Group Financial Condition Report 2024

SIRIUSPOINT LTD.

Group Financial Condition Report

For the year ended December 31, 2024

siriuspt.com

‌CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Unless the context otherwise indicates or requires, as used in this Financial Condition Report references to "we," "our," "us," the "Company," and "SiriusPoint Group", 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.

Certain statements contained or incorporated in this Financial Condition Report constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding prospects for our industry, our business strategy, plans, goals and expectations concerning our market position, international expansion, investment portfolio expectations, future operations, margins, profitability, efficiencies, capital expenditures, liquidity and capital resources and other non-historical financial and operating information. When used in this Financial Condition Report, the words "believes," "intends," "seeks," "anticipates," "aims," "plans," "targets," "estimates," "expects," "assumes," "continues," "should," "could," "will," "may" and the negative of these or similar terms and phrases are intended to identify forward-looking statements.

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:

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

• 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;

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

  

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

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

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

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

• geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.;

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

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

• a downgrade or withdrawal of our financial ratings;

• fluctuations in our results of operations;

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

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

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

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

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

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

• and other risks and factors listed under "Risk Factors" in SiriusPoint's most recent Annual Report on Form 10-K, as updated by our Quarterly Report on Form 10-Q for the period ended March 31, 2025, and other periodic and current disclosures filed with the Securities and Exchange Commission ("SEC").

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

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

‌TABLE OF CONTENTS

2 Cautionary Note Regarding Forward-Looking Statements

4 Table of Contents

5 Executive Summary

6 SECTION 1 ― Business and Performance

7 a. Name of the Insurer

7 b. Insurance Supervisor and Group Supervisor

7 c. Approved Auditor

7 d. Ownership Details

10 e. Group Structure Chart

11 f. Business Segment Results

17 g. Investment Performance

21 h. Other Material Income and Expenses

24 SECTION 2 ― Governance Structure

25 a. Board and Senior Executives

26 a. (i) Board Primary Role and Responsibilities

28 a. (ii) Remuneration Policy

30 a. (iii) Supplementary Pension or Early Retirement Schemes

30 a. (iv) Material transactions with Shareholder Controllers

31 b. Fitness and Propriety Requirements

31 b. (i) Board of Directors

33 b. (ii) Board and Senior Executives Professional Qualifications, Skills and Expertise

34 c. Risk Management and Solvency Self-Assessment

34 c. (i) Risk Management Process and Procedures to Effectively Identify, Measure, Manage and Report on Risk Exposures

35 c. (ii) Implementation of Risk Management and Solvency Self-Assessment Systems and Integration into Strategic Planning, Organizational and Decision Making Process

36 c. (iii) Relationship between Solvency Self-Assessment, Solvency Needs and Capital Risk Management Systems

36 c. (iv) Solvency Self-Assessment Approval Process

36 d. Internal Controls

1. d. (i) Internal Controls

2. d. (ii) Compliance Function

1. e. Internal Audit Function

2. f. Actuarial Function

1. g. Outsourcing

2. h. Any Other Material Information

3. SECTION 3 - Risk Profile

4. a. Material Risks

5. b. Risk Mitigation

42 c. Material Risk Concentrations

1. d. Investment of Assets in Accordance with Prudent Person Principle

2. e. Stress Testing and Sensitivity Analyses

1. f. Any Other Material Information

2. SECTION 4 ― Solvency Valuation

3. a. Valuation Basis

1. b. Technical Provisions

2. c. Reinsurance Recoverables

1. d. Other Liabilities

2. e. Any Other Material Information

3. SECTION 5 ― Capital Management

4. a. Eligible Capital

49 a. (i) Capital Management Policy and Process

1. a. (ii) Eligible Capital Categorized by Tiers

2. a. (iii) Eligible Capital applied to ECR and MSM

3. a. (iv) Transitional Arrangements

51 a. (v) Encumbrances Affecting Eligible Capital

1. a. (vi) Ancillary Capital Instruments

2. a. (vii) Reconciliation of Shareholder's Equity

1. b. Regulatory Capital Requirements

2. b. (i) ECR and MSM

53 b. (ii) Identification of any Non-compliance

1. c. Approved Internal Capital Model

2. SECTION 6 ― Subsequent Event

3. Subsequent Events

4. Declaration

5. Appendices

   4

   ‌EXECUTIVE SUMMARY

   Overview

   SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda and its common shares are listed on the New York Stock Exchange ("NYSE") under the symbol "SPNT". As of December 31, 2024, SiriusPoint had common shareholders' equity of $1.7 billion, total capital of $2.6 billion and total assets of $12.5 billion. SiriusPoint's operating companies have a financial strength rating of A- (Positive) from AM Best and Fitch Ratings, A- (Stable) from Standard & Poor's, and A3 (Stable) from Moody's Ratings.

   This Financial Condition Report ("FCR") is prepared in accordance with the Bermuda Monetary Authority's ("BMA") Insurance (Public Disclosure) Rules 2015 and Insurance (Group Supervision) Rules 2011. This FCR documents the measures governing the business operations, corporate governance framework, solvency and financial performance of SiriusPoint Ltd. ("SiriusPoint") for the year ended December 31, 2024 and for each of SiriusPoint Bermuda Insurance Company Ltd. ("SiriusPoint Bermuda") and Alstead Reinsurance Ltd. ("Alstead") (collectively our "Bermuda Operating Subsidiaries"). The FCR provides information to enable an informed assessment on how SiriusPoint and its Bermuda Operating Subsidiaries' respective business is run in a prudent manner.

   SiriusPoint uses the standard Bermuda Solvency Capital Requirement ("BSCR") model to assess the Enhanced Capital Requirement ("ECR"). This FCR is based primarily on the Economic Balance Sheets ("EBS") and the audited financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") of SiriusPoint and the Bermuda Operating Subsidiaries as of December 31, 2024.

   As of December 31, 2024 and 2023, SiriusPoint and its Bermuda Operating Subsidiaries Available Statutory Economic Capital and Surplus, ECR, and ECR ratios were as follows:

   	SiriusPoint Group	SiriusPoint Bermuda	Alstead
   December 31, 2024		($ in millions)
   Available Statutory Economic Capital and Surplus	$ 2,835.8	$ 3,131.0	$ 5.6
   ECR	$ 1,243.7	$ 1,216.2	$ 1.0
   ECR Ratio	228 %	257 %	558 %
   December 31, 2023
   Available Statutory Economic Capital and Surplus	$ 3,226.7	$ 3,639.7	$ 5.3
   ECR	$ 1,264.5	$ 1,239.9	$ 2.4
   ECR Ratio	255 %	294 %	221 %

   5

   ‌SECTION 1 - BUSINESS AND PERFORMANCE

   6

   ‌SECTION 1 - BUSINESS AND PERFORMANCE

   1. Name of the Insurer

      SiriusPoint

      SiriusPoint is a holding company domiciled in Bermuda and through its subsidiaries provides multi-line insurance and reinsurance products and services on a worldwide basis. SiriusPoint has 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 syndicate and managing agency, and an internationally licensed company domiciled in Sweden.

      Bermuda Operating Subsidiaries

      SiriusPoint Bermuda

      SiriusPoint Bermuda, a wholly-owned subsidiary of SiriusPoint, was incorporated as an exempted company under the laws of Bermuda on July 22, 2004 and is registered as a Class 4 insurer under the Insurance Act, 1978, as amended, and related regulations (the "Insurance Act"). SiriusPoint Bermuda is a provider of global specialty, property and casualty reinsurance products.

      Alstead

      Alstead, a wholly-owned subsidiary of SiriusPoint Bermuda, was incorporated under the laws of Bermuda on June 28, 2013. Alstead is registered as a Class 3A insurer under the Insurance Act and is registered under the Segregated Accounts Company Act 2000, to operate as a segregated accounts company. Alstead provides an accident and health captive platform for SiriusPoint and its clients.

   2. ‌Insurance Supervisor and Group Supervisor

      Bermuda Monetary Authority BMA House

      43 Victoria Street Hamilton

      HM 12

      Bermuda

   3. ‌Approved Auditor

      Approved auditor for SiriusPoint:Approved auditor for SiriusPoint Bermuda and Alstead: PricewaterhouseCoopers LLP PricewaterhouseCoopers Ltd.

      101 Seaport Boulevard 4 Floor, Washington House

      Boston MA 02210 16 Church Street, Hamilton HM 11

      U.S.A Bermuda

      Contact: Bill Gordon Contact: David Forester

      Tel: +1 (215) 527 5862 Tel: +1 (441) 299 7187

      Email: [email protected] Email: [email protected]

   4. ‌Ownership Details

      SiriusPoint

      The following table sets forth information regarding the beneficial ownership of SiriusPoint common shares, Series A Preference Shares and Series B Preference Shares as of April 22, 2025 (except as otherwise indicated), by:

      • each person who is the beneficial owner of more than 5% of the SiriusPoint's common shares and Series A preference shares;

      • each person who is a named executive officer or director of SiriusPoint; and

      • all executive officers and directors as a group.

      Beneficial ownership is determined according to the rules of the Securities Exchange Commission ("SEC"), which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security, including restricted share units ("RSUs") and restricted share awards ("RSAs") that vest within 60 days and options and warrants that are currently exercisable or exercisable within 60 days. As of April 22, 2025, there were 116,590,855 common shares, 10,031 Series A Preference Shares and 8,000,000 Series B Preference Shares of SiriusPoint issued and outstanding. Unless otherwise indicated below, the address for each person listed on the table is c/o SiriusPoint Ltd., Point Building, 3 Waterloo Lane, Pembroke HM 08, Bermuda.

      Percentage of total voting power represents voting power with respect to all shares of SiriusPoint common shares and Series A Preference Shares, voting as a single class. Each holder of common shares is entitled to one vote for each common share held on the record date. Each holder of Series A Preference Shares is entitled to the number of votes equal to the number of common shares into which the Series A Preference Shares are then convertible as of the record date. As of April 22, 2025, each Series A Preference Share was convertible into one common share. Series B Preference shares are non-voting shares.

      NAME AND ADDRESS	COMMON SHARES		SERIES A PREFERENCE SHARES		SERIES B PREFERENCE SHARES		% OF TOTAL VOTING POWER
      	NUMBER OF SHARES	PERCENTAGE OF CLASS	NUMBER OF SHARES	PERCENTAGE OF CLASS	NUMBER OF SHARES	PERCENTAGE OF CLASS
      5% SHAREHOLDERS
      BlackRock, Inc. (1) 50 Hudson Yards New York, New York 10001	11,284,200	9.73%	-	-	-	-	9.73%
      Daniel S. Loeb (2) c/o Third Point LLC 55 Hudson Yards New York, New York 10001	11,068,662	9.54%	-	-	34,796	0.44%	9.54%
      Wellington Management Group (3)c/o Wellington Management Company LLP 280 Congress Street Boston, MA 02210	10,694,214	9.22%	-	-	-	-	9.22%
      The Vanguard Group Inc. (4) 100 Vanguard Boulevard Malvern, Pennsylvania 19355	10,521,242	9.07%	-	-	-	-	9.07%
      Capital Research Global Investors (5) 333 South Hope Street 55th Floor Los Angeles, CA 90071	8,350,000	7.20%	-	-	-	-	7.20%
      Donald Smith & Co., Inc. (6)152 West 57th Street 29th Floor New York, NY 10019	7,887,887	6.80%	-	-	-	-	6.80%
      Dimensional Fund Advisors LP (7) 6300 Bee Cave Road Building One Austin, TX 78746	7,536,743	6.50%	-	-	-	-	6.50%
      DIRECTORS AND NAMED EXECUTIVE OFFICERS
      Susan L. Cross (9)*	10,528	0.01%	-	-	-	-	0.01%
      Rafe de la Gueronniere (9)*	157,578	0.14%	-	-	-	-	0.14%
      Daniel S. Loeb (10)	11,068,662	9.50%	-	-	34,796	0.44%	9.50%
      Sharon Ludlow (9)*	147,334	0.13%	-	-	-	-	0.13%
      Mehdi A. Mahmud (9)*	110,199	0.09%	-	-	-	-	0.09%
      Bronek Masojada (9)*	61,339	0.05%	-	-	-	-	0.05%
      Franklin Montross IV (9)*	95,823	0.08%	-	-	-	-	0.08%
      Jason Robart (9)*	83,944	0.07%	-	-	-	-	0.07%
      * Peter W.H. Tan(9)	18,596	0.02%	-	-	-	-	0.02%
      Scott Egan (8)(9)*	813,527	0.70%	-	-	-	-	0.70%
      Rob Gibbs (9)*	81,060	0.07%	-	-	-	-	0.07%
      David E. Govrin (8)(9)*	718,666	0.62%	-	-	-	-	0.62%
      James J. McKinney (9)*	24,704	0.02%	-	-	-	-	0.02%
      Stephen Yendall (9)*	127,546	0.11%	-	-	-	-	0.11%
      All Directors and Executive Officers as a group (14 persons) (10)	13,519,506	11.60%			34,796	0.44%	11.60%

      * Represents beneficial ownership of less than 1%.

      1. Based on Amendment No. 4 to Schedule 13G/A filed on March 7, 2025, by Blackrock, Inc. ("Blackrock"), which states that as of March 6, 2025, Blackrock has sole voting power over 11,172,475 shares and sole dispositive power over 11,284,200 shares.

      2. Based on Amendment No. 5 to Schedule 13D filed on February 28, 2025, by Daniel S. Loeb, which states that as of February 27, 2025 (following completion of a registered public secondary offering an aggregate of 500,000 common shares of the Company were repurchased from Daniel S. Loeb and associated entities and cancelled), the 2010 Loeb Family Trust owns 235,127 common shares, Third Point Advisors LLC owns 1,000,000 common shares, Third Point Opportunities Master Fund L.P owns 6,303,842, the 2011 Loeb Family GST Trust owns 1,889,039 common shares, and Mr. Loeb owns the balance of the common shares in the amount of 1,640,654 reported herein. Mr. Loeb as sole voting power and sole dispositive power over the shares held by the 2010 Loeb Family Trust, Third Point Advisors LLC, the 2011 Loeb Family GST Trust and Third Point Opportunities Master Fund L.P. Mr. Loeb disclaims beneficial ownership of such common shares except to the extent of his pecuniary interest therein, if any.

      3. Based on Amendment No.1 to Schedule 13G/A filed on February 10, 2025, by Wellington Management Group LLP ("Wellington Management"), which states that as of December 31, 2024, Wellington Management has shared voting power of 8,660,837 shares and shared dispositive power over 10,694,214 shares.

      4. Based on Amendment No. 6 to Schedule 13G filed on February 13, 2024, by The Vanguard Group ("Vanguard"), which states that as of December 29, 2023, Vanguard has shared voting power over 129,927 shares, sole dispositive power over 10,296,417 shares, and shared dispositive power over 224,825 shares.

      5. Based on Amendment No.2 to Schedule 13G filed on February 9, 2024, by Capital Research Global Investors, which states that as of December 29, 2023, Capital Research Global Investors has sole voting power and sole dispositive power over 8,350,000 shares.

      6. Based on Schedule 13G filed on February 14, 2025, by Donald Smith & Co., Inc. ("Donald Smith"), which states that as of December 31, 2024, Donald Smith has sole voting power over 7,606,391 shares, shared voting power over 7,672,647 shares, sole dispositive power over 7,821,631 shares, and shared dispositive power over 7,887,887 shares.

      7. Based on Schedule 13G filed on April 15, 2025, by Dimensional Fund Advisors LP ("Dimensional"), which states that as of March 31, 2025, Dimensional has sole voting power over 7,320,673 and sole dispositive power over 7,536,743 shares.

      8. Includes (i) 300,000 vested options to purchase common shares, (ii) 300,000 options to purchase common shares which will vest and become exercisable when the closing price of the Company's common stock on the NYSE reaches $8.00 and (iii) 300,000 options to purchase common shares which will vest and become exercisable when the closing price of the Company's common stock on the NYSE reaches $10.00.

      9. Includes beneficial ownership of shares underlying RSUs and restricted share awards RSAs that vest within 60 days after March 14, 2025.

      10. Consists of (i) 13,249,631 common shares, (ii) 71,121 options to purchase common shares that become exercisable within 60 days after March 14, 2025, and (iii) 198,754 RSUs that vest within 60 days after March 15, 2025, that are held by such executive officers and directors as a group.

      Share Repurchase, Series A Preference Shares and Merger Warrant Settlement

      On August 1, 2024 and December 30, 2024, SiriusPoint entered into agreements with CM Bermuda Limited ("CM Bermuda") and CMIG International Holding Pte. Ltd. ("CMIG") to repurchase all common shares, preference shares and warrants previously held by CM Bermuda and CMIG. Following closing on February 27, 2025, CM Bermuda and CMIG have no remaining ownership interest in SiriusPoint.

      Refer to "Section 1.h. Other Material Income and Expenses" and "Section 6. Subsequent Events" for additional information.

      SiriusPoint Bermuda

      SiriusPoint Bermuda is 100% owned by SiriusPoint.

      Alstead

      Alstead is 100% owned by SiriusPoint Bermuda.

   5. ‌Group Structure Chart

      A group organizational chart is set out in Appendix 1.

   6. ‌Business Segment Results

      The Company reports two operating segments: Reinsurance and Insurance & Services. Within our segments, we underwrite a variety of (re)insurance products. These include:

      Reinsurance
      Casualty	The Company provides reinsurance to casualty insurers who underwrite a diverse range of casualty classes. The Company works with clients all over the world, including multi-national, nationwide and regional carriers, as well as risk retention groups and captives. The Company also partners with MGAs and sponsor cover holders. The Company's underwriting focus is on proportional transactions covering all major commercial casualty lines, as well as professional liability with an emphasis on specialty niche classes of business, including personal lines.
      Property	The Company works with leading global brokers as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, underwriting residential, commercial, and industrial risks in the United States, Europe and Asia. The Company's property reinsurance offering includes: property catastrophe protection, risk excess of loss, cannabis - pro rata, where permitted, building risk and structured property specifically in the United States.
      Other Specialties	The Company's business encompasses a broad range of worldwide reinsurance coverages, including proportional and excess of loss, treaty and facultative. Other Specialties business lines in the Reinsurance segment include Aviation & Space, Marine & Energy and Credit.
      Insurance & Services
      Accident & Health ("A&H")	The Company provides flexible insurance products to meet the risk management needs of diverse populations in select markets. This includes employer groups, associations, affinity groups, higher education and other niche markets. The Company also owns 100% of International Medical Group, Inc. ("IMG") and ArmadaCorp Capital, LLC ("Armada"), who receive fees for services provided within Insurance & Services and to third parties. IMG offers a full line of international medical insurance products, trip cancellation programs, medical management services and 24/7 emergency medical and travel assistance. Armada operates as a supplemental medical insurance MGA.
      Property & Casualty	The Company is a leading carrier for program administrators and managing general agents. The majority of its insurance business is written through partners in the property and casualty space, covering professional liability, workers' compensation, and commercial auto lines in Bermuda, London, Europe, North America and around the world.
      Other Specialties	The Company's business encompasses a broad range of worldwide insurance coverages. Other Specialties business lines in the Insurance & Services segment include Aviation & Space, Marine & Energy, Credit and Mortgage.

      The following table provides a breakdown by line and type of business of gross premiums written for the years ended December 31, 2024 and 2023 for SiriusPoint Group:

      Amount

      2024 2023

      Percentage

      of Total Amount

      Percentage of Total

      Gross premiums written ($ in millions)

      Casualty	$ 468.0	14.4 %	$ 551.7	16.1 %
      Other Specialties	529.0	16.4 %	437.2	12.8 %
      Property Other	129.4	4.0 %	117.8	3.4 %
      Property Catastrophe	209.2	6.4 %	164.3	4.8 %
      Other	-	- %	-	- %
      Reinsurance	1,335.6	41.2 %	1,271.0	37.1 %
      A&H	810.5	25.0 %	844.7	24.6 %
      Casualty	637.5	19.6 %	831.3	24.3 %
      Other Specialties	272.6	8.4 %	281.2	8.2 %
      Property Other	118.6	3.7 %	73.3	2.1 %
      Property Catastrophe	1.6	- %	9.2	0.3 %
      Insurance & Services	1,840.8	56.7 %	2,039.7	59.5 %
      Core	3,176.4	97.9 %	3,310.7	96.6 %
      Corporate (1)	68.2	2.1 %	116.7	3.4 %
      Total gross premiums written	$ 3,244.6	100.0 %	$ 3,427.4	100.0 %

      1. Corporate includes gross premiums written from all runoff business.

      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 and services noncontrolling (income) loss. This definition of segment income (loss) aligns with how business performance is managed and monitored.

      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 represents certain classes of business that the Company no longer actively underwrites, including the effect of the restructuring of the underwriting platform announced in 2022 and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers' compensation and cyber programs which the Company no longer writes.

      The following is a summary of the operating segment results for the years ended December 31, 2024 and 2023 for SiriusPoint Group:

      Insurance &

      2024

      	Reinsurance	Services	Core	(2)	Corporate	Reclass	Total
      Gross premiums written	$ 1,335.6	$ 1,840.8	$ 3,176.4	$ - $ 68.2		$ - $ 3,244.6
      Net premiums written	1,104.7	1,236.2	2,340.9	- 11.2		- 2,352.1
      Net premiums earned	1,045.1	1,154.0	2,199.1	- 144.4		- 2,343.5
      Loss and loss adjustment expenses 554.3 714.1 1,268.4 (5.5) 105.6 - 1,368.5
      incurred, net
      Acquisition costs, net	279.9	284.7	564.6	(121.4)	73.7	-	516.9
      Other underwriting expenses	86.1	80.0	166.1	-	15.6	-	181.7
      Underwriting income (loss)	124.8	75.2	200.0	126.9	(50.5)	-	276.4
      Services revenues	-	222.9	222.9	(132.8)	-	(90.1)	-
      Services expenses	-	176.2	176.2	-	-	(176.2)	-
      Net services fee income	-	46.7	46.7	(132.8)	-	86.1	-
      Services noncontrolling income	-	(2.1)	(2.1)	-	-	2.1	-
      Net services income	-	44.6	44.6	(132.8)	-	88.2	-
      Segment income (loss)	124.8	119.8	244.6	(5.9)	(50.5)	88.2	276.4
      Net investment income					303.6	-	303.6
      Net realized and unrealized investment losses					(88.7)	-	(88.7)
      Net realized and unrealized investment gains from related party investment funds					9.7	-	9.7
      Other revenues					94.1	90.1	184.2
      Loss on settlement and change in fair value of liability-classified capital instruments					(148.5)	-	(148.5)
      Net corporate and other expenses					(55.9)	(176.2)	(232.1)
      Intangible asset amortization					(11.9)	-	(11.9)
      Interest expense					(69.6)	-	(69.6)
      Foreign exchange gains					10.0	-	10.0
      Income (loss) before income tax $ 124.8 $ 119.8 244.6 (5.9)					(7.7)	2.1	233.1
      Income tax expense - -					(30.7)	-	(30.7)
      Net income (loss) 244.6 (5.9)					(38.4)	2.1	202.4
      Net income attributable to noncontrolling interests - -					(0.4)	(2.1)	(2.5)
      Net income (loss) available to SiriusPoint $ 244.6 $ (5.9)					$ (38.8)	$ -	$ 199.9

      Eliminations

      Segment Measure

      expense

      Attritional losses $ 579.8	$ 734.5	$ 1,314.3	$ (5.5)	$ 112.8	$ - $ 1,421.6
      Catastrophe losses 49.5	5.3	54.8	-	-	- 54.8
      Prior year loss reserve (75.0)	(25.7)	(100.7)	-	(7.2)	- (107.9)
      Loss and loss adjustment expenses $ 554.3	$ 714.1	$ 1,268.4	$ (5.5)	$ 105.6	$ - $ 1,368.5
      Underwriting Ratios: (1)
      Attritional loss ratio	55.5 %	63.6 %	59.8 %	60.7 %
      Catastrophe loss ratio	4.7 %	0.5 %	2.5 %	2.3 %
      Prior year loss development ratio	(7.2)%	(2.2)%	(4.6)%	(4.6)%
      Loss ratio	53.0 %	61.9 %	57.7 %	58.4 %
      Acquisition cost ratio	26.8 %	24.7 %	25.7 %	22.1 %
      Other underwriting expenses ratio	8.2 %	6.9 %	7.6 %	7.8 %
      Combined ratio	88.0 %	93.5 %	91.0 %	88.3 %

      development incurred, net

      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.

      Insurance &

      2023

      Eliminations

      Segment Measure

      Reinsurance Services Core (2)Corporate Reclass Total
      Gross premiums written	$ 1,271.0		$ 2,039.7		$ 3,310.7		$ - $ 116.7				$ - $ 3,427.4
      Net premiums written	1,061.0		1,282.7		2,343.7		- 94.2				- 2,437.9
      Net premiums earned	1,031.4		1,249.2		2,280.6		- 145.6				- 2,426.2
      Loss and loss adjustment expenses 490.3 815.4 1,305.7 (5.4) 81.0 - 1,381.3
      incurred, net
      Acquisition costs, net	252.2		295.5		547.7		(137.2)		62.2		-		472.7
      Other underwriting expenses	82.7		94.3		177.0		-		19.3		-		196.3
      Underwriting income (loss)	206.2		44.0		250.2		142.6		(16.9)		-		375.9
      Services revenues	(1.1)		238.6		237.5		(149.6)		-		(87.9)		-
      Services expenses	-		187.8		187.8		-		-		(187.8)		-
      Net services fee income (loss)	(1.1)		50.8		49.7		(149.6)		-		99.9		-
      Services noncontrolling income	-		(8.5)		(8.5)		-		-		8.5		-
      Net services income (loss)	(1.1)		42.3		41.2		(149.6)		-		108.4		-
      Segment income (loss)	205.1		86.3		291.4		(7.0)		(16.9)		108.4		375.9
      Net investment income									283.7		-		283.7
      Net realized and unrealized investment losses									(10.0)		-		(10.0)
      Net realized and unrealized investment losses from related party investment funds									(1.0)		-		(1.0)
      Other revenues									9.9		87.9		97.8
      Loss on settlement and change in fair value of liability-classified capital instruments									(59.4)		-		(59.4)
      Net corporate and other expenses									(70.4)		(187.8)		(258.2)
      Intangible asset amortization									(11.1)		-		(11.1)
      Interest expense									(64.1)		-		(64.1)
      Foreign exchange losses									(34.9)		-		(34.9)
      Income before income tax benefit $ 205.1 $ 86.3 291.4								(7.0)	25.8		8.5		318.7
      Income tax benefit -								-	45.0		-		45.0
      Net income 291.4								(7.0)	70.8		8.5		363.7
      Net income attributable to noncontrolling interests -								-	(0.4)		(8.5)		(8.9)
      Net income available to SiriusPoint					$	291.4	$	(7.0)	$	70.4	$	-	$	354.8
      Attritional losses	$	618.9	$	840.7	$	1,459.6	$	(5.4)	$	76.5	$	-	$	1,530.7
      Catastrophe losses		12.2		1.3		13.5		-		11.3		-		24.8
      Prior year loss reserve development	(140.8)		(26.6)		(167.4)		-		(6.8)		-		(174.2)
      Loss and loss adjustment expenses incurred, net	$ 490.3		$ 815.4		$ 1,305.7		$ (5.4)		$ 81.0		$ -		$ 1,381.3
      Underwriting Ratios: (1)
      Attritional loss ratio	60.0 %		67.3 %		64.0 %		63.1 %
      Catastrophe loss ratio	1.2 %		0.1 %		0.6 %		1.0 %
      Prior year loss development ratio	(13.7)%		(2.1)%		(7.3)%		(7.2)%
      Loss ratio	47.5 %		65.3 %		57.3 %		56.9 %
      Acquisition cost ratio	24.5 %		23.7 %		24.0 %		19.5 %
      Other underwriting expenses ratio	8.0 %		7.5 %		7.8 %		8.1 %
      Combined ratio	80.0 %		96.5 %		89.1 %		84.5 %

      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.

      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, 2024 and 2023 for SiriusPoint Group:

      2024

      Insurance &

      Reinsurance Services Corporate Total

      Net written premiums by client location: ($ in millions)
      United States and Canada	$ 745.6	$ 679.0	$ 15.5	$ 1,440.1
      United Kingdom and Europe	255.3	294.1	(1.7)	547.7
      Bermuda, the Caribbean and Latin America	28.1	165.0	(1.7)	191.4
      Asia and Other	75.7	98.1	(0.9)	172.9
      Total net written premiums by client location	$ 1,104.7	$ 1,236.2	$ 11.2	$ 2,352.1
      Net written premiums by underwriting location:
      United States and Canada	$ 447.5	$ 603.4	$ (5.8)	$ 1,045.1
      United Kingdom and Europe	429.9	467.5	(6.4)	891.0
      Bermuda, the Caribbean and Latin America	227.3	165.3	23.4	416.0
      Total net written premiums by underwriting location	$ 1,104.7	$ 1,236.2	$ 11.2	$ 2,352.1

      2023

      Insurance &

      Reinsurance Services Corporate Total

      Net written premiums by client location: ($ in millions)
      United States and Canada	$ 750.6	$ 914.2	$ 4.1	$ 1,668.9
      United Kingdom and Europe	172.1	243.4	4.1	419.6
      Bermuda, the Caribbean and Latin America	(2.1)	(2.4)	(1.4)	(5.9)
      Asia and Other	140.4	127.5	87.4	355.3
      Total net written premiums by client location	$ 1,061.0	$ 1,282.7	$ 94.2	$ 2,437.9
      Net written premiums by underwriting location:
      United States and Canada	$ 516.6	$ 653.2	$ 92.0	$ 1,261.8
      United Kingdom and Europe	345.9	280.7	4.4	631.0
      Bermuda, the Caribbean and Latin America	198.5	348.8	0.7	548.0
      Asia and Other	-	-	(2.9)	(2.9)
      Total net written premiums by underwriting location	$ 1,061.0	$ 1,282.7	$ 94.2	$ 2,437.9

      Additional information regarding insurance and reinsurance business written, including descriptions of each segment and further details associated with the tables above, is available in SiriusPoint's most recent Annual Report for the year ended December 31, 2024 on Form 10-K filed with the SEC on February 21, 2025, which can be found in the "Investor Relations" portion of our Internet website (https://www.siriuspt.com).

      Gross and net premiums written by each of the Bermuda Operating Subsidiaries for the year ended December 31, 2024 and 2023 were as follows:

      2024 2023

      Gross Net Gross Net

      		($ in millions)
      SiriusPoint Bermuda	$ 763.5	$ 631.4 $	584.8	$ 445.0
      Alstead	$ 2.2	$ 2.2 $	14.1	$ 13.9

      SiriusPoint Bermuda

      The following table provides a breakdown by line and type of business of gross premiums written for the years ended December 31, 2024 and 2023 for SiriusPoint Bermuda:

      Amount

      2024 2023

      Percentage

      of Total Amount

      Percentage of Total

      Gross premiums written ($ in millions)
      Casualty	$ 30.7	4.0 %	$ 32.0	5.5 %
      Other Specialties	41.6	5.4 %	79.5	13.6 %
      Property Other	0.5	0.1 %	(1.4)	(0.2)%
      Property Catastrophe	206.0	27.0 %	136.5	23.3 %
      Reinsurance	278.8	36.5 %	246.6	42.2 %
      Casualty	211.0	27.6 %	221.8	37.9 %
      Other Specialties	14.2	1.9 %	119.6	20.4 %
      Property Other	1.8	0.2 %	1.0	0.2 %
      Property Catastrophe	1.6	0.2 %	9.2	1.6 %
      Insurance & Services	228.6	29.9 %	351.6	60.1 %
      Core	507.4	66.4 %	598.2	102.3 %
      Corporate (1)	22.0	2.9 %	1.6	0.3 %
      Internal (2)	234.1	30.7 %	(15.0)	(2.6)%
      Total gross premiums written	$ 763.5	100.0 %	$ 584.8	100.0 %

      1. Corporate includes gross premiums written from all runoff business.

      2. Internal includes certain risks assumed from other SiriusPoint entities.

      Alstead

      Alstead provides A&H reinsurance on a quota share basis from affiliated SiriusPoint entities and direct A&H business on behalf of an affiliated SiriusPoint entity.

      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, 2024 and 2023 for SiriusPoint Group:

      2024 2023

      Gross reserves for loss and loss adjustment expenses, beginning of year $ 5,608.1 $ 5,268.7

      (291.4)

      Net reserves for loss and loss adjustment expenses transferred (1)

      (758.3)

Less: loss and loss adjustment expenses recoverable, beginning of year (2,295.1) (1,376.2) Less: deferred charges on retroactive reinsurance contracts 27.5 (1.0) Net reserves for loss and loss adjustment expenses, beginning of year 3,340.5 3,891.5

Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:

1,476.4

Current year

Prior years (107.9) (174.2)

(324.3)

Current year

Total incurred loss and loss adjustment expenses 1,368.5 1,381.3 Net loss and loss adjustment expenses paid in respect of losses occurring in:

Prior years (710.9) (837.3)

Total net paid losses (1,035.2) (1,184.7)

Foreign currency translation (35.3) 10.7

Net reserves for loss and loss adjustment expenses, end of year 3,347.1 3,340.5

Plus: loss and loss adjustment expenses recoverable, end of year 2,315.3 2,295.1 Plus: deferred (gains) charges on retroactive reinsurance contracts (2)(8.5) (27.5) Gross reserves for loss and loss adjustment expenses, end of year $ 5,653.9$ 5,608.1

1. Net reserves for loss and loss adjustment expenses transferred represents the transfer of reserves under the 2023 loss portfolio transfer transaction with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group ("2023 LPT"), and 2024 loss portfolio transfer transaction with Clarendon National Insurance Company, an affiliate of Enstar Group Limited ("2024 LPT").

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

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, 2024, the Company recorded $107.9 million of net favorable prior year loss reserve development primarily resulting from favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year's catastrophe events, as well as favorable development in Insurance & Services, mainly in A&H due to lower than expected reported attritional losses.

For the year ended December 31, 2023, the Company recorded $174.2 million of net favorable prior year loss reserve development primarily resulting from management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, and a reduction in unallocated loss adjustment expense reserves related to the claims that will no longer be managed by SiriusPoint under the terms of the 2023 LPT, which represents $127.8 million of the favorable loss development, in addition to favorable prior year loss reserve development in A&H.

Summarized Income Statements - Bermuda Operating Subsidiaries

SiriusPoint Bermuda and Alstead's main sources of income are from its underwriting and investing activities.

The following is a summarized income statement for SiriusPoint Bermuda for the years ended December 31, 2024 and 2023:

2024 2023

($ in millions)

Net underwriting income (1)	$ 88.6	$ 63.8
Other revenues	97.1	11.5
Net investment income and net realized and unrealized investment gains (losses)	82.4	129.9
Net corporate and other expenses	(5.7)	(2.7)
Interest expenses	(15.4)	(10.4)
Foreign exchange gains (losses)	15.5	(14.9)
Income tax benefit	1.0	54.8

Net income (2) $ 263.5 $ 232.0

1. Underwriting results include certain risks assumed from other SiriusPoint entities and intercompany service fees.

2. Net income excludes earnings from consolidated SiriusPoint entities.

The following is a summarized income statement for Alstead for the years ended December 31, 2024 and 2023:

2024 2023

($ in millions)

Net underwriting income (1)	$ 0.2	$ 0.7
Net investment income and net realized and unrealized investment gains (losses)	0.2	0.2
Net corporate and other expenses	(0.2)	(0.2)
Other revenues	0.1	0.1
Foreign exchange gains (losses)	(0.2)	0.1
Income tax (expense) benefit	0.1	(0.2)
Net income	$ 0.2	$ 0.7
(1) Underwriting results include certain risks assumed from other SiriusPoint entities.

CM Bermuda Transactions

Series A Preference Shares Settlement and Share Repurchase

On August 1, 2024, SiriusPoint entered into a Confidential Settlement and Mutual Release Agreement (the "Settlement Agreement"), and concurrently therewith, a Share Repurchase Agreement (the "Share Repurchase Agreement" and, together with the Settlement Agreement, collectively, the "CMIG Series A and Repurchase Agreement"), in each case, with CM Bermuda and CMIG.

SiriusPoint paid CM Bermuda a total consideration of $261.3 million upon the closing of the transactions under the CMIG Series A and Repurchase Agreement. Pursuant to the Settlement Agreement, SiriusPoint paid CM Bermuda for full satisfaction and discharge of all obligations and all other claims of any nature related to SiriusPoint's Series A Preference Shares held by CM Bermuda and the related Certificate of Designation of Series A Preference Shares of SiriusPoint, and recorded a loss of $90.7 million in Loss on settlement and change in fair value of liability classified instruments in SiriusPoint's consolidated income statement during the year ended December 31, 2024. All Series A Preference shares held by CM Bermuda were cancelled and retired at the closing of the transaction. Pursuant to the Share Repurchase Agreement, SiriusPoint repurchased 9,077,705 of SiriusPoint's issued and outstanding common shares held by CM Bermuda for

$125.0 million, which had a repurchase date fair value of $129.7 million. The repurchased shares were cancelled and retired.

Merger Warrant Settlement and Share Repurchase

On December 30, 2024, SiriusPoint entered into a Securities Purchase Agreement (the "CMIG Securities Purchase Agreement") with CM Bermuda.

Pursuant to the CMIG Securities Purchase Agreement, SiriusPoint agreed to repurchase (i) 20,991,337 warrants to purchase common shares of SiriusPoint held by CM Bermuda at $3.56 per warrant (the "Warrant Purchase") and (ii) 45,720,732 common shares of SiriusPoint at $14.25 per common share (together with the Warrant Purchase, the "Purchase"). The aggregate amount payable by the Company under the CMIG Securities Purchase Agreement was approximately

$733.0 million, including certain costs and expenses.

The CMIG Securities Purchase Agreement contemplates that payment thereunder be made in two tranches. The first payment of $250.0 million was made concurrently with the execution of the CMIG Securities Purchase Agreement. At the closing of the Purchase on February 27, 2025, SiriusPoint paid an additional $483.0 million to CM Bermuda, which was recorded in Share repurchase liability in the Company's consolidated balance sheet as of December 31, 2024. The repurchase date fair value of the common shares was $649.2 million. Pursuant to the CMIG Securities Purchase Agreement, SiriusPoint recorded a loss of $25.9 million in Loss on settlement and change in fair value of liability classified instruments in the Company's consolidated income statement, which includes $6.8 million of CM Bermuda's costs and expenses.

Refer to "Section 6. Subsequent Events" for additional information on the CMIG Securities Purchase Agreement.

Workers' Compensation Loss Portfolio Transfer

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

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

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

SiriusPoint International Loss Portfolio Transfer

On March 2, 2023, SiriusPoint agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction ("2023 LPT"), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The transaction covered loss reserves ceded initially estimated at $1.3 billion as of the valuation date of September 30, 2022, which were reduced to

$905.6 million as of June 30, 2023 at closing, as a result of paid losses and favorable prior accident year reserve development recognized during the interim period. As of December 31, 2024, SiriusPoint recorded funds held payable of

$543.2 million in Reinsurance balances payable and reinsurance recoverable of $569.2 million, and SiriusPoint's estimate of deferred gain is $8.5 million. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of roll forward reserves at the inception of the contract.

Bermuda Corporate Income Tax Act 2023

The Government of Bermuda enacted the Corporate Income Tax Act 2023 (the "Bermuda CIT") on December 27, 2023 with an effective date of January 1, 2025. The Bermuda CIT would apply to Bermuda businesses that are part of multinational enterprise groups with annual revenue of EUR 750 million or more. The tax effects of changes in tax laws must be recognized in the period in which the law is enacted, and deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. As result, in the fourth quarter of 2023 (the period of enactment), the Company recorded a net deferred tax asset in the amount of $100.8 million in connection with the Bermuda CIT. An additional $34.6 million benefit was recorded in 2024 through the income statement and other comprehensive income after finalization of the current year results. We expect that our in-scope entities will incur increased tax expense in Bermuda beginning in 2025.

The BMA has completed its assessment of the impact of the Bermuda CIT on statutory capital and surplus, and has permitted the elective inclusion of the Bermuda CIT, including deferred tax effects, in statutory capital and surplus starting as of December 31, 2024.

Other Items

No other material income or expenses to report as of December 31, 2024.

Additional information regarding SiriusPoint's income and expenses incurred during the reporting period is available in SiriusPoint's most recent Annual Report for the year ended December 31, 2024 on Form 10-K filed with the SEC on February 21, 2025, which can be found in the "Investor Relations" portion of our Internet website (https://www.siriuspt.com).

‌SECTION 2 - GOVERNANCE STRUCTURE

24

‌SECTION 2 - GOVERNANCE STRUCTURE

a. Board and Senior Executives

SiriusPoint's Board of Directors and Committee Membership as of May 1, 2025

COMMITTEE MEMBERSHIP GOVERNANCE

DIRECTOR AND

PRINCIPAL OCCUPATION AGE

DIRECTOR

SINCE INDEPENDENT

AUDIT COMPENSATION

&

NOMINATING INVESTMENT

RISK & CAPITAL MANAGEMENT

CLASS III DIRECTORS, NOMINEES FOR ELECTION, TERMS EXPIRING IN 2025
Scott Egan Chief Executive Officer, SiriusPoint	53	2022
Rafe de la Gueronniere	72	2013	I
Sharon M. Ludlow	58	2021	I
CLASS I DIRECTORS, TERMS EXPIRING 2026
Franklin Montross IV	69	2021	I
Peter Wei Han Tan	52	2021
Susan L. Cross	65	2024	I
CLASS II DIRECTORS, TERMS EXPIRING IN 2027
Daniel S. Loeb	63	2022
Mehdi A. Mahmud	52	2020	I
Jason Robart Bronek Masojada ☆	59 63	2022 2023	I I

Committee Chair

Committee Member

Chair of the Board

Independent Director

Audit Committee financial expert

☆

I

For biographical information for the Board of Directors please see Appendix 2.

SiriusPoint's Senior Executives as of May 1, 2025

NAME POSITION

Scott Egan Chief Executive Officer

James McKinney Chief Financial Officer

Karen Caddick Chief Human Resources Officer

Patrick Charles Head of North America Insurance

Robin Gibbs President & CEO, SiriusPoint International

David E. Govrin Group President and Chief Executive Officer of Global Reinsurance Andreas Kull Chief Risk Officer

Thomas Leonardo Global Head of Accident & Health

Linda S. Lin Chief Legal Officer

Nestor Lopez Chief Information and Technology Officer

Anthony Shapella Group Chief Underwriting Officer

For biographical information for the Senior Executives please see Appendix 2

Bermuda Operating Subsidiaries

Refer to Appendix 3 for the professional qualifications, skills and experiences of the directors and officers of SiriusPoint Bermuda and Alstead.

‌a. (i) Board Primary Role and Responsibilities

SiriusPoint's Board is responsible for the oversight of management on behalf of SiriusPoint's shareholders in order to ensure long-term value creation. In that regard, the primary responsibilities of SiriusPoint's Board include, but are not limited to (i) oversight of SiriusPoint's strategic direction and business plan, (ii) ongoing succession planning and talent management, and

(iii) risk management and oversight.

Our Corporate Governance Guidelines, the charters of the standing committees of the Board (Audit, Compensation, Governance and Nominating, Investment, and Risk and Capital Management) and our Code of Business Conduct and Ethics provide the foundation of our governance framework. Key governance policies and processes also include our Whistleblower Policy, our comprehensive Enterprise Risk Management Program, our commitment to transparent financial reporting and our systems of internal checks and balances. Comprehensive management policies, many of which are approved at the Board and/or committee level, guide SiriusPoint's operations. SiriusPoint's Board, along with management, regularly reviews SiriusPoint's Corporate Governance Guidelines and practices to ensure that they are appropriate and reflect SiriusPoint's mission, vision and values. In reviewing SiriusPoint Corporate Governance Guidelines and other key governance policies and practices, the Governance and Nominating Committee considers regulatory developments and trends in corporate governance.

These Corporate Governance Guidelines address, among other things:

• the composition and functions of the Board,

• director independence,

• compensation of directors,

• management succession and review,

• Board Committees, and

• selection of new directors.

The Code of Business Conduct and Ethics applies to SiriusPoint's Board and all of our employees, including our principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions in carrying out their responsibilities to, and on behalf of, the Company. If we make any amendments to the Code of Business Conduct and Ethics or grant any waiver that we are required to disclose, we will disclose the nature of such amendments or waiver on our website. (https://www.siriuspt.com).

Risk Management and Oversight

SiriusPoint's Board takes an enterprise-wide approach to risk management which seeks to complement our organizational objectives, strategic objectives, long-term performance and the overall enhancement of shareholder value.

FULL BOARD

SiriusPoint's Board assesses and considers the risks we face on an ongoing basis, including risks that are associated with:

• our financial position,

• our competitive position,

• underwriting results,

• investment performance,

• cybersecurity vulnerabilities,

• catastrophic events, and

• other risks germane to the insurance and reinsurance industry.

SiriusPoint's Board determines the appropriate levels of risk for SiriusPoint generally, assesses the specific risks faced by us, and reviews the steps taken by management to manage those risks. While our Board maintains the ultimate oversight responsibility for the risk management process, its committees oversee risk in certain specified areas.

‌a. (ii) Remuneration Policy

Board of Directors

SiriusPoint

Pursuant to the terms of our Director Compensation Policy, our independent directors were entitled to receive an annual cash retainer of $137,500 per year, and certain additional cash payments for serving in certain roles as follows:

• Lead Independent Director of the Board: $50,000;

• Non-Executive Chair of the Board: $100,000;

• Chairs of the Audit and Risk and Capital Management Committees: $35,000; and

• Chairs of the Investment, Compensation, and Governance and Nominations Committees: $20,000.

Annual cash retainers are paid in arrears in equal quarterly installments, and are prorated for partial years of Board service based on the number of days served by the applicable independent director during any such year.

Equity Incentive Grants

Pursuant to the terms of the Director Compensation Policy, each independent director is entitled to receive an annual grant of restricted shares with a grant date value of $137,500 (or such higher amount as approved by the Board). Restricted share grants are typically made on or around the date of the annual general meeting of shareholders, with the number of shares being calculated based on the fair market value of a common share of the Company on the date of grant, and vest on the date of the next annual meeting of shareholders following the date of such grant, subject to the director's continued service through such vesting date. For independent directors who join the Board after the grant date for the annual restricted share grant, but within the same calendar year as such grant, such directors will receive a restricted share grant equal to 50% of the annual restricted share grant for the year. Any independent directors that join the Board on or after January 1st of an applicable year and prior to the date of the annual grant will not be entitled to a pro-rated award for such period of service, but will receive their first award at the time of the next annual grant.

All restricted share grants made in 2024 were subject to the SiriusPoint Ltd. 2023 Omnibus Incentive Plan (the "2023 Omnibus Incentive Plan") and applicable award agreements entered into between SiriusPoint and the director. The restricted share awards (other than initial grants of restricted shares in connection with the director's appointment to the board) granted during 2024 are scheduled to fully vest on May 31, 2025, subject to the director's continued Board service through the vesting date.

Our directors who are not independent (including those who are our employees) do not receive compensation for serving as members of our Board. As a result, Messrs. Egan, Tan and Loeb were not compensated for their services as directors during 2024. However, all directors are reimbursed for reasonable expenses incurred in attending meetings and carrying out duties as Board and committee members, including attendance at educational seminars and other expenses directly related to SiriusPoint's business.

For additional information regarding Director Compensation please see SiriusPoint's Proxy Statement, Director Compensation, filed with the SEC on April 10, 2025, which is also included on our website at (https://www.siriuspt.com).

Bermuda Operating Subsidiaries

The directors of SiriusPoint Bermuda and Alstead do not receive remuneration for their role as directors.

Senior Executives and Employees

SiriusPoint Employees

The compensation program for employees consists primarily of base salary, short-term incentive compensation, long-term incentive compensation and retirement, health and welfare benefits.

SiriusPoint Executives

SiriusPoint's 2024 executive compensation program was designed to promote our pay-for-performance philosophy, with a significant majority of our executives direct compensation delivered in the form of at-risk, variable compensation (in the form of both short-term cash incentives and longer-term equity incentives), as well as our commitment to sound corporate governance and proper risk-management. The 2024 program was designed to be aligned with the interests of shareholders by tying executive compensation to metrics that we believe support the creation of long-term shareholder value.

The SiriusPoint Compensation Committee reviews and evaluates the performance and compensation of our executives annually, assessing performance in relation to SiriusPoint's strategic, operational and financial performance. A summary of our executive compensation practices:

WHAT WE DO WHAT WE DON'T DO

We focus on attracting and retaining superior and diverse executive talent

We do not award stock options with an exercise price below 100% of fair market value

We require officers and directors to satisfy meaningful share ownership requirements

We seek to mitigate undue risk in compensation programs through informed performance goal-setting that considers multiple financial and non-financial factors

Our Compensation Committee retains the services of an independent compensation consultant

We generally consider market and industry data when setting executive pay, using the median as a reference point to understand the general market

We maintain a clawback policy applicable to executive officers in the event of a financial statement restatement, and, in January 2024, expanded this to allow recoupment for serious/gross misconduct

We offer double-trigger change-in-control benefits

We do not allow our directors, executive officers, employees or their related persons to pledge SiriusPoint's securities as collateral for loans or for any other purpose

We do not allow our directors, executive officers, employees or their related persons to hedge SiriusPoint's securities

We do not provide "gross-ups" for golden parachute taxes

We do not reprice stock options unless approved in advance by our shareholders

We do not incentivize excessive risk-taking through our compensation programs, and a review of risk events forms part of the Compensation Committee's considerations when making award decisions

Annual Cash Incentive Pay

The primary purpose of annual cash incentive pay is to reward executive performance during the year based upon the achievement of business and individual goals.

Performance metrics are set based on the short-term measures that the Compensation Committee deems necessary to achieve operational success. The performance metrics are periodically reviewed and adjusted, where required, in the Compensation Committee's judgment.

All of our employees and senior executives participate in our annual incentive plan pursuant to which they are eligible to receive a cash incentive award based primarily on company performance during the year. The total cash incentive pool for the 2024 Annual Incentive Plan was calculated by applying the actual results of the financial metric, weighted at 70%, and the strategic metrics, weighted at 30%. The financial and strategic metrics for the 2024 Annual Incentive Plan were intended to motivate continued progress with the turnaround of the business.

For 2024, one financial performance metric (Core combined ratio) was used to incentivize all leaders and colleagues to focus on profitability and the achievement of a shared goal. The Compensation Committee selected Core combined ratio as

the sole financial performance metric under the 2024 Annual Incentive Plan because the Compensation Committee believes it effectively measures the profitability of the Company's business. The Core combined ratio metric is commonly used by industry peer companies to measure performance and the value created through effective underwriting. The 2024 Core combined ratio goal was designed to be challenging but achievable with strong management performance.

The Core Combined Ratio financial performance metric had a potential performance range of 50% at threshold to 200% at maximum for its 70% contribution (with no payout below threshold). The strategic objectives had a potential performance range of 0% to 100% of target for their 30% weighting (with no payouts if the Core Combined Ratio financial performance metric was below threshold). As a result, the maximum funding level of the Annual Incentive Plan was 170% of the aggregate target bonus amounts for all participants in the Annual Incentive Plan.

Long-Term Incentives

The purpose of long-term incentives is to align the interests of employees with those of shareholders through meaningful equity participation. The program can generate significant value when executives drive SiriusPoint to achieve long-term results. The following principles goveour long-term incentive program:

• Long-term incentives aim to provide balance to a short-term performance focus. Executives should be focused on achievement of SiriusPoint's long-term strategic objectives. Through long-term incentives, we encourage executives to drive strong Company performance over the long term.

• Long-term incentive awards should reflect market-competitive compensation levels. Individual grants vary based on individual performance, which reward individual achievement as well as long-term corporate performance.

• The mix of long-term incentives will vary by role and level in SiriusPoint to balance retention, the drive for longterm growth in shareholder value and the individual's ability to contribute to value creation.

• SiriusPoint may use a variety of incentive awards from year to year to deliver long-term incentives.

• Our long-term incentive program provides for annual long-term incentive grants with overlapping vesting schedules and performance cycles to incentivize and promote retention of employees and executives.

For additional information regarding Compensation please see SiriusPoint's Proxy Statement, Executive Compensation, filed with the SEC on April 10, 2025, which is also included on our website at (https://www.siriuspt.com).

‌a. (iii) Supplementary Pension or Early Retirement Schemes

SiriusPoint provides health and welfare plans, such as medical coverage and life and disability insurance, in line with applicable market conditions and applicable law. We believe these health and welfare plans help ensure that SiriusPoint has a productive and focused workforce through reliable and competitive health and other benefits. SiriusPoint also maintains defined contribution benefit plans that provide eligible employees with an opportunity to save for retirement. For eligible US employees, SiriusPoint maintains a 401(k) plan under which SiriusPoint provides matching contributions of up to 6% of eligible compensation. For eligible UK employees, SiriusPoint maintains a defined contribution pension plan pursuant to which SiriusPoint contributes up to 12% of annual salary for eligible employees or, for UK employees who have paid the maximum amount into this plan (in line with either the lifetime allowance or the annual allowance), SiriusPoint will pay the remainder of the 12% employer pension contribution to the individual in cash via payroll as a pension supplement). For eligible Canadian employees, SiriusPoint maintains a Retirement Savings Plan pursuant to which SiriusPoint contributes up to 12% of annual salary for eligible employees. For eligible Bermudian employees, SiriusPoint maintains a defined contribution plan pursuant to which SiriusPoint contributes an amount equal to 10% of each participating employee's annual base salary. We annually review the level of employee benefits provided to executives and believe that the employee benefits provided are reasonable and consistent with market practices in the jurisdictions in which SiriusPoint operates.

‌a. (iv) Material transactions with Shareholder Controllers

For information regarding SiriusPoint's related party transactions, please see SiriusPoint's most recent Annual Report for the year ended December 31, 2024 on Form 10-K filed with the SEC on February 21, 2025, which can be found in the "Related Party Transactions" and SiriusPoint's Proxy Statement, Certain Relationships and Related Party Transactions, filed with the SEC on April 10, 2025, which is also included on our website at (https://www.siriuspt.com).

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SiriusPoint Ltd. published this content on May 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 16, 2025 at 00:33 UTC.