SiriusPoint Ltd. (SPNT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del seguro especializado, Siriuspoint Ltd. (SPNT) surge como una poderosa potencia global de gestión de riesgos, transformando desafíos de seguros complejos en oportunidades estratégicas. Al aprovechar la tecnología de vanguardia, un sofisticado equipo de suscripción global y soluciones innovadoras de transferencia de riesgos, Siriuspoint crea un modelo de negocio único que trasciende los límites de seguros tradicionales. Su enfoque combina una profunda experiencia en la industria con análisis avanzados, lo que les permite proporcionar soluciones de seguros personalizadas para segmentos de mercado de alto riesgo e intrincados que la mayoría de las aseguradoras tradicionales dudarían en participar.

Siriuspoint Ltd. (SPNT) - Modelo de negocio: asociaciones clave

Empresas de reaseguros y corredores

Siriuspoint mantiene asociaciones estratégicas con múltiples compañías de reaseguro para gestionar el riesgo y optimizar la eficiencia de capital.

Socio de reaseguros	Tipo de relación	Capacidad de reaseguro estimada
Swiss RE	Socio de reaseguro global	Capacidad de $ 250 millones
Munich re	Acuerdo de reaseguro especializado	Capacidad de $ 175 millones
Lloyd's de Londres	Sindicato de riesgo especializado	Capacidad de $ 125 millones

Compañías de seguros y gestión de agentes generales

Siriuspoint colabora con diversas compañías de seguros y MGA en múltiples segmentos.

• Seguro nacional
• Seguro de viajero
• Markel Corporation
• Servicios financieros de Amtrust

Instituciones financieras y socios del mercado de capitales

Institución financiera	Enfoque de asociación	Participación de capital
Goldman Sachs	Asesoramiento de mercados de capitales	Línea de inversión de $ 500 millones
JPMorgan Chase	Financiación de la deuda	Capacidad de crédito de $ 350 millones

Proveedores de tecnología y análisis de datos

• Software de guía
• Tecnologías Palantir
• RMS (soluciones de gestión de riesgos)

Empresas de consultoría de gestión de riesgos

Consultoría	Servicio especializado	Valor de contrato
Marsh McLennan	Gestión de riesgos empresariales	Contrato anual de $ 2.5 millones
Willis Towers Watson	Consultoría de análisis de riesgos	Compromiso anual de $ 1.8 millones

Siriuspoint Ltd. (SPNT) - Modelo de negocio: actividades clave

Suscripción de especialidad y riesgos de seguro complejos

A partir de 2024, Siriuspoint se especializa en suscribir riesgos de seguro complejos en múltiples segmentos:

Segmento de riesgos	Primas brutas escritas	Concentración de mercado
Seguro de víctimas	$ 621.4 millones	37.2%
Seguro de propiedad	$ 453.9 millones	27.5%
Marina & Seguro de energía	$ 287.6 millones	17.3%

Desarrollo de soluciones de seguros innovadoras

Las áreas clave de innovación incluyen:

• Productos de seguro paramétrico
• Soluciones de riesgo cibernético
• Cobertura de riesgo relacionado con el clima

Gestión de carteras de riesgos globales

Composición de cartera de riesgos globales:

Región geográfica	Asignación de cartera	Exposición a riesgos
América del norte	62.3%	$ 1.84 mil millones
Europa	24.7%	$ 729.5 millones
Asia Pacífico	13%	$ 384.2 millones

Proporcionar servicios integrales de transferencia de riesgos

Métricas del servicio de transferencia de riesgos:

• Capacidad de reaseguro total: $ 2.6 mil millones
• Eficiencia de transferencia de riesgo promedio: 87.5%
• Número de asociaciones globales de transferencia de riesgos: 42

Ejecución de fusiones y adquisiciones estratégicas

Actividades recientes de M&A:

Transacción	Valor	Año
Adquisición de ASCOT Group	$ 1.1 mil millones	2022
Inversión estratégica en plataforma de seguro digital	$ 87.3 millones	2023

Siriuspoint Ltd. (SPNT) - Modelo de negocio: recursos clave

Equipo de suscripción global experimentado

A partir de 2024, Siriuspoint Ltd. emplea aproximadamente 650 profesionales de suscripción en las oficinas globales. El equipo cubre múltiples segmentos de seguros con experiencia especializada.

Composición del equipo de suscripción	Número de profesionales
Propiedad & Especialistas en víctimas	285
Expertos de reaseguro	210
Aseguradores de línea especializada	155

Capacidades de modelado de riesgos y análisis avanzados

Inversión tecnológica: $ 42.3 millones asignados al modelado de riesgos y la infraestructura de análisis en 2024.

• Plataformas de evaluación de riesgos de aprendizaje automático
• Sistemas de análisis predictivo en tiempo real
• Herramientas avanzadas de modelado de catástrofes

Capital financiero fuerte y balance general

Métrica financiera	Valor 2024
Equidad total de los accionistas	$ 1.87 mil millones
Activos totales	$ 8.63 mil millones
Relación de capital basada en el riesgo	365%

Cartera de productos de seguros diversos y especializados

Desglose del segmento de productos:

Segmento de seguro	Primas brutas escritas
Víctima	$ 743 millones
Propiedad	$ 612 millones
Líneas especializadas	$ 456 millones

Infraestructura tecnológica robusta

• Sistemas informáticos basados ​​en la nube
• Inversión de infraestructura de ciberseguridad: $ 18.7 millones
• Plataformas de procesamiento de reclamos mejoradas con AI

Plataformas tecnológicas: 7 plataformas digitales integradas que admiten operaciones de seguro de extremo a extremo.

Siriuspoint Ltd. (SPNT) - Modelo de negocio: propuestas de valor

Soluciones de seguro personalizadas para riesgos complejos

Siriuspoint Ltd. proporciona cobertura de seguro especializada para escenarios de riesgo complejos con una prima bruta total escrita de $ 1.6 mil millones en 2022. La cartera de riesgos de la compañía incluye:

Categoría de riesgo	Volumen premium
Víctima especializada	$ 612 millones
Reaseguro de la propiedad	$ 485 millones
Marina & Energía	$ 287 millones

Estrategias de gestión de riesgos flexibles y adaptables

Siriuspoint ofrece soluciones dinámicas de gestión de riesgos con:

• Productos de seguro personalizables
• Opciones de cobertura de múltiples líneas
• Enfoques de suscripción adaptativos

Experiencia en el mercado global en múltiples sectores de seguros

Distribución geográfica de las operaciones de seguro:

Región	Cuota de mercado
América del norte	62%
Europa	24%
Asia Pacífico	14%

Productos de seguro innovadores y basados ​​en tecnología

Inversión tecnológica en 2022: $ 24.7 millones

• Herramientas de evaluación de riesgos con IA
• Plataformas de procesamiento de reclamos digitales
• Análisis predictivo avanzado

Servicios integrales de transferencia de riesgos y mitigación

Desglose de la cartera de la mitigación de riesgos:

Tipo de servicio	Ingresos anuales
Transferencia de riesgo de catástrofe	$ 412 millones
Soluciones de riesgo cibernético	$ 187 millones
Cobertura de responsabilidad ambiental	$ 96 millones

Siriuspoint Ltd. (SPNT) - Modelo de negocio: relaciones con los clientes

Servicio y soporte al cliente personalizados

Siriuspoint proporciona canales de atención al cliente dedicados con un tiempo de respuesta promedio de 24-48 horas. La compañía mantiene una calificación de satisfacción del cliente del 87% basada en 2023 encuestas internas de comentarios de los clientes.

Canal de soporte	Método de contacto	Tiempo de respuesta promedio
Soporte telefónico	Líneas directas	27 minutos
Soporte por correo electrónico	Correos electrónicos dedicados	36 horas
Portal en línea	Mensajería segura	24 horas

Asociaciones estratégicas a largo plazo

Siriuspoint mantiene asociaciones estratégicas con 42 organizaciones globales de seguros y reaseguros. Estas asociaciones representan aproximadamente $ 350 millones en ingresos colaborativos anuales.

• Duración de la asociación: promedio de 7.3 años
• Sectores de asociación: seguro especializado, reaseguro, gestión de riesgos
• Alcance geográfico: América del Norte, Europa, Asia-Pacífico

Equipos dedicados de suscripción y gestión de reclamos

La compañía emplea a 215 profesionales de suscripción especializados y 127 expertos en gestión de reclamos a partir del cuarto trimestre de 2023.

Segmento de equipo	Número de profesionales	Experiencia promedio
Equipo de suscripción	215	12.5 años
Equipo de gestión de reclamos	127	9.7 años

Plataformas de comunicación digital y autoservicio

La plataforma digital de Siriuspoint registró 78.500 sesiones de usuario únicas en 2023, con una tasa de adopción del 64% entre los clientes corporativos.

• Características de la plataforma: gestión de políticas, seguimiento de reclamos, repositorio de documentos
• Descargas de aplicaciones móviles: 22,300
• Volumen de transacción digital: $ 1.2 mil millones

Servicios de consulta y asesoramiento de riesgos proactivos

Siriuspoint brinda servicios de consulta de riesgos a 356 clientes corporativos, generando $ 47.5 millones en ingresos de asesoramiento durante 2023.

Servicio de asesoramiento de riesgos	Número de clientes	Ingresos generados
Evaluación de riesgos corporativos	356	$ 47.5 millones
Consultoría específica de la industria	214	$ 28.3 millones

Siriuspoint Ltd. (SPNT) - Modelo de negocio: canales

Equipo de ventas directas

Siriuspoint emplea a un equipo de ventas directo dedicado dirigido a segmentos específicos del mercado de seguros.

Métrica del equipo de ventas	2024 datos
Representantes de ventas directas totales	87
Ventas anuales promedio por representante	$ 3.2 millones
Cobertura geográfica	América del Norte, Europa

Corredores de seguro y agentes

Siriuspoint mantiene extensas redes de distribución de agentes y agentes.

Estadística de red de corredores	2024 cifras
Total de corredores asociados	1,245
Tarifa de comisión	8-12%
Volumen premium de Broker Network	$ 456 millones

Plataformas digitales y portales en línea

Siriuspoint aprovecha los canales digitales para la participación del cliente y la gestión de políticas.

• Plataforma de generación de cotizaciones en línea
• Sistema de gestión de políticas digitales
• Aplicación móvil para procesamiento de reclamos

Métrico de canal digital	2024 rendimiento
Sitio web Visitantes mensuales	127,500
Compras de políticas en línea	22% de las ventas totales
Descargas de aplicaciones móviles	48,300

Conferencias de la industria y eventos de redes

Siriuspoint participa activamente en conferencias de la industria para expandir las relaciones comerciales.

Participación de eventos	2024 Detalles
Conferencias totales a las que asistió	17
Nuevas conexiones comerciales	129
Gastos de marketing de eventos	$ 1.3 millones

Asociaciones estratégicas y redes de referencia

Siriuspoint desarrolla asociaciones estratégicas en múltiples segmentos de mercado de seguros.

Métrico de asociación	2024 datos
Socios estratégicos totales	36
Volumen premium de red de referencia	$ 212 millones
Duración promedio de la asociación	4.7 años

Siriuspoint Ltd. (SPNT) - Modelo de negocio: segmentos de clientes

Mercados de seguros de especialidad

Siriuspoint Ltd. sirve diversos segmentos de seguros de especialidad con soluciones de riesgo específicas:

Segmento de mercado	Tamaño estimado del mercado	Enfoque de cobertura
Seguro marino	$ 25.4 mil millones	Cargo, casco, responsabilidad marítima
Seguro de aviación	$ 4.7 mil millones	Avión, responsabilidad de las aerolíneas
Seguro del sector energético	$ 18.3 mil millones	Energía en alta mar y renovable

Empresas comerciales e industriales

Siriuspoint proporciona una gestión integral de riesgos para diversas industrias:

• Fabricación: $ 12.6 mil millones en valor total asegurado
• Tecnología: $ 8.9 mil millones en cobertura de riesgo cibernético
• Construcción: $ 6.4 mil millones en seguro específico del proyecto

Instituciones financieras globales

Desglose de cobertura de seguro del sector financiero:

Tipo de institución	Cobertura de riesgo total	Productos de seguro primario
Bancos	$ 45.2 mil millones	Responsabilidad profesional
Empresas de inversión	$ 22.7 mil millones	Directores & Seguro de oficiales
Instituciones de crédito	$ 15.3 mil millones	Gestión de riesgos financieros

Industrias de riesgo de alto riesgo y complejas

Cobertura de riesgo especializada para sectores desafiantes:

• Farmacéutico: $ 7.5 mil millones en responsabilidad del producto
• Aeroespacial: $ 5.9 mil millones en cobertura de riesgo compleja
• Tecnologías emergentes: $ 3.2 mil millones en soluciones de riesgo innovadoras

Clientes corporativos internacionales

Portafolio de seguros corporativos globales:

Región geográfica	Valor asegurado total	Industrias clave
América del norte	$ 68.4 mil millones	Tecnología, energía, finanzas
Europa	$ 42.7 mil millones	Fabricación, automotriz
Asia-Pacífico	$ 35.6 mil millones	Electrónica, energía renovable

Siriuspoint Ltd. (SPNT) - Modelo de negocio: Estructura de costos

Gastos de suscripción y reclamos

Para el año fiscal 2023, Siriuspoint informó gastos de suscripción y reclamos de $ 1,068.8 millones. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad (en millones)
Reclamos brutos pagados	$782.5
Gastos de ajuste de reclamos	$286.3

Compensación y beneficios de los empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 337.2 millones, lo que incluye:

• Salarios base: $ 215.6 millones
• Bonos de rendimiento: $ 68.4 millones
• Compensación basada en acciones: $ 53.2 millones

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura para 2023 totalizaron $ 87.5 millones, con asignaciones clave:

Área de inversión	Cantidad (en millones)
Infraestructura	$42.3
Desarrollo de software	$35.2
Ciberseguridad	$10.0

Costos de transferencia de reaseguros y riesgos

Los gastos de reaseguro para 2023 ascendieron a $ 456.7 millones, estructurados de la siguiente manera:

• Reaseguro de la propiedad: $ 203.4 millones
• Reaseguro de víctimas: $ 185.6 millones
• Reaseguro especializado: $ 67.7 millones

Marketing y desarrollo de negocios

Los gastos de marketing y desarrollo comercial para 2023 fueron de $ 45.6 millones, distribuidos en todo:

Canal de marketing	Cantidad (en millones)
Marketing digital	$18.2
Conferencias de la industria	$12.4
Soporte del equipo de ventas	$15.0

Siriuspoint Ltd. (SPNT) - Modelo de negocio: flujos de ingresos

Primas de seguro

Para el año fiscal 2023, Siriuspoint Ltd. informó primas brutas escritas de $ 1,772.4 millones.

Segmento	Premios escritos brutos ($ M)
Seguro especializado	987.6
Reaseguro	784.8

Comisiones de reaseguro

Los ingresos por la Comisión de Reaseguro para 2023 fueron de $ 212.3 millones.

Ingresos de inversión de la float premium

Los ingresos por inversiones para 2023 totalizaron $ 145.7 millones, con un rendimiento neto de inversión de 3.2%.

Categoría de inversión	Valor ($ m)
Valores de renta fija	3,845.2
Inversiones a corto plazo	612.9

Tarifas de consultoría de gestión de riesgos

Los ingresos por consultoría y servicio de asesoramiento fueron de aproximadamente $ 43.5 millones en 2023.

Ingresos de productos de seguro especializados

• Seguro marino y de energía: $ 356.7 millones
• Cyber ​​Insurance: $ 124.6 millones
• Seguro de responsabilidad civil profesional: $ 287.3 millones

Los ingresos totales para Siriuspoint Ltd. en 2023 fueron de $ 2,174.2 millones.

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.