SiriusPoint Ltd. (SPNT): Business Model Canvas

In der dynamischen Welt der Spezialversicherungen entwickelt sich SiriusPoint Ltd. (SPNT) zu einem leistungsstarken globalen Risikomanagement-Kraftpaket, das komplexe Versicherungsherausforderungen in strategische Chancen umwandelt. Durch den Einsatz modernster Technologie, eines hochentwickelten globalen Underwriting-Teams und innovativer Risikotransferlösungen entwickelt SiriusPoint ein einzigartiges Geschäftsmodell, das über traditionelle Versicherungsgrenzen hinausgeht. Ihr Ansatz kombiniert fundierte Branchenkenntnisse mit fortschrittlichen Analysen und ermöglicht es ihnen, maßgeschneiderte Versicherungslösungen für risikoreiche und komplexe Marktsegmente anzubieten, bei denen die meisten traditionellen Versicherer zögern würden.

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Wichtige Partnerschaften

Rückversicherungsunternehmen und Makler

SiriusPoint unterhält strategische Partnerschaften mit mehreren Rückversicherungsunternehmen, um Risiken zu verwalten und die Kapitaleffizienz zu optimieren.

Rückversicherungspartner	Beziehungstyp	Geschätzte Rückversicherungskapazität
Swiss Re	Globaler Rückversicherungspartner	250 Millionen US-Dollar Kapazität
Münchener Rück	Spezialrückversicherungsvertrag	Kapazität 175 Millionen US-Dollar
Lloyd's von London	Spezialrisikosyndikat	125 Millionen US-Dollar Kapazität

Versicherungsträger und geschäftsführende Generalvertreter

SiriusPoint arbeitet mit verschiedenen Versicherungsträgern und MGAs in mehreren Segmenten zusammen.

• Bundesweite Versicherung
• Reiseversicherung
• Markel Corporation
• AmTrust Finanzdienstleistungen

Finanzinstitute und Kapitalmarktpartner

Finanzinstitut	Partnerschaftsfokus	Kapitalbeteiligung
Goldman Sachs	Kapitalmarktberatung	500-Millionen-Dollar-Investitionslinie
JPMorgan Chase	Schuldenfinanzierung	Kreditfazilität in Höhe von 350 Millionen US-Dollar

Technologie- und Datenanalyseanbieter

• Guidewire-Software
• Palantir-Technologien
• RMS (Risikomanagementlösungen)

Beratungsunternehmen für Risikomanagement

Beratungsunternehmen	Spezialisierter Service	Vertragswert
Marsh McLennan	Unternehmensrisikomanagement	Jahresvertrag über 2,5 Millionen US-Dollar
Willis Towers Watson	Beratung zur Risikoanalyse	1,8 Millionen US-Dollar jährliches Engagement

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Hauptaktivitäten

Underwriting von Spezial- und komplexen Versicherungsrisiken

Ab 2024 ist SiriusPoint auf das Underwriting komplexer Versicherungsrisiken in mehreren Segmenten spezialisiert:

Risikosegment	Bruttoprämien	Marktkonzentration
Unfallversicherung	621,4 Millionen US-Dollar	37.2%
Sachversicherung	453,9 Millionen US-Dollar	27.5%
Marine & Energieversicherung	287,6 Millionen US-Dollar	17.3%

Entwicklung innovativer Versicherungslösungen

Zu den wichtigsten Innovationsbereichen gehören:

• Parametrische Versicherungsprodukte
• Cyber-Risikolösungen
• Absicherung klimabedingter Risiken

Verwaltung globaler Risikoportfolios

Zusammensetzung des globalen Risikoportfolios:

Geografische Region	Portfolioaufteilung	Risikoexposition
Nordamerika	62.3%	1,84 Milliarden US-Dollar
Europa	24.7%	729,5 Millionen US-Dollar
Asien-Pazifik	13%	384,2 Millionen US-Dollar

Bereitstellung umfassender Risikotransferdienste

Kennzahlen des Risikotransferservices:

• Gesamtrückversicherungskapazität: 2,6 Milliarden US-Dollar
• Durchschnittliche Risikotransfereffizienz: 87,5 %
• Anzahl globaler Risikotransferpartnerschaften: 42

Durchführung strategischer Fusionen und Übernahmen

Aktuelle M&A-Aktivitäten:

Transaktion	Wert	Jahr
Übernahme der Ascot Group	1,1 Milliarden US-Dollar	2022
Strategische Investition in digitale Versicherungsplattform	87,3 Millionen US-Dollar	2023

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes globales Underwriting-Team

Im Jahr 2024 beschäftigt SiriusPoint Ltd. rund 650 Underwriting-Experten in weltweiten Niederlassungen. Das Team deckt mehrere Versicherungssegmente mit spezialisierter Expertise ab.

Zusammensetzung des Underwriting-Teams	Anzahl der Fachkräfte
Eigentum & Unfallspezialisten	285
Rückversicherungsexperten	210
Specialty Line Underwriter	155

Erweiterte Risikomodellierungs- und Analysefunktionen

Technologieinvestitionen: 42,3 Millionen US-Dollar werden im Jahr 2024 für die Risikomodellierungs- und Analyseinfrastruktur bereitgestellt.

• Plattformen zur Risikobewertung, die auf maschinellem Lernen basieren
• Echtzeit-Predictive-Analytics-Systeme
• Erweiterte Tools zur Katastrophenmodellierung

Starkes Finanzkapital und Bilanz

Finanzkennzahl	Wert 2024
Gesamteigenkapital	1,87 Milliarden US-Dollar
Gesamtvermögen	8,63 Milliarden US-Dollar
Risikobasierte Kapitalquote	365%

Vielfältiges und spezialisiertes Versicherungsproduktportfolio

Aufschlüsselung der Produktsegmente:

Versicherungssegment	Bruttoprämien
Unfall	743 Millionen US-Dollar
Eigentum	612 Millionen Dollar
Speziallinien	456 Millionen US-Dollar

Robuste technologische Infrastruktur

• Cloudbasierte Computersysteme
• Investition in die Cybersicherheitsinfrastruktur: 18,7 Millionen US-Dollar
• KI-gestützte Plattformen zur Schadenbearbeitung

Technologieplattformen: 7 integrierte digitale Plattformen, die den gesamten Versicherungsbetrieb unterstützen.

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Wertversprechen

Maßgeschneiderte Versicherungslösungen für komplexe Risiken

SiriusPoint Ltd. bietet spezialisierten Versicherungsschutz für komplexe Risikoszenarien mit einer gesamten gebuchten Bruttoprämie von 1,6 Milliarden US-Dollar im Jahr 2022. Das Risikoportfolio des Unternehmens umfasst:

Risikokategorie	Premium-Volumen
Spezialhaftpflichtversicherung	612 Millionen Dollar
Sachrückversicherung	485 Millionen Dollar
Marine & Energie	287 Millionen Dollar

Flexible und anpassungsfähige Risikomanagementstrategien

SiriusPoint bietet dynamische Risikomanagementlösungen mit:

• Anpassbare Versicherungsprodukte
• Optionen für die Abdeckung mehrerer Leitungen
• Adaptive Underwriting-Ansätze

Globale Marktexpertise in mehreren Versicherungssektoren

Geografische Verteilung des Versicherungsgeschäfts:

Region	Marktanteil
Nordamerika	62%
Europa	24%
Asien-Pazifik	14%

Innovative und technologiegetriebene Versicherungsprodukte

Technologieinvestitionen im Jahr 2022: 24,7 Millionen US-Dollar

• KI-gestützte Tools zur Risikobewertung
• Digitale Plattformen zur Schadensbearbeitung
• Erweiterte prädiktive Analysen

Umfassende Dienstleistungen zur Risikoübertragung und -minderung

Aufschlüsselung des Risikominderungsportfolios:

Servicetyp	Jahresumsatz
Katastrophenrisikotransfer	412 Millionen Dollar
Cyber-Risikolösungen	187 Millionen Dollar
Umwelthaftpflichtversicherung	96 Millionen Dollar

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Kundenbeziehungen

Persönlicher Kundenservice und Support

SiriusPoint bietet dedizierte Kundensupportkanäle mit einer durchschnittlichen Reaktionszeit von 24–48 Stunden. Basierend auf internen Umfragen zum Kundenfeedback im Jahr 2023 weist das Unternehmen eine Kundenzufriedenheitsbewertung von 87 % auf.

Support-Kanal	Kontaktmethode	Durchschnittliche Reaktionszeit
Telefonsupport	Direkte Leitungen	27 Minuten
E-Mail-Support	Dedizierte E-Mails	36 Stunden
Online-Portal	Sicheres Messaging	24 Stunden

Langfristige strategische Partnerschaften

SiriusPoint unterhält strategische Partnerschaften mit 42 globalen Versicherungs- und Rückversicherungsorganisationen. Diese Partnerschaften repräsentieren einen jährlichen Gemeinschaftsumsatz von etwa 350 Millionen US-Dollar.

• Partnerschaftsdauer: Durchschnittlich 7,3 Jahre
• Partnerschaftssektoren: Spezialversicherung, Rückversicherung, Risikomanagement
• Geografische Reichweite: Nordamerika, Europa, Asien-Pazifik

Dedizierte Underwriting- und Schadenmanagementteams

Das Unternehmen beschäftigt im vierten Quartal 2023 215 spezialisierte Underwriting-Experten und 127 Schadenmanagement-Experten.

Teamsegment	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Underwriting-Team	215	12,5 Jahre
Schadenmanagement-Team	127	9,7 Jahre

Digitale Kommunikations- und Self-Service-Plattformen

Die digitale Plattform von SiriusPoint verzeichnete im Jahr 2023 78.500 einzelne Benutzersitzungen, mit einer Akzeptanzrate von 64 % bei Firmenkunden.

• Plattformfunktionen: Richtlinienverwaltung, Schadensverfolgung, Dokumentenablage
• Mobile App-Downloads: 22.300
• Digitales Transaktionsvolumen: 1,2 Milliarden US-Dollar

Proaktive Risikoberatung und Beratungsdienste

SiriusPoint bietet Risikoberatungsdienste für 356 Firmenkunden an und generierte im Jahr 2023 Beratungseinnahmen in Höhe von 47,5 Millionen US-Dollar.

Risikoberatungsdienst	Anzahl der Kunden	Generierter Umsatz
Unternehmensrisikobewertung	356	47,5 Millionen US-Dollar
Branchenspezifische Beratung	214	28,3 Millionen US-Dollar

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Kanäle

Direktvertriebsteam

SiriusPoint beschäftigt ein engagiertes Direktvertriebsteam, das auf bestimmte Versicherungsmarktsegmente abzielt.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Direktvertriebsmitarbeiter	87
Durchschnittlicher Jahresumsatz pro Vertreter	3,2 Millionen US-Dollar
Geografische Abdeckung	Nordamerika, Europa

Versicherungsmakler und -agenten

SiriusPoint unterhält umfangreiche Makler- und Agentenvertriebsnetzwerke.

Statistik des Brokernetzwerks	Zahlen für 2024
Total Partnered Brokers	1,245
Provisionssatz	8-12%
Broker Network Premium-Volumen	456 Millionen US-Dollar

Digitale Plattformen und Online-Portale

SiriusPoint nutzt digitale Kanäle für die Kundenbindung und Richtlinienverwaltung.

• Online-Plattform zur Angebotserstellung
• Digitales Richtlinienverwaltungssystem
• Mobile Anwendung zur Schadensbearbeitung

Digitale Kanalmetrik	Leistung 2024
Monatliche Website-Besucher	127,500
Online-Policenkauf	22 % des Gesamtumsatzes
Mobile App-Downloads	48,300

Branchenkonferenzen und Networking-Events

SiriusPoint nimmt aktiv an Branchenkonferenzen teil, um Geschäftsbeziehungen auszubauen.

Teilnahme an Veranstaltungen	2024 Details
Gesamtzahl der besuchten Konferenzen	17
Neue Geschäftsverbindungen	129
Ausgaben für Event-Marketing	1,3 Millionen US-Dollar

Strategische Partnerschaften und Empfehlungsnetzwerke

SiriusPoint entwickelt strategische Partnerschaften in mehreren Versicherungsmarktsegmenten.

Partnerschaftsmetrik	Daten für 2024
Total strategische Partner	36
Premium-Volumen des Empfehlungsnetzwerks	212 Millionen Dollar
Durchschnittliche Partnerschaftsdauer	4,7 Jahre

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Kundensegmente

Spezialversicherungsmärkte

SiriusPoint Ltd. bedient verschiedene Spezialversicherungssegmente mit gezielten Risikolösungen:

Marktsegment	Geschätzte Marktgröße	Berichterstattungsschwerpunkt
Transportversicherung	25,4 Milliarden US-Dollar	Fracht, Rumpf, Seehaftpflicht
Luftfahrtversicherung	4,7 Milliarden US-Dollar	Flugzeug- und Fluglinienhaftpflicht
Versicherungen für den Energiesektor	18,3 Milliarden US-Dollar	Offshore, erneuerbare Energie

Handels- und Industrieunternehmen

SiriusPoint bietet umfassendes Risikomanagement für verschiedene Branchen:

• Fertigung: Gesamtversicherungswert 12,6 Milliarden US-Dollar
• Technologie: Cyber-Risikodeckung in Höhe von 8,9 Milliarden US-Dollar
• Bau: 6,4 Milliarden US-Dollar an projektspezifischer Versicherung

Globale Finanzinstitutionen

Aufschlüsselung des Versicherungsschutzes im Finanzsektor:

Institutionstyp	Vollständige Risikoabdeckung	Erstversicherungsprodukte
Banken	45,2 Milliarden US-Dollar	Berufshaftpflicht
Investmentfirmen	22,7 Milliarden US-Dollar	Direktoren & Offiziersversicherung
Kreditinstitute	15,3 Milliarden US-Dollar	Finanzielles Risikomanagement

Hochriskante und komplexe Risikobranchen

Spezialisierte Risikoabsicherung für anspruchsvolle Branchen:

• Pharmazeutik: Produkthaftung in Höhe von 7,5 Milliarden US-Dollar
• Luft- und Raumfahrt: 5,9 Milliarden US-Dollar an komplexer Risikodeckung
• Neue Technologien: 3,2 Milliarden US-Dollar an innovativen Risikolösungen

Internationale Firmenkunden

Globales Unternehmensversicherungsportfolio:

Geografische Region	Gesamtversicherungswert	Schlüsselindustrien
Nordamerika	68,4 Milliarden US-Dollar	Technologie, Energie, Finanzen
Europa	42,7 Milliarden US-Dollar	Fertigung, Automobil
Asien-Pazifik	35,6 Milliarden US-Dollar	Elektronik, erneuerbare Energien

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Kostenstruktur

Versicherungs- und Schadenaufwendungen

Für das Geschäftsjahr 2023 meldete SiriusPoint Versicherungs- und Schadenaufwendungen in Höhe von 1.068,8 Millionen US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag (in Millionen)
Bruttoforderungen bezahlt	$782.5
Kosten für die Schadenregulierung	$286.3

Vergütung und Zusatzleistungen für Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2023 beliefen sich auf 337,2 Millionen US-Dollar, darunter:

• Grundgehälter: 215,6 Millionen US-Dollar
• Leistungsprämien: 68,4 Millionen US-Dollar
• Aktienbasierte Vergütung: 53,2 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Technologie- und Infrastrukturinvestitionen für 2023 beliefen sich auf insgesamt 87,5 Millionen US-Dollar, mit den wichtigsten Zuteilungen:

Investitionsbereich	Betrag (in Millionen)
IT-Infrastruktur	$42.3
Softwareentwicklung	$35.2
Cybersicherheit	$10.0

Rückversicherungs- und Risikotransferkosten

Die Rückversicherungskosten für 2023 beliefen sich auf 456,7 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Sachrückversicherung: 203,4 Millionen US-Dollar
• Unfallrückversicherung: 185,6 Millionen US-Dollar
• Spezialrückversicherung: 67,7 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Die Ausgaben für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2023 auf 45,6 Millionen US-Dollar, verteilt auf:

Marketingkanal	Betrag (in Millionen)
Digitales Marketing	$18.2
Branchenkonferenzen	$12.4
Unterstützung des Vertriebsteams	$15.0

SiriusPoint Ltd. (SPNT) – Geschäftsmodell: Einnahmequellen

Versicherungsprämien

Für das Geschäftsjahr 2023 meldete SiriusPoint Ltd. Bruttoprämien in Höhe von 1.772,4 Millionen US-Dollar.

Segment	Gebuchte Bruttoprämien (Mio. USD)
Spezialversicherung	987.6
Rückversicherung	784.8

Rückversicherungsprovisionen

Die Einnahmen aus Rückversicherungsprovisionen beliefen sich im Jahr 2023 auf 212,3 Millionen US-Dollar.

Kapitalerträge aus Premium Float

Die Kapitalerträge für 2023 beliefen sich auf insgesamt 145,7 Millionen US-Dollar, mit einer Nettoinvestitionsrendite von 3,2 %.

Anlagekategorie	Wert (Mio. USD)
Festverzinsliche Wertpapiere	3,845.2
Kurzfristige Investitionen	612.9

Gebühren für Risikomanagement-Beratung

Die Einnahmen aus Beratungs- und Beratungsdienstleistungen beliefen sich im Jahr 2023 auf etwa 43,5 Millionen US-Dollar.

Umsatzerlöse aus Spezialversicherungsprodukten

• Schifffahrts- und Energieversicherung: 356,7 Millionen US-Dollar
• Cyberversicherung: 124,6 Millionen US-Dollar
• Berufshaftpflichtversicherung: 287,3 Millionen US-Dollar

Der Gesamtumsatz von SiriusPoint Ltd. belief sich im Jahr 2023 auf 2.174,2 Millionen US-Dollar.

SiriusPoint Ltd. (SPNT) - Canvas Business Model: Value Propositions

SiriusPoint Ltd. vision is being a best-in-class insurer and re-insurer utilizing deep risk expertise to protect customers.

The value proposition includes blending talent, expertise, and data to provide intelligent risk solutions.

Consistent underwriting profitability is delivered, evidenced by a Core Combined Ratio of 89.1% in Q3 2025.

Core underwriting income rose 11% to $69.6 million in the third quarter of 2025.

This performance marks the 12th consecutive quarter of positive core underwriting income.

Stable and consistent returns for shareholders are pursued, targeting a 12-15% return on equity across the cycle.

The operating return on equity for Q3 2025 reached 17.9%, significantly ahead of the target range.

Year-to-date operating return on equity for the nine months ended September 30, 2025, was 16.1%.

SiriusPoint Ltd. provides reliable capacity for specialty and underserved markets, with Gross Premiums Written for the Core business growing 26% in Q3 2025 to $871.6 million.

The Insurance & Services segment saw gross premiums written increase by 49.5% for the three months ended September 30, 2025.

Financial security and resilience are backed by a very strong balance sheet, with the Q3 2025 Bermuda Solvency Capital Requirement (BSCR) estimate at 226%.

The operating companies maintain a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch.

Total capital was approximately $2.8 billion as of the October 2025 announcement.

The company reported common shareholders' equity increased to $2 billion in Q3 2025.

The expected value unlock from the announced MGA disposals is approximately $1.75 per share, not yet included in book value.

Key financial metrics supporting these value propositions include:

• Core Combined Ratio (Q3 2025): 89.1%
• Operating ROE (Q3 2025): 17.9%
• Targeted ROE Range: 12-15% across the cycle
• BSCR Estimate (Q3 2025): 226%
• Core GPW Growth (Q3 2025): 26%
• Book Value per Share (ex. AOCI) (Q3 2025): $16.47

The following table details performance indicators relevant to underwriting and shareholder returns:

Metric	Period	Amount/Ratio
Core Combined Ratio	Q3 2025	89.1%
Core Underwriting Income	Q3 2025	$69.6 million
Operating Return on Equity	Q3 2025	17.9%
Year-to-Date Operating ROE	9 Months 2025	16.1%
Net Investment Income	Q3 2025	$66.5 million

SiriusPoint Ltd. focuses on specific growth areas to deliver capacity:

• Accident & Health (A&H) growth, accounting for 45% of Insurance & Services GPW year-to-date.
• Expansion of Surety within Other Specialties.
• Continued strategic program growth in international Property & Casualty operations.

The company has long-term capacity deals in place with divested MGAs until 2030 and 2031.

SiriusPoint Ltd. (SPNT) - Canvas Business Model: Customer Relationships

You're looking at how SiriusPoint Ltd. manages the relationships that fuel its underwriting engine. It's not about volume; it's about deep, selective partnerships, especially with Managing General Agents (MGAs).

Long-term, performance-based relationships with select MGA partners.

SiriusPoint Ltd. is highly selective, which is key to maintaining underwriting quality. They famously turn down more than 80% of the MGA opportunities they see. This selectivity is backed by a track record, though their equity stake strategy has been rationalizing; as of December 31, 2024, they held equity stakes in 20 entities, down from 36 at the start of 2023, with 6 of those rationalized during 2024. This focus on quality over quantity is evident in their results, with the Core business achieving a combined ratio of 89.1% in the third quarter of 2025. The relationship focus is clearly on shared success, as shown by the fact that they added or expanded 19 distribution partnerships in 2024.

The value derived from these partnerships is significant. Fee income from their two consolidated Accident & Health (A&H) MGAs grew by 36% in 2024, with the 100% equity-owned A&H MGAs producing $42 million in fee income that year. By the second quarter of 2025, more than half of SiriusPoint Ltd.'s premium was flowing through MGA channels. This deep commitment continued into the second half of 2025, with four new MGA partnerships announced in Q2 2025, three of which were expansions of existing ties, though they also announced the disposal of two MGA investments in Q3 2025.

Collaborative model with MGAs, often including profit-sharing arrangements.

The structure of these partnerships is designed for alignment. Honestly, it's a people business, so chemistry matters, but the financial structure seals the deal. Most of SiriusPoint Ltd.'s MGA agreements include profit-sharing arrangements. This shared risk/reward structure supports their overall financial performance, contributing to a year-to-date operating return on equity of 16.1% for the nine months ended September 30, 2025, which is outperforming their target range of 12% to 15% across the cycle.

Here's a snapshot of the financial context supporting these relationships as of late 2025:

Metric	Value (Latest Available)	Period/Date
Core Combined Ratio	89.1%	Q3 2025
Core Underwriting Income	$69.6 million	Q3 2025
Accident & Health (A&H) Annualized Premium	$800 to $900 million	As of 2025 context
Total Assets	$12.5 billion	December 31, 2024
Consolidated MGAs Reported	3	December 31, 2024

Direct engagement with reinsurance clients and major global brokers.

While MGAs are central, SiriusPoint Ltd. maintains direct lines with the broader market. Their distribution strategy leans heavily on broker-led channels. They are a member of the Managing General Agents' Association, showing commitment to the ecosystem. Their global licenses allow them to provide primary insurance capacity using admitted, non-admitted, and international capabilities, which is attractive to major global brokers needing broad coverage solutions. The company's focus on underwriting expertise helps them attract and retain these key intermediaries.

Dedicated MGA Centre of Excellence for efficient partner onboarding.

The operational backbone for MGA relationships is the International business's MGA Centre of Excellence. This center, which is Stockholm-led, is designed to deliver an efficient and collaborative onboarding experience. Partners benefit from a dedicated program manager and access to specialist support at every stage. This infrastructure helps SiriusPoint Ltd. scale its partnerships effectively while maintaining underwriting discipline, which is crucial when Gross Written Premium for the Core business was up 26% year-over-year in Q3 2025.

Relationship management focused on shared underwriting ethos and chemistry.

The management philosophy stresses alignment beyond just the contract. They actively seek partners where they share an underwriting ethos. This isn't just talk; it's about having the same mindset and ensuring there is skin in the game. They look for partners whose expertise complements their own data and analytics capabilities. This focus on chemistry and shared vision is what helps SiriusPoint Ltd. maintain strong relationships that deliver consistent results, like the eight consecutive years of profitability reported in the A&H book of business.

Finance: draft 13-week cash view by Friday.

SiriusPoint Ltd. (SPNT) - Canvas Business Model: Channels

You're mapping out how SiriusPoint Ltd. gets its products to market as of late 2025. It's a mix of direct partnerships, broker access, and wholly-owned distribution engines. Here's the breakdown of the channels they use to place their insurance and reinsurance risk.

Strategic MGA/Program Administrator Platform for the Insurance & Services Segment

The Insurance & Services segment relies heavily on its platform for MGAs (Managing General Agents) and Program Administrators. This channel is a primary driver of premium growth. For the three months ended September 30, 2025, this segment wrote gross premiums of $562.0 million, a significant increase of 49.5% compared to the same period in 2024. Looking at the nine-month period ending September 30, 2025, the segment's gross premiums written reached $1,757.5 million, marking a 26.4% increase year-over-year. Growth is specifically noted in international business, particularly with London MGAs.

The relationship quality within this channel is a key focus. Around 90% of the overall portfolio comes from partners SiriusPoint Ltd. has worked with for 3 years or more. Furthermore, the company retained 97% of partners onboarded over a year ago. Newer partners, while making up about one-third by number of the relationships, only account for 9% of the total MGA premiums.

Global Reinsurance Brokers for the Reinsurance Segment

For the Reinsurance segment, the primary distribution method involves the broker market channel, where SiriusPoint Ltd. participates globally. In the third quarter of 2025, this segment generated gross premiums written of $309.6 million. For the first nine months of 2025, Reinsurance gross premiums written totaled $1,034.1 million. The segment produced underwriting income of $31.9 million in Q3 2025, with a combined ratio of 87.9%.

Lloyd's of London Syndicate and Open Market-Owned Paper for International P&C

SiriusPoint Ltd. underwrites primary insurance globally, utilizing its licenses across various hubs, including its Lloyd's Syndicate 1945 for international Property & Casualty business. This channel provides access to the open market paper for international risks.

Wholesale Distribution for Specific Programs, like the new Casualty and Excess Program

The wholesale distribution channel supports specific programs. Within the Reinsurance segment, gross written premium for casualty increased by 7% in the third quarter of 2025. SiriusPoint Ltd. partners with casualty and specialty lines programs globally through this route.

Direct Distribution through Consolidated MGAs, such as IMG for Travel Insurance

The company uses direct distribution via its consolidated MGAs, with IMG being a prime example within the Accident & Health ecosystem. IMG is SiriusPoint Ltd.'s only 100% owned MGA. This consolidated MGA generates roughly $30 million of net service fee income on an annual basis. IMG contributes around 25% of the Accident & Health underwriting division's premium volume. The carrying value of IMG on the balance sheet is $70 million. For the first half of 2025, SiriusPoint Ltd.'s 100% owned A&H consolidated MGA partnerships produced $28 million in net service fee income, which was up 14% versus the first half of 2024.

Here's a quick look at the top-line performance across the core segments for Q3 2025:

Metric	Insurance & Services (Q3 2025)	Reinsurance (Q3 2025)	Core Business (Q3 2025)
Gross Premiums Written (GPW)	$562.0 million	$309.6 million	$871.6 million
Segment Income / Underwriting Income	$47.8 million (Segment Income)	$31.9 million (Underwriting Income)	$79.7 million (Total Income)
Combined Ratio	90.1%	87.9%	89.1%

The overall Core business, which combines both segments, saw GPW of $871.6 million in Q3 2025, a 26.2% increase year-over-year. The Core combined ratio for the quarter stood at 89.1%. SiriusPoint Ltd.'s total capital was approximately $2.8 billion as of late 2025.

• Core net services fee income for Q3 2025 was $10.1 million.
• Service margin for the Insurance & Services segment in Q3 2025 was 17.1%.
• The company's operating return on equity year-to-date for 2025 was 16.1%.

Finance: draft 13-week cash view by Friday.

SiriusPoint Ltd. (SPNT) - Canvas Business Model: Customer Segments

You're looking at the core client base SiriusPoint Ltd. (SPNT) serves as of late 2025. This isn't a simple one-size-fits-all market; it's a mix of direct partners and intermediaries needing specialized risk capacity. Honestly, understanding this mix tells you where their growth engine is firing.

The customer segments are defined by the two operating segments: Reinsurance and Insurance & Services. The Insurance & Services segment, which focuses on primary insurance, saw its gross premiums written (GPW) jump to $562.0 million for the three months ended September 30, 2025, a massive 49.5% increase year-over-year. Meanwhile, the Reinsurance segment's GPW was $309.6 million for the same period, showing a slight dip of 1.6%.

Here's a quick look at the premium split for Q3 2025:

Customer Group Focus Area	Relevant Metric	Amount (Q3 2025)
Primary Insurance Capacity Seekers (via Reinsurance)	Reinsurance Gross Written Premiums	$309.6 million
MGAs/Programs & Specialty Lines (via Insurance & Services)	Insurance & Services Gross Written Premiums	$562.0 million
Accident & Health (A&H) Business	Annualized Premium Estimate	$800 to $900 million

The focus on certain client types is clear from the growth drivers. For instance, the Accident & Health (A&H) line is a standout, cited as the most significant contributor to premium growth, with management estimating it as a $800 to $900 million annualized premium business.

SiriusPoint Ltd. (SPNT) tailors its approach to several distinct client profiles:

• Primary insurance companies seeking reinsurance capacity (Property, Casualty, A&H).
• Managing General Agents (MGAs) and Program Administrators requiring underwriting capital; more than half of the company's premium now flows through MGA channels.
• Niche commercial clients in specialty lines, evidenced by the expansion of Surety within the Other Specialties business line.
• Large employer groups, associations, and affinity groups for Accident & Health (A&H) products.
• Global brokers and intermediaries who defintely need specialty capacity, as the Property offering works with leading global brokers.

The performance of the Insurance & Services segment, which houses much of the MGA and direct specialty business, delivered segment income of $47.8 million in Q3 2025. The Reinsurance segment, which serves other carriers, produced underwriting income of $31.9 million for the same quarter. This shows the dual nature of their client base-serving both primary carriers and specialty underwriters directly.

To give you a sense of scale for the overall business supporting these segments, the trailing twelve-month revenue as of late October 2025 was $2.84B, supporting a market capitalization of $2.13B. The book value per diluted common share (ex. AOCI) stood at $16.47 at the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

SiriusPoint Ltd. (SPNT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive SiriusPoint Ltd.'s operations as of early 2025. For an insurer and reinsurer, the cost structure is dominated by claims and getting the business in the door. We'll use the first quarter of 2025 figures as the most current, concrete snapshot we have for late 2025 planning.

The most significant cost component, by far, is the money set aside for claims and managing those claims. This is the engine room of the cost structure, and any fluctuation here directly impacts profitability. For the first quarter ended March 31, 2025, SiriusPoint Ltd. reported its Loss and Loss Adjustment Expenses (L&LAE), which were $\text{\$401.8 million}$.

Next up are the costs associated with securing the premiums you write. These are the commissions paid to brokers and agents, often called Acquisition Costs. For Q1 2025, the net Acquisition Costs totaled $\text{\$129.7 million}$. Honestly, seeing the Acquisition Cost Ratio drop to $\text{20.7%}$ in Q1 2025, down from $\text{24.4%}$ in Q1 2024, shows some efficiency gains in how they are buying their business.

We can lay out the primary underwriting costs from Q1 2025 in a table for a clear view:

Cost Component	Q1 2025 Amount (in millions USD)	Context/Ratio (Q1 2025)
Loss and Loss Adjustment Expenses (L&LAE), net	401.8	Loss Ratio was 64.1%
Acquisition Costs, net	129.7	Acquisition Cost Ratio was 20.7%
Other Underwriting Expenses	41.1	Other Underwriting Expenses Ratio was 6.6%

Beyond the direct underwriting costs, you have the overhead required to run a global specialty insurer. These are the General and administrative expenses, which SiriusPoint Ltd. groups under Other underwriting expenses for the underwriting result calculation, which totaled $\text{\$41.1 million}$ for the quarter.

The costs associated with managing the asset portfolio are reflected in the investment results, though the direct expense line isn't always isolated in the top-line summary. For context on the asset management side, Net Investment Income for Q1 2025 was $\text{\$71.2 million}$, down from $\text{\$78.8 million}$ the prior year, largely due to a lower asset base following share repurchases. The investment portfolio management is key to offsetting underwriting volatility.

Finally, maintaining the right to operate globally is a non-trivial, recurring cost. SiriusPoint Ltd.'s regulatory and compliance costs are embedded within the broader corporate expenses. Looking at the breakdown of Net Corporate and Other Expenses for Q1 2025, we see a specific line item for regulatory upkeep:

• Taxes and regulatory fees were $\text{\$3.3 million}$ for the three months ended March 31, 2025.
• Total Net Corporate and Other Expenses for Q1 2025 were $\text{\$60.6 million}$.

You'll want to track those regulatory fees closely; they are a direct cost of maintaining your global footprint. Finance: draft 13-week cash view by Friday.

SiriusPoint Ltd. (SPNT) - Canvas Business Model: Revenue Streams

You're mapping out the revenue streams for SiriusPoint Ltd. (SPNT) based on their late 2025 performance. Honestly, for an insurer, it boils down to premiums and what they do with the money they hold before paying claims. Here are the hard numbers from their latest filings.

The primary revenue drivers for SiriusPoint Ltd. (SPNT) are clearly split between the core insurance operations and the management of their substantial asset base. You see this split reflected in their reported income components.

• Net Premiums Earned (NPE) from underwriting: This is the bread and butter. For the first quarter of 2025, SiriusPoint Ltd. reported NPE of $626.7 million.
• Core Net Services Fee Income from consolidated MGAs: This stream, derived from managing general agents (MGAs), totaled $37.5 million for the nine months ended September 30, 2025. This segment also posted a service margin of 21.0% for that nine-month period.

The investment side is also a major contributor. Here's a quick look at how the investment and underwriting results stacked up for the first nine months of fiscal 2025.

Revenue Component (Nine Months Ended Sep 30, 2025)	Amount (Millions USD)
Net Investment Income (NII)	$205.9
Underwriting Income	$165.7
Core Net Services Fee Income	$37.5
Realized and Unrealized Investment Gains (or Losses)	$6.6
Total Investment Result (NII + Gains/Losses)	$212.5

The realized and unrealized investment gains (or losses) component is derived by taking the Total Investment Result of $212.5 million for the nine months ended September 30, 2025, and subtracting the Net Investment Income of $205.9 million for the same period, resulting in a net gain of $6.6 million.

For context, the third quarter of 2025 alone showed some of these streams in action:

• Net Investment Income in Q3 2025 was $66.5 million.
• Q3 2025 Core Net Services Fee Income was $10.1 million.
• Q3 2025 Core Underwriting Income was $69.6 million.

It's important to note that the total investment result in Q3 2025 was $72.7 million, which was down from $92.5 million in the prior year period, reflecting a smaller asset base after capital transactions. That's the financial reality you're dealing with.

Finance: draft 13-week cash view by Friday.