Siriuspoint Ltd. (SPNT): modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico do seguro especializado, a Siriuspoint Ltd. (SPNT) surge como uma poderosa potência global de gerenciamento de riscos, transformando desafios de seguros complexos em oportunidades estratégicas. Ao alavancar a tecnologia de ponta, uma sofisticada equipe de subscrição global e soluções inovadoras de transferência de risco, a SiriusPoint cria um modelo de negócios exclusivo que transcende os limites tradicionais de seguro. Sua abordagem combina profundo experiência no setor com análises avançadas, permitindo que eles forneçam soluções de seguro personalizadas para segmentos de mercado de alto risco e intrincados que a maioria das seguradoras tradicionais hesitaria em se envolver.

Siriuspoint Ltd. (SPNT) - Modelo de Negócios: Principais Parcerias

Empresas de resseguros e corretores

A SiriusPoint mantém parcerias estratégicas com várias empresas de resseguro para gerenciar riscos e otimizar a eficiência de capital.

Parceiro de resseguro	Tipo de relacionamento	Capacidade estimada de resseguro
Swiss Re	Parceiro de resseguro global	Capacidade de US $ 250 milhões
Munique re	Contrato de Resseguração Especial	Capacidade de US $ 175 milhões
Lloyd's of London	Sindicato de risco especializado	Capacidade de US $ 125 milhões

Transportadoras de seguros e gerenciamento de agentes gerais

A SiriusPoint colabora com diversas operadoras de seguros e MGAs em vários segmentos.

• Seguro nacional
• Seguro de viajantes
• Markel Corporation
• AMTRUST Financial Services

Instituições financeiras e parceiros do mercado de capitais

Instituição financeira	Foco em parceria	Envolvimento de capital
Goldman Sachs	Capital Markets Advisory	Linha de investimento de US $ 500 milhões
JPMorgan Chase	Financiamento da dívida	Linha de crédito de US $ 350 milhões

Provedores de tecnologia e análise de dados

• Software Guidewire
• Tecnologias Palantir
• RMS (Soluções de Gerenciamento de Risco)

Empresas de consultoria de gerenciamento de riscos

Empresa de consultoria	Serviço especializado	Valor do contrato
Marsh McLennan	Gerenciamento de riscos corporativos	Contrato anual de US $ 2,5 milhões
Willis Towers Watson	Consultoria de análise de risco	US $ 1,8 milhão de engajamento anual

Siriuspoint Ltd. (SPNT) - Modelo de Negócios: Atividades -chave

Subscrição de riscos de seguro especializados e complexos

A partir de 2024, o SiriusPoint é especializado em subscrever riscos de seguro complexos em vários segmentos:

Segmento de risco	Prêmios brutos por escrito	Concentração de mercado
Seguro contra acidentes	US $ 621,4 milhões	37.2%
Seguro de propriedade	US $ 453,9 milhões	27.5%
Marinho & Seguro energético	US $ 287,6 milhões	17.3%

Desenvolvendo soluções de seguro inovador

As principais áreas de inovação incluem:

• Produtos de seguro paramétrico
• Soluções de risco cibernético
• Cobertura de risco relacionada ao clima

Gerenciando portfólios de risco global

Composição do portfólio de risco global:

Região geográfica	Alocação de portfólio	Exposição ao risco
América do Norte	62.3%	US $ 1,84 bilhão
Europa	24.7%	US $ 729,5 milhões
Ásia -Pacífico	13%	US $ 384,2 milhões

Fornecendo serviços abrangentes de transferência de risco

Métricas de serviço de transferência de risco:

• Capacidade total de resseguro: US $ 2,6 bilhões
• Eficiência média de transferência de risco: 87,5%
• Número de parcerias globais de transferência de risco: 42

Executando fusões e aquisições estratégicas

Atividades recentes de fusões e aquisições:

Transação	Valor	Ano
Aquisição do Grupo Ascot	US $ 1,1 bilhão	2022
Investimento estratégico em plataforma de seguro digital	US $ 87,3 milhões	2023

Siriuspoint Ltd. (SPNT) - Modelo de Negócios: Recursos -Principais

Equipe de subscrição global experiente

A partir de 2024, a Siriuspoint Ltd. emprega aproximadamente 650 profissionais de subscrição em escritórios globais. A equipe abrange vários segmentos de seguro com experiência especializada.

Subscrição da composição da equipe	Número de profissionais
Propriedade & Especialistas em vítimas	285
Especialistas em resseguros	210
Underwriters de linha especializada	155

Recursos avançados de modelagem de risco e análise

Investimento em tecnologia: US $ 42,3 milhões alocados para modelagem de risco e infraestrutura de análise em 2024.

• Plataformas de avaliação de riscos movidos a aprendizagem de máquina
• Sistemas de análise preditiva em tempo real
• Ferramentas avançadas de modelagem de catástrofe

Capital financeiro forte e balanço patrimonial

Métrica financeira	2024 Valor
Equidade total dos acionistas	US $ 1,87 bilhão
Total de ativos	US $ 8,63 bilhões
Índice de capital baseado em risco	365%

Portfólio de produtos de seguro diverso e especializado

Quebra de segmento de produto:

Segmento de seguro	Prêmios brutos por escrito
Casualidade	US $ 743 milhões
Propriedade	US $ 612 milhões
Linhas especializadas	US $ 456 milhões

Infraestrutura tecnológica robusta

• Sistemas de computação baseados em nuvem
• Investimento de infraestrutura de segurança cibernética: US $ 18,7 milhões
• Plataformas de processamento de reivindicações aprimoradas da AI-

Plataformas de tecnologia: 7 plataformas digitais integradas que suportam operações de seguros de ponta a ponta.

Siriuspoint Ltd. (SPNT) - Modelo de Negócios: Proposições de Valor

Soluções de seguro personalizadas para riscos complexos

A SiriusPoint Ltd. fornece cobertura de seguro especializada para cenários de risco complexos com um prêmio total grave por escrito de US $ 1,6 bilhão em 2022. O portfólio de risco da empresa inclui:

Categoria de risco	Volume premium
Vítima especializada	US $ 612 milhões
Resseguro de propriedade	US $ 485 milhões
Marinho & Energia	US $ 287 milhões

Estratégias de gerenciamento de risco flexíveis e adaptáveis

SiriusPoint oferece soluções dinâmicas de gerenciamento de riscos com:

• Produtos de seguro personalizáveis
• Opções de cobertura de várias linhas
• Abordagens de subscrição adaptativa

Experiência no mercado global em vários setores de seguros

Distribuição geográfica das operações de seguro:

Região	Quota de mercado
América do Norte	62%
Europa	24%
Ásia -Pacífico	14%

Produtos de seguro inovadores e orientados a tecnologia

Investimento de tecnologia em 2022: US $ 24,7 milhões

• Ferramentas de avaliação de risco movidas pela IA
• Plataformas de processamento de reivindicações digitais
• Análise preditiva avançada

Serviços abrangentes de transferência de risco e mitigação

A quebra de portfólio de mitigação de risco:

Tipo de serviço	Receita anual
Transferência de risco de catástrofe	US $ 412 milhões
Soluções de risco cibernético	US $ 187 milhões
Cobertura de responsabilidade ambiental	US $ 96 milhões

Siriuspoint Ltd. (SPNT) - Modelo de negócios: Relacionamentos do cliente

Atendimento ao cliente personalizado e suporte

A SiriusPoint fornece canais de suporte ao cliente dedicados com um tempo médio de resposta de 24 a 48 horas. A empresa mantém uma classificação de satisfação do cliente de 87% com base em 2023 pesquisas de feedback de clientes internas.

Canal de suporte	Método de contato	Tempo médio de resposta
Suporte telefônico	Linhas diretas	27 minutos
Suporte por e -mail	E -mails dedicados	36 horas
Portal online	Mensagens seguras	24 horas

Parcerias estratégicas de longo prazo

A SiriusPoint mantém parcerias estratégicas com 42 organizações globais de seguros e resseguros. Essas parcerias representam aproximadamente US $ 350 milhões em receita colaborativa anual.

• Duração da parceria: média de 7,3 anos
• Setores de parceria: seguro especializado, resseguro, gerenciamento de riscos
• Alcance geográfico: América do Norte, Europa, Ásia-Pacífico

Equipes de subscrição e gerenciamento de reivindicações dedicadas

A empresa emprega 215 profissionais de subscrição especializados e 127 especialistas em gerenciamento de reivindicações a partir do quarto trimestre 2023.

Segmento de equipe	Número de profissionais	Experiência média
Equipe de subscrição	215	12,5 anos
Equipe de gerenciamento de reivindicações	127	9,7 anos

Plataformas de comunicação digital e autoatendimento

A plataforma digital da Siriuspoint registrou 78.500 sessões de usuário exclusivas em 2023, com uma taxa de adoção de 64% entre os clientes corporativos.

• Recursos da plataforma: gerenciamento de políticas, rastreamento de reivindicações, repositório de documentos
• Downloads de aplicativos móveis: 22.300
• Volume de transação digital: US $ 1,2 bilhão

Consulta de risco proativo e serviços de consultoria

A SiriusPoint fornece serviços de consulta de risco a 356 clientes corporativos, gerando US $ 47,5 milhões em receita consultiva durante 2023.

Serviço de consultoria de risco	Número de clientes	Receita gerada
Avaliação de risco corporativo	356	US $ 47,5 milhões
Consultoria específica da indústria	214	US $ 28,3 milhões

Siriuspoint Ltd. (SPNT) - Modelo de Negócios: Canais

Equipe de vendas diretas

A SiriusPoint emprega uma equipe de vendas direta dedicada direcionada a segmentos de mercado de seguros específicos.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas diretas	87
Vendas anuais médias por representante	US $ 3,2 milhões
Cobertura geográfica	América do Norte, Europa

Corretores de seguros e agentes

A SiriusPoint mantém extensas redes de distribuição de corretores e agentes.

Estatística de rede de corretores	2024 Figuras
Total de corretores em parceria	1,245
Taxa de comissão	8-12%
Volume premium de rede de corretoras	US $ 456 milhões

Plataformas digitais e portais online

O SiriusPoint aproveita os canais digitais para o envolvimento do cliente e o gerenciamento de políticas.

• Plataforma de geração de cotação online
• Sistema de gerenciamento de políticas digitais
• Aplicativo móvel para processamento de reivindicações

Métrica de canal digital	2024 Performance
Visitantes mensais do site	127,500
Compras de política on -line	22% do total de vendas
Downloads de aplicativos móveis	48,300

Conferências do setor e eventos de rede

O SiriusPoint participa ativamente de conferências do setor para expandir as relações comerciais.

Participação do evento	2024 Detalhes
As conferências totais compareceram	17
Novas conexões de negócios	129
Despesas de marketing de eventos	US $ 1,3 milhão

Parcerias estratégicas e redes de referência

A SiriusPoint desenvolve parcerias estratégicas em vários segmentos de mercado de seguros.

Métrica de Parceria	2024 dados
Total de parceiros estratégicos	36
Volume premium de rede de referência	US $ 212 milhões
Duração média da parceria	4,7 anos

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

Mercados de seguros especializados

A Siriuspoint Ltd. serve diversos segmentos de seguro especial com soluções de risco direcionadas:

Segmento de mercado	Tamanho estimado do mercado	Foco de cobertura
Seguro marítimo	US $ 25,4 bilhões	Cargo, Hull, responsabilidade marítima
Seguro de aviação	US $ 4,7 bilhões	Aeronaves, responsabilidade aérea
Seguro do setor de energia	US $ 18,3 bilhões	Energia renovável no exterior

Empresas comerciais e industriais

O SiriusPoint fornece gerenciamento abrangente de riscos para vários setores:

• Fabricação: US $ 12,6 bilhões em valor total segurado
• Tecnologia: US $ 8,9 bilhões em cobertura de risco cibernético
• Construção: US $ 6,4 bilhões em seguro específico do projeto

Instituições Financeiras Globais

Redução de cobertura de seguro do setor financeiro:

Tipo de instituição	Cobertura total de risco	Produtos de seguro primário
Bancos	US $ 45,2 bilhões	Responsabilidade profissional
Empresas de investimento	US $ 22,7 bilhões	Diretores & Seguros de oficiais
Instituições de crédito	US $ 15,3 bilhões	Gerenciamento de riscos financeiros

Indústrias de risco de alto risco e complexas

Cobertura de risco especializada para setores desafiadores:

• Farmacêutico: US $ 7,5 bilhões em responsabilidade do produto
• Aeroespacial: US $ 5,9 bilhões em cobertura de risco complexa
• Tecnologias emergentes: US $ 3,2 bilhões em soluções de risco inovadoras

Clientes corporativos internacionais

Portfólio de seguros corporativos globais:

Região geográfica	Valor total segurado	Principais indústrias
América do Norte	US $ 68,4 bilhões	Tecnologia, energia, finanças
Europa	US $ 42,7 bilhões	Fabricação, Automotivo
Ásia-Pacífico	US $ 35,6 bilhões	Eletrônica, energia renovável

Siriuspoint Ltd. (SPNT) - Modelo de negócios: Estrutura de custos

Despesas de subscrição e reivindicações

Para o ano fiscal de 2023, o SiriusPoint registrou despesas de subscrição e reivindicações de US $ 1.068,8 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Quantidade (em milhões)
Reivindicações brutas pagas	$782.5
Despesas de ajuste de reivindicações	$286.3

Compensação e benefícios dos funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 337,2 milhões, que incluem:

• Salários base: US $ 215,6 milhões
• Bônus de desempenho: US $ 68,4 milhões
• Compensação baseada em ações: US $ 53,2 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para 2023 totalizaram US $ 87,5 milhões, com alocações importantes:

Área de investimento	Quantidade (em milhões)
Infraestrutura de TI	$42.3
Desenvolvimento de software	$35.2
Segurança cibernética	$10.0

Custos de resseguro e transferência de risco

As despesas de resseguro em 2023 totalizaram US $ 456,7 milhões, estruturadas da seguinte forma:

• Resseguro de propriedade: US $ 203,4 milhões
• Resseguração da vítima: US $ 185,6 milhões
• Resseguro especial: US $ 67,7 milhões

Marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para 2023 foram de US $ 45,6 milhões, distribuídas:

Canal de marketing	Quantidade (em milhões)
Marketing digital	$18.2
Conferências do setor	$12.4
Suporte à equipe de vendas	$15.0

Siriuspoint Ltd. (SPNT) - Modelo de negócios: fluxos de receita

Prêmios de seguro

Para o ano fiscal de 2023, a Siriuspoint Ltd. registrou prêmios brutos por escrito de US $ 1.772,4 milhões.

Segmento	Prêmios graves escritos ($ m)
Seguro especializado	987.6
Resseguro	784.8

Comissões de resseguro

A receita da Comissão de Resseguros para 2023 foi de US $ 212,3 milhões.

Receita de investimento de flutuação premium

A receita de investimento para 2023 totalizou US $ 145,7 milhões, com um rendimento líquido de investimento de 3,2%.

Categoria de investimento	Valor ($ m)
Títulos de renda fixa	3,845.2
Investimentos de curto prazo	612.9

Taxas de consultoria de gerenciamento de riscos

As receitas de serviços de consultoria e consultoria foram de aproximadamente US $ 43,5 milhões em 2023.

Receita especializada de produtos de seguro

• Seguro marítimo e de energia: US $ 356,7 milhões
• Seguro cibernético: US $ 124,6 milhões
• Seguro de responsabilidade profissional: US $ 287,3 milhões

A receita total da Siriuspoint Ltd. em 2023 foi de US $ 2.174,2 milhões.

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.