Siriuspoint Ltd. (SPNT): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'assurance spécialisée, Siriuspoint Ltd. (SPNT) apparaît comme une puissante puissance mondiale de gestion des risques, transformant des défis complexes d'assurance en opportunités stratégiques. En tirant parti de la technologie de pointe, d'une équipe de souscription mondiale sophistiquée et de solutions innovantes de transfert de risques, Siriuspoint élabore un modèle commercial unique qui transcende les limites d'assurance traditionnelles. Leur approche combine une expertise approfondie de l'industrie avec des analyses avancées, leur permettant de fournir des solutions d'assurance personnalisées pour les segments de marché à haut risque et complexes que la plupart des assureurs traditionnels hésiteraient à s'engager.

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: partenariats clés

Réassurance des entreprises et des courtiers

Siriuspoint maintient des partenariats stratégiques avec plusieurs sociétés de réassurance pour gérer les risques et optimiser l'efficacité du capital.

Partenaire de réassurance	Type de relation	Capacité de réassurance estimée
Suisse re	Partenaire de réassurance mondiale	Capacité de 250 millions de dollars
Munich re	Accord de réassurance spécialisée	Capacité de 175 millions de dollars
Lloyd's of London	Syndicat des risques spécialisés	Capacité de 125 millions de dollars

Compagnies d'assurance et gestion des agents généraux

Siriuspoint collabore avec divers assureurs et MGA sur plusieurs segments.

• Assurance à l'échelle nationale
• Assurance voyageurs
• Markel Corporation
• Amtrust Financial Services

Institutions financières et partenaires du marché des capitaux

Institution financière	Focus de partenariat	Implication des capitaux
Goldman Sachs	Conseil des marchés des capitaux	Ligne d'investissement de 500 millions de dollars
JPMorgan Chase	Financement de la dette	Facilité de crédit de 350 millions de dollars

Fournisseurs de technologies et d'analyse de données

• Logiciel Guidewire
• Palantir Technologies
• RMS (Solutions de gestion des risques)

Sociétés de conseil en gestion des risques

Cabinet de conseil	Service spécialisé	Valeur du contrat
Marsh McLennan	Gestion des risques d'entreprise	Contrat annuel de 2,5 millions de dollars
Willis Towers Watson	Risque Analytics Consulting	Engagement annuel de 1,8 million de dollars

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: Activités clés

Spécialité de souscription et risques d'assurance complexe

En 2024, Siriuspoint est spécialisé dans la souscription des risques d'assurance complexes sur plusieurs segments:

Segment des risques	Primes écrites brutes	Concentration du marché
Assurance victime	621,4 millions de dollars	37.2%
Assurance immobilière	453,9 millions de dollars	27.5%
Marin & Assurance énergétique	287,6 millions de dollars	17.3%

Développer des solutions d'assurance innovantes

Les principaux domaines d'innovation comprennent:

• Produits d'assurance paramétrique
• Cyber ​​Risk Solutions
• Couverture des risques liés au climat

Gérer les portefeuilles de risques mondiaux

Composition du portefeuille des risques mondiaux:

Région géographique	Allocation de portefeuille	Exposition à risque
Amérique du Nord	62.3%	1,84 milliard de dollars
Europe	24.7%	729,5 millions de dollars
Asie-Pacifique	13%	384,2 millions de dollars

Fournir des services complets de transfert de risques

Métriques des services de transfert de risque:

• Capacité de réassurance totale: 2,6 milliards de dollars
• Efficacité moyenne de transfert de risque: 87,5%
• Nombre de partenariats mondiaux de transfert de risques: 42

Exécuter des fusions et acquisitions stratégiques

Activités récentes de fusions et acquisitions:

Transaction	Valeur	Année
Acquisition du groupe ASCOT	1,1 milliard de dollars	2022
Investissement stratégique dans la plate-forme d'assurance numérique	87,3 millions de dollars	2023

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: Ressources clés

Équipe de souscription mondiale expérimentée

En 2024, Siriuspoint Ltd. emploie environ 650 professionnels de la souscription dans les bureaux mondiaux. L'équipe couvre plusieurs segments d'assurance avec une expertise spécialisée.

Composition de l'équipe de souscription	Nombre de professionnels
Propriété & Spécialistes des blessés	285
Experts en réassurance	210
Souscripteurs de ligne spécialisés	155

Capacités avancées de modélisation des risques et d'analyse

Investissement technologique: 42,3 millions de dollars alloués aux infrastructures de modélisation et d'analyse des risques en 2024.

• Plates-formes d'évaluation des risques à apprentissage automatique
• Systèmes d'analyse prédictive en temps réel
• Outils de modélisation des catastrophes avancées

Capital financier solide et bilan

Métrique financière	Valeur 2024
Total des capitaux propres des actionnaires	1,87 milliard de dollars
Actif total	8,63 milliards de dollars
Ratio de capital basé sur le risque	365%

Portefeuille de produits d'assurance diversifiés et spécialisés

Répartition du segment des produits:

Segment de l'assurance	Primes écrites brutes
Victime	743 millions de dollars
Propriété	612 millions de dollars
Lignes de spécialité	456 millions de dollars

Infrastructure technologique robuste

• Systèmes informatiques basés sur le cloud
• Investissement d'infrastructure de cybersécurité: 18,7 millions de dollars
• Plates-formes de traitement des réclamations améliorées AI

Plates-formes technologiques: 7 plates-formes numériques intégrées prenant en charge les opérations d'assurance de bout en bout.

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance personnalisées pour des risques complexes

Siriuspoint Ltd. offre une couverture d'assurance spécialisée pour des scénarios de risque complexes avec une prime écrite brute totale de 1,6 milliard de dollars en 2022. Le portefeuille de risques de la société comprend:

Catégorie de risque	Volume premium
Victime spécialisée	612 millions de dollars
Réassurance immobilière	485 millions de dollars
Marin & Énergie	287 millions de dollars

Stratégies de gestion des risques flexibles et adaptables

Siriuspoint propose des solutions de gestion des risques dynamiques avec:

• Produits d'assurance personnalisables
• Options de couverture multi-lignes
• Approches de souscription adaptatives

Expertise sur le marché mondial dans plusieurs secteurs d'assurance

Distribution géographique des opérations d'assurance:

Région	Part de marché
Amérique du Nord	62%
Europe	24%
Asie-Pacifique	14%

Produits d'assurance innovants et axés sur la technologie

Investissement technologique en 2022: 24,7 millions de dollars

• Outils d'évaluation des risques alimentés par l'IA
• Plates-formes de traitement des réclamations numériques
• Analytique prédictive avancée

Services complets de transfert et d'atténuation des risques

Répartition du portefeuille d'atténuation des risques:

Type de service	Revenus annuels
Transfert de risque de catastrophe	412 millions de dollars
Cyber ​​Risk Solutions	187 millions de dollars
Couverture de responsabilité environnementale	96 millions de dollars

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: relations avec les clients

Service à la clientèle et support personnalisés

Siriuspoint fournit des canaux de support client dédiés avec un temps de réponse moyen de 24 à 48 heures. La société maintient une cote de satisfaction du client de 87% sur la base des enquêtes de rétroaction des clients internes.

Canal de support	Méthode de contact	Temps de réponse moyen
Support téléphonique	Lignes directes	27 minutes
Assistance par e-mail	E-mails dédiés	36 heures
Portail en ligne	Messagerie sécurisée	24 heures

Partenariats stratégiques à long terme

Siriuspoint maintient des partenariats stratégiques avec 42 organisations mondiales d'assurance et de réassurance. Ces partenariats représentent environ 350 millions de dollars de revenus collaboratifs annuels.

• Durée du partenariat: moyenne de 7,3 ans
• Secteurs de partenariat: assurance spécialisée, réassurance, gestion des risques
• Reach géographique: Amérique du Nord, Europe, Asie-Pacifique

Équipes de gestion de la souscription et des réclamations dédiées

L'entreprise emploie 215 professionnels de la souscription spécialisés et 127 experts en gestion des réclamations au quatrième trimestre 2023.

Segment d'équipe	Nombre de professionnels	Expérience moyenne
Équipe de souscription	215	12,5 ans
Équipe de gestion des réclamations	127	9,7 ans

Communication numérique et plateformes en libre-service

La plate-forme numérique de Siriuspoint a enregistré 78 500 séances utilisateur uniques en 2023, avec un taux d'adoption de 64% parmi les clients des entreprises.

• Caractéristiques de la plate-forme: gestion des politiques, suivi des réclamations, référentiel de documents
• Téléchargements d'applications mobiles: 22 300
• Volume de transaction numérique: 1,2 milliard de dollars

Consultation des risques proactifs et services de conseil

Siriuspoint fournit des services de consultation sur les risques à 356 clients d'entreprise, générant 47,5 millions de dollars de revenus consultatifs en 2023.

Service de conseil à risque	Nombre de clients	Revenus générés
Évaluation des risques d'entreprise	356	47,5 millions de dollars
Conseil spécifique à l'industrie	214	28,3 millions de dollars

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: canaux

Équipe de vente directe

Siriuspoint utilise une équipe de vente directe dédiée ciblant des segments de marché d'assurance spécifiques.

Métrique de l'équipe de vente	2024 données
Représentants totaux des ventes directes	87
Ventes annuelles moyennes par représentant	3,2 millions de dollars
Couverture géographique	Amérique du Nord, Europe

Brokers et agents d'assurance

Siriuspoint maintient un vaste courtier et des réseaux de distribution d'agents.

Statistiques du réseau de courtiers	2024 chiffres
Brokers en partenariat total	1,245
Taux de commission	8-12%
Broker Network Premium Volume	456 millions de dollars

Plates-formes numériques et portails en ligne

Siriuspoint exploite les canaux numériques pour l'engagement des clients et la gestion des politiques.

• Plateforme de génération de devis en ligne
• Système de gestion des politiques numériques
• Application mobile pour le traitement des réclamations

Métrique du canal numérique	2024 performance
Visiteurs mensuels du site Web	127,500
Achats de politiques en ligne	22% du total des ventes
Téléchargements d'applications mobiles	48,300

Conférences de l'industrie et événements de réseautage

Siriuspoint participe activement à des conférences de l'industrie pour étendre les relations commerciales.

Participation à l'événement	2024 Détails
Les conférences totales ont assisté	17
Nouvelles connexions commerciales	129
Dépenses de marketing d'événements	1,3 million de dollars

Partenariats stratégiques et réseaux de référence

Siriuspoint développe des partenariats stratégiques sur plusieurs segments de marché d'assurance.

Métrique de partenariat	2024 données
Partenaires stratégiques totaux	36
Volume premium du réseau de référence	212 millions de dollars
Durée du partenariat moyen	4,7 ans

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: segments de clientèle

Marchés d'assurance spécialisés

Siriuspoint Ltd. dessert divers segments d'assurance spécialisés avec des solutions de risque ciblées:

Segment de marché	Taille du marché estimé	Focus de la couverture
Assurance maritime	25,4 milliards de dollars	Cargo, coque, responsabilité maritime
Assurance aérienne	4,7 milliards de dollars	Avion, responsabilité des compagnies aériennes
Assurance du secteur de l'énergie	18,3 milliards de dollars	Énergie renouvelable offshore

Entreprises commerciales et industrielles

Siriuspoint fournit une gestion complète des risques pour diverses industries:

• Fabrication: 12,6 milliards de dollars de valeur assurée totale
• Technologie: 8,9 milliards de dollars de couverture cyber-risque
• Construction: 6,4 milliards de dollars en assurance spécifique au projet

Institutions financières mondiales

Répartition de la couverture d'assurance du secteur financier:

Type d'institution	Couverture des risques totaux	Produits d'assurance primaire
Banques	45,2 milliards de dollars	Responsabilité professionnelle
Sociétés d'investissement	22,7 milliards de dollars	Réalisateurs & Assurance des officiers
Établissements de crédit	15,3 milliards de dollars	Gestion des risques financiers

Industries à risque à haut risque et complexes

Couverture des risques spécialisée pour les secteurs difficiles:

• Pharmaceutique: 7,5 milliards de dollars de responsabilité du produit
• Aérospatial: 5,9 milliards de dollars en couverture des risques complexes
• Technologies émergentes: 3,2 milliards de dollars en solutions de risque innovantes

Clients internationaux

Portefeuille mondial d'assurance d'entreprise:

Région géographique	Valeur totale assurée	Industries clés
Amérique du Nord	68,4 milliards de dollars	Technologie, énergie, finance
Europe	42,7 milliards de dollars	Fabrication, automobile
Asie-Pacifique	35,6 milliards de dollars	Électronique, énergie renouvelable

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: Structure des coûts

Dépenses de souscription et de réclamation

Pour l'exercice 2023, Siriuspoint a déclaré des frais de souscription et réclamer 1 068,8 millions de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant (en millions)
Réclamations brutes payées	$782.5
Frais d'ajustement des réclamations	$286.3

Compensation et avantages sociaux des employés

Les dépenses totales liées aux employés pour 2023 étaient de 337,2 millions de dollars, ce qui comprend:

• Salaires de base: 215,6 millions de dollars
• Bonus de performance: 68,4 millions de dollars
• Compensation à base d'actions: 53,2 millions de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures pour 2023 ont totalisé 87,5 millions de dollars, avec des allocations clés:

Zone d'investissement	Montant (en millions)
Infrastructure informatique	$42.3
Développement de logiciels	$35.2
Cybersécurité	$10.0

Réassurance et coûts de transfert des risques

Les dépenses de réassurance pour 2023 s'élevaient à 456,7 millions de dollars, structurées comme suit:

• Réassurance immobilière: 203,4 millions de dollars
• Réassurance des victimes: 185,6 millions de dollars
• Réassurance spécialisée: 67,7 millions de dollars

Marketing et développement commercial

Les dépenses de marketing et de développement commercial pour 2023 se sont élevées à 45,6 millions de dollars, réparties:

Canal de marketing	Montant (en millions)
Marketing numérique	$18.2
Conférences de l'industrie	$12.4
Support de l'équipe de vente	$15.0

Siriuspoint Ltd. (SPNT) - Modèle d'entreprise: Strots de revenus

Primes d'assurance

Pour l'exercice 2023, Siriuspoint Ltd. a déclaré des primes écrites brutes de 1 772,4 millions de dollars.

Segment	Primes écrites brutes ($ m)
Assurance spécialisée	987.6
Réassurance	784.8

Commissions de réassurance

Le revenu de la Commission de réassurance pour 2023 était de 212,3 millions de dollars.

Revenu de placement de Float Premium

Les revenus de placement pour 2023 ont totalisé 145,7 millions de dollars, avec un rendement en investissement net de 3,2%.

Catégorie d'investissement	Valeur ($ m)
Titres à revenu fixe	3,845.2
Investissements à court terme	612.9

Frais de conseil en gestion des risques

Les revenus des services de conseil et de conseil se sont élevés à environ 43,5 millions de dollars en 2023.

Revenus de produits d'assurance spécialisés

• Assurance maritime et énergétique: 356,7 millions de dollars
• Cyber ​​Assurance: 124,6 millions de dollars
• Assurance responsabilité professionnelle: 287,3 millions de dollars

Le chiffre d'affaires total de Siriuspoint Ltd. en 2023 était de 2 174,2 millions de dollars.

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.