SiriusPoint LtdSPNT
SiriusPoint Ltd Segments Disclosure
4. Segment reporting
The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments: Insurance & Services and Reinsurance. The Company's segments each have managers who are responsible for the overall profitability of their segments and who are directly accountable to the Company's chief operating decision maker, the Chief Executive Officer ("CEO"). The CEO assesses segment operating performance, allocates capital, and makes resource allocation decisions based on Segment income (loss). The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments.
Insurance & Services
In the Insurance & Services segment, the Company underwrites primary insurance in several sectors. The Insurance & Services segment includes Accident & Health, Casualty, and Other Specialties.
Accident and Health (“A&H”) – the Company provides insurance products to meet the risk management needs of diverse populations in select markets. This includes employer groups, associations, affinity groups, higher education, and other niche markets. The Company also owns 100% of International Medical Group, Inc. (“IMG”), who receive fees for services provided within Insurance & Services and to third parties. IMG offers a full line of international medical insurance products, travel insurance programs, medical management services and 24/7 emergency medical and travel assistance. The Company owned 100% of Armada through October 31, 2025, when it was sold to Ambac Financial Group Inc. and deconsolidated as of November 1, 2025. Armada operates as a supplemental medical insurance MGA.
Property & Casualty - the Company is a carrier for program administrators and managing general agents. The majority of its P&C insurance business is written through partners in the property and casualty space, covering professional liability, and commercial auto lines in Bermuda, London, Europe, North America and around the world.
Other Specialties - SiriusPoint’s business encompasses a broad range of worldwide insurance coverages. Other Specialties business lines in the Insurance & Services segment include Aviation & Space, Marine & Energy, Credit and Mortgage.
Reinsurance
In the Reinsurance segment, the Company provides reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles. The Company participates in the reinsurance market with a global focus through the broker market distribution channel. The Company primarily writes treaty reinsurance, on both a proportional and excess of loss basis, and provides facultative reinsurance in some of its business lines. In the United States and Bermuda, the Company’s core focus is on distribution, risk and clients located in North America, while our international operation is focused primarily on distribution, risks and clients located in Europe.
The Reinsurance segment predominantly underwrites Casualty, Property and Other Specialties lines of business.
Casualty – the Company provides reinsurance to casualty insurers who underwrite a diverse range of casualty classes. The Company works with clients all over the world, including multi-national, nationwide and regional carriers, as well as risk retention groups and captives. The Company also partners with MGAs and sponsor cover holders. The Company’s underwriting focus all major commercial casualty lines, as well as professional liability with an emphasis on specialty niche classes of business, including personal lines.
Property – the Company works with leading global brokers as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, underwriting residential, commercial, and industrial risks in the United States, Europe and Asia.
Other Specialties - the Company’s business encompasses a broad range of worldwide reinsurance coverages, including proportional and excess of loss, treaty and facultative. Other Specialties business lines in the Reinsurance segment include Aviation & Space, Marine & Energy and Credit.
Management uses segment income (loss) as the primary basis for assessing segment performance. Segment income (loss) is comprised of two components, underwriting income (loss) and net services income (loss). The Company calculates underwriting income (loss) by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net earned premium. Net services income (loss) consists of services revenues (fee for service revenues), services expenses and services non-controlling (income) loss. This definition of segment income (loss) aligns with how business performance is managed and monitored. We continue to evaluate our segments as our business evolves and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the consolidated statements of income. These items are reconciled to the consolidated presentation in the segment measure reclass column below. Included in Insurance & Services segment income (loss) are services noncontrolling loss (income) attributable to minority shareholders on non-wholly-owned subsidiaries. In addition, services revenues and services expenses are reconciled to other revenues and net corporate and other expenses, respectively.
Segment results are shown prior to corporate eliminations. Corporate eliminations are included in the elimination column below as necessary to reconcile to underwriting income (loss), net services income (loss), and segment income (loss) to the consolidated statements of income.
Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the restructuring of the underwriting platform announced in 2022 and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded, as well as specific workers’ compensation and cyber programs which the Company no longer writes. In addition, revenue and expenses managed at the corporate level, including realized gains and losses, other investment income, including gains (losses) from strategic investments, net realized and unrealized investment gains from related party investment funds, non services-related other revenues, non services-related net corporate and other expenses, intangible asset amortization, interest expense, foreign exchange (gains) losses and income tax (expense) benefit are reported within Corporate. The CEO does not manage segment results or allocate resources to segments when considering these items and they are therefore excluded from our definition of segment income (loss).
The following is a summary of the Company’s operating segment results for the years ended December 31, 2025, 2024 and 2023:
| 2025 | |||||||||||||||||||||||||||||||||||||||||
| Insurance & Services | Reinsurance | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
| Gross written premium | $ | 2,313.5 | $ | 1,375.0 | $ | 3,688.5 | $ | — | $ | 17.1 | $ | — | $ | 3,705.6 | |||||||||||||||||||||||||||
| Net written premium | 1,650.2 | 1,127.4 | 2,777.6 | — | (4.8) | — | 2,772.8 | ||||||||||||||||||||||||||||||||||
| Net earned premium | 1,481.6 | 1,109.9 | 2,591.5 | — | 2.3 | — | 2,593.8 | ||||||||||||||||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 874.9 | 656.2 | 1,531.1 | (7.2) | (4.4) | — | 1,519.5 | ||||||||||||||||||||||||||||||||||
| Acquisition costs, net | 396.6 | 277.9 | 674.5 | (109.7) | 18.8 | — | 583.6 | ||||||||||||||||||||||||||||||||||
| Other underwriting expenses | 86.3 | 85.3 | 171.6 | — | 16.3 | — | 187.9 | ||||||||||||||||||||||||||||||||||
| Underwriting income (loss) | 123.8 | 90.5 | 214.3 | 116.9 | (28.4) | — | 302.8 | ||||||||||||||||||||||||||||||||||
| Services revenues | 224.4 | — | 224.4 | (117.0) | — | (107.4) | — | ||||||||||||||||||||||||||||||||||
| Services expenses | 182.6 | — | 182.6 | — | — | (182.6) | — | ||||||||||||||||||||||||||||||||||
| Net services fee income | 41.8 | — | 41.8 | (117.0) | — | 75.2 | — | ||||||||||||||||||||||||||||||||||
| Services noncontrolling loss | 0.1 | — | 0.1 | — | — | (0.1) | — | ||||||||||||||||||||||||||||||||||
| Net services income | 41.9 | — | 41.9 | (117.0) | — | 75.1 | — | ||||||||||||||||||||||||||||||||||
| Segment income (loss) | 165.7 | 90.5 | 256.2 | (0.1) | (28.4) | 75.1 | 302.8 | ||||||||||||||||||||||||||||||||||
| Net investment income | 274.8 | — | 274.8 | ||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment losses | (2.9) | — | (2.9) | ||||||||||||||||||||||||||||||||||||||
| Other revenues | 232.0 | 107.4 | 339.4 | ||||||||||||||||||||||||||||||||||||||
| Net corporate and other expenses | (74.4) | (182.6) | (257.0) | ||||||||||||||||||||||||||||||||||||||
| Intangible asset amortization | (10.9) | — | (10.9) | ||||||||||||||||||||||||||||||||||||||
| Interest expense | (79.7) | — | (79.7) | ||||||||||||||||||||||||||||||||||||||
| Foreign exchange losses | (25.2) | — | (25.2) | ||||||||||||||||||||||||||||||||||||||
| Income before income tax expense | $ | 165.7 | $ | 90.5 | 256.2 | (0.1) | 285.3 | (0.1) | 541.3 | ||||||||||||||||||||||||||||||||
| Income tax expense | — | — | (81.2) | — | (81.2) | ||||||||||||||||||||||||||||||||||||
| Net income | 256.2 | (0.1) | 204.1 | (0.1) | 460.1 | ||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | (0.6) | 0.1 | (0.5) | ||||||||||||||||||||||||||||||||||||
| Net income available to SiriusPoint | $ | 256.2 | $ | (0.1) | $ | 203.5 | $ | — | $ | 459.6 | |||||||||||||||||||||||||||||||
| Attritional losses | $ | 899.7 | $ | 629.2 | $ | 1,528.9 | $ | (7.2) | $ | (2.8) | $ | — | $ | 1,518.9 | |||||||||||||||||||||||||||
| Catastrophe losses | 7.3 | 67.1 | 74.4 | — | — | — | 74.4 | ||||||||||||||||||||||||||||||||||
| Prior year loss reserve development | (32.1) | (40.1) | (72.2) | — | (1.6) | — | (73.8) | ||||||||||||||||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 874.9 | $ | 656.2 | $ | 1,531.1 | $ | (7.2) | $ | (4.4) | $ | — | $ | 1,519.5 | |||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
| Attritional loss ratio | 60.8 | % | 56.7 | % | 59.0 | % | 58.5 | % | |||||||||||||||||||||||||||||||||
| Catastrophe loss ratio | 0.5 | % | 6.0 | % | 2.9 | % | 2.9 | % | |||||||||||||||||||||||||||||||||
| Prior year loss development ratio | (2.2) | % | (3.6) | % | (2.8) | % | (2.8) | % | |||||||||||||||||||||||||||||||||
| Loss ratio | 59.1 | % | 59.1 | % | 59.1 | % | 58.6 | % | |||||||||||||||||||||||||||||||||
| Acquisition cost ratio | 26.8 | % | 25.0 | % | 26.0 | % | 22.5 | % | |||||||||||||||||||||||||||||||||
| Other underwriting expenses ratio | 5.8 | % | 7.7 | % | 6.6 | % | 7.2 | % | |||||||||||||||||||||||||||||||||
| Combined ratio | 91.7 | % | 91.8 | % | 91.7 | % | 88.3 | % | |||||||||||||||||||||||||||||||||
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
| 2024 | |||||||||||||||||||||||||||||||||||||||||
| Insurance & Services | Reinsurance | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
| Gross written premium | $ | 1,840.8 | $ | 1,335.6 | $ | 3,176.4 | $ | — | $ | 68.2 | $ | — | $ | 3,244.6 | |||||||||||||||||||||||||||
| Net written premium | 1,236.2 | 1,104.7 | 2,340.9 | — | 11.2 | — | 2,352.1 | ||||||||||||||||||||||||||||||||||
| Net earned premium | 1,154.0 | 1,045.1 | 2,199.1 | — | 144.4 | — | 2,343.5 | ||||||||||||||||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 714.1 | 554.3 | 1,268.4 | (5.5) | 105.6 | — | 1,368.5 | ||||||||||||||||||||||||||||||||||
| Acquisition costs, net | 284.7 | 279.9 | 564.6 | (121.4) | 73.7 | — | 516.9 | ||||||||||||||||||||||||||||||||||
| Other underwriting expenses | 80.0 | 86.1 | 166.1 | — | 15.6 | — | 181.7 | ||||||||||||||||||||||||||||||||||
| Underwriting income (loss) | 75.2 | 124.8 | 200.0 | 126.9 | (50.5) | — | 276.4 | ||||||||||||||||||||||||||||||||||
| Services revenues | 222.9 | — | 222.9 | (132.8) | — | (90.1) | — | ||||||||||||||||||||||||||||||||||
| Services expenses | 176.2 | — | 176.2 | — | — | (176.2) | — | ||||||||||||||||||||||||||||||||||
| Net services fee income | 46.7 | — | 46.7 | (132.8) | — | 86.1 | — | ||||||||||||||||||||||||||||||||||
| Services noncontrolling income | (2.1) | — | (2.1) | — | — | 2.1 | — | ||||||||||||||||||||||||||||||||||
| Net services income | 44.6 | — | 44.6 | (132.8) | — | 88.2 | — | ||||||||||||||||||||||||||||||||||
| Segment income (loss) | 119.8 | 124.8 | 244.6 | (5.9) | (50.5) | 88.2 | 276.4 | ||||||||||||||||||||||||||||||||||
| Net investment income | 303.6 | — | 303.6 | ||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment losses | (79.0) | — | (79.0) | ||||||||||||||||||||||||||||||||||||||
| Other revenues | 94.1 | 90.1 | 184.2 | ||||||||||||||||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified instruments | (148.5) | — | (148.5) | ||||||||||||||||||||||||||||||||||||||
| Net corporate and other expenses | (55.9) | (176.2) | (232.1) | ||||||||||||||||||||||||||||||||||||||
| Intangible asset amortization | (11.9) | — | (11.9) | ||||||||||||||||||||||||||||||||||||||
| Interest expense | (69.6) | — | (69.6) | ||||||||||||||||||||||||||||||||||||||
| Foreign exchange gains | 10.0 | — | 10.0 | ||||||||||||||||||||||||||||||||||||||
| Income (loss) before income tax expense | $ | 119.8 | $ | 124.8 | 244.6 | (5.9) | (7.7) | 2.1 | 233.1 | ||||||||||||||||||||||||||||||||
| Income tax expense | — | — | (30.7) | — | (30.7) | ||||||||||||||||||||||||||||||||||||
| Net income (loss) | 244.6 | (5.9) | (38.4) | 2.1 | 202.4 | ||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | (0.4) | (2.1) | (2.5) | ||||||||||||||||||||||||||||||||||||
| Net income (loss) available to SiriusPoint | $ | 244.6 | $ | (5.9) | $ | (38.8) | $ | — | $ | 199.9 | |||||||||||||||||||||||||||||||
| Attritional losses | $ | 734.5 | $ | 579.8 | $ | 1,314.3 | $ | (5.5) | $ | 112.8 | $ | — | $ | 1,421.6 | |||||||||||||||||||||||||||
| Catastrophe losses | 5.3 | 49.5 | 54.8 | — | — | — | 54.8 | ||||||||||||||||||||||||||||||||||
| Prior year loss reserve development | (25.7) | (75.0) | (100.7) | — | (7.2) | — | (107.9) | ||||||||||||||||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 714.1 | $ | 554.3 | $ | 1,268.4 | $ | (5.5) | $ | 105.6 | $ | — | $ | 1,368.5 | |||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
| Attritional loss ratio | 63.6 | % | 55.5 | % | 59.8 | % | 60.7 | % | |||||||||||||||||||||||||||||||||
| Catastrophe loss ratio | 0.5 | % | 4.7 | % | 2.5 | % | 2.3 | % | |||||||||||||||||||||||||||||||||
| Prior year loss development ratio | (2.2) | % | (7.2) | % | (4.6) | % | (4.6) | % | |||||||||||||||||||||||||||||||||
| Loss ratio | 61.9 | % | 53.0 | % | 57.7 | % | 58.4 | % | |||||||||||||||||||||||||||||||||
| Acquisition cost ratio | 24.7 | % | 26.8 | % | 25.7 | % | 22.1 | % | |||||||||||||||||||||||||||||||||
| Other underwriting expenses ratio | 6.9 | % | 8.2 | % | 7.6 | % | 7.8 | % | |||||||||||||||||||||||||||||||||
| Combined ratio | 93.5 | % | 88.0 | % | 91.0 | % | 88.3 | % | |||||||||||||||||||||||||||||||||
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
| 2023 | |||||||||||||||||||||||||||||||||||||||||
| Insurance & Services | Reinsurance | Core | Eliminations(2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
| Gross written premium | $ | 2,039.7 | $ | 1,271.0 | $ | 3,310.7 | $ | — | $ | 116.7 | $ | — | $ | 3,427.4 | |||||||||||||||||||||||||||
| Net written premium | 1,282.7 | 1,061.0 | 2,343.7 | — | 94.2 | — | 2,437.9 | ||||||||||||||||||||||||||||||||||
| Net earned premium | 1,249.2 | 1,031.4 | 2,280.6 | — | 145.6 | — | 2,426.2 | ||||||||||||||||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 815.4 | 490.3 | 1,305.7 | (5.4) | 81.0 | — | 1,381.3 | ||||||||||||||||||||||||||||||||||
| Acquisition costs, net | 295.5 | 252.2 | 547.7 | (137.2) | 62.2 | — | 472.7 | ||||||||||||||||||||||||||||||||||
| Other underwriting expenses | 94.3 | 82.7 | 177.0 | — | 19.3 | — | 196.3 | ||||||||||||||||||||||||||||||||||
| Underwriting income (loss) | 44.0 | 206.2 | 250.2 | 142.6 | (16.9) | — | 375.9 | ||||||||||||||||||||||||||||||||||
| Services revenue | 238.6 | (1.1) | 237.5 | (149.6) | — | (87.9) | — | ||||||||||||||||||||||||||||||||||
| Services expenses | 187.8 | — | 187.8 | — | — | (187.8) | — | ||||||||||||||||||||||||||||||||||
| Net services fee income (loss) | 50.8 | (1.1) | 49.7 | (149.6) | — | 99.9 | — | ||||||||||||||||||||||||||||||||||
| Services noncontrolling income | (8.5) | — | (8.5) | — | — | 8.5 | — | ||||||||||||||||||||||||||||||||||
| Net services income (loss) | 42.3 | (1.1) | 41.2 | (149.6) | — | 108.4 | — | ||||||||||||||||||||||||||||||||||
| Segment income (loss) | 86.3 | 205.1 | 291.4 | (7.0) | (16.9) | 108.4 | 375.9 | ||||||||||||||||||||||||||||||||||
| Net investment income | 283.7 | — | 283.7 | ||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment losses | (11.0) | — | (11.0) | ||||||||||||||||||||||||||||||||||||||
| Other revenues | 9.9 | 87.9 | 97.8 | ||||||||||||||||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified instruments | (59.4) | — | (59.4) | ||||||||||||||||||||||||||||||||||||||
| Net corporate and other expenses | (70.4) | (187.8) | (258.2) | ||||||||||||||||||||||||||||||||||||||
| Intangible asset amortization | (11.1) | — | (11.1) | ||||||||||||||||||||||||||||||||||||||
| Interest expense | (64.1) | — | (64.1) | ||||||||||||||||||||||||||||||||||||||
| Foreign exchange losses | (34.9) | — | (34.9) | ||||||||||||||||||||||||||||||||||||||
| Income before income tax benefit | $ | 86.3 | $ | 205.1 | 291.4 | (7.0) | 25.8 | 8.5 | 318.7 | ||||||||||||||||||||||||||||||||
| Income tax benefit | — | — | 45.0 | — | 45.0 | ||||||||||||||||||||||||||||||||||||
| Net income | 291.4 | (7.0) | 70.8 | 8.5 | 363.7 | ||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | (0.4) | (8.5) | (8.9) | ||||||||||||||||||||||||||||||||||||
| Net income available to SiriusPoint | $ | 291.4 | $ | (7.0) | $ | 70.4 | $ | — | $ | 354.8 | |||||||||||||||||||||||||||||||
| Attritional losses | $ | 840.7 | $ | 618.9 | $ | 1,459.6 | $ | (5.4) | $ | 76.5 | $ | — | $ | 1,530.7 | |||||||||||||||||||||||||||
| Catastrophe losses | 1.3 | 12.2 | 13.5 | — | 11.3 | — | 24.8 | ||||||||||||||||||||||||||||||||||
| Prior year loss reserve development | (26.6) | (140.8) | (167.4) | — | (6.8) | — | (174.2) | ||||||||||||||||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 815.4 | $ | 490.3 | $ | 1,305.7 | $ | (5.4) | $ | 81.0 | $ | — | $ | 1,381.3 | |||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
| Attritional loss ratio | 67.3 | % | 60.0 | % | 64.0 | % | 63.1 | % | |||||||||||||||||||||||||||||||||
| Catastrophe loss ratio | 0.1 | % | 1.2 | % | 0.6 | % | 1.0 | % | |||||||||||||||||||||||||||||||||
| Prior year loss development ratio | (2.1) | % | (13.7) | % | (7.3) | % | (7.2) | % | |||||||||||||||||||||||||||||||||
| Loss ratio | 65.3 | % | 47.5 | % | 57.3 | % | 56.9 | % | |||||||||||||||||||||||||||||||||
| Acquisition cost ratio | 23.7 | % | 24.5 | % | 24.0 | % | 19.5 | % | |||||||||||||||||||||||||||||||||
| Other underwriting expenses ratio | 7.5 | % | 8.0 | % | 7.8 | % | 8.1 | % | |||||||||||||||||||||||||||||||||
| Combined ratio | 96.5 | % | 80.0 | % | 89.1 | % | 84.5 | % | |||||||||||||||||||||||||||||||||
(1)Underwriting ratios are calculated by dividing the related expense by net earned premium.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
The following tables provide a breakdown of net written premium by underwriting location by reportable segment for the years ended December 31, 2025, 2024 and 2023:
| 2025 | |||||||||||||||||||||||
| Insurance & Services | Reinsurance | Corporate | Total | ||||||||||||||||||||
| Net written premium by underwriting location: | |||||||||||||||||||||||
| United States and Canada | $ | 854.6 | $ | 493.0 | $ | (11.1) | $ | 1,336.5 | |||||||||||||||
| United Kingdom and Europe | 643.8 | 449.8 | 7.2 | 1,100.8 | |||||||||||||||||||
| Bermuda, the Caribbean and Latin America | 151.8 | 184.6 | (0.9) | 335.5 | |||||||||||||||||||
| Total net written premium by underwriting location | $ | 1,650.2 | $ | 1,127.4 | $ | (4.8) | $ | 2,772.8 | |||||||||||||||
| 2024 | |||||||||||||||||||||||
| Insurance & Services | Reinsurance | Corporate | Total | ||||||||||||||||||||
| Net written premium by underwriting location: | |||||||||||||||||||||||
| United States and Canada | $ | 603.4 | $ | 447.5 | $ | (5.8) | $ | 1,045.1 | |||||||||||||||
| United Kingdom and Europe | 467.5 | 429.9 | (6.4) | 891.0 | |||||||||||||||||||
| Bermuda, the Caribbean and Latin America | 165.3 | 227.3 | 23.4 | 416.0 | |||||||||||||||||||
| Total net written premium by underwriting location | $ | 1,236.2 | $ | 1,104.7 | $ | 11.2 | $ | 2,352.1 | |||||||||||||||
| 2023 | |||||||||||||||||||||||
| Insurance & Services | Reinsurance | Corporate | Total | ||||||||||||||||||||
| Net written premium by underwriting location: | |||||||||||||||||||||||
| United States and Canada | $ | 653.2 | $ | 516.6 | $ | 92.0 | $ | 1,261.8 | |||||||||||||||
| United Kingdom and Europe | 280.7 | 345.9 | 4.4 | 631.0 | |||||||||||||||||||
| Bermuda, the Caribbean and Latin America | 348.8 | 198.5 | 0.7 | 548.0 | |||||||||||||||||||
| Asia and Other | — | — | (2.9) | (2.9) | |||||||||||||||||||
| Total net written premium by underwriting location | $ | 1,282.7 | $ | 1,061.0 | $ | 94.2 | $ | 2,437.9 | |||||||||||||||
No contract contributed more than 10% of gross written premium for the years ended December 31, 2025, 2024, and 2023.
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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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.