SiriusPoint LtdSPNT
SiriusPoint Ltd Debt Disclosure
14. Debt and letter of credit facilities
Debt obligations
The following table represents a summary of the Company’s debt obligations on its consolidated balance sheets as of December 31, 2025 and December 31, 2024:
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Amount | Effective rate (1) | Amount | Effective rate (1) | |||||||||||||||||||||||
| 2024 Senior Notes, at face value | $ | 400.0 | 7.4 | % | $ | 400.0 | 7.4 | % | ||||||||||||||||||
| Unamortized issuance costs | (4.0) | (5.2) | ||||||||||||||||||||||||
| 2024 Senior Notes, carrying value | 396.0 | 394.8 | ||||||||||||||||||||||||
| 2017 SEK Subordinated Notes, at face value | 298.2 | 7.1 | % | 249.2 | 7.9 | % | ||||||||||||||||||||
| Unamortized discount | (5.6) | (4.9) | ||||||||||||||||||||||||
| 2017 SEK Subordinated Notes, carrying value | 292.6 | 244.3 | ||||||||||||||||||||||||
| Total debt | $ | 688.6 | $ | 639.1 | ||||||||||||||||||||||
(1)Effective rate considers the effect of the debt issuance costs, discount, and premium.
2024 Senior Notes
In April 2024, the Company issued $400.0 million aggregate principal amount of 7.0% Senior Notes due 2029 (the “2024 Senior Notes”) at an issue price of 99.6% and net proceeds of $393.9 million after taking into effect both deferrable and non-deferrable issuance costs. Interest is payable on the 2024 Senior Notes semi-annually in arrears on April 5 and October 5 of each year, commencing on October 5, 2024. The 2024 Senior Notes were issued pursuant to a Senior Indenture, dated as of April 5, 2024, between the Company and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture. The 2024 Senior Notes were offered and sold pursuant to the shelf registration statement on Form S-3 (File No. 333-255917), filed with the U.S. Securities and Exchange Commission (the “Commission”) on May 7, 2021, and a prospectus supplement related to the 2024 Senior Notes dated March 27, 2024 (filed with the Commission pursuant to Rule 424(b)(2) under the Securities Act of 1933).
For the year ended December 31, 2025, the Company recorded $29.2 million of interest expense, inclusive of amortization of discount, on the 2024 Senior Notes (2024 - $21.9 million).
2017 SEK Subordinated Notes
On September 22, 2017, Sirius Group, through Sirius International Group (“SIG”), issued floating rate callable subordinated notes denominated in Swedish kronor ("SEK") in the amount of SEK 2,750.0 million (or $346.1 million on date of issuance) at a 100% issue price ("2017 SEK Subordinated Notes"). The 2017 SEK Subordinated Notes were issued in an offering that was exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Company assumed the 2017 SEK Subordinated Notes on May 27, 2021. The 2017 SEK Subordinated Notes bear interest on their principal amount at a floating rate equal to the applicable Stockholm Interbank Offered Rate for the relevant interest period plus an applicable margin, payable quarterly in arrears on March 22, June 22, September 22 and December 22 of each year until maturity in September 2047. Beginning on September 22, 2022, the 2017 SEK Subordinated Notes may be redeemed, in whole or in part, at the Company’s option. The Company was in compliance with all debt covenants as of and for the period ended December 31, 2025.
For the year ended December 31, 2025, the Company recorded $18.7 million of interest expense, inclusive of amortization of discount, on the 2017 SEK Subordinated Notes (2024 - $20.5 million). For the year ended December 31, 2025, the Company also recognized $48.0 million of foreign exchange losses on the translation of the 2017 SEK Subordinated Notes into USD from SEK (2024 - $23.8 million gains).
Interest expense
Total interest expense incurred by the Company for the year ended December 31, 2025 was $47.9 million associated with debt obligations (2024 - $48.1 million) and $30.7 million of funds withheld interest from loss portfolio transfers (2024 - $29.5 million). See Note 11 - Loss and loss adjustment expense reserves for further discussion on the 2024 LPT and 2023 LPT.
Standby letter of credit facilities
As of December 31, 2025, the Company had entered into the following letter of credit facilities:
| Letters of Credit | Collateral | ||||||||||||||||||||||
| Committed Capacity | Issued | Cash and Cash Equivalents | Fixed Maturities | ||||||||||||||||||||
| Committed - Secured letters of credit facilities | $ | 330.0 | $ | 232.4 | $ | 17.0 | $ | 158.2 | |||||||||||||||
| Uncommitted - Secured letters of credit facilities | n/a | 739.9 | 52.1 | 908.1 | |||||||||||||||||||
| $ | 330.0 | $ | 972.3 | $ | 69.1 | $ | 1,066.3 | ||||||||||||||||
The Company’s secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. The above referenced facilities are subject to various affirmative, negative and financial covenants that the Company considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. See Note 5 for additional information.
Revolving credit facility
In addition to the letter of credit facilities above, the Company entered into a four-year, $400.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, effective December 19, 2024. The Facility includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the Facility maturity date. Subject to customary conditions precedent upon any Company borrowing request, the Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. As of December 31, 2025, there were no outstanding borrowings under the Facility. In addition, as of and for the periods ended December 31, 2025 and 2024, the Company was in compliance with all of the covenants under the Facility.
Federal Home Loan Bank
On September 25, 2025, SiriusPoint America, a subsidiary of the Company, was approved as a new member to the Federal Home Loan Bank of New York (“FHLBNY”). As a member of the FHLBNY, the Company will have access to FHLBNY borrowings to support general corporate purposes. The Company has the ability to obtain this funding from the FHLBNY based on a percentage of the value of its admitted assets in the State of New York, and its ability to borrow is subject to availability of eligible collateral. The borrowing limit for this program is 5% of the admitted assets of SiriusPoint America. SiriusPoint America’s estimated admitted assets as of December 31, 2025 are $3.2 billion (2024 - $2.7 billion). The Company did not receive advances or make repayments of FHLBNY borrowings during the year ended December 31, 2025. There were no advances from the FHLBNY outstanding as of December 31, 2025.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Mar 1, 2022 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.