$SPNT

Third Point Reinsurance Ltd.

CIK:0001576018|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net earned premium	$ 640.3	$ 652.0	$ 1,279.2	$ 1,278.7
Net investment income	65.5	68.2	131.9	139.4
Net investment gains (losses)	7.9	0.7	19.3	0.4
Other revenues	30.4	27.3	88.3	57.0
Total revenues	744.1	748.2	1,518.7	1,475.5
Expenses
Loss and loss adjustment expenses incurred, net	358.2	372.6	721.1	774.4
Acquisition costs, net	156.8	140.9	304.6	270.6
Other underwriting expenses	51.8	48.3	102.3	89.4
Net corporate and other expenses	73.7	70.9	144.9	131.5
Intangible asset amortization	2.4	2.8	5.0	5.7
Interest expense	18.7	21.1	35.5	39.2
Foreign exchange (gains) losses	(1.8)	16.7	(0.5)	14.5
Total expenses	659.8	673.3	1,312.9	1,325.3
Income before income tax expense	84.3	74.9	205.8	150.2
Income tax expense	(15.8)	(11.6)	(35.0)	(24.9)
Net income	68.5	63.3	170.8	125.3
Net (income) loss attributable to noncontrolling interests	0.1	(0.1)	0.0	(0.5)
Net income available to SiriusPoint	68.6	63.2	170.8	124.8
Dividends on Series B preference shares	0.0	(4.0)	(2.6)	(8.0)
Net income available to SiriusPoint common shareholders, basic	68.6	59.2	168.2	116.8
Net income available to SiriusPoint common shareholders, diluted	$ 68.6	$ 59.2	$ 168.2	$ 116.8
Earnings per share available to SiriusPoint common shareholders
Basic earnings per share available to SiriusPoint common shareholders (in dollars per share)	$ 0.59	$ 0.51	$ 1.44	$ 1.00
Diluted earnings per share available to SiriusPoint common shareholders (in dollars per share)	$ 0.58	$ 0.50	$ 1.40	$ 0.98
Weighted average number of common shares used in the determination of earnings per share
Basic (in shares)	116,732,354	116,523,435	116,728,906	116,252,739
Diluted (in shares)	119,011,731	118,669,471	120,237,742	118,598,535

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 170.8	$ 125.3
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share compensation	16.4	12.2
Net realized and unrealized gain on investments and derivatives	(19.3)	(0.4)
Amortization of premium and accretion of discount, net	(13.7)	(19.8)
Amortization of intangible assets	5.0	5.7
Other items, net	(23.5)	32.5
Changes in assets and liabilities:
Insurance and reinsurance balances receivable, net	(346.4)	(236.6)
Deferred acquisition costs, net	(24.6)	(52.0)
Unearned premiums ceded	(143.3)	(20.1)
Loss and loss adjustment expenses recoverable, net	110.9	51.4
Deferred tax asset/liability	11.7	10.2
Other assets	21.5	(54.5)
Interest and dividends receivable	2.9	1.5
Loss and loss adjustment expense reserves	(32.2)	163.5
Unearned premium reserves	264.3	214.8
Deferred gain on retroactive reinsurance	0.0	(8.5)
Reinsurance balances payable	13.7	(241.7)
Other liabilities	7.3	(10.3)
Held for sale asset	115.2	0.0
Net cash provided by (used in) operating activities	136.7	(26.8)
Investing activities
Purchases of debt securities, available-for-sale	(980.6)	(811.2)
Purchases of short-term investments	(16.3)	(89.2)
Purchases of other investments	(4.4)	(9.7)
Proceeds from sales and maturities of debt securities, available-for-sale	931.8	1,282.2
Proceeds from sales and maturities of debt securities, trading and short-term investments	59.6	191.0
Proceeds from sales and maturities of other investments	44.2	8.7
Change in due to/from brokers, net	(7.3)	(6.0)
Business acquisitions, net (cash and restricted cash acquired of $4.9)	(29.4)	0.0
Net cash provided by (used in) investing activities	(2.4)	565.8
Financing activities
Redemption of preference shares	(200.0)	0.0
Purchases of SiriusPoint common shares under share repurchase program	(73.3)	(490.8)
Net proceeds from exercise of options	0.0	0.6
Net proceeds (payments) on deposit liability contracts	7.6	(7.3)
Cash dividends paid to preference shareholders	(2.6)	(8.0)
Taxes paid on withholding shares	(22.2)	(4.1)
Change in total noncontrolling interests, net	(0.3)	(0.8)
Net cash used in financing activities	(290.8)	(510.4)
Net increase (decrease) in cash, cash equivalents and restricted cash	(156.5)	28.6
Cash, cash equivalents and restricted cash at beginning of period	902.4	894.6
Cash, cash equivalents and restricted cash at end of period	$ 745.9	$ 923.2

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2025 - $0.0) (cost - $5,180.5; 2025 - $5,118.3)	$ 5,156.9	$ 5,168.6
Debt securities, trading, at fair value (cost - $88.6; 2025 - $114.6)	64.8	90.3
Short-term investments, at fair value (cost - $7.2; 2025 - $28.4)	7.5	28.3
Other long-term investments, at fair value (cost - $399.3; 2025 - $421.9) (includes related party investments at fair value of $224.5 (2025 - $216.1))	285.8	315.1
Total investments	5,515.0	5,602.3
Cash and cash equivalents	614.8	731.2
Restricted cash and cash equivalents	131.1	171.2
Due from brokers	32.6	7.5
Interest and dividends receivable	44.2	47.1
Insurance and reinsurance balances receivable, net	2,606.7	2,260.3
Deferred acquisition costs, net	408.7	384.1
Unearned premiums ceded	630.7	487.4
Loss and loss adjustment expenses recoverable, net	1,991.4	2,102.3
Deferred tax asset	267.4	267.7
Goodwill	18.6	0.0
Intangible assets	137.4	121.2
Other assets	253.1	272.1
Assets held for sale	0.0	115.2
Total assets	12,651.7	12,569.6
Liabilities
Loss and loss adjustment expense reserves	5,750.3	5,782.5
Unearned premium reserves	2,119.7	1,855.4
Reinsurance balances payable	1,461.3	1,447.6
Debt	675.5	688.6
Due to brokers	23.3	5.5
Deferred tax liability	73.1	73.0
Other liabilities	271.8	246.1
Total liabilities	10,375.0	10,098.7
Commitments and contingent liabilities (refer to Note 17)
Shareholders’ equity
Common shares (issued and outstanding: 116,065,965 (2025 - 116,989,799)	11.6	11.7
Additional paid-in capital	888.9	967.7
Retained earnings	1,396.7	1,228.5
Accumulated other comprehensive income (loss), net of tax	(21.3)	61.9
Shareholders’ equity attributable to SiriusPoint shareholders	2,275.9	2,469.8
Noncontrolling interests	0.8	1.1
Total shareholders’ equity	2,276.7	2,470.9
Total liabilities, noncontrolling interests and shareholders’ equity	12,651.7	12,569.6
Series B preference shares
Shareholders’ equity
Series B preference shares (2025 - par value $0.10; authorized and issued: 8,000,000)	$ 0.0	$ 200.0