SiriusPoint Ltd. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SiriusPoint Ltd. filed its Q1 2024 10-Q, reporting $5.08 billion in total assets and $4.75 billion in total liabilities.</b>

AI Summary

SiriusPoint Ltd (SPNT) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. SiriusPoint Ltd. reported total assets of $5,075.4 million as of March 31, 2024. Total liabilities for SiriusPoint Ltd. were $4,754.6 million as of March 31, 2024. The company's common stock equity stood at $169,753,232 as of March 31, 2024. SiriusPoint Ltd. had $433.3 million in cash and cash equivalents as of March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking SiriusPoint Ltd, this filing contains several important signals. This 10-Q filing provides a quarterly update on SiriusPoint Ltd.'s financial position, including asset, liability, and equity figures, crucial for investors assessing the company's stability and performance. The detailed financial data allows stakeholders to track changes in the company's balance sheet and compare its financial health against previous periods and industry benchmarks.

Risk Assessment

Risk Level: low — SiriusPoint Ltd shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific document.

Analyst Insight

Monitor future filings for trends in asset growth, liability management, and equity changes to assess SiriusPoint Ltd.'s financial trajectory.

Financial Highlights

total Assets

5,075.4

cash Position

433.3

Key Numbers

• 5,075.4 — Total Assets (As of March 31, 2024)
• 4,754.6 — Total Liabilities (As of March 31, 2024)
• 433.3 — Cash and Cash Equivalents (As of March 31, 2024)
• 169,753,232 — Common Stock Equity (As of March 31, 2024)

Key Players & Entities

• SiriusPoint Ltd. (company) — Filer
• Third Point Reinsurance Ltd. (company) — Former company name

FAQ

Industry Context

SiriusPoint Ltd. operates in the FIRE, MARINE & CASUALTY INSURANCE industry.

Regulatory Implications

As a publicly traded company, SiriusPoint Ltd. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the detailed balance sheet for changes in assets and liabilities.
2. Compare Q1 2024 figures with prior periods to identify financial trends.
3. Review any notes to the financial statements for further context on specific line items.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This filing represents the first 10-Q for the fiscal year 2024, providing an update on the company's financial position as of March 31, 2024.

Key Financial Figures

• $0.10 — nge on which registered Common Shares, $0.10 par value SPNT New York Stock Exchange
• $25.00 — nce Shares, Series B, $0.10 par value, $25.00 liquidation preference per share SPNT P
• $0.0 — , net of allowance for credit losses of $0.0 (2023 - $0.0) (cost - $5,075.4; 2023 -
• $5,075.4 — it losses of $0.0 (2023 - $0.0) (cost - $5,075.4; 2023 - $4,754.6) $ 5,057.5 $ 4,755.4
• $4,754.6 — (2023 - $0.0) (cost - $5,075.4; 2023 - $4,754.6) $ 5,057.5 $ 4,755.4 Debt securities,
• $433.3 — urities, trading, at fair value (cost - $433.3; 2023 - $568.1) 406.0 534.9 Short-term
• $568.1 — g, at fair value (cost - $433.3; 2023 - $568.1) 406.0 534.9 Short-term investments, a
• $330.0 — term investments, at fair value (cost - $330.0; 2023 - $370.8) 329.9 371.6 Investment
• $370.8 — s, at fair value (cost - $330.0; 2023 - $370.8) 329.9 371.6 Investments in related pa
• $343.1 — term investments, at fair value (cost - $343.1; 2023 - $356.2) (includes related party
• $356.2 — s, at fair value (cost - $343.1; 2023 - $356.2) (includes related party investments at
• $170.6 — ated party investments at fair value of $170.6 (2023 - $173.7)) 296.6 308.5 Equity se
• $173.7 — stments at fair value of $170.6 (2023 - $173.7)) 296.6 308.5 Equity securities, tradi
• $1.6 — urities, trading, at fair value (cost - $1.6; 2023 - $1.9) 1.6 1.6 Total investment
• $1.9 — ing, at fair value (cost - $1.6; 2023 - $1.9) 1.6 1.6 Total investments 6,197.2 6,0

Filing Documents

• spnt-20240331.htm (10-Q) — 2337KB
• exhibit31133124.htm (EX-31.1) — 10KB
• exhibit31233124.htm (EX-31.2) — 10KB
• exhibit32133124.htm (EX-32.1) — 5KB
• exhibit32233124.htm (EX-32.2) — 5KB
• 0001576018-24-000031.txt (&nbsp;) — 13486KB
• spnt-20240331.xsd (EX-101.SCH) — 86KB
• spnt-20240331_cal.xml (EX-101.CAL) — 144KB
• spnt-20240331_def.xml (EX-101.DEF) — 472KB
• spnt-20240331_lab.xml (EX-101.LAB) — 891KB
• spnt-20240331_pre.xml (EX-101.PRE) — 695KB
• spnt-20240331_htm.xml (XML) — 2830KB

. FINANCIAL INFORMATION

PART I . FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited) 3 Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 5 Notes to the Consolidated Financial Statements Note 1. Organization 6 Note 2. Significant accounting policies 6 Note 3. Significant transactions 6 Note 4. Segment reporting 7 Note 5. Cash, cash equivalents, restricted cash and restricted investments 11 Note 6. Fair value measurements 11 Note 7. Investments 17 Note 8. Total net investment income and realized and unrealized investment gains 21 Note 9. Derivatives 22 Note 10. Variable and voting interest entities 23 Note 11. Loss and loss adjustment expense reserves 26 Note 12. Allowance for expected credit losses 26 Note 13. Debt and letter of credit facilities 27 Note 14. Income taxes 28 Note 15. Shareholders' equity 29 Note 16. Earnings per share available to SiriusPoint common shareholders 30 Note 17. Related party transactions 30 Note 18. Commitments and contingencies 32 Note 19. Subsequent event 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 56

OTHER INFORMATION

PART II. OTHER INFORMATION 56

Legal Proceedings

Item 1. Legal Proceedings 56

Risk Factors

Item 1A. Risk Factors 56

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 59

Other Information

Item 5. Other Information 59

Exhibits

Item 6. Exhibits 60

- Financial Information

PART I - Financial Information

Financial Statements

ITEM 1. Financial Statements SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of March 31, 2024 and December 31, 2023 (expressed in millions of U.S. dollars, except per share and share amounts) March 31, 2024 December 31, 2023 Assets Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2023 - $0.0) (cost - $5,075.4; 2023 - $4,754.6) $ 5,057.5 $ 4,755.4 Debt securities, trading, at fair value (cost - $433.3; 2023 - $568.1) 406.0 534.9 Short-term investments, at fair value (cost - $330.0; 2023 - $370.8) 329.9 371.6 Investments in related party investment funds, at fair value 105.6 105.6 Other long-term investments, at fair value (cost - $343.1; 2023 - $356.2) (includes related party investments at fair value of $170.6 (2023 - $173.7)) 296.6 308.5 Equity securities, trading, at fair value (cost - $1.6; 2023 - $1.9) 1.6 1.6 Total investments 6,197.2 6,077.6 Cash and cash equivalents 867.5 969.2 Restricted cash and cash equivalents 218.9 132.1 Redemption receivable from related party investment fund — 3.0 Due from brokers 16.4 5.6 Interest and dividends receivable 44.5 42.3 Insurance and reinsurance balances receivable, net 2,127.2 1,966.3 Deferred acquisition costs, net 320.8 308.9 Unearned premiums ceded 494.8 449.2 Loss and loss adjustment expenses recoverable, net 2,233.8 2,295.1 Deferred tax asset 290.7 293.6 Intangible assets 149.8 152.7 Other assets 174.2 175.9 Total assets $ 13,135.8 $ 12,871.5 Liabilities Loss and loss adjustment expense reserves $ 5,565.3 $ 5,608.1 Unearned premium reserves 1,715.7 1,627.3 Reinsurance balances payable 1,780.5 1,736.7 Deposit liabilities 128.8 134.4 Deferred gain on retroactive reinsurance 25.8 27.9 Debt 770.6 786.2 Due to brokers 60.7 6.2 Deferred tax liability 48.9 68.7 Liability-classified capital instruments 83.2 67.3 Accounts payable, accrued expenses and other liabilities 335.9 278.1 Total liabilities 10,515.4 10,340.9 Commitm

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View this 10-Q filing on SEC EDGAR