Contracts — 1,744,334 — 1,744,334 Contracts for Differences - Short Contracts — 4,885,866 — 4,885,866 Credit Default Swaps - Protection Sold — — 24,317 24,317 Foreign Currency Forward Contracts — 510,441 — 510,441 Index Futures - Short Contracts 3,064,224 — — 3,064,224 Total Return Swaps - Long Contracts — 688,605 — 688,605 Total Return Swaps - Short Contracts — 11,756,177 — 11,756,177 Total Securities Sold, not yet Purchased and Derivative Contracts 141,350,405 65,307,979 24,317 206,682,701 (1) Derivative Contracts are shown gross of any offsetting permitted under U.S. GAAP. THIRD POINT ENHANCED LP 46 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) The following table is a summary of transactions relating to assets and liabilities the Partnership held during the year ended December 31, 2022 at fair value using significant unobservable inputs (Level 3): Fair Value Measurements using Significant Unobservable Inputs (Level 3) Balance at December 31, 2021 $ Net transfers into (out of) Level 3 $ Purchases $ Sales/ Proceeds S Net realized and change in unrealized gains (losses)(1) $ Balance at December 31, 2022 $ Assets Asset-Backed Securities 4,136,692 21,885,628 5,332,747 (28,110,848) (1,645,372) 1,598,847 Corporate Bonds 9,034,178 — 2,125,861 (7,659,150) (790,413) 2,710,476 Private Preferred Equity Securities 74,772,685 (373,532) 2,967,600 (11,775,556) (24,445,667) 41,145,530 Private Common Equity Securities 8,744,477 — — (1,391,535) (3,018,118) 4,334,824 Bank Debt 3,768,450 (3,768,450) — — — — Real Estate 8,440,476 — 293,604 (6,338,435) 115,423 2,511,068 Rights and Warrants 1,555,804 722,436 — (916,443) 58,000 1,419,797 Sovereign Debt 532,782 — — (945,953) 413,171 — Trade Claims 32,928 — — (28,596) (4,332) — Credit Default Swaps - Protection Purchased 76,003 — — 455 (16,413) 60,045 Total Assets 111,094,475 18,466,082 10,719,812 (57,166,061) (29,333,721) 53,780,587 Liabilities Credit Default Swaps - Protection Sold (23,512) — — (745) 2,394 (21,863) Total Liabilities (23,512) — — (745) 2,394 (21,863) Total change in unrealized gain/(loss) on fair valued assets using significant unobservable inputs (Level 3) still held at December 31, 2022 (11,043,589) (1) Net realized and change in unrealized gain/(loss) recorded on Level 3 financial instruments are included in net realized and change in unrealized gain/(loss) from investment transactions in the Statements of Operations. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 47

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2. Significant Accounting Policies (continued) The following table is a summary of transactions relating to assets and liabilities the Partnership held during the year ended December 31, 2021 at fair value using significant unobservable inputs (Level 3): Fair Value Measurements using Significant Unobservable Inputs (Level 3) Balance at December 31, 2020 $ Net transfers into (out of) Level 3 $ Purchases $ Sales/ Proceeds S Net realized and change in unrealized gains (losses)(1) $ Balance at December 31, 2021 $ Assets Asset-Backed Securities 16,360,664 (14,519,683) 6,112,866 (3,000,342) (816,813) 4,136,692 Corporate Bonds 10,111,968 (1,258,092) 4,338,959 (8,518,382) 4,359,725 9,034,178 Private Preferred Equity Securities 78,715,431 (55,872,443) 82,012,322 (36,008,007) 5,925,382 74,772,685 Private Common Equity Securities 4,894,278 (4,561,334) 8,645,195 (4,758,574) 4,524,912 8,744,477 Bank Debt — — 7,314,475 (1,140,235) (2,405,790) 3,768,450 Real Estate 6,489,006 — 996,039 — 955,431 8,440,476 Rights and Warrants 1,905,826 — 216,312 (780,378) 214,044 1,555,804 Sovereign Debt 140,903 — — — 391,879 532,782 Trade Claims 55,904 — 1,297 (20,240) (4,033) 32,928 Credit Default Swaps - Protection Purchased 108,942 — — 64,126 (97,065) 76,003 Total Assets 118,782,922 (76,211,552) 109,637,465 (54,162,032) 13,047,672 111,094,475 Liabilities Credit Default Swaps - Protection Sold (24,317) — — (567) 1,372 (23,512) Total Liabilities (24,317) — — (567) 1,372 (23,512) Total change in unrealized gain/(loss) on fair valued assets using significant unobservable inputs (Level 3) still held at December 31, 2021 10,467,381 (1) Net realized and change in unrealized gain/(loss) recorded on Level 3 financial instruments are included in net realized and change in unrealized gain/(loss) from investment transactions in the Statements of Operations. THIRD POINT ENHANCED LP 48 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) The following table is a summary of transactions relating to assets and liabilities the Partnership held during the year ended December 31, 2020 at fair value using significant unobservable inputs (Level 3): Fair Value Measurements using Significant Unobservable Inputs (Level 3) Balance at December 31, 2019 $ Net transfers into (out of) Level 3 $ Purchases $ Sales/ Proceeds $ Net realized and change in unrealized gains (losses)(1) $ Balance at December 31, 2020 $ Assets Credit Default Swaps - Protection Sold 127 — — — (127) — Private Common Equity Securities 4,820,967 (920,935) 212,715 (5,870,925) 6,652,456 4,894,278 Asset-Backed Securities 7,396,589 (2,156,823) 14,702,283 (2,177,659) (1,403,726) 16,360,664 Private Preferred Equity Securities 88,225,915 (13,916,788) 96,246 (4,401,908) 8,711,966 78,715,431 Rights and Warrants 2,484,469 — 45,387 (164,555) (459,475) 1,905,826 Real Estate 5,754,766 — 1,863,497 — (1,129,257) 6,489,006 Bank Debt — — — — — — Corporate Bonds 8,877,247 — 7,528,383 (851,224) (5,442,438) 10,111,968 Credit Default Swaps - Protection Purchased 94,357 — — (1,235) 15,820 108,942 Sovereign Debt — 1,443,091 — — (1,302,188) 140,903 Trade Claims — 122,716 (17,953) (48,859) 55,904 Total Assets 117,654,437 (15,428,739) 24,448,511 (13,485,459) 5,594,172 118,782,922 Liabilities Credit Default Swaps - Protection Sold (23,943) — — 1,626 (2,000) (24,317) Total Liabilities (23,943) — — 1,626 (2,000) (24,317) Total change in unrealized gain/(loss) on fair valued assets using significant unobservable inputs (Level 3) still held at December 31, 2020 3,982,446 (1) Net realized and change in unrealized gain/(loss) recorded on Level 3 financial instruments are included in net realized and change in unrealized gain/(loss) from investment transactions in the Statements of Operations. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 49

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2. Significant Accounting Policies (continued) For assets and liabilities that were transferred into Level 3 during the year, gains/(losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the year; similarly, for assets and liabilities that were transferred out of Level 3 during the year, gains/(losses) are presented as if the assets or liabilities had been transferred out at the beginning of the year. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, assets were transferred into Level 3 due to a lack of observable inputs while assets were transferred out due to additional observable inputs. Assets and liabilities of the Partnership fair valued using significant unobservable inputs (Level 3) include investments fair valued by the Investment Manager, previously discussed in Note 2, but are not limited to such investments. The following table summarizes information about the significant unobservable inputs used in determining the fair value of the Level 3 assets held by the Partnership. Level 3 investments that have not been presented in the table below consist of investments which have been fair valued using inputs derived from latest rounds of financing and third party pricing information such as broker quotes without significant adjustment, in the amounts of $451,681 (2021: $75,679,367, 2020: $75,648,268) and $1,637,029 (2021: $8,523,343, 2020: $17,709,756), respectively. December 31, 2022 Fair Value $ Valuation Techniques Unobservable Input Range Weighted Average Private Equity Investments 45,157,673 Market Approach Discount Rate 11.0-17.5% 17.0 % Discount 5.0-85.0% 15.0 % Time to Exit 0.25-4.75 years 2 years Multiples 3.5-11x 7x Real Estate and Corporate Bonds (with Real Estate as Collateral) 5,092,544 Discounted Cash Flow Discount 8.0-28.5% 17 % Capitalization Rate 7.0-10.5% 8.0 % Rights and Warrants 1,419,797 Discounted Cash Flow Discount 14.5-23.0% 18.8 % Time to Exit 1.25-2.75 yrs 2 years Multiples 0.5-8x 3.9x THIRD POINT ENHANCED LP 50 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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2. Significant Accounting Policies (continued) December 31, 2021 Fair Value $ Valuation Techniques Unobservable Input Range Weighted Average Private Equity Securities 8,551,301 Market Approach Discount 15 % 15.0 % Time to exit 0.25-2 years 1 year Multiples 1.5-12.5x 5.6x Real Estate and Corporate Bonds (with Real Estate as Collateral) 16,767,948 Discounted Cash Flow Discount 8.25-27.0% 17.6 % Capitalization Rate 6.5-10.0% 8.0 % Rights and Warrants 1,549,004 Discounted Cash Flow Discount 5.5-18% 11.8 % Time to exit .25-1.75 years 1 year Multiples 1.2-2x 1.6x December 31, 2020 Fair Value $ Valuation Techniques Unobservable Input Range Weighted Average Private Equity Investments 14,075,274 Market Approach Discount 6-25% 12 % Time to exit .5-13 years 3.85 years Multiples 4.25-12.5x 7.20x Real Estate 6,489,006 Discounted Cash Flow Discount 9-10% 9.5 % Capitalization Rate 6.75 % 6.75 % Rights and Warrants 1,903,734 Discounted Cash Flow Discount 6.5-16% 11.3 % Time to exit .5-2 years 1.25 years Multiples 1.8-2.5x 2.15x Corporate Bonds 2,932,567 Discounted Cash Flow Discount 10.0%-12.0% 11.0 % Time to exit 3 years 3 years Multiples 10.5-12.5x 11.5x All of the Partnership's cash and cash equivalents were held with major U.S. financial institutions, of which a majority were held with one institution. At times, cash may be in excess of federally insured limits. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 51

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2. Significant Accounting Policies (continued) In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Effective July 1, 2022, the Partnership early adopted ASU 2022-03 on a prospective basis. The impact of adoption of this standard on our financial statements was not material as of or for the year ended December 31, 2022. 3. Administration Fee The Partnership has entered into an administrative services agreement with the Administrator. In accordance with the terms of this agreement, the Administrator provides certain specified fund accounting and administration, trade support and transfer agent services. For the year ended December 31, 2022, the Administrator received a fee of $355,379 (2021: $971,397, 2020: $659,375). 4. Due from/to Brokers The Partnership holds certain of its investments through its prime brokers ((Goldman Sachs, Bank of America Merrill Lynch, JPMorgan, Citi, UBS, Barclays, and Morgan Stanley) pursuant to various agreements between the Partnership and each prime broker. The brokerage arrangements differ from broker to broker, but generally cash and investments in securities balances are available as collateral against securities sold, not yet purchased and derivative positions, if required. As of December 31, 2022, December 31, 2021 and December 31, 2020, the Partnership's due from/to brokers were presented gross in the Statements of Financial Condition and were comprised of the following. THIRD POINT ENHANCED LP 52 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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4. Due from/to Brokers (continued) Due from brokers As of December 31, 2022 $ As of December 31, 2021 $ As of December 31, 2020 $ Cash held at/collateral posted to brokers 150,602,866 279,079,785 119,707,014 Receivable from unsettled trades — 244,890,950 4,879,522 Total 150,602,866 523,970,735 124,586,536 Due to brokers Borrowing/collateral received from prime brokers 124,848,839 392,166,327 846,979,614 Payable from unsettled trades — 101,463,831 47,024,700 Total 124,848,839 493,630,158 894,004,314 Margin debt balances were collateralized by cash held by the brokers and certain of the Partnership's securities. Margin interest was paid either at the daily broker call rate or based on the applicable reference rate. Due from/to brokers include cash balances maintained with the Partnership's prime brokers, receivables and payables from unsettled trades and proceeds from securities sold, not yet purchased. In addition, due from/to brokers may include cash collateral received and posted from OTC and repurchase agreement counterparties. Such cash collateral amounts may be restricted to use. At December 31, 2022, the Partnership's due from/to brokers includes a total non-U.S. currency net balance of $3,214,059 (net payable balance of: 2021:$37,239,309, 2020: $37,840,088). 5. Allocation of Net Income or Net Loss In accordance with the provisions of the Agreement, net income or net loss of the Partnership is allocated to the general capital account of each partner in proportion to their respective general capital accounts. The liability of a limited partner is limited to the amount of capital contributions made by such limited partner. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 53

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5. Allocation of Net Income or Net Loss (continued) Net income or net loss is allocated each fiscal period, as defined in the Agreement, or at other times during the fiscal year when the General Partner permits capital contributions and withdrawals. A partner's percentage ownership of the Partnership will increase whenever another partner withdraws capital and will decrease when another partner contributes capital. Therefore, the allocation of net income and net loss may vary among partners based upon the timing of capital transactions throughout the year. At all times, the General Partner maintains its capital account at a level equal to at least 10% of the aggregate of all Partners' capital accounts. The Partnership may invest, directly or indirectly, in equity securities in initial public offerings deemed "new issues" under Rule 5130 of the Financial Industry Regulatory Authority ("FINRA") Consolidated Rulebook. "New issues" are defined as any initial public offering of an equity, regardless of whether such security is trading at a premium in the secondary market. FINRA members generally may not sell "new issues" to an account, in which certain persons or entities designated as restricted persons have beneficial interest. Gains and losses from "new issues" are allocated primarily to those partners who are deemed to be unrestricted by the General Partner and up to 10% can be allocated to restricted partners. The General Partner receives an incentive allocation equal to 20% of the net profit allocated to each limited partner, as defined in the Agreement (the "Full Incentive Allocation"). For the year ended December 31, 2020 profits from the performance of certain fixed income and other investments held directly by Third Point Reinsurance Company Ltd. and Third Point Reinsurance (USA) Ltd were included when calculating the incentive allocation attributable to those entities and included in the total incentive allocation received by the General Partner. The General Partner, in its sole discretion, may elect to reduce, waive or calculate differently the Full Incentive Allocation of any limited partners. For the year ended December 31, 2022, the General Partner received no incentive allocation (2021:$74,361,163, 2020: $65,278,382). Unless waived by the General Partner, withdrawals are permitted as of any calendar month end or at certain intra-month withdrawal dates in accordance with the Agreement. 6. Related Party Transactions As of December 31, 2022, SiriusPoint (f/k/a Third Point Reinsurance Company Ltd.) and Sirius Re Holdings, Inc. had capital balances in the Partnership totaling $81,842,380 (2021: $853,236,356) and $18,270,009 (2021: $25,000,000), respectively. During the year ended December 31, 2021 Third Point Reinsurance (USA) Ltd transferred all of its remaining capital in the Partnership to affiliated entities. As of December 31, 2020 Third Point Reinsurance Company Ltd. and Third Point Reinsurance (USA) Ltd had capital balances of $963,990,940 and $91,626,807, respectively. THIRD POINT ENHANCED LP 54 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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6. Related Party Transactions (continued) During the year ended December 31, 2022, the Partnership transferred to SiriusPoint assets with estimated values of $62,891,725, comprised mostly of asset-backed securities, to satisfy withdrawal requests for December 31, 2022. In connection with the asset transfer to SiriusPoint an additional two securities were transferred and subsequently returned for operational reasons in January 2023. The Partnership has a receivable of $2,432,141, included in other assets on the Statement of Financial Condition, representing the value of securities (Asset-Backed Securities, Consumer Loan, North America) owed back to the Partnership from SiriusPoint at December 31, 2022. Pursuant to the investment management agreement, the Partnership pays the Investment Manager a management fee equal to 1.25% per annum of the Partnership's aggregate net assets, before accrued incentive allocation, multiplied by an exposure multiplier. The exposure multiplier is computed by dividing the average of the daily investment exposure leverage of the Partnership by the average of the daily investment exposure leverage of Third Point Offshore Master Fund L.P., which is also managed by the Investment Manager. The Agreement was amended so that as of February 25, 2021 the exposure multiplier is no longer applied in the calculation of the management fee. The Investment Manager, in its sole discretion, may elect to reduce, waive, or calculate differently the management fee with respect to partners, members, employees, affiliates or other related investors of the Investment Manager of the General Partner. For the year ended December 31, 2022, the management fee was $5,785,354 (2021: $16,723,958, 2020: $14,520,576), of which $16,223 (2021: $155,869, 2020: $176,911) was payable at December 31, 2022. As set forth in the Agreement, certain fees including closing, directors', or break-up fees paid to the Investment Manager or its affiliates as a result of the Partnership's investments will be treated as an offset against the Partnership's management fee. For the year ended December 31, 2022, $1,364 (2021: $0, 2020: $0) of directors' fees were treated as an offset against the management fee. As of December 31, 2022, the Partnership had no balance (2021: $1,327, 2020: $161,569) due to the Investment Manager. Where applicable and In accordance with the Agreement, this amount is related to professional, research, and other fees paid by the Investment Manager on behalf of the Partnership and is included in accrued expenses in the Statements of Financial Condition. For the year ended December 31, 2022, the Investment Manager did not pay any (2021: $155,234, 2020: $170,632) expenses on behalf of the Partnership, which otherwise would be included in administrative and professional fees, research fees, and other expenses in the Statements of Operations. The amounts are non-interest bearing and have been reimbursed by the Partnership. The Partnership, along with affiliated funds managed by the Investment Manager, holds certain investments through special purpose vehicles ("SPVs") either through a debt or equity investment in the SPV or where the SPV acts as a nominee on behalf of the Partnership. These SPVs, which are managed by the Investment Manager or its affiliates, generally maintain the same accounting policies as the Partnership, including the Partnership's valuation policy, as described in Note 2. The following tables describe each relevant SPV, along with the Partnership's pro-rata share of the fair value of the underlying investments held by such SPV and the associated and gains/(losses). THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 55

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6. Related Party Transactions (continued) December 31, 2022 Name Nature of Interests in SPV Fair value of Partnership's pro-rata interest in underlying investments of SPV entity(1) $ Partnership's pro- rata interest in SPV entity's gains and losses from investments(1) $ Description of Investments Held Third Point Digital Assets LLC Equity 91,311 (394,174) Digital Assets Third Point Loan LLC Nominee (3) 6,852,197 (4,132,628) Equity and Debt Investments Third Point Ventures LLC Nominee (3) 36,252,325 (65,223,214) Equity and Debt Investments TP DR Holdings LLC(4) Equity — — Real Estate Debt 1,528,845 (184,413) Real Estate TP Lux HoldCo LP(5) Equity 10,724 (1,250,645) Debt Investments TP Trading II LLC Equity 2,904,379 (11,927,462) Equity and Debt Investments Ventures Entities(6) Equity 8,382,349 (5,366,784) Real Estate and Equity Investments December 31, 2021 Name Nature of Interests in SPV Fair value of Partnership's pro-rata interest in underlying investments of SPV entity(1) $ Partnership's pro- rata interest in SPV entity's gains and losses from investments(1) $ Description of Investments Held Cloudbreak Aggregator LP(2) Equity — (4,188,704) See Footnote Below Third Point Digital Assets LLC Equity 148,220 1,105,476 Digital Assets Third Point Loan LLC Nominee (3) 34,427,111 (42,159,081) Equity and Debt Investments Third Point Ventures LLC Nominee (3) 150,738,909 308,265,009 Equity and Debt Investments TP DR Holdings LLC(4) Equity — — Real Estate Debt 4,683,204 4,674,204 Real Estate TP Lux HoldCo LP(5) Equity 7,033,129 593,725 Debt Investments TP Trading II LLC Equity 18,834,048 7,302,734 Equity and Debt Investments Ventures Entities(6) Equity 21,479,999 1,118,967 Real Estate and Equity Investments THIRD POINT ENHANCED LP 56 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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6. Related Party Transactions (continued) December 31, 2020 Name Nature of Interests in SPV Fair value of Partnership's pro-rata interest in underlying investments of SPV entity(1) $ Partnership's pro- rata interest in SPV entity's gains and losses from investments(1) $ Description of Investments Held Cloudbreak Aggregator LP(2) Equity 10,471,760 (2,767,187) See Footnote Below Third Point Loan LLC Nominee (3) 71,535,901 9,581,090 Debt Investments Third Point Ventures LLC Nominee (3) 119,399,720 (20,829,855) Private Investments TP DR Holdings LLC(4) Equity — (3,752,673) Real Estate Debt 2,060,570 (2,008,583) Real Estate TP Lux HoldCo LP(5) Equity 191,732 (13,664) European Debt and Equity Investments TP Trading II LLC Equity 3,206,723 962,960 Healthcare Ventures Entities(6) Equity 6,489,004 (1,129,257) Real Estate and Equity Investments (1) For financial reporting purposes, with the exception of TP Lux Holdco LP which is included investments in affiliated investment funds in the Condensed Schedules of Investments and TP DR Holdings LLC ("TP DR"), the Partnership's pro-rata interests in the investments held by the SPVs and the related gains, losses, income and expense of the SPVs are reflected on a look through basis in the Statements of Financial Condition, the Condensed Schedules of Investments and the Statements of Operations. The Partnership's interests in TP Lux Holdco LP and TP DR are recorded at their respective NAVs as described in Note 2. (2) The primary purpose of this entity was to invest in Far Point LLC, the sponsor of Far Point Acquisition Corporation ("FPAC"), which was an affiliate of the Investment Manager. FPAC was a New York Stock Exchange listed special purpose acquisition company that merged with Global Blue Group Holding AG during 2020. (3) The Nominees have appointed the Investment Manager as their true and lawful agent and attorney. (4) TP DR's principal objective is to own, develop and manage properties in the Dominican Republic. In addition to the Partnership's debt and equity investment in TP DR, the Partnership held a debt investment valued at $1,052,631 (2021: 3,644,268, 2020: $6,274,514) in a subsidiary of TP DR secured by the underlying properties. (5) TP Lux HoldCo LP is included in investments in affiliated investment funds and holds its investments through an investment in TP Lux HoldCo S.a.r.l. (6) The Partnership holds equity interests in Venture Two Holdings LLC, Venture Three Holdings LLC, Venture Four Holdings LLC, Venture Ten Holdings LLC and Venture Eleven Holdings LLC (collectively, the "Ventures Entities"). THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 57

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6. Related Party Transactions (continued) The Partnership was a limited partner in Third Point Hellenic Recovery U.S. Feeder Fund, L.P. (the "Hellenic Fund"), which was an affiliate of the Investment Manager. The Hellenic Fund was formed as a limited partnership under the laws of the Cayman Islands and invested in and held debt and equity interests in Greek and Cypriot companies. The Partnership previously committed $7,737,417 to the Hellenic Fund (2021: $13,578,963, 2020: $12,731,074), of which none was called and $2,575,665 was distributed (2021: $10,704 called and $3,166,302 was distributed, 2020: $950,054 was distributed) during the year ended December 31, 2022. During the year ended December 31, 2022, the Partnership recorded $444,013 of gains (2021: $978,388 of gains, 2020: $1,685,723 of losses) related to its investment in the Hellenic Fund which is reflected in the Statements of Operations. As of December 31, 2022, the Partnership no longer held an investment in the Hellenic Fund, which liquidated during the year. As of December 31, 2021, the Partnership's remaining unfunded commitment to the Hellenic Fund was $4,014,374 (2020: $3,774,415). As of December 31, 2021, the estimated fair value of the investment in the Hellenic Fund was $3,833,254 (2020: $5,796,749), which was included in investments in affiliated investment funds. The valuation policy with respect to this investment in a limited partnership is further described in Note 2. No separate fees were charged by the Hellenic Fund with respect to the Partnership's investment. The Partnership is a limited partner in Third Point Structured Credit Opportunities Offshore Fund LP (the "Structured Credit Fund"), which is an affiliate of the Investment Manager. The Structured Credit Fund was formed as a limited partnership under the laws of the Cayman Islands and invests in and holds asset backed securities and other credit investments. The Partnership invested $25,000,000 in the Structured Credit Fund during 2020 and the estimated fair value of its investment as of December 31, 2022 was $30,228,126 (2021: $32,295,000, 2020: $27,681,475), which is included in investments in affiliated investment funds. During the year ended December 31, 2022, the Partnership recorded $2,066,875 of losses (2021: $4,613,525 of gains, 2020: $2,681,475 of gains) related to its investment in the Structured Credit Fund which is reflected in the Statements of Operations. As of December 31, 2021, through its investment in the Structured Credit Fund, the Partnership held an additional investment in Pacific Gas & Electric Co, 8/16/2023, 5.5% with a fair value of $1,301,346 (2020: $1,369,764) and cost of $1,124,953 (2020: $1,115,080), representing 0.13% (2020: 0.11%) of partners' capital. Such investment no longer exceeded 5% of partners' capital for the Partnership as of December 31, 2022. As of December 31, 2022 the Partnership owns 6.43% of the Structured Credit Fund. The Structured Credit Fund allows for quarterly withdrawals upon 90 days written notices and subject to an investor-level gate whereby a limited partner's aggregate redemptions will be limited to 25%, 33.33%, 50%, and 100% of their cumulative net asset value. The valuation policy with respect to this investment in a limited partnership is further described in Note 2. No separate fees are charged by the Structured Credit Fund with respect to the Partnership's investment. THIRD POINT ENHANCED LP 58 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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6. Related Party Transactions (continued) The Investment Manager, on behalf of the Partnership and other funds that it manages, has entered into an agreement with TCM CRE Special Situations, LLC ("TSO") in connection with TSO's management of real property, which the Partnership owns as a result of foreclosures on underlying debts held in the Partnership's ABS portfolio in the ordinary course of business. Pursuant to the agreement with TSO, the Partnership paid $11,859 (2021: $12,894, 2020: $13,534) to TSO during the year ended December 31, 2022. Upon the eventual disposition of the real property, the Partnership may be obligated to pay up to an additional $93,761 (2021: $147,630, 2020: $145,127), provided that certain return hurdles on the real estate property are met. The real properties are held in SPVs as described above. The sole owner of TSO is also the indirect partial owner of Trawler Capital Management LLC ("TCM"), an SEC- registered investment adviser specializing in commercial real estate debt investments. While the beneficial owner of the Investment Manager has an ownership stake in TCM, it does not have any interests in TSO. The Partnership enters into rebalancing trades throughout the year to maintain, to the extent practicable, parity in its portfolio composition with certain affiliated funds that employ substantially the same investment strategy. The Investment Manager takes into account various factors including account leverage, investment restrictions and tax considerations when executing such transactions. As certain investments held by the Partnership cannot be traded in a timely and efficient manner on the open market (e.g., private investments), the Investment Manager may effect cross-transactions between the Partnership and affiliated funds, either directly or within a SPV, to facilitate the rebalancing. Such transactions are effected at fair value, as determined by the Investment Manager, in accordance with its valuation policy as described in Note 2. During the year ended December 31, 2022 the Partnership had purchases of $19.7 million (2021: $28.1 million, 2020: $23.5 million), sales of $243.7 million (2021: $142.5 million, 2020: $17.6 million) and generated realized losses of $9.4 million (2021: $18.9 million gain, 2020: $3.0 million loss) from such rebalancing trades. The Partnership had additional purchases of $10.0 million (2021: $70.9 million, 2020: $5.8 million), sales of $38.6 million (2021: $101.5 million, 2020: none) and generated realized gains of $12.2 million (2021: $85.4 million gain, 2020: none) on public equity securities held indirectly through SPVs for operational reasons. Such transactions were rebalanced at market prices and on substantially similar terms as if the transactions took place on the open market. 7. Financial Instruments with Off-Balance Sheet Risk or Concentrations of Credit Risk In the normal course of its business, the Partnership trades various financial instruments and engages in various investment activities with off-balance sheet risk. These financial instruments may include securities sold, not yet purchased, forwards, futures, options, swaptions, swaps and contracts for differences. Generally, these financial instruments represent future commitments to purchase or sell other financial instruments at specific terms at specified future dates. Each of these financial instruments contains varying degrees of off-balance sheet risk whereby changes in the fair values of the securities underlying the financial instruments or fluctuations in interest rates and index values may exceed the amounts recognized in the Statements of Financial Condition. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 59

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7. Financial Instruments with Off-Balance Sheet Risk or Concentrations of Credit Risk (continued) Securities sold, not yet purchased are recorded as liabilities in the Statements of Financial Condition and have market risk to the extent that the Partnership, in satisfying its obligations, may have to purchase securities at a higher value than that recorded in the Statements of Financial Condition. The Partnership's investments in securities and amounts due from brokers are partially restricted until the Partnership satisfies the obligation to deliver securities sold, not yet purchased. Forward and future contracts are a commitment to purchase or sell financial instruments, currencies or commodities at a future date at a negotiated rate. Forward and future contracts expose the Partnership to market risks to the extent that adverse changes occur to the underlying financial instruments such as currency rates or equity index fluctuations. Option contracts give the purchaser the right but not the obligation to purchase or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price. The premium received by the Partnership upon writing an option contract is recorded as a liability, marked to market on a daily basis and is included in securities sold, not yet purchased in the Statements of Financial Condition. In writing an option, the Partnership bears the market risk of an unfavorable change in the financial instrument underlying the written option. Exercise of an option written by the Partnership could result in the Partnership selling or buying a financial instrument at a price different from the current fair value. In the normal course of trading activities, the Partnership trades and holds certain fair value derivative contracts, such as written options, which constitute guarantees. The maximum payout for written put options is limited to the number of contracts written and the related strike prices and the maximum payout for written call options is contingent upon the market price of the underlying security at the date of a payout event. At December 31, 2022, the portfolio held no option contracts and had no maximum payout amount (2021: $110,634,331, 2020: $374,951,200) relating to written put equity and index option contracts with expiration dates between 1 and 3 months from the Statements of Financial Condition date. The maximum payout amount could be offset by the subsequent sale, if any, of assets obtained via the settlement of a payout event. The Partnership did not hold written put equity and index options as of December 31, 2022 (2021: $351,920 2020: $3,268,436).The Partnership previously included amounts related to such contracts in securities sold, not yet purchased in the Statements of Financial Condition. Refer to Note 8 for additional disclosures regarding the Partnership's collateral policy. Swaption contracts give the Partnership the right, but not the obligation, to enter into a specified interest rate swap within a specified period of time. The Partnership's market and counterparty credit risk is limited to the premium paid to enter into the swaption contract and fair value. THIRD POINT ENHANCED LP 60 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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7. Financial Instruments with Off-Balance Sheet Risk or Concentrations of Credit Risk (continued) Total return and total return basket swaps, contracts for differences, index swaps, and interest rate swaps involve the exchange of cash flows between the Partnership and counterparties based on the change in market value of a particular equity, index, or interest rate on a specified notional holding. The use of these contracts exposes the Partnership to market risks equivalent to actually holding securities of the notional value but typically involve little capital commitment relative to the exposure achieved. The gains or losses of the Partnership may therefore be magnified on the capital commitment. 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. Typical credit events include failure to pay or restructuring of obligations, bankruptcy, dissolution or insolvency of the underlying issuer. The buyer of the protection pays an initial and/or a periodic premium to the seller and receives protection for the period of the contract. If there is no credit event, as defined in the contract, the buyer receives no payments from the seller. If there is a credit event, the buyer receives a payment from the seller of protection as calculated by the contract between the two parties. The Partnership may also enter into index and/or basket credit default swaps where the credit derivative may reference a basket of single-name credit default swaps or a broad-based index. Generally, in the event of a default on one of the underlying names, the buyer will receive a pro-rata portion of the total notional amount of the credit default index or basket contract from the seller. When the Partnership purchases single- name, index and basket credit default swaps, the Partnership is exposed to counterparty nonperformance. Upon selling credit default swap protection, the Partnership may expose itself to the risk of loss from related credit events specified in the contract. Credit spreads of the underlying together with the period of expiration is indicative of the likelihood of a credit event under the credit default swap contract and the Partnership's risk of loss. Higher credit spreads and shorter expiration dates are indicative of a higher likelihood of a credit event resulting in the Partnership's payment to the buyer of protection. Lower credit spreads and longer expiration dates would indicate the opposite and lowers the likelihood the Partnership needs to pay the buyer of protection. The following table sets forth certain information related to the Partnership's written credit derivatives as of December 31, 2022, December 31, 2021 and December 31, 2020. 2022 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (1) Credit Spreads on underlying (basis points) 0-5 years $5 years or Greater Expiring Through 2045 $ Total Written Credit Default Swaps $ Asset $ Liability $ Net Asset/ (Liability) $ Single name (0-250) — 104,314 104,314 21,871 21,863 8 (1) Fair value amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 61

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7. Financial Instruments with Off-Balance Sheet Risk or Concentrations of Credit Risk (continued) 2021 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on underlying (basis points) 0-5 years $5 years or Greater Expiring Through 2047 $ Total Written Credit Default Swaps (1) $ Asset $ Liability $ Net Asset/ (Liability) $ Single name (0-250) — 112,184 112,184 — 23,512 (23,512) (1) As of December, 2021, the Company did not hold any offsetting buy protection credit derivatives with the same underlying reference obligation. (2) Fair value amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. 2020 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on underlying (basis points) 0-5 years $5 years or Greater Expiring Through 2047 $ Total Written Credit Default Swaps (1) $ Asset $ Liability $ Net Asset/ (Liability) $ Single name (0-250) — 110,812 110,812 — 24,317 (24,317) (1) As of December, 2020, the Company did not hold any offsetting buy protection credit derivatives with the same underlying reference obligation. (2) Fair value amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. In addition to off-balance sheet risks related to specific financial instruments, the Partnership may be subject to concentration of credit risk with particular counterparties. Substantially all securities transactions of the Partnership are cleared by several major securities firms. The Partnership had substantially all such individual counterparty concentration risk with these brokers or their affiliates as of December 31, 2022, December 31, 2021, and December 31, 2020. However, the Partnership reduces its credit risk with counterparties by entering into master netting agreements. The Partnership's maximum exposure to credit risk associated with counterparty nonperformance on derivative contracts is limited to the market value by counterparty inherent in such contracts which are recognized in the Statements of Financial Condition. At December 31, 2022, the Partnership's maximum counterparty credit risk exposure was $770,271 (2021: $55,159,580, 2020: $51,008,784), in addition to any excess collateral posted to such counterparties, which is recognized in the Statements of Financial Condition. THIRD POINT ENHANCED LP 62 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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8. Derivative Contracts The Partnership enters into derivative contracts to manage credit risk, interest rate risk, currency exchange risk, and other exposure risks. The Partnership uses derivatives in connection with its risk- management activities to hedge certain risks and to gain exposure to certain investments. The utilization of derivative contracts also allows for an efficient means in which to trade certain asset classes. The derivatives that the Partnership invests in are primarily swaps, forwards, options, futures, swaptions and contracts for differences. Typically, derivatives serve as a component of the Partnership's investment strategy and are utilized primarily to structure the portfolio, or individual investments, to economically match the investment objective of the Partnership. Fair values of derivatives are determined by using quoted market prices and counterparty quotes when available; otherwise fair values are based on pricing models that consider the time value of money, volatility, and the current market and contractual prices of underlying financial instruments. The following tables identify the volume and fair value amounts of derivative instruments included in derivative contracts in the Statements of Financial Condition, categorized by primary underlying risk, as of December 31, 2022, December 31, 2021 and December 31, 2020. Balances are presented on a gross basis, prior to the application of the impact of counterparty netting. As of December 31, 2022 Listing currency (1) Fair Value (2) $ Notional Amounts (3) $ Derivative Assets by Primary Underlying Risk Commodity Price Futures - Short Contracts USD 18,084 909,425 Credit Credit Default Swaps - Protection Purchased USD 60,045 586,891 Equity Price Contracts for Differences - Long Contracts USD 374 374 Rights and Warrants EUR/USD 1,540,994 1,540,994 Interest Rates Futures - Short Contracts USD 223,738 8,628,825 Interest Rate Swaps - Long Contracts USD 468,030 9,723,176 Total Derivative Assets 2,311,265 21,389,685 Derivative Liabilities by Primary Underlying Risk Credit Credit Default Swaps - Protection Sold USD 21,863 104,314 Equity Price Total Return Swaps - Short Contracts USD 9,748 9,748 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CLP/EUR 99,562 8,251,331 Total Derivative Liabilities 131,173 8,365,393 THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 63

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8. Derivative Contracts (continued) (1) CLP = Chilean Peso, EUR = Euro, USD = US Dollar (2) The Fair Value presented above includes the fair value of Derivative Contracts as well as rights and warrants of approximately $1.54 million included in investments in securities at fair value in the Statements of Financial Condition. (3) The absolute notional exposure represents the Partnership's derivative activity as of December 31, 2022. See December 31, 2021 notional exposure in the below chart, which is more representative of trading volume throughout the year. As of December 31, 2021 Listing currency (1) Fair Value (2) $ Notional Amounts (3) $ Derivative Assets by Primary Underlying Risk Commodity Price Commodity Futures - Long Contracts USD 1,757,294 14,221,090 Credit Credit Default Swaps - Protection Purchased USD 76,003 775,621 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD/CHF 34,605,298 324,619,876 Contracts for Differences - Short Contracts CHF/GBP/USD/HKD/DKK 638,670 11,769,432 Options Contracts - Purchased USD 8,161,974 102,366,300 Rights and Warrants USD 4,469,599 4,469,599 Total Return Swaps - Short Contracts USD 214,752 14,559,120 Total Return Swaps - Long Contracts USD 100,754 5,415,104 Index Options Contracts - Purchased EUR/USD 453,128 81,406,560 Interest Rates Futures - Short Contracts EUR/USD 49,194 8,227,198 Interest Rate Swaptions USD 9,102,513 189,345,688 Total Derivative Assets 59,629,179 757,175,588 Derivative Liabilities by Primary Underlying Risk Credit Credit Default Swaps - Protection Sold USD 23,512 112,184 Equity Price Contracts for Differences - Long Contracts CHF/GBP/EUR/USD 449,045 52,194,752 Contracts for Differences - Short Contracts HKD/DKK/EUR/SEK/USD 2,524,213 30,286,046 Options Contracts - Sold USD 1,919,569 95,165,400 Total Return Swaps - Long Contracts USD 1,968 — Total Return Swaps - Short Contracts GBP/USD 1,173,591 64,491,731 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CHF/EUR 287,342 31,022,107 Index Futures - Short Contracts EUR 1,472,742 51,280,301 THIRD POINT ENHANCED LP 64 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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8. Derivative Contracts (continued) Options Contracts - Sold USD/EUR 51,587 72,421,431 Total Return Swaps - Short Contracts USD 2,428,320 124,480,550 Interest Rates Futures - Short Contracts USD 2,238 9,148,287 Total Derivative Liabilities 10,334,127 530,602,789 (1) CHF = Swiss Franc, DKK = Danish Krone, EUR = Euro, GBP = British Pound, HKD = Hong Kong Dollar, SEK = Swedish Krone, USD = US Dollar (2) The Fair Value presented above includes the fair value of Derivative Contracts as well as option contract assets of $8.62 million included in Investments in Securities, at fair value in the Statements of Financial Condition and option contract liabilities of $1.97 million included in Securities sold, not yet purchased, at fair value in the Statements of Financial Condition and rights and warrants of approximately $4.47 million included in investments in securities at fair value in the Statements of Financial Condition. (3) The absolute notional exposure represents the Partnership's derivative activity as of December 31, 2021, which is representative of the volume of derivatives held during the period. As of December 31, 2020 Listing currency (1) Fair Value (2) $ Notional Amounts (3) $ Derivative Assets by Primary Underlying Risk Commodity Price Commodity Options - Long Contracts USD 49,800 33,200,000 Credit Credit Default Swaps - Protection Purchased USD 108,942 966,572 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD/CHF/SEK 23,655,348 217,839,204 Contracts for Differences - Short Contracts AUD/GBP/USD/EUR 1,853,073 15,380,134 Rights and Warrants USD 4,853,963 19,895,481 Total Return Swaps - Short Contracts USD/JPY 2,688,713 60,636,635 Options Contracts - Purchased USD 6,213,605 325,953,900 Foreign Currency Exchange Rates Foreign Currency Forward Contracts USD 62,776 18,200,350 Index Options Contracts - Purchased USD 7,817,182 75,585,000 Interest Rates Interest Rate Swaptions USD 8,559,345 142,101,253 Total Derivative Assets 55,862,747 909,758,529 Derivative Liabilities by Primary Underlying Risk Commodity Price Commodities Futures - Long Contracts USD 1,029,840 13,181,032 THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 65

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8. Derivative Contracts (continued) Credit Credit Default Swaps - Protection Sold USD 24,317 110,812 Equity Price Contracts for Differences - Long Contracts CHF/GBP 1,744,334 70,163,661 Contracts for Differences - Short Contracts CHF/GBP/EUR/JPY/USD 4,885,866 56,478,199 Total Return Swaps - Long Contracts USD 688,605 42,860,146 Total Return Swaps - Short Contracts GBP/USD 11,756,177 208,618,079 Options Contracts - Sold USD 4,084,953 463,191,700 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CNH 510,441 10,709,375 Index Index Futures - Short Contracts EUR/JPY/USD 3,064,224 106,791,690 Options Contracts - Sold USD 43,682 60,967,500 Total Derivative Liabilities 27,832,439 1,033,072,194 (1) AUD = Australian Dollar, CHF = Swiss Franc, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, JPY = Japanese Yen, SEK = Swedish Krone, USD = US Dollar (2) The Fair Value presented above includes the fair value of Derivative Contracts as well as option contract assets of $14.03 million included in Investments in Securities, at fair value in the Statements of Financial Condition and option contract liabilities of $4.13 million included in Securities sold, not yet purchased, at fair value in the Statements of Financial Condition and rights and warrants of approximately $4.85 million included in investments in securities at fair value in the Statements of Financial Condition. (3) The absolute notional exposure represents the Partnership's derivative activity as of December 31, 2020, which is representative of the volume of derivatives held during the period. The following table sets forth by major risk type the Partnership's net realized and change in unrealized gains/(losses) related to trading activities for the years ended December 31, 2022, December 31, 2021, December 31, 2020. These realized and change in unrealized gains/(losses) are included in the net realized and change in unrealized gain/(loss) from securities, affiliated investment funds, derivative contracts and foreign currency translations in the Statements of Operations. 2022 Net Realized Gain/ (Loss) $2022 Net Change in Unrealized Gain/ (Loss) $2021 Net Realized Gain/ (Loss) $2021 Net Change in Unrealized Gain/ (Loss) $2020 Net Realized Gain/ (Loss) $2020 Net Change in Unrealized Gain/ (Loss) $ Primary Underlying Risk Commodity Price Commodity Futures - Long Contracts 4,327,864 (1,757,294) 957,030 2,787,134 (1,801) (1,029,840) Commodity Futures - Short Contracts (60,651) 18,084 — — (1,385,899) — THIRD POINT ENHANCED LP 66 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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8. Derivative Contracts (continued) Commodity Options - Long Contracts — — (1,178,509) 1,073,120 — — Futures - Long Contracts — — (552,993) — — — Option Contracts - Purchased — — — — (2,722) (1,073,120) Credit Credit Default Swaps - Protection Purchased (106,203) (2,565) (127,486) (18,929) (16,269) 30,441 Credit Default Swaps - Protection Sold 20,816 (467) 1,303 71 755,680 (756,042) Option Contracts - Purchased (146,236) — — — — — Equity Price Contracts for Differences - Long Contracts (8,785,393) (32,786,595) 54,783,364 12,245,239 (47,183,953) 10,550,096 Contracts for Differences - Short Contracts 2,892,525 256,750 (16,655,035) 1,147,250 91,733 2,771,196 Futures - Short Contracts 1,859,549 1,472,742 — — — — Option Contracts - Purchased 5,173,728 (866,457) 16,463,958 (9,213,238) (4,234,799) 7,868,049 Option Contracts - Sold — — 205,569 2,050,521 1,327,094 66,770 Rights and Warrants (1,521,107) 305,962 1,633,629 (2,284,002) (1,243,076) 1,302,183 Total Return Swaps - Long Contracts (409,904) (98,786) 9,932,382 787,390 1,160,002 (1,232,812) Total Return Swaps - Short Contracts 20,594,260 3,636,917 (39,426,006) 8,108,625 (3,779,607) (4,874,415) Index Futures - Short Contracts — — (33,012,860) (1,472,742) — — Index Futures - Long Contracts — — — — — — Index Futures - Short Contracts — — (8,825,844) 3,064,224 5,871,802 (2,285,222) Option contracts - Purchased — — (6,316,077) 1,885,331 (23,142,998) (4,665,947) Option contracts - Sold — — (19,324) 264,684 335,155 1,433,551 Total Return Swaps - Short Contracts — — (670,427) (2,428,320) — — THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 67

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8. Derivative Contracts (continued) Interest Rates Futures - Short Contracts 221,993 176,784 (104,062) 46,956 — — Interest Rate Swaps - Long Contracts 1,670,758 468,031 — — — — Interest Rate Swaptions 17,408,931 (2,312,903) 744,578 79,158 (1,568,042) 1,511,079 Sovereign Futures - Short Contracts — — — — (2,669,171) — Total Return Swaps - Long Contracts — — 312,406 — — — Foreign Currency Exchange Rates Foreign Currency Forward Contracts 2,510,583 187,779 671,440 160,323 2,552,119 716,491 Foreign Currency Options - Purchased (50,982) — — — (791,773) 584,970 Total 45,600,531 (31,302,018) (21,182,964) 18,282,795 (73,926,525) 10,917,428 The Partnership's derivative contracts are generally subject to the International Swaps and Derivatives Association ("ISDA") Master Agreements or other similar agreements which contain provisions setting forth events of default and/or termination events ("credit-risk-related contingent features"), including but not limited to provisions setting forth maximum permissible declines in the Partnership's net asset value. Upon the occurrence of a termination event with respect to an ISDA Agreement, the Partnership's counterparty could elect to terminate the derivative contracts governed by such agreement, resulting in the realization of any net gains or losses with respect to such derivative contracts and the return of collateral held by such party. During the year ended December 2022, the Partnership triggered certain additional termination events in its trading agreements due to its net asset value declining below negotiated trigger levels. The Investment Manager is (i) seeking waivers and resets of such additional termination events with those counterparties that have transactions outstanding and (ii) working to terminate the agreements with those trading counterparties that do not have legacy positions. As of December 31, 2022 there was no impact to the Partnership related to the triggering of these termination events. As of December 31, 2022, the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position is $121,050 (2021: $41,100, 2020: $840,506). The Partnership has posted $710,000 of collateral (2021: $61,650,000, 2020: $83,180,000), including initial margin, where applicable, in the normal course of business. Similarly, the Partnership obtains/provides collateral from/to various counterparties for OTC derivative contracts in accordance with bilateral collateral agreements. Similarly, the Partnership did not hold collateral in the form of cash from certain counterparties as of December 31, 2022 (2021: $0, 2020: $0). If the credit-risk related contingent features underlying these instruments had been triggered as of December 31, 2022 and the Partnership had to settle these instruments immediately, no additional amounts would be required to be posted by the Partnership since the aggregate fair THIRD POINT ENHANCED LP 68 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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8. Derivative Contracts (continued value of the required collateral posted exceeded the settlement amounts of open derivative contracts or in the case of cross margining relationships, the assets in the Partnership's prime brokerage accounts are sufficient to offset derivative liabilities. The Partnership's derivatives do not qualify as hedges for financial reporting purposes and are recorded in the Statements of Financial Condition on a gross basis and not offset against any collateral pledged or received. Pursuant to the ISDA master agreements, securities lending agreements, repurchase agreements and other counterparty agreements, the Partnership and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements, repurchase agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non- defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non- defaulting party. The Partnership has elected not to offset derivative assets against liabilities subject to master netting agreements nor does it offset collateral amounts received or pledged against the fair values of the related derivative instruments. Accordingly, the Partnership presents all derivative and collateral amounts in the Statements of Financial Condition on a gross basis. As of December 31, 2022, December 31, 2021, and December 31, 2020, the gross and net amounts of derivative instruments, repurchase agreements and the cash collateral applicable to derivative instruments were as follows: 2022 Financial Assets, Derivative Assets and Collateral received by Counterparty: Fair value amounts not offset in the Statements of Financial Condition Derivative Contracts Gross Amounts of Assets Presented in the Statement of Financial Condition(1) $ Financial Instruments $ Cash Collateral Received $ Net Amount $ Counterparty 1 21,679 — — 21,679 Counterparty 2 375 375 — — Counterparty 3 709,852 9,748 30 700,074 Counterparty 6 38,365 — — 38,365 Total 770,271 10,123 30 760,118 THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 69

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8. Derivative Contracts (continued) 2022 Financial Liabilities, Derivative Liabilities and Collateral pledged by Counterparty: Fair value amounts not offset in the Statements of Financial Condition Derivative Contracts Gross Amounts of Liabilities Presented in the Statement of Financial Condition(2) $ Financial Instruments $ Cash Collateral Pledged $ Net Amount $ Counterparty 2 21,863 375 21,488 — Counterparty 3 9,748 9,748 — — Counterparty 9 99,562 — 99,562 — Total 131,173 10,123 121,050 — Repurchase Agreements Counterparty 4 2,282,230 2,282,230 — — Total 2,282,230 2,282,230 — — (1) The Gross Amounts of Assets Presented in the Statement of Financial Condition presented above includes the fair value of Derivative Contract assets in the Statements of Financial Condition. (2) The Gross Amounts of Liabilities Presented in the Statement of Financial Condition presented above includes the fair value of Derivative Contract liabilities in the Statements of Financial Condition. THIRD POINT ENHANCED LP 70 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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8. Derivative Contracts (continued) 2021 Financial Assets, Derivative Assets and Collateral received by Counterparty: Fair value amounts not offset in the Statements of Financial Condition Derivative Contracts Gross Amounts of Assets Presented in the Statement of Financial Condition(1) $ Financial Instruments $ Cash Collateral Received $ Net Amount $ Counterparty 1 1,924,030 519,334 1,404,696 — Counterparty 2 15,279,245 608,435 14,670,810 — Counterparty 3 14,318,062 6,264,465 2,966,624 5,086,973 Counterparty 4 4,712,078 1,408,975 3,303,103 — Counterparty 5 11,275,607 560,250 1,961,417 8,753,940 Counterparty 6 46,199 — 25,639 20,560 Counterparty 8 6,648,946 65,206 6,583,740 — Counterparty 9 955,413 866,362 89,051 — Total 55,159,580 10,293,027 31,005,080 13,861,473 2021 Financial Liabilities, Derivative Liabilities and Collateral pledged by Counterparty: Fair value amounts not offset in the Statements of Financial Condition Derivative Contracts Gross Amounts of Liabilities Presented in the Statement of Financial Condition(2) $ Financial Instruments $ Cash Collateral Pledged $ Net Amount $ Counterparty 1 519,334 519,334 — — Counterparty 2 608,435 608,435 — — Counterparty 3 6,264,465 6,264,465 — — Counterparty 4 1,408,975 1,408,975 — — Counterparty 5 560,250 560,250 — — Counterparty 8 65,206 65,206 — — Counterparty 9 866,362 866,362 — — Counterparty 11 41,100 — — 41,100 Total 10,334,127 10,293,027 — 41,100 Repurchase Agreements Counterparty 4 33,616,216 33,616,216 - - Total 33,616,216 33,616,216 – – THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 71

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8. Derivative Contracts (continued) (1) The Gross Amounts of Assets Presented in the Statement of Financial Condition presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $8.62 million included in Investments in securities, at fair value in the Statements of Financial Condition. (2) The Gross Amounts of Liabilities Presented in the Statement of Financial Condition presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $1.97 million included in Securities Sold, not yet Purchased in the Statements of Financial Condition. 2020 Financial Assets, Derivative Assets and Collateral received by Counterparty: Fair value amounts not offset in the Statements of Financial Condition Derivative Contracts Gross Amounts of Assets Presented in the Statement of Financial Condition(1) $ Financial Instruments $ Cash Collateral Received $ Net Amount $ Counterparty 1 59,118 59,118 — — Counterparty 2 4,263,560 1,899,216 — 2,364,344 Counterparty 3 12,469,765 12,401,803 — 67,962 Counterparty 4 2,413,930 1,031,678 — 1,382,252 Counterparty 5 15,994,156 5,504,521 — 10,489,635 Counterparty 6 3,389,382 2,641,120 — 748,262 Counterparty 8 12,132,083 3,167,687 — 8,964,396 Counterparty 9 286,790 286,790 — — Total 51,008,784 26,991,933 — 24,016,851 THIRD POINT ENHANCED LP 72 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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8. Derivative Contracts (continued) 2020 Financial Liabilities, Derivative Liabilities and Collateral pledged by Counterparty: Fair value amounts not offset in the Statements of Financial Condition Derivative Contracts Gross Amounts of Liabilities Presented in the Statement of Financial Condition(2) $ Financial Instruments $ Cash Collateral Pledged $ Net Amount $ Counterparty 1 521,974 59,118 462,856 — Counterparty 2 1,899,216 1,899,216 — — Counterparty 3 12,401,803 12,401,803 — — Counterparty 4 1,031,678 1,031,678 — — Counterparty 5 5,504,521 5,504,521 — — Counterparty 6 2,641,120 2,641,120 — — Counterparty 8 3,167,687 3,167,687 — — Counterparty 9 664,440 286,790 377,650 — Total 27,832,439 26,991,933 840,506 — Repurchase Agreements Counterparty 4 5,542,093 5,542,093 — — Total 5,542,093 5,542,093 — — (1) The Gross Amounts of Assets Presented in the Statement of Financial Condition presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $14.03 million included in Investments in securities, at fair value in the Statements of Financial Condition. (2) The Gross Amounts of Liabilities Presented in the Statement of Financial Condition presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $4.13 million included in Securities Sold, not yet Purchased in the Statements of Financial Condition. 9. Indemnifications In the normal course of business, the Partnership enters into contracts that contain a variety of indemnifications and warranties. The Partnership's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Thus, no amounts have been accrued related to such indemnifications. The Partnership also indemnifies the General Partner, the Investment Manager and employees from and against any loss or expense, including, without limitation any judgment, settlement, legal fees and other costs. Any expenses related to these indemnifications would be reflected in administrative and professional fees in the Statements of Operations. The Partnership did not incur any expenses related to indemnifications for the years ended December 31, 2022, December 31, 2021, December 31, 2020. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 73

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10. Commitments Certain of the Partnership's investments may include financing commitments obligating the Partnership to advance additional amounts on demand. At December 31, 2022, the Partnership had no unfunded commitments (2021: $6,960,520, 2020: $63,374,429). 11. Financial Highlights The following represents the ratios to average limited partners' capital and total return information for the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019, and for the period from September 3, 2018 (commencement of operations) to December 31, 2018: 2022 2021 2020 2019 2018 Ratios to average Limited Partners' capital Total expenses 3.20 % 3.20 % 3.55 % 4.03 % 1.74 % Incentive allocation/(Reversal of incentive allocation) — % 6.16 % 7.82 % 0.22 % (0.23) % Total expenses and incentive allocation 3.20 % 9.36 % 11.37 % 4.25 % 1.51 % Net investment income/(loss) 2.70 % (0.74) % 0.22 % 0.15 % (0.43) % The ratios above are calculated for all limited partners taken as a whole. The computation of such ratios based on the amount of expenses, incentive allocation, and net investment income assessed to an individual investor's capital may vary from these ratios based on different management fee and incentive arrangements (as applicable) and the timing of capital transactions. The net investment income/(loss) ratio does not reflect the effect of any incentive allocation and none of the above ratios have been annualized. 2022 2021 2020 2019 2018 Total return before incentive allocation (28.98) % 34.55 % 31.19 % 23.27 % (17.52) % (Incentive allocation)/Reversal of incentive allocation — % (6.65) % (8.53) % (0.35) % 0.21 % Total return after incentive allocation (28.98) % 27.90 % 22.66 % 22.92 % (17.31) % Total return is calculated for all the limited partners taken as a whole. An individual investor's return may vary from these returns based on participation in "new issues", different management fee and incentive arrangements (as applicable) and the timing of capital transactions. THIRD POINT ENHANCED LP 74 FINANCIAL STATEMENTS 2022 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements continued Year ended December 31, 2022

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12. Subsequent Events Subsequent to December 31, 2022, the Partnership transferred an additional $5,447,320 of assets in order to satisfy a portion of the withdrawals payable to limed partners as of December 31, 2022. Subsequent events were evaluated by the Partnership's management through February 17, 2023, which is the date the financial statements were available to be issued. The Partnership's management has determined there are no other subsequent events that would require adjustments to, or disclosure in, the Partnership's financial statements. THIRD POINT ENHANCED LP NOTES TO FINANCIAL STATEMENTS FINANCIAL STATEMENTS 2022 75

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