SiriusPoint Ltd (SPNT) Business

Item 1. Business

General Overview

SiriusPoint is a global specialty underwriter of insurance and reinsurance, headquartered in Bermuda. Our common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “SPNT.”

We have licenses to write property, casualty, and accident & health insurance and reinsurance globally, including admitted and non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd’s of London (“Lloyd’s”) syndicate and managing agency, and an internationally licensed company domiciled in Sweden. We have offices in 10 countries with a total employee population of 1,099 people.

As of December 31, 2025, we had common shareholders’ equity of $2.3 billion, total capital of $3.2 billion and total assets of $12.6 billion. Our operating companies have a financial strength rating of A- (Positive) from AM Best, Fitch Ratings (“Fitch”) and Standard & Poor's (“S&P”) and A3 (Stable) from Moody’s Ratings (“Moody’s”).

Our ambition is to drive excellence as a best-in-class underwriter, with a diverse and low-volatility portfolio of specialty lines, that generally targets a 12-15% return on equity across the pricing cycle. We strive to maintain a relentless focus on underwriting and a disciplined approach to strategic capital deployment. Our business benefits from a global multi-channel distribution network.

Our History

SiriusPoint was created through the merger of Third Point Reinsurance Ltd. (“Third Point Re”) and Sirius International Insurance Group, Ltd. (“Sirius Group”) in February 2021.

Third Point Re was incorporated under the laws of Bermuda on October 6, 2011 as a specialty property and casualty reinsurer. The company became listed on the NYSE in June 2013 through an initial public offering (“IPO”).

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Sirius Group was a Bermuda exempted company, founded in Stockholm, Sweden with roots back to 1945. From 2004 until 2016, Sirius Group was a subsidiary of White Mountains Insurance Group Ltd. (“White Mountains”). In 2018, Sirius Group became a publicly listed company trading on the Nasdaq Global Select Market (“Nasdaq”).

SiriusPoint’s ambition from 2022 to 2024 was to reshape the business by delivering a simplified, lower volatility portfolio mix that has an underwriting-first focus on profitability at its foundation. We executed on this ambition under the current leadership team and made significant progress across all elements of our priorities, as described further below:

•Simplify the business: We exited from non-core programs, such as Cyber and Workers’ Compensation, and closed five offices to create a leaner, more focused operation. We rationalized the number of MGA equity stakes held, which is down to 18 as of December 31, 2025 from 36 as of December 31, 2022. We also simplified our capital structure through a $400 million debt refinancing and two share repurchases with CM Bermuda Limited (“CM Bermuda”).

•Reduce volatility: We increased our business mix from Other Specialties, MGA and Accident & Health (“A&H”), while reducing Property, over the period. We executed on three loss portfolio transfers (“LPTs”) covering $2.1 billion of reserves, removing risk from the exited business. These LPTs continue to have over 95% of combined limit remaining. We de-risked our investment portfolio through asset reallocation to be more in-line with peers and settled liability-classified capital instruments which eased volatility on our income statement.

•Focus on profitability and ROE: We have remained disciplined in our underwriting actions, which has helped enable delivery of an operating return on equity within or above our target range for every year since 2022. This was aided by the delivery of $50 million of run-rate cost savings from our targeted actions. We implemented a capital management strategy by increasing our share repurchase authorization and completing two share repurchases.

Our Strategy

As a result of our actions stated above, the Company has strategically repositioned its business and portfolio and has been focused on driving excellence aiming for recognition as a top performing underwriter. The actions taken have allowed SiriusPoint to thoughtfully grow the business in 2025 from the base which we have established. This is deliberate, with robust risk management and a strong balance sheet driving our ambition.

We seek to apply our underwriting talent, capabilities and management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and attuned to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and focused on our specified risk tolerances and areas of expertise.

Distribution relationships are particularly important to us. A majority of our premium is produced via MGAs, including both our consolidated MGAs and non-consolidated MGAs. We seek to create capacity partnerships with MGAs that have high integrity and transparent leaders, and teams with deep underwriting expertise and track records of success, and no longer take capital positions in those business partners. Our partnerships are focused on underwriting in concentrated, niche businesses that often offer new exposure to our portfolio, while we provide guidance and oversight. We launched 16 new strategic partnerships with various program administrators during 2025, which underwrite across many business lines, including, but not limited to, Casualty, Property, A&H, and Other Specialties.

Our business model remains diversified as we continue to benefit from the three sources of earnings: (i) underwriting results; (ii) services fee income from the MGAs we consolidate; and (iii) investment results.

We review the three sources of earnings below:

1.Underwriting results

We classify our business into two reportable segments - Insurance & Services and Reinsurance. Collectively, the sum of these two segments constitutes “Core” results. Corporate includes the results of all runoff business, which represents certain classes of business and products that we no longer actively underwrite. The sum of Core results and Corporate results are equal to the consolidated results of operations. Refer to “Reportable Segments” below for further details on our segments.

We continued to produce a strong underwriting performance for the year ended December 31, 2025, as our core business delivered underwriting income of $214.3 million and a combined ratio of 91.7%, compared to underwriting income of $200.0 million and a combined ratio of 91.0% for the year ended December 31, 2024.

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While we continued to make significant progress in 2025, portfolio review and evaluation is an ongoing process, and we expect to continue to make necessary adjustments by acting to both grow and reduce lines of business based on our risk appetite, market conditions, and market opportunity.

2.    Service fee income from Consolidated MGAs

We consolidate two MGAs in our financial statements as of December 31, 2025: International Medical Group, Inc. (“IMG”), which writes travel medical insurance, international health insurance and trip insurance, and Alta Signa Holdings (“Alta Signa”), which writes financial and professional lines in Europe. We own 100% of IMG and 75.1% of Alta Signa. In addition to our capacity partnerships, both of our consolidated MGAs also have third-party capacity providers.

We earn service fee income from both of our consolidated MGAs, which helps to diversify our earnings. In addition, service fees from consolidated MGAs and their insurance products are generally not as prone to the volatile underwriting cycle that is sometimes common in the insurance marketplace. During 2025, we sold ArmadaCorp Capital, LLC (“Armada”), which was a consolidated MGA that we previously owned 100% of, and recognized a gain of $222.4 million as a result.

We generated service fee income of $41.8 million for the year ended December 31, 2025, which contracted by 10.5% compared to 2024, resulting from the sale of Armada in 2025 and the deconsolidation of Arcadian in 2024, as their fee income is included in our results through the dates of deconsolidation. Excluding the deconsolidation of Armada and Arcadian, fee income grew year over year, primarily from the continued growth of IMG.

3.    Investment results

During 2025, we continued to rotate our investment portfolio to attempt to further reduce volatility and capital intensity, while benefiting from higher rates. Overall, our investment strategy remains focused on high quality, fixed income instruments with an average credit rating of “AA-”. SiriusPoint's investment objective is to maximize risk-adjusted after-tax net investment income while maintaining liquidity, diversification and compliance with internal risk, external risk, and capital management requirements in support of meeting policyholder obligations. We had no defaults across our fixed income portfolio during 2025.

Our investment results remained strong at $271.9 million for the year ended December 31, 2025 and were comprised of $274.8 million of net investment income and $2.9 million of net realized and unrealized investment losses, compared to a net investment result of $224.6 million for 2024, including $303.6 million of net investment income and $79.0 million of net realized and unrealized investment losses. The decrease in net realized and unrealized investment losses compared to the prior year reflects our strategy to focus on underwriting relationships with MGAs.

Reportable Segments

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations. We classify our business into two reportable segments - Insurance & Services and Reinsurance. Collectively, the sum of these two segments constitutes “Core” results. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. Within our segments, we underwrite a variety of insurance and reinsurance products as shown in the table below.

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The following tables provide a breakdown by line and type of business of gross written premium and net earned premium for the years ended December 31, 2025, 2024, and 2023:

(1) Corporate includes gross written premium and net earned premium from all runoff business.

Insurance & Services Segment

In our Insurance & Services segment, we underwrite primary insurance in several sectors globally. We offer insurance solutions to meet the changing risk circumstances of our clients. The Insurance & Services segment includes Accident & Health, Property & Casualty, and Other Specialties.

A&H - we provide insurance products designed 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. We offer program management and underwriting guidance to our partners who provide access to accident and health solutions to their clients. Our partners include insurance and reinsurance brokers, managing general underwriters, MGAs, third party administrators (“TPA”) and insurtechs. In an effort to provide flexibility for our partners, we also provide access to multiple risk-bearing

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entities, such as domestic U.S. admitted paper with SiriusPoint America Insurance Company (“SiriusPoint America”), international paper with SiriusPoint International Insurance Company (“SiriusPoint International”), and SiriusPoint Bermuda Insurance Company Ltd. (“SiriusPoint Bermuda”), Excess & Surplus paper with SiriusPoint Specialty Insurance Company, and Lloyd’s Syndicate 1945. As a part of our Accident & Health product offerings, SiriusPoint owns 100% of 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.

Property & Casualty - we serve as a carrier for program administrators and MGAs. The majority of our P&C insurance business is written through partners in the P&C space, covering professional liability, and commercial auto lines in Bermuda, London, Europe, North America and around the world.

Other Specialties - our business encompasses a broad range of worldwide insurance coverage. Other Specialties business lines in the Insurance & Services segment include Aviation & Space, Credit, Surety, Marine & Energy, and Mortgage.

Reinsurance Segment

In our Reinsurance segment, we provide reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles.

We participate in the reinsurance market with a global focus through the broker market distribution channel. We primarily write treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of our business lines. In the United States and Bermuda, our 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 - we provide reinsurance to casualty insurers who underwrite a diverse range of casualty classes. We work with clients all over the world, including multi-national, nationwide and regional carriers, as well as risk retention groups and captives. We also partner with MGAs and sponsor cover holders. In London, we write on Lloyd’s paper through our platform, Syndicate 1945, and in the U.S., we underwrite through SiriusPoint America. Our underwriting focus is on all major commercial casualty lines, as well as professional liability with an emphasis on specialty niche classes of business including personal lines.

Property - our property reinsurance underwriters work 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, through underwriting residential, commercial, and industrial risks in the United States, Europe and Asia. Our underwriters are supported by a team of actuaries, and we use catastrophe modelling to assess and structure risk protection for our partners and clients.

Other Specialties - our business encompasses a broad range of worldwide reinsurance coverage, including proportional and excess of loss, treaty and facultative. Other Specialties business lines in the Reinsurance segment include Aviation & Space, Marine & Energy, and Credit.

Marketing and Distribution

SiriusPoint is a carrier for program administrators and MGAs. Through our suite of capabilities and underlying financial strength, SiriusPoint has developed a strong reputation in the Property, Casualty and Other Specialties lines and Accident & Health programs globally, and in particular in Bermuda, London, Europe, and North America. We work together with program administrators, MGAs, reinsurance brokers, and other advisers in the space seeking to grow and achieve success. We offer our partners: primary insurance capacity (paper) enabled by admitted, non-admitted, and international capabilities, coordinated reinsurance with SiriusPoint as a risk-taking carrier, distribution relationships in insurance and reinsurance, and a robust global license suite and platform, enabling growth and business execution.

For primary insurance business, we enter into agreements with select MGAs, who then market insurance products to brokers and the general public and exercise underwriting authority on our behalf. We pay certain MGAs commissions based upon the underwriting profit of the business produced. We have underwriting standards in place for these MGAs that are closely monitored by our staff. Before any MGA program begins, the MGA undergoes a due diligence process. In addition to the day-to-day interactions and oversight monitoring that we have with our MGAs, audits are performed on a regular basis. These

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partnerships can generate significant premium and we strive to create alignment with the MGAs as they are often partially incentivized by underwriting results.

For reinsurance business, we obtain most of our business from reinsurance intermediaries (“brokers”) that represent the ceding company. The process of placing a reinsurance program typically begins when a ceding company enlists the aid of a reinsurance intermediary in structuring a reinsurance program. The ceding company and the reinsurance intermediary will often consult with one or more lead reinsurers as to the pricing and contract terms for the reinsurance protection being sought. Once the ceding company has approved the terms quoted by the lead reinsurer, the reinsurance intermediary will offer participation to qualified reinsurers until the program is fully subscribed. We consider both the reinsurance intermediary and the ceding company to be our clients. We believe we have developed strong business relationships with the management of many of our ceding companies and reinsurance intermediaries.

We pay ceding companies a ceding commission under most proportional reinsurance treaties and some excess of loss reinsurance treaties. In addition, we pay reinsurance brokers a commission on both proportional and excess of loss reinsurance. The ceding commission on proportional reinsurance is generally based on the ceding company's cost of acquiring and administering the business being reinsured (e.g., agent commissions, premium taxes and certain miscellaneous expenses). The ceding commissions paid to ceding companies, plus the reinsurance brokers, constitute the majority of our total reinsurance acquisition costs.

Policies with Respect to Certain Activities

The following is a discussion of our underwriting and pricing, claims management, catastrophe risk management, and reinsurance protection policies.

Underwriting and Pricing

We have an established team of underwriters and actuaries that develop and manage our insurance and reinsurance business. We believe that their experience, industry presence, and long-standing relationships allow us some flexibility in tailoring our portfolio to specific market segments. Our approach to underwriting allows us to deploy our capital in a variety of lines of business and to capitalize on opportunities that we believe offer favorable returns on equity over the long term.

We maintain a disciplined underwriting strategy which, while considering overall exposure, focuses on writing more business when market terms and conditions are favorable and reducing business volume when terms and conditions become less favorable. We offer clients a wide range of insurance and reinsurance products across multiple lines of business that are available to satisfy certain risk management needs.

For Insurance & Services, our approach to accessing the market through MGAs involves leaning on the expertise of our partners to create products and services, manage distribution relationships, underwrite risks in accordance with delegating underwriting authorities, issue and service policies on behalf of SiriusPoint and manage claims handling. We put in place controls that are designed to help ensure underwriting risks are evaluated thoroughly and monitored consistently. Key controls in place include formal written Program Management Agreements, written underwriting guidelines, underwriting audits, and flows of financial and operational metrics that provide transparency into underlying business results. Additionally, our underwriters, actuaries, claims, and compliance personnel perform audits of MGAs and certain ceding companies, for relevant products and regions.

For Reinsurance, we derive business from a broad spectrum of ceding companies, including national, regional, specialty, and excess and surplus lines writers, both internationally and in the United States. We price our products by assessing, among other things, the distribution of potential outcomes and the margin required to achieve our desired underwriting result, including a number of underwriting factors such as historical results, analysis of exposure and estimates of future loss costs, a review of other programs displaying similar exposure characteristics, and the ceding company's underwriting and claims experience.

Claims Management

Our Global Claims Team has technical experience in the markets, countries, and industries we serve, with a focus on adding value to our customer and partner portfolios by effectively handling claims and mitigating customer losses across our many insurance products. Our global team performs claims oversight across our diverse underwriting portfolio and we work in partnership with our business line experts.

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Our claims advocates support SiriusPoint’s primary insurance business, in addition to handling oversight of claims associated with program administrators, MGAs, and TPAs. Our claims advocates work closely with reinsurance intermediaries and/or ceding companies to obtain and review specific claims-related information. Where customary or appropriate for our risk-based audit criteria, our claims advocates, directly or indirectly, perform selective remote or on-site claim reviews, in order to assess technical claim handling acumen, reserve effectiveness, and propriety of controls and processes related to regulatory and compliance matters.

Catastrophe Risk Management

We have significant exposure to catastrophe losses, caused by hurricanes, earthquakes, tornadoes, winter storms, windstorms, wildfires, floods, tsunamis, terrorist acts and other man-made and natural catastrophic events. We actively manage our concentration of exposures to catastrophic events, primarily by limiting concentrations of exposure to what we deem acceptable levels and, if necessary, purchasing reinsurance. In addition, we seek to limit losses that might arise from other extreme events such as terrorism, cyber or nuclear incidents.

To manage and price catastrophe risk, we license third-party global property catastrophe modeling software, and we also utilize our own models to price risk, calculate expected probable maximum loss estimates (“PMLs”), and consolidate and report on worldwide property exposures. This platform is used to calculate individual and aggregate PMLs by combining multiple third-party and proprietary models, actuarial methods, and underwriting judgment.

We do not exclusively rely upon catastrophe modeling to measure our exposure to natural catastrophe risk. We monitor gross and net property catastrophe occurrence limits by country and region globally. Further, losses to a number of deterministic scenarios involving both natural and man-made catastrophes are estimated and tracked.

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The following tables provide an estimate of our four largest PML zones on a per occurrence basis for 1-in-100 and 1-in-250 year events as of January 1, 2026 and 2025.

(1)Measurements represent occurrence exceedance probabilities, which reflect modeled catastrophe perils, and are driven by peak perils in each zone. Other perils are modeled and contribute, but to a lesser degree than peak perils, such as flood in Europe and wildfire in West Coast U.S.

(2)Total capital and common shareholders’ equity as of December 31, 2025 and 2024. Total capital represents total debt, Series B preference shares, and common shareholders’ equity.

Catastrophe modeling is dependent upon several broad scientific, meteorological and economic assumptions. This includes assumptions on hazard frequency and intensity, assumptions on the vulnerability of different risks depending on their occupancy and building characteristics, assumptions on replacement values as well as assumptions on economic factors such as demand surge (the localized increase in prices of goods and services that often follows a catastrophe). Catastrophe modeling is inherently uncertain due to the range of outcomes when projecting future events. Third-party modeling software does not provide information for all territories or perils for which we write business. We use our own proprietary models in these situations.

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Reinsurance Protection

In the normal course of business, we seek to protect our Insurance & Services and Reinsurance business from losses due to concentration of exposures, individual exposed limits, and loss arising from certain catastrophic events. We remain liable for risks reinsured in the event that the reinsurer does not honor its obligations under reinsurance contracts.

The effects of reinsurance on our written and earned premiums and on loss and loss adjustment expenses for the years ended December 31, 2025, 2024 and 2023 were as follows:

Our reinsurance protections primarily consist of pro-rata and excess of loss protections that protect our reportable segments within Insurance & Services and Reinsurance. Amounts ceded proportionally, and attachment points and coverage limits for excess of loss protections, vary by product and region. Our protections are summarized below.

Natural Catastrophe Reinsurance

We purchase property catastrophe excess of loss reinsurance to protect accumulation of exposures from our Insurance & Services and Reinsurance segments from natural catastrophic events. As of January 1, 2026, we have in place an all-natural perils excess of loss reinsurance coverage for loss events impacting our property reinsurance exposures, replacing the 2025 coverage. The coverage for 2026 is entirely excess of loss and is comprised of both single occurrence based coverage and aggregate coverage for occurrences below the retention of our single occurrence coverage. This single occurrence coverage is split into two layers, with the first layer covering only the Reinsurance Segment from certain natural catastrophes occurring in the U.S. and the second layer and the aggregate coverage providing coverage for both the Insurance & Services and

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Reinsurance segments from certain natural catastrophic events occurring in the U.S., U.K., and Europe. The table below represents a broad summary of coverage and attachment points for in-force protection as of January 1, 2026 and 2025.

(1)The occurrence layer ($85 million x $90 million) is reinstatable for a second occurrence in excess of $90 million and is also paired with an aggregate cover that provides $60 million of aggregate limit above a $90 million aggregate attachment for losses of $80 million x $10 million retention.

The introduction of an aggregate product alongside the core occurrence coverage is intended to provide enhanced volatility management for catastrophic reinsurance events.

In addition, we purchase catastrophe excess of loss reinsurance coverage with respect to natural catastrophe events in the U.K. and Europe.

In addition to our natural catastrophe reinsurance, we purchase both proportional and excess of loss reinsurance for various products and geographies in both our Insurance & Services and Reinsurance segments.

For A&H, there are account specific quota share and stop‑loss reinsurance protections in place of various percentages for our medical benefits and student businesses. In addition to these primary insurance protections, we have an excess of loss protection of unlimited dollars in excess of $2 million (per person) in place for our U.S. medical insurance and assumed reinsurance.

In the property and casualty business in our Insurance & Services and Reinsurance segments, we purchase both excess loss and proportional reinsurance on a case-by-case basis for both individual limit and accumulation management and capital optimization purposes.

Reinsurance Recoverables by Rating

As of December 31, 2025, we had loss and loss adjustment expenses recoverable, net of $2.1 billion (December 31, 2024 - $2.3 billion). Because retrocessional reinsurance contracts do not relieve us of our obligation to our insureds, the ability to collect balances due from our reinsurers is important to our financial strength. We monitor the financial strength and ratings of retrocessionaires on an ongoing basis. Uncollectible amounts historically have not been significant.

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The following table provides a listing of our loss and loss expenses recoverable, net by the reinsurer’s S&P rating and the percentage of total recoverable as of December 31, 2025. With certain reinsurers, if S&P’s rating was not available, an equivalent AM Best or other major credit rating agencies’ rating was used.

(1)S&P's ratings as detailed above are: "AA" (Very strong), "A" (Strong), and "BBB" (Adequate).

(2)Not rated represents reinsurers who are not rated by S&P, AM Best, or another major credit rating agency. Included in the not rated category is $667.1 million related to loss portfolio transfer transactions with Pallas Reinsurance Company Ltd. and $202.4 million related to a loss portfolio transfer transaction with Clarendon National.

Loss and loss adjustment expense reserves

Loss and loss adjustment expense reserves represent estimates of what the insurer or reinsurer ultimately expects to pay on claims at a given time, based on facts and circumstances then known, and it is probable that the ultimate liability may exceed or be less than such estimates. The process of estimating loss and loss adjustment expense reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain. See Note 2 "Significant accounting policies" in our audited consolidated financial statements and "Critical accounting policies and estimates" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this Annual Report for a further discussion of our loss and loss adjustment expense reserves.

Investments

We generally manage our investment portfolio to balance quality, liquidity, and diversification with asset/liability matching and investment return. Our investment objective is to optimize risk-adjusted after-tax net investment income while (1) maintaining a high quality, diversified investment portfolio, (2) maintaining adequate liquidity, and (3) complying with the regulatory, rating agency, and internal risk and capital management requirements, all in support of the company goal of meeting policyholder obligations. This objective and the associated policies and guidelines ("Investment Policy and Guidelines") are established by the Investment Committee of the SiriusPoint Board of Directors. Certain relevant subsidiaries also approve policies and guidelines substantially similar to, and consistent with, the SiriusPoint Investment Policy and Guidelines, in accordance with local laws and regulations.

The Investment Policy and Guidelines provide a cohesive framework to mitigate risk and prescribe a number of thresholds under which the portfolio is intended to operate. The group is expected to hold cash, short-term investments and fixed income investments that amount to no less than 100% of policyholder liabilities. Investable assets in excess of policyholder liabilities and liquidity needs are available to be invested in equity securities, funds, direct investments and other long-term investments.

Our global customer base and footprint requires us to transact in numerous currencies. We utilize third party instruments such as currency forwards to hedge our net exposure by currency. We do not apply hedge accounting to currency swaps or forwards.

See Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 7 “Investments” in our audited consolidated financial statements included elsewhere in this Annual Report for additional information on our investment portfolio.

Competition and Peers

The worldwide insurance and reinsurance markets are highly competitive. Competition is influenced by a variety of factors, including prices charged, coverage and other terms and conditions offered, financial strength ratings, prior history and relationships, as well as expertise and claims handling performance.

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We believe that we are strongly positioned to operate alongside numerous global participants for insurance and reinsurance business in Bermuda, Europe, the United States, and other international markets.

In addition, competition in reinsurance across a broad array of property, casualty, and specialty products has been exacerbated by competition from non-traditional sources of capital accessing reinsurance through the Insurance-Linked Securities (“ILS”) markets, including catastrophe bonds, collateralized reinsurance, and side-cars. Additionally, there has been an increase in competition in the insurance markets as a result of the growth of program managers offering product through fronting insurance companies. Both increased insurance and reinsurance competition has resulted in increased product pricing pressure, as well as market share competition for some of the products we offer.

Ratings

Ratings by independent agencies are an important factor in establishing the competitive position of insurance and reinsurance companies and are important to our ability to market and sell our products and services. Rating organizations continually review the financial positions of reinsurers and insurers. These ratings reflect the rating agency’s views regarding our balance sheet strength, operating performance, business profile and enterprise risk management. It is not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold our common shares. Our insurance and reinsurance operating subsidiaries are assigned financial strength ratings as follows:

(1) “A–" is the fourth highest of 13 financial strength ratings assigned by AM Best, as last updated April 25, 2025.

(2) “A–" is the seventh highest of 22 financial strength ratings assigned by Fitch, as last updated March 5, 2025.

(3) “A–" is the seventh highest of 21 financial strength ratings assigned by S&P's, as last updated October 2, 2025.

(4) “A3" is the seventh highest of 21 financial strength ratings assigned by Moody's, as last updated March 12, 2025.

These ratings reflect AM Best’s, Fitch’s, S&P’s and Moody’s respective opinions of the ability of SiriusPoint’s respective subsidiaries to pay claims and are not evaluations directed to security holders. AM Best maintains a letter-scale rating system ranging from “A++” (Superior) to “F” (in liquidation). Fitch maintains a letter-scale rating system ranging from “AAA” (Exceptionally Strong) to “D” (Distressed). S&P maintains a letter-scale rating system ranging from “AAA” (Extremely Strong) to “D” (Default). Moody’s maintains a letter-scale rating system ranging from “Aaa” (highest quality) to “C” (lowest quality likely in default).

These ratings are subject to periodic review and may be revised upward, downward or revoked at the sole discretion of the rating agencies.

Regulation

The business of insurance and reinsurance is regulated in all countries in which we operate, although the degree and type of regulation vary from one jurisdiction to another. As a holding company, SiriusPoint is generally not directly subject to such regulations, but its various insurance and reinsurance operating subsidiaries are subject to regulation. The following describes the current material regulations under which the Company operates. All references to laws, rules, and regulations are intended to refer to such laws, rules, and regulations as they are amended from time to time and to the extent they are applicable to the Company and its relevant subsidiaries.

Bermuda Insurance Regulation

All Bermuda companies must comply with the provisions of the Companies Act 1981, as amended (“Companies Act”). In addition, the Insurance Act 1978, as amended, and related regulations (collectively, the “Insurance Act”), regulate the business of our Bermuda insurance, reinsurance and management company subsidiaries. SiriusPoint’s Bermuda-licensed operating insurance subsidiaries include SiriusPoint Bermuda, which is registered as a Class 4 general business insurer, Alstead Reinsurance Ltd. (“Alstead Re”), which is registered as a Class 3A general business insurer, as well as a segregated accounts company pursuant to the Segregated Accounts Companies Act 2000 as amended (“SAC Act”).

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The Insurance Act of 1978

The Insurance Act imposes solvency and liquidity standards on Bermuda insurance companies, as well as auditing and reporting requirements, and grants the Bermuda Monetary Authority (“BMA”) powers to supervise, investigate, require information and demand the production of documents and intervene in the affairs of regulated companies.

Principal Representative, Principal Office and Head Office

Each Class 3A and Class 4 insurer is required to maintain a principal office and to appoint a principal representative in Bermuda. The principal representative has statutory reporting duties to report to the BMA under the Insurance Act where the principal representative believes there is a likelihood of the insurer becoming insolvent, or upon becoming aware that a reportable "event" has occurred or is believed to have occurred.

In addition, Class 3A and Class 4 insurers must maintain their head office in Bermuda. In determining whether an insurer satisfies this requirement, the BMA considers, among other things, the following factors: (i) where the underwriting, risk management and operational decision making of the insurer occurs; (ii) whether the presence of senior executives who are responsible for, and involved in, the decision making related to the insurance business of the insurer are located in Bermuda; and (iii) where meetings of the board of directors of the insurer occur. In making its determination, the BMA may also give regard to: (i) the location where management of the insurer meets to effect policy decisions of the insurer; (ii) the residence of the officers, insurance managers or employees of the insurer; and (iii) the residence of one or more directors of the insurer in Bermuda.

Non-insurance Business

No Class 3A and Class 4 insurers may engage in non-insurance business unless that non-insurance business is ancillary to its insurance business.

Independent Approved Auditor

Every insurer must appoint an independent auditor, approved by the BMA, who will annually audit and report on the insurer’s statutory financial statements.

Annual Financial Statements

Each Class 3A and Class 4 insurer must prepare and submit annual audited financial statements prepared in accordance with U.S. GAAP or other acceptable accounting standards as part of their annual filings, which the BMA will subsequently publish on its website.

Annual Statutory Financial Return and Annual Capital and Solvency Return

Each Class 3A and Class 4 insurer is required to file with the BMA annual statutory financial returns no later than four months after its financial year end (unless specifically extended upon application to the BMA). The statutory financial return includes, among other matters, the statutory financial statements, auditors report on the statutory financial statements of the insurer, own risk statement, and statutory declaration.

In addition, each Class 3A and Class 4 insurer is also required to file, on an annual basis with the BMA, a capital and solvency return along with their annual financial statutory returns. The prescribed form of capital and solvency return comprises the insurer’s Bermuda Solvency Capital Requirement (“BSCR”) model or an approved internal capital model in lieu thereof (more fully described below), various schedules, a statutory economic balance sheet and the opinion of the loss reserve specialist.

At the time of filing its statutory financial statements, each Class 3A and Class 4 insurer will also be required to deliver to the BMA a declaration of compliance, in such form and with such content as may be prescribed by the BMA.

Financial Condition Report

Each Class 3A and Class 4 insurer and insurance group is required to prepare and file with the BMA, and also publish on their website, a financial condition report, which provides, among other things, measures governing the business operations, corporate governance framework and solvency and financial performance of the insurer/insurance group. We have received approval from the BMA to file a consolidated group financial condition report, inclusive of SiriusPoint, SiriusPoint Bermuda and Alstead Re.

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Minimum Liquidity Ratio

The Insurance Act provides a minimum liquidity ratio for general business insurers. Each insurer engaged in general business is required to maintain a minimum liquidity ratio to the value of its relevant assets at not less than 75% of the amount of its relevant liabilities.

Minimum Solvency Margin and Enhanced Capital Requirements

The Insurance Act provides that all general business insurer’s statutory assets must exceed their statutory liabilities by an amount greater than or equal to their prescribed minimum solvency margin (“MSM”). The MSM that must be maintained by a Class 4 insurer is the greater of (i) $100 million, (ii) 50% of net written premium (with a credit for reinsurance ceded not exceeding 25% of gross premiums), (iii) 15% of net aggregate loss and loss expense provisions and other insurance reserves, or (iv) 25% of the ECR (as defined below) as reported at the end of the relevant year. The MSM that must be maintained by a Class 3A insurer is the greater of (i) $1 million, (ii) 20% of the first $6 million of net written premium; if in excess of $6 million, the figure is $1.2 million plus 15% of net written premium in excess of $6 million, (iii) 15% of net aggregated loss and loss expense provisions and other insurance reserves, or (iv) 25% of its ECR as reported at the end of the relevant year.

Each Class 3A and Class 4 insurer is also required to maintain its available statutory economic capital and surplus at a level equal to or in excess of its enhanced capital requirement (“ECR”), which is established by reference to either the BSCR model or an approved internal capital model. The BMA has also implemented the economic balance sheet (“EBS”) framework, which is used as the basis to determine an insurer’s ECR. Under the EBS framework, assets and liabilities are mainly assessed and included on the EBS at fair value, with the insurer’s U.S. GAAP balance sheet serving as a starting point. The model also requires insurers to estimate insurance technical provisions, which consist of the insurer’s insurance related balances valued based on best-estimate cash flows, adjusted to reflect the time value of money, with the addition of a risk margin to reflect the uncertainty in the underlying cash flows. The ECR shall at all times equal or exceed the respective Class 3A and Class 4 insurer’s MSM and may be adjusted in circumstances where the BMA concludes that the insurer’s risk profile deviates significantly from the assumptions underlying its ECR or the insurer’s assessment of its risk management policies and practices used to calculate the ECR applicable to it.

The BSCR model is a risk-based capital model which provides a method for determining a Class 3A and Class 4 insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class 3A and Class 4 insurer’s business.

While not specifically referred to in the Insurance Act, the BMA has also established a target capital level (“TCL”) for each insurer equal to 120% of its ECR. While qualifying insurers are not currently required to maintain their statutory capital and surplus at this level, the TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased regulatory oversight.

Eligible Capital

To enable the BMA to better assess the quality of an insurer’s capital resources, Class 3A and Class 4 insurers are required to disclose the makeup of its capital in accordance with the “3-tiered capital system.” Under this system, all of the insurer’s capital instruments will be classified as either basic or ancillary capital, which in turn will be classified into one of three tiers based on their “loss absorbency” characteristics. Under this regime, up to certain specified percentages of Tier 1, Tier 2, and Tier 3 Capital may be used to support the insurer’s MSM, ECR, and TCL.

Insurance Code of Conduct

All Bermuda insurers are required to comply with the BMA’s Insurance Code of Conduct, which establishes duties, requirements, and standards to be complied with to ensure each insurer implements sound corporate governance, risk management, and internal controls. Failure to comply with these requirements will be a factor taken into account by the BMA in determining whether an insurer is conducting its business in a sound and prudent manner under the Insurance Act and in calculating the operational risk charge applicable in accordance with the insurer's BSCR model (or an approved internal model).

Restrictions on Dividends and Distributions

Class 3A and Class 4 insurers are prohibited from declaring or paying a dividend if it is in breach of its MSM or minimum liquidity ratio or if the declaration or payment of such dividend would cause such a breach. Where an insurer fails to meet its MSM or minimum liquidity ratio on the last day of any financial year, it is prohibited from declaring or paying any dividends

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during the next financial year without the approval of the BMA. Further, any insurer that fails to comply with its ECR is also prohibited from declaring and paying any dividends until the failure has been rectified.

In addition, Class 3A and Class 4 insurers are prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year’s statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the BMA an affidavit signed by at least two directors (one of whom must be a Bermuda resident director if any of the insurer’s directors are resident in Bermuda) and the principal representative stating that it will continue to meet its solvency margin and minimum liquidity ratio.

Reduction of Capital

No Class 3A and Class 4 insurer may reduce its total statutory capital by 15% or more, as set out in its respective previous year’s financial statements, unless it has received the prior approval of the BMA. Total statutory capital consists of the insurer’s paid in share capital, its contributed surplus (sometimes called additional paid in capital) and any other fixed capital designated by the BMA as statutory capital (such as letters of credit).

Fit and Proper Controllers

The BMA maintains supervision over the controllers (as defined herein) of all Bermuda registered insurers. For so long as shares of SiriusPoint are listed on the NYSE or another recognized stock exchange, the Insurance Act requires that the BMA be notified in writing within 45 days of any person becoming, or ceasing to be, a controller.

A “controller” includes: (i) the managing director of the registered insurer or its parent company; (ii) the chief executive of the registered insurer or its parent company; (iii) a shareholder controller (as defined below); and (iv) any person in accordance with whose directions or instructions the directors of the registered insurer or of its parent company are accustomed to act. All registered insurers are required to give written notice to the BMA of a change in controller within 45 days of becoming aware of such change. The BMA may object to a controller and require the controller to reduce its shareholdings and direct, among other things, that voting rights attaching to the shares shall not be exercisable.

The definition of “shareholder controller” generally refers to (i) a person who holds 10% or more of the shares carrying rights to vote at a shareholders' meeting of the registered insurer or its parent company, (ii) a person who is entitled to exercise 10% or more of the voting power at any shareholders' meeting of such registered insurer or its parent company, or (iii) a person who is able to exercise significant influence over the management of the registered insurer or its parent company by virtue of its shareholding or its entitlement to exercise, or control the exercise of, the voting power at any shareholders' meeting.

In addition, all Bermuda insurers (and, in respect of the parent company of an insurance group) are required to give the BMA written notice of the fact that a person has become, or ceased to be, a controller or officer of the registered insurer within 45 days of becoming aware of such fact. An officer in relation to an insurer or the parent company of an insurance group includes a director, chief executive or senior executive performing the duties of underwriting, actuarial, risk management, compliance, internal audit, finance or investment matters.

Notification of Material Changes

All registered insurers are required to give notice to the BMA of their intention to affect a material change within the meaning of the Insurance Act. No registered insurer shall take any steps to give effect to a material change unless it has first served notice on the BMA that it intends to effect such material change and before the end of 30 days, either the BMA has notified such company in writing that it has no objection to such change or that period has lapsed without the BMA having issued a notice of objection.

Disclosure of Information

In addition to the powers under the Insurance Act to investigate the affairs of an insurer, the BMA may require certain information from an insurer (or certain other persons) to be produced to the BMA. Further, the BMA has been given powers to assist other regulatory authorities, including foreign insurance regulatory authorities, with their investigations involving insurance and reinsurance companies in Bermuda if it is satisfied that the assistance being requested is in connection with the discharge of regulatory responsibilities and that such cooperation is in the public interest.

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Group Supervision

The BMA acts as the group supervisor for SiriusPoint and its subsidiaries ("Regulatory Group") and has designated SiriusPoint Bermuda, a Class 4 licensed Bermuda-based reinsurance company, which is the most strictly regulated insurance classification, as the designated insurer for group supervisory and solvency purposes ("Designated Insurer"). As the Designated Insurer, SiriusPoint Bermuda is required to facilitate compliance by the Regulatory Group with group insurance solvency and supervision rules.

As group supervisor, the BMA performs a number of supervisory functions including: (i) coordinating the gathering and dissemination of information which is of importance for the supervisory task of other competent authorities; (ii) carrying out a supervisory review and assessment of the Regulatory Group; (iii) carrying out an assessment of the Regulatory Group's compliance with the rules on solvency, risk concentration, intra-group transactions and good governance procedures; (iv) planning and coordinating, with other competent authorities, supervisory activities in respect of the Regulatory Group, both as a going concern and in emergency situations; (v) coordinating any enforcement action that may need to be taken against the Regulatory Group or any of its members; and (vi) planning and coordinating meetings of colleges of supervisors (consisting of insurance regulators) in order to facilitate the carrying out of the functions described above.

Group Solvency and Group Supervision

The current supervision and solvency rules (together, "Group Rules") apply to the Regulatory Group so long as the BMA remains SiriusPoint's group supervisor. Through the Group Rules, the BMA may take action that affects SiriusPoint. Under the Group Rules, the Regulatory Group is required to annually prepare and submit to the BMA group audited financial statements prepared in accordance with GAAP, group statutory financial statements, a group capital and solvency return, an annual group statutory financial return, a Group Solvency Self-Assessment ("GSSA"), and a financial condition report. The GSSA assesses the quality and quantity of the capital required to adequately cover the risks to which the insurance group is exposed. In particular, the GSSA should, among other things: include consideration of the relationship between risk management, the quality and quantity of capital resources, the impact of risk mitigation techniques and diversification and correlation effects between material risks; describe the Regulatory Group's risk appetite; be forward-looking; include appropriate stress and scenario testing and appropriately reflect all assets and liabilities, material off-balance sheet arrangements, material intra-group transactions, relevant managerial practices, systems and controls and a valuation basis that is aligned with the risk characteristics and business model of the group. The Regulatory Group is also required to maintain available statutory economic capital and surplus in an amount that is at least equal to or exceeds the value of its group ECR, provided that the group ECR shall at all times be an amount equal to or higher than the group minimum solvency margin. The BMA has established a group target capital level equal to 120% of group ECR. In addition, under the tiered capital requirements, all of the Regulatory Group's capital instruments will be classified as either basic or ancillary capital which in turn will be classified into one of three tiers based on their "loss absorbency" characteristics. Highest quality capital will be classified Tier 1 Capital, and lesser quality capital will be classified as either Tier 2 Capital or Tier 3 Capital. A minimum threshold of Tier 1 Capital and maximum thresholds of Tier 2 and Tier 3 Capital used to satisfy the Regulatory Group MSM and Regulatory Group ECR requirements are specified under the rules.

In addition, the Designated Insurer is required to file quarterly group financial returns for the Regulatory Group, and to confirm that the Regulatory Group appoints an individual approved by the BMA to be the group actuary who is qualified to provide an opinion on the insurance group‘s insurance technical provisions, and that the Regulatory Group appoints an auditor approved by the BMA to audit the financial statements of the insurance group.

The Designated Insurer must notify the BMA within 30 days whenever a member of the SiriusPoint Group undergoes a material change as defined under the Insurance Act. In addition, the Designated Insurer must notify the BMA of an intended amalgamation, acquisition or merger and allow at least 30 days for the BMA to either confirm it has no objection or let that period pass without requesting further information or issuing a written notice of objection.

Group Governance

The Group Rules require the Board of Directors of SiriusPoint ("Parent Board") to establish and effectively implement corporate governance policies and procedures, which must be periodically reviewed to assess whether they continue to support the overall organizational strategy of the Regulatory Group. In particular, the Parent Board must:

•maintain operational and oversight responsibilities of the group that are clearly defined and documented and that are designed to promote the reporting of material deficiencies and fraudulent activities in a manner that is transparent and devoid of undisclosed conflicts of interest;

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•establish systems for identifying on a risk-sensitive basis those policies and procedures that must be reviewed annually and those policies and procedures that must be reviewed at other regular intervals;

•establish a risk management and internal controls framework and confirm that it is assessed regularly and such assessment is reported to the Parent Board, the chief executive officer, and senior executives;

•establish and maintain sound accounting and financial reporting procedures and practices for the Regulatory Group; and

•establish and keep under review group functions relating to actuarial, compliance, internal audit and risk management functions which must address certain specific requirements as set out in the Group Rules.

Economic Substance Act

The Economic Substance Act 2018 and its related regulations (together, the “ESA”) provides that every Bermuda registered entity other than an entity which is resident for tax purposes in certain jurisdictions outside of Bermuda that carries on as a business engaged in one or more “relevant activities” referred to in the ESA must satisfy economic substance requirements by maintaining a substantial economic presence in Bermuda. Under the ESA, insurance or pure equity holding entity activities (both as defined in the ESA) are relevant activities. To the extent that the ESA applies to any of our entities registered in Bermuda, we will be required to demonstrate compliance with economic substance requirements by filing an annual economic substance declaration with the Registrar of Companies in Bermuda. A company will comply with those economic substance requirements if it: (i) is managed and directed in Bermuda; (ii) undertakes “core income generating activities” (as may be prescribed under the ESA) in Bermuda in respect of the relevant activity; (iii) maintains adequate physical presence in Bermuda; (iv) has adequate full-time employees in Bermuda with suitable qualifications; and (v) incurs operating expenditure in Bermuda in relation to the relevant activity undertaken by it.

Any entity that must satisfy economic substance requirements but fails to do so could face automatic disclosure to competent authorities in the E.U. of the information filed by the entity with the Bermuda Registrar of Companies in connection with the economic substance requirements and may also face financial penalties, restriction or regulation of its business activities and/or may be removed as a registered entity in Bermuda.

Cyber Code and Reporting Events

The BMA’s Insurance Sector Operational Cyber Risk Management Code of Conduct (“Cyber Code”) applies to all registered insurers. The Cyber Code establishes duties, requirements, standards, procedures and principles to be complied with in relation to operational cyber risk management and is designed to promote the stable and secure management of information technology systems of regulated entities.

In addition to the Cyber Code, insurers are required to comply with applicable statutory cybersecurity and information-system protections, including the Computer Misuse Act 2024, which establishes criminal offenses relating to unauthorized access to, interference with, or misuse of computer systems and data, and the Cybersecurity Act 2024, which imposes obligations concerning cybersecurity governance, the safeguarding of critical information systems, and the notification of certain cybersecurity incidents to competent authorities. These additional legislative frameworks reinforce regulatory expectations related to the prevention, detection, and reporting of cyber incidents and unauthorized system activity.

The Cyber Code defines a “cyber reporting event” as any act that results in the unauthorized access to, disruption or misuse of the electronic systems or information stored on such systems of a licensed undertaking, including any breach of security leading to the loss or unlawful destruction or unauthorized disclosure of or access to such systems or information, where: (i) a cyber reporting event has the likelihood of adversely impacting policyholders or clients; (ii) an insurer has reached a view that there is a likelihood that loss of its system availability will have an adverse impact on its insurance business; (iii) an insurer has reached the view that there is a likelihood that the integrity of its information or data has been compromised and may have an adverse impact on its insurance business; (iv) an insurer has become aware that there is a likelihood that there has been unauthorized access to its information systems whereby such would have an adverse impact on its insurance business; or (v) an event has occurred for which a notice is required to be provided to a regulatory body or governmental agency. Cyber reporting events are only reportable to the BMA where the event results in a significant adverse impact to the regulated entity’s operations, their policyholders, or clients.

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Personal Information Protection Act

The Personal Information Protection Act 2016 (“PIPA”) is the principal Bermuda legislation regulating the right to personal informational privacy. In December 2016, PIPA sections relating generally to the establishment, staffing, funding and general powers of the Privacy Commissioner came into force and in January 2020 a Privacy Commissioner was appointed. On January 1, 2025, PIPA was fully implemented. PIPA applies to every organization (which includes any individual, entity, or public authority) that uses personal information in Bermuda where that personal information is issued by automated or other means which form, or are intended to form, part of a structured filing system. For the purposes of PIPA, “personal information” means any information about an identified or identifiable individual (meaning a natural person), and “use” or “using” are very broadly defined and effectively include possessing or carrying out any operation using personal information. Our Bermuda entities are subject to PIPA requirements.

Corporate Income Tax Act

On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 (“CIT Act”). The CIT Act took effect on January 1, 2024, with taxes assessed beginning with tax years commencing on January 1, 2025. Bermuda constituent entities of an applicable multi-national group subject to the CIT Act are taxed at a rate of 15%. SiriusPoint’s Bermuda entities are subject to the CIT Act. During 2025, Bermuda enacted a favorable amendment to the CIT Act and standalone legislation (the “Tax Credits Act 2025”) that increased an existing Bermuda tax attribute and created Bermuda tax credits, respectively.

Certain Other Bermuda Law Considerations

All Bermuda companies must comply with the provisions of the Companies Act regulating the payment of dividends and making distributions from contributed surplus. A company may not declare or pay a dividend, or make a distribution out of contributed surplus, if there are reasonable grounds for believing that: (i) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (ii) the realizable value of the company’s assets would thereby be less than its liabilities. The Segregated Accounts Companies Act of 2000 stipulates its own solvency test for the declaration of dividends and distributions for segregated accounts, which takes into account the solvency of the segregated account in question, rather than the solvency of the company itself.

Under Bermuda law, exempted companies are companies formed for the purpose of conducting business outside Bermuda from a principal place in Bermuda. As an exempted company, SiriusPoint may not participate in certain business transactions, including the carrying on of business of any kind in Bermuda, except in furtherance of its business carried on outside Bermuda or under a license granted by the Minister of Finance. Generally, it is not permitted, without a special license granted by the Minister of Finance, for a company to insure Bermuda’s domestic risks or risks of persons of, in, or based in, Bermuda.

U.S. Insurance Regulation

State-Based Regulation

SiriusPoint’s U.S.-based insurance and reinsurance operating subsidiaries are subject to regulation and supervision in each of the states where they are domiciled and where they are licensed or eligible to conduct business. Generally, state regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, statutory deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and loss adjustment expenses, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, annual and other report filings, and market conduct.

SiriusPoint's U.S.-based insurance and reinsurance subsidiaries, and their respective domiciliary state regulators ("Domiciliary States") are as follows:

•SiriusPoint America Insurance Company (New York State Department of Financial Services (“NYDFS”));

•SiriusPoint Specialty Insurance Corporation (New Hampshire Insurance Department); and

•Oakwood Insurance Company (Tennessee Department of Commerce and Insurance).

State Accreditation and Monitoring

All state insurance regulatory bodies with jurisdiction over SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are accredited by the National Association of Insurance Commissioners ("NAIC"). Accredited states generally follow the

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model laws developed by the NAIC. However, there are jurisdictional differences that require reference to each state's insurance laws. States have laws establishing the standards that an insurer must meet to maintain its license to write business. In addition, all states, including the Domiciliary States, have enacted laws substantially similar to the NAIC's risk-based capital ("RBC") standards for property and casualty companies, which are designed to determine minimum capital requirements and to raise the level of protection that statutory surplus provides for policyholder obligations. The RBC formula for property and casualty insurance companies measures three major areas of risk: (i) underwriting, which encompasses the risk of adverse loss developments and inadequate pricing; (ii) declines in asset values arising from market and/or credit risk; and (iii) off-balance sheet risk arising from adverse experience from non-controlled assets, guarantees for affiliates or other contingent liabilities and excessive premium growth. RBC reports are provided annually to state regulators as part of an insurer's financial reporting requirements. Insurers having less total adjusted capital than that required by the RBC calculation will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. As of December 31, 2025, SiriusPoint's U.S. domiciled subsidiaries exceeded all required RBC regulatory thresholds.

The NAIC has a set of financial relationship tests known as the Insurance Regulatory Information System to assist state insurance regulators in monitoring the financial condition of insurance companies and identifying companies that require special regulatory attention operating in their respective states. Insurance companies generally submit data annually to their domiciliary state regulator, which in turn analyzes the data using prescribed financial data ratios ("IRIS ratios"), each with defined "usual ranges." Generally, regulators will begin to investigate or monitor an insurance company if its IRIS ratios fall outside the usual ranges for four or more of the ratios. If an insurance company has insufficient capital, regulators may act to reduce the amount of insurance it can issue or, in severe situations, assume control of the company. None of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are currently subject to regulatory scrutiny based on their respective IRIS ratios.

Many states have laws and regulations that limit an insurer's ability to exit a market. Some states also limit canceling or non-renewing certain policies for specific reasons. State insurance laws and regulations include numerous provisions governing marketplace activities of insurers, including provisions governing marketing and sales practices, policyholder services, claims management, and complaint handling. State regulatory authorities generally test and enforce these provisions through periodic market conduct examinations. Typically, these laws are only applicable to certain types of primary insurance policies and not reinsurance treaties.

States have adopted laws modeled on the NAIC's Risk Management and Own Risk and Solvency Assessment Model Act ("ORSA Model Act") designed to strengthen the ability of regulators to understand and regulate the risk-management practices of insurers and insurance groups. SiriusPoint’s U.S.-based insurance and reinsurance operating subsidiaries have filed its Own Risk and Solvency Assessment with the Domiciliary States.

Holding Company Regulation

As a holding company, SiriusPoint is subject to the state insurance holding company statutes, as well as certain other laws of each of the Domiciliary States. The insurance holding company statutes generally require an insurance holding company and insurers that are members of such holding company system to register with their domestic insurance regulators and to file certain reports with those authorities, including information concerning their capital structure, ownership, financial condition, certain intercompany transactions and general business operations.

The NAIC's Insurance Holding Company System Regulatory Model Act ("Holding Company Model Act"), addresses the concept of "enterprise risk" within an insurance holding company system and provides enhanced authority for states to regulate insurers, as well as their affiliated entities and imposes more extensive informational requirements on parents and other affiliates of licensed insurers or reinsurers for the purpose of protecting licensed companies from enterprise risk. The Holding Company Model Act requires the ultimate controlling person in an insurer's holding company structure to identify and annually report to state insurance regulators material risks within the structure that could pose enterprise risk to the insurer. Each of the Domiciliary States has substantially adopted the Holding Company Model Act, and SiriusPoint's U.S.-based insurance and reinsurance subsidiaries have filed such enterprise risk reports with its Domiciliary States.

Acquisition of Control

Insurance holding company laws generally provide that no person or entity may acquire control of an insurance company, or a controlling interest in any parent company of an insurance company, without the prior approval of such insurance company's domiciliary state insurance regulator. Control is generally presumed to exist if any person acquires, directly or indirectly, 10% or more of the voting securities of an insurance company. This statutory presumption of control may be rebutted by showing that control does not exist in fact. Control may also be deemed to exist upon the possession of the power

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to direct or cause the direction of the management and policies of any person, whether through ownership of voting securities, by contract or otherwise.

To obtain approval of any acquisition of control, the proposed acquirer must file with the applicable insurance regulator an application disclosing, among other information, its background, financial condition, the financial condition of its affiliates, the source and amount of funds by which it will affect the acquisition, the criteria used in determining the nature and amount of consideration to be paid for the acquisition, proposed changes in the management and operations of the insurance company and other related matters. In considering an application to acquire control of an insurer, an insurance commissioner generally will consider such factors as the experience, competence and financial strength of the applicant, the integrity of the applicant's board of directors and executive officers, the acquirer's plans for the management and operation of the insurer, and any anti-competitive results that may arise from the acquisition. Regulations pertaining to an acquisition of control of an insurance company may impact a person or entity's ability to acquire SiriusPoint, as well as SiriusPoint's ability to acquire an insurance company.

Guaranty Funds and Mandatory Shared Market Mechanisms

All states within the U.S. and the District of Columbia have insurance guaranty fund laws requiring insurance companies doing business within those jurisdictions to participate in guaranty associations. SiriusPoint's U.S.-based insurance and reinsurance subsidiaries may be required to participate in guaranty funds to help pay the obligations of impaired, insolvent, or failed insurance companies to their policyholders and claimants. Such participation generally includes an assessment based on the premiums written by the insurer in such state applicable to particular lines of business.

Pricing, Investments and Dividends

Nearly all states have insurance laws requiring licensed property and casualty insurance companies to file their rates, rules, and policy or coverage forms with the state's regulatory authority. In most cases, such rates, rules, and forms must be approved prior to use. While pricing laws vary from state to state, their objectives are generally to prohibit rates that are excessive, inadequate, or unfairly discriminatory. The ability and timing of SiriusPoint's U.S.-based insurance subsidiaries to increase rates are dependent upon the regulatory requirements in each state where policies are sold.

SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are subject to state laws and regulations that require investment portfolio diversification that govern the quality, quantity and general types of investments they may hold. Non-compliance may cause non-conforming investments to be non-admitted when measuring statutory surplus and, in some instances, may require divestiture. SiriusPoint's investment/finance units monitor the compliance of the portfolio composition with the investment rules applicable to each insurance and reinsurance subsidiary.

Under the insurance laws of the Domiciliary States, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities. Under the current law of the State of Tennessee, where Oakwood Insurance Company ("Oakwood") is domiciled, an insurer has the ability, without the prior approval of the regulatory authority and subject to the availability of earned surplus, to pay dividends or make distributions which, together with dividends or distributions paid during the preceding twelve months, do not exceed the greater of (i) 10% of the insurer's surplus as regards policyholders as of the immediately preceding year end, or (ii) the net income of the insurer (excluding realized capital gains) for the preceding twelve-month period ending as of the immediately preceding year end. Under the current law of the State of New York, where SiriusPoint America is domiciled, an insurer has the ability to pay dividends during any 12-month period without the prior approval of the regulatory authority in an amount set by a formula based on the lesser of adjusted net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to the regulatory authority, subject to the availability of earned surplus, and subject to dividends paid in prior periods. Under the current law of the State of New Hampshire, where SiriusPoint Specialty Insurance Corporation (“SiriusPoint Specialty”) is domiciled, an insurer has the ability to pay dividends during any 12-month period without the prior approval of the regulatory authority in an amount set by formula based on the lesser of: 10% of such insurer's surplus as regards policyholders as of the December 31, next preceding; or the net income, not including realized capital gains, for the 12-month period ending December 31, next preceding. The insurance laws and regulations of the Domiciliary States also require that an insurer's surplus as regards policyholders following any dividend or distribution be reasonable in relation to such insurer's outstanding liabilities and adequate to meet its financial needs.

Based upon these formulas, as of December 31, 2025, SiriusPoint America, Oakwood, and SiriusPoint Specialty have dividend capacity without prior approval of the applicable regulatory authority.

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U.S. Federal Regulation Affecting the Insurance Industry

SiriusPoint's U.S.-based insurance and reinsurance subsidiaries may be impacted by federal regulations targeted at the insurance and other industries. From time to time, federal measures are proposed that may significantly affect the insurance business, for example, the Terrorism Risk Insurance Act. The Terrorism Risk Insurance Act provides a federal backstop to all U.S.-based property and casualty insurers for insurance-related losses resulting from any act of terrorism on U.S. soil or against certain U.S. air carriers, vessels, or foreign missions.

The federal government also has issued certain orders and regulations that require SiriusPoint’s U.S.-based insurance and reinsurance subsidiaries to establish certain internal controls. One of these regulations is the U.S. Treasury Department Office of Foreign Asset Control ("OFAC"). OFAC proscribes transactions with specially designated nationals ("SDNs") and blocked countries due to ties with matters such as terrorism, drugs, and money laundering. Insurance and reinsurance transactions with SDNs and blocked countries are prohibited and violation can result in significant fines.

While the federal government does not directly regulate the insurance industry, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") made sweeping changes to the regulation of financial services entities, products and markets.

The Dodd-Frank Act established the Federal Insurance Office ("FIO") within the U.S. Treasury Department to monitor the insurance industry and certain lines of business. The FIO is designed principally to exercise a monitoring and information-gathering role, rather than a regulatory role. Additionally, the director of the FIO submits reports to Congress regarding various topics within the insurance industry. These activities could ultimately lead to changes in the regulation of certain insurers and reinsurers in the United States.

The Dodd-Frank Act also authorizes the FIO to assist the Treasury Department in negotiating covered agreements. A covered agreement is an agreement between the U.S. and one or more foreign governments, authorities, or regulatory entities, regarding prudential measures with respect to insurance or reinsurance. The FIO is further charged with determining, in accordance with the procedures and standards established under the Dodd-Frank Act, whether state laws are preempted by a covered agreement. Pursuant to this authority, in September 2017, the U.S. and the European Union (“EU”) signed a covered agreement (the "Covered Agreement") to address, among other things, reinsurance collateral requirements. U.S. state regulators had 60 months, or five years, to adopt reinsurance reforms removing reinsurance collateral requirements for E.U. reinsurers that meet the Covered Agreement's prescribed minimum conditions or else state laws imposing such reinsurance collateral requirements could have been subject to federal preemption. On June 25, 2019, the NAIC Executive Committee and Plenary adopted revisions to the Credit for Reinsurance Model Law and Regulation ("Model Law and Regulation") which incorporate relevant provisions of the Covered Agreement. Thereafter, individual states began a process of adopting the Model Law and Regulation. As of August 2022, all 50 states, the District of Columbia, and several U.S. territories incorporated revisions of the Model Law and Regulation to their respective legal frameworks. The reinsurance collateral provisions of the Covered Agreement may increase competition, in particular with respect to pricing for reinsurance transactions, by lowering the cost at which competitors are able to provide reinsurance to U.S. insurers.

Consumer Protection Laws and Privacy and Data Security Regulation

The NAIC has adopted an Insurance Data Security Model Law which, when adopted by the states, will require insurers and other related entities that are licensed under state insurance laws to comply with certain data and information security requirements, such as developing an information security program, conducting risk assessments and overseeing the data security practices of third-party vendors. In addition, certain federal and state laws and regulations require financial institutions, including insurers, to protect the security and confidentiality of nonpublic personal information, including certain health-related and customer information, and to notify customers and other individuals about their policies and practices relating to their collection and disclosure of health-related and customer information and their practices relating to protecting the security and confidentiality of such information. State laws regulate use and disclosure of social security numbers and federal and state laws require notice to affected individuals, law enforcement, regulators and others if there is a breach of the security of certain nonpublic personal information, including social security numbers.

Practices involving data security and the safeguarding of consumers' protected information are under increasing regulatory scrutiny by state and federal regulators, particularly in light of the number and severity of recent U.S. companies' data breaches. The Federal Trade Commission, the Federal Bureau of Investigation, the Federal Communications Commission, the NYDFS, and the NAIC have undertaken various studies, reports and actions regarding data security for entities under their respective supervision. Some states have recently enacted new insurance laws that require certain regulated entities to implement and maintain comprehensive information security programs to safeguard the personal information of insureds and

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enrollees. For example, the State of New York requires financial institutions, including certain of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries, to establish a cybersecurity program with specific technical safeguards and requirements regarding governance, incident planning, data management, system testing and regulator notification. In addition, the California Consumer Privacy Act of 2018 (“CCPA”), which took effect January 1, 2020, and which amended the California Privacy Rights Act of 2020 (“CPRA”), added new additional privacy protections beginning January 1, 2023. The CPRA and CCPA require SiriusPoint to comply with obligations to identify and secure personal data, among other requirements.

SiriusPoint expects cybersecurity risk management, prioritization, and reporting to continue to be an area of regulatory focus by such regulatory bodies and self-regulatory organizations.

European Insurance Regulation

Businesses that carry out insurance activities in Europe are subject to extensive insurance laws and regulations, including prudential regulation and requirements relating to the manner in which insurance activities are conducted. These laws and regulations are generally designed to prioritize the protection of the interests of policyholders, consumers, and claimants, rather than of investors.

Prudential regulation and supervision focus on authorization, ownership and control, resourcing and capital adequacy, risk identification and management, and sound governance. Conduct regulation focuses on the manner in which an insurer or insurance intermediary conducts itself in relation to its interactions with customers. Businesses carrying out insurance activities are primarily regulated and supervised by government authorities within their home jurisdictions.

The regulatory framework promulgated under the Solvency II Directive 2009/138/EC, Commission Delegated Regulation (EU) 2015/35, a number of Commission Implementing Technical Standards and the European Insurance and Occupational Pensions Authority ("EIOPA") Guidelines ("Solvency II Regulation") for insurance business provides a single set of key prudential requirements that apply to insurance and reinsurance businesses operating within the European Economic Area ("EEA"). It imposes economic risk-based solvency requirements across all member states. The aim of the Solvency II Regulation is to ensure that insurance and reinsurance undertakings are financially sound and can withstand adverse events, all in order to protect policyholders and the stability of the financial system as a whole. It also aims at the creation of a single market for insurance in the EEA with consistent regulatory requirements and harmonized supervision. The Solvency II Regulation is categorized into three pillars, covering quantitative requirements, such as capital requirements designed to ensure that sufficient and appropriate assets are held to cover insurance liabilities and risk exposure (Pillar 1), qualitative requirements relating to governance and risk-management (Pillar 2), and transparency obligations requiring disclosure of extensive information to supervisors and the public (Pillar 3).

The Solvency II Regulation requirements in respect of insurance groups include group solvency and capital requirements, group disclosure and supervisory reporting, and group risk and solvency self-assessments. The Bermuda commercial insurance regulatory regime has been approved by the European Commission as being a Solvency II equivalent. Therefore, the Solvency II Regulation group requirements are capped at the highest European entity, Sirius Group International S.à r.l. Accordingly, the Swedish Financial Supervisory Authority ("SFSA") is the group supervisor for the Solvency II Regulation group, and the BMA has been designated as the group supervisor for SiriusPoint and subsidiaries.

In addition to the Solvency II Regulation, there are a number of pan-European rules and regulations in relation to the distribution of insurance in the EEA. The Insurance Distribution Directive (EU/2016/97) ("IDD") was implemented in all EEA states by October 1, 2018. The IDD applies to all distributors of insurance and reinsurance products (including insurers and reinsurers selling directly to customers) and is designed to strengthen the regulatory regime applicable to distribution activities through increased transparency, information, and conduct requirements.

The General Data Protection Regulation (E.U. 2016/679) ("GDPR") became effective on May 25, 2018. The GDPR is intended to harmonize data protection procedures and enforcement across the EU, including with privacy online, and it is directly applicable to data controllers and data processors in all member states. Many of the provisions of the GDPR have a significant impact on data controllers and processors that are active within the EEA, and those who are located outside it, including SiriusPoint. The penalties for breach of GDPR and IDD are substantial.

Sweden Insurance Regulation

SiriusPoint International is subject to regulation and supervision by the SFSA. As Sweden is a member of the EU, the SFSA supervision of branches is recognized across all locations within the E.U. (apart from customer conduct that is regulated and

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supervised locally across the EU). The SFSA has broad supervisory and administrative powers over such matters as licenses, governance and internal control, standards of solvency, investments, methods of accounting, form and content of financial statements, minimum capital and surplus requirements, and annual and other report filings. Non-compliance can be sanctioned by warnings, fees, or license revocation.

The Solvency II Regulation is implemented in Sweden primarily through the Swedish Insurance Business Act (Sw. försäkringsrörelselag (2010:2043)) ("IBA"), the measures set out in the Commission Delegated Regulation (EU) 2015/35 and the Commission Implementing Technical Standards and have direct effect in Sweden. The IBA, the Commission Delegated Regulation (EU) 2015/35, and the Commission Implementing Technical Standards constitute the main legal framework applicable to insurance business in Sweden. In addition, the SFSA and EIOPA issues regulations and general guidelines. Supplementary company law for most insurance companies is provided in the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)).

Insurance companies are obliged to provide, on an ongoing basis, information about their financial status, and the SFSA may conduct on-site inspections and review the operations at any time. In addition to what is required under the Solvency II Regulation, Swedish insurance companies must conduct the business in accordance with "generally accepted insurance practices."

Safety Reserve

Subject to certain limitations under Swedish law, SiriusPoint International is permitted to transfer pre-tax income amounts into a reserve referred to as a "Safety Reserve." Under local statutory requirements, an amount equal to the deferred tax liability on SiriusPoint International's Safety Reserve is included in its “Solvency Capital.” Access to the Safety Reserve is generally restricted to cover insurance and reinsurance losses and to cover a breach of the Solvency Capital requirement. Similar to the approach taken by Swedish regulatory authorities, most major rating agencies generally take into account the Safety Reserve in SiriusPoint International's regulatory capital when assessing SiriusPoint International and SiriusPoint's financial strength.

As of December 31, 2025, SiriusPoint International's Safety Reserve was SEK5.7 billion, or $623.4 million (based on the December 31, 2025 SEK to USD exchange rate). Under Swedish GAAP, an amount equal to the Safety Reserve, net of a related deferred tax liability established at the Swedish tax rate, is classified as common shareholders' equity. Generally, this deferred tax liability ($128.4 million based on the December 31, 2025 SEK to USD exchange rate) is required to be paid by SiriusPoint International if it fails to maintain prescribed levels of premium writings and loss reserves in future years. As a result of the indefinite deferral of these taxes, the related deferred tax liability is not taken into account by Swedish regulatory authorities for purposes of calculating its Solvency Capital under Swedish insurance regulations.

Change of Control

The acquisition of a "qualifying holding" directly or indirectly in SiriusPoint International requires approval from the SFSA prior to completion. "Qualifying holding" means:

•a direct or indirect ownership in an undertaking, where the holding represents 10% or more of the equity capital or of all voting participating interests; or

•the ability to exercise a significant influence over the management of the undertaking (e.g., possible shareholder agreements which might have an impact on the influence over the undertaking)

In addition, approval from the SFSA must be obtained when the holding is increased so that the holding represents or exceeds 20%, 30%, or 50% of the equity capital or of all voting participating interests, or when the company becomes a subsidiary. The same is valid if there is a decrease. When certain persons or companies act in concert, their holdings are aggregated to determine whether such persons or companies acquire a qualifying holding or cross any relevant threshold.

The SFSA assesses the suitability of the acquirer and will generally grant authorization if, among other things, the acquisition is found to be financially sound. The SFSA will also assess the acquirer's reputation, financial standing, and possible links to money laundering and financing of terrorism. The ownership assessment also encompasses a suitability assessment of the management of all legal persons' acquiring a qualifying holding in SiriusPoint International.

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United Kingdom Insurance Regulation

The financial services industry in the United Kingdom is currently dual-regulated by the Financial Conduct Authority ("FCA") and the Prudential Regulation Authority ("PRA") (collectively, the "U.K. Regulators"). Prudential regulation and supervision of insurance undertakings are carried out by the PRA and the regulation and supervision of conduct matters are carried out by the FCA. All insurers and Lloyd's managing agents are regulated by both the PRA and the FCA, while businesses that only carry on insurance intermediary activities are solely regulated by the FCA for both prudential and conduct matters. The Financial Policy Committee (which is within the Bank of England) is responsible for the overall prudential regulation of the financial services industry.

SiriusPoint's U.K.-based authorized insurance subsidiaries are as follows:

•Sirius International Managing Agency Limited, a Lloyd's managing agent that is dual-regulated by the PRA and FCA and supervised by Lloyd's; and

•International Medical Group Limited, an insurance intermediary regulated by the FCA.

SiriusPoint International Insurance Corporation (publ) had previously been operating in the U.K. under an EEA branch passporting license and applied to the PRA to transform the branch to a third country insurance branch. Approval from the PRA to operate the third country insurance branch was granted in March 2022. SiriusPoint International Insurance Corporation (publ) is also supporting Syndicate 1945 through Sirius International Corporate Member, a corporate member of Lloyd's.

PRA and FCA regulation

The primary statutory objectives of the PRA in relation to its supervision of insurers are: (i) to promote their safety and soundness; and (ii) to contribute to securing an appropriate degree of protection for current or potential policyholders. As conduct regulator, the FCA also acts to protect policyholders. While the FCA's focus is fair treatment of consumers when dealing with insurers and insurance intermediaries, the PRA's focus is protection of policyholders with respect to the coverage of their insured risks.

The U.K. Regulators have extensive powers to intervene in the affairs of the insurance businesses that they regulate and to monitor compliance with their regulatory objectives, including amending (including by imposing limitations on) or withdrawing a firm's authorization, prohibiting individuals from carrying on regulated activities, suspending firms or individuals from undertaking regulated activities, and assessing penalties or compensatory payments against those who fail to comply.

Businesses carrying out insurance activities in the U.K. must not only comply with the PRA's requirements (as set out in the PRA Rulebook) and the FCA's requirements (as set out in the FCA Handbook), but also a wide range of U.K. insurance legislation. The most notable of such legislation is the Financial Services and Markets Act 2000 ("FSMA"), which includes the requirements for becoming authorized to carry out regulated insurance activities, regulated and prohibited activities of an insurance company, the approval process for the acquisition or disposal of control of insurance companies, rules on financial promotions, transfers of insurance portfolios, and market abuse provisions. This is complemented by a range of statutory instruments on certain subjects, for example the authorization or exemption process. In addition, U.K. companies carrying out insurance activities must comply with general legislation, such as the U.K. Companies Act 2006.

Lloyd's regulation

In addition to regulating insurers and insurance intermediaries, the U.K. Regulators also regulate Lloyd's. The U.K. Regulators and Lloyd's have common objectives in ensuring that the Lloyd's market is appropriately regulated. Lloyd's is required to implement certain rules prescribed by the U.K. Regulators by the powers it has under the Lloyd's Act of 1982 ("Lloyd's Act") relating to the operation of the Lloyd's market. Each year, the U.K. Regulators require Lloyd's to satisfy an annual solvency test that measures whether Lloyd's has sufficient assets in the aggregate to meet all the outstanding liabilities of its members. The PRA and the FCA can give directions to Lloyd's in order to advance their statutory objectives.

The governing body of the Lloyd's market is the Council of Lloyd's ("Council"). The Council is responsible for the supervision and management of the Lloyd's market and it has the power to regulate and direct the business of the market. The Lloyd's Act, Bye-laws, requirements made under Bye-laws, principles for doing business (”Principles,” previously, minimum standards, which were transitioned in 2022 to outcome-based principles for doing business), guidance, codes of conduct, and bulletins issued by or under the authority of the Council, together contain the powers and requirements that apply in respect

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of businesses operating in the Lloyd's market. In addition, Lloyd's prescribes, in respect of its managing agents and corporate and individual members ("Members"), Principles relating to their management and control, financial resources, and various other requirements. In addition, as dual-regulated firms, managing agents must comply with the relevant parts of the PRA Rulebook and the FCA Handbook (including FCA capital resources requirements). SiriusPoint participates in the Lloyd's market through the 100% ownership of Sirius International Corporate Member, which is the sole member of Syndicate 1945. Syndicate 1945 commenced underwriting on July 1, 2011 and is managed by another wholly-owned subsidiary within SiriusPoint, Sirius International Managing Agency. Lloyd's approved net stamp capacity for Syndicate 1945 in 2026 is £206.0 million, or approximately $276.7 million (based on the December 31, 2025 GBP to USD exchange rate). Stamp capacity is a measure of the amount of net premium (gross written premium less acquisition costs) that a syndicate is authorized by Lloyd's to write.

Sirius International Corporate Member, as a Member of Lloyds, is required to contribute 0.35% of Syndicate 1945's premium income limit for each year of account to the Lloyd's Central Fund ("Central Fund"). If a Member is unable to pay its obligations to policyholders, such obligations may be payable by the Central Fund. If Lloyd's determines that the Central Fund needs to be increased, it may levy premiums on current Members. The Council of Lloyd's has discretion to call upon up to 5% of a Member's underwriting capacity in any one year as a Central Fund contribution.

The underwriting capacity of a Member must be supported by providing a deposit in the form of cash, securities, letters of credit or guarantees ("Funds at Lloyd's") in an amount to be determined pursuant to the Members' capital requirements set by Lloyd's.

The amounts of capital required by Lloyd's to be maintained in the form of Funds at Lloyd's to support the activities of the Members of a syndicate is determined by a combination of the managing agent's assessment of capital requirements for the syndicate, and review and challenge by Lloyd's. The managing agent's assessment of capital requirements for the syndicate determines its view of the Solvency Capital Requirement ("SCR"); this represents the capital needed to support the syndicate, based on modeling individual syndicate robustness against the risk environment in which the syndicate operates. Lloyd's may or may not approve the level of SCR as submitted by the managing agent and has the authority to require the SCR to be increased. The approved or amended SCR is then uplifted by an economic capital margin (currently a flat 35% for all syndicates) to produce an amount of syndicate capital known as the economic capital assessment ("ECA"). The level of the ECA is set to help ensure that Lloyd's overall aggregate capital is maintained at a level necessary to retain its desired rating, as well as to meet the requirements of the U.K. Regulators. Any failure to comply with these requirements may affect the amount of business which the syndicate may underwrite and/or could result in sanctions being imposed by Lloyd's and/or the U.K. Regulators. The process and the method by which the required capital is calculated may alter from year to year and may affect the level of participation of Members in a particular syndicate.

In addition to a Member's Funds at Lloyd's, at a syndicate level, insurance premiums are held in a premium trust fund for the benefit of policyholders whose contracts are underwritten by the syndicate and these funds are the first resources used to pay claims made by policyholders of that syndicate.

Lloyd's has wide discretionary powers to regulate a Member's underwriting. All syndicates at Lloyd's must also submit their business plans to Lloyd's for approval and amendments or restrictions may be applied to proposed business plans. In extreme circumstances, approval may be refused, thereby preventing that syndicate from underwriting for the following year.

Change of Control

The change of control requirements in the U.K. for dual regulated insurance companies are similar to the Swedish regulatory requirements. Prior regulatory consent is required before a person (alone or together with any associates) can acquire direct or indirect control over a U.K. authorized firm, with the same thresholds as Sweden, namely: 10% or more, but less than 20%; 20% or more, but less than 30%; 30% or more, but less than 50%; and 50% or more. The change of control requirements apply whether such change of control results from an external acquisition or an internal restructuring resulting in a new controller.

In relation to the acquisition or increase of direct or indirect control over a Lloyd's managing agent or Lloyd's corporate member, such as Sirius International Managing Agency Limited and Sirius International Corporate Member Limited respectively, prior approval is also required from Lloyd's.

For U.K. authorized insurance intermediaries, the control threshold percentages are amended such that there is a single 20% threshold where prior regulatory consent is required.

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Human Capital

In 2025, SiriusPoint continued to strengthen the leadership, capability, and culture required to achieve our ambition of becoming a best-in-class insurer and reinsurer. Our people strategy remained focused on building an engaged workforce, deepening leadership capability, and advancing an organizational design that supports disciplined underwriting and effective execution. These efforts form part of our ongoing drive to build a culture with deep DNA and a strong competitive advantage, and reflect a deliberate, multi-year journey to embed the values, behaviors, and ways of working that enable talent to thrive and colleagues to contribute to long-term success.

Employee Engagement

Employee engagement remains a critical enabler of our ability to deliver our strategy. With clarity on our direction, high engagement helps ensure colleagues are committed, aligned, and empowered to act. In 2025, our third enterprise‑wide engagement survey, conducted externally using a validated methodology, showed continued year over year improvement, with a 91% response rate, an overall engagement score of 82, and a Net Promoter Score of 29, reflecting strong trust in leadership and confidence in the organization’s trajectory. The Net Promoter Score is an important indicator of engagement and it has risen from -24 in 2023, to 13 in 2024, and to 29 in 2025. This places us firmly in the provider’s “very good” category, which demonstrates the strong positive movement in engagement levels.

Leadership and alignment remained among our highest performing areas, scoring 87 and 88 respectively, indicating clear understanding of priorities and high levels of respect for managers and leaders at all levels. Every survey question improved except one, which remained stable at a high level.

Our wellbeing score improved to 71. Management believes this result indicates opportunities to further strengthen prioritization and sustainable workload management. The results suggest colleagues feel supported, able to raise concerns, and increasingly confident that the organization is focused on helping teams work more effectively.

Each year, engagement feedback informs a clear action plan, which is communicated transparently and delivered consistently. In 2025, actions included strengthening manager capability, enhancing recognition, and simplifying selected processes to promote harmony in day-to-day work. This follow through reinforces the credibility of the survey process and supports the continued deepening of culture across regions and functions.

Leadership Development

Strengthening leadership capability remained a priority in 2025. We continued to invest in development through targeted workshops, expanded succession planning, and selective external hiring into critical leadership roles. Leadership development was further supported by our first formal mentoring program, which established 25 mentor relationships involving seven Executive Leadership Team mentors and 18 from our Senior Leadership Team. This program creates meaningful access to senior leadership and directly supports career progression for high‑potential colleagues. We also introduced personal coaching for selected members of our Senior Leadership Team to support leadership development.

In November, we hosted our third Collaboration Day, bringing senior leaders together globally to focus on key priorities for the year ahead, including empowerment, maintaining focus, and prioritizing growth initiatives. Collaboration Day has become an important mechanism for aligning leadership across geographies, reinforcing expectations, and strengthening collective ownership of execution. These efforts reflect our multi‑year commitment to developing deeper leadership capability and building an enduring pipeline that supports consistent, high‑quality performance.

Organizational Design and Succession Planning

We continued to refine our operating model to support a globally collaborative, high performing culture. Adjustments in 2025 reinforced our “Underwriting First” philosophy and “One SiriusPoint” operating mindset, helping teams make decisions more efficiently and consistently across functions and geographies. We also introduced cross-functional collaboration frameworks to better connect expertise across underwriting, claims, actuarial, and other corporate teams, improving decision quality and operational follow through.

Succession planning remains central to our long-term sustainability. In 2025, we advanced succession planning for critical roles, engaging with the Board and Compensation Committee to review and validate plans. Succession considerations are now integrated into hiring and internal mobility, helping ensure a strong bench of future leaders. We also strengthened our Program Management Office and change capability, improving the way we plan, prioritize, and deliver enterprise change as

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we move forward in 2026. We feel we have made strong progress with our change agenda and have retained some exceptionally high-caliber individuals.

Performance Management

We continued to strengthen our performance management approach, emphasizing clarity, accountability, and continuous dialogue. In 2025, we delivered training for managers and colleagues, expanded two-way feedback practices, and embedded meaningful midyear reviews alongside annual reviews. These enhancements are designed to improve alignment on goals, increase recognition of strong performance, and support early course correction where needed.

Career Development & Talent Progression

SiriusPoint remains committed to developing talent at all levels. In 2025, we expanded career development opportunities through early career programs, technical training, project management capability building, access to external coaching, and increased leadership development opportunities for emerging leaders. Our mentoring program and performance-focused leadership workshops have strengthened internal capability and supported career mobility across regions. Succession assessments for critical roles informed targeted development and helped guide investment in future skills.

Inclusion & Belonging

Inclusion and Belonging continued to be essential to our culture and our ability to deliver high‑quality outcomes. Our Employee Resource Groups, including SiriusPride, Women in SiriusPoint, GlobalPoint, and the Health & Wellbeing Network, which are open to all employees, remained active in fostering community, supporting professional development, and strengthening belonging across the organization. In 2025, we expanded our partnership with iCAN, the Insurance Cultural Awareness Network, supporting greater representation and cultural awareness across the insurance sector.

Compensation and Benefits

With oversight from the Compensation Committee and support from independent advisors, we provide competitive, performance-aligned compensation designed to attract, retain, and motivate high-performing talent. Our compensation structure includes base salary and short- and long-term incentives, supported by balanced performance goals that include financial and nonfinancial measures. We maintain meaningful share ownership requirements for senior leaders and a clawback policy in the event of a financial restatement or gross misconduct.

Workforce Statistics

As of December 31, 2025, our workforce stood at 1,099 employees with offices in 10 countries. While this reflects an increase from 1,072 employees as of December 31, 2024, the underlying growth of our organization is even more substantial, as the prior year’s figures included Armada, which was sold on October 31, 2025. Adjusting for the divestiture, our expansion demonstrates continued strengthening of our operational footprint and global capabilities. Our workforce remains globally distributed, with 50% (548 employees) located outside North America. Our gender representation includes 58% female employees (634 employees), 42% male employees (462 employees), and fewer than 1% self‑described or not disclosed (3 employees). The combined category reflects our commitment to respectful self‑identification while simplifying external disclosure. These figures are presented at an aggregate level for external reporting purposes.

Employment status remains stable, with 94% (1,037 employees) in full‑time roles and 6% (62 employees) in part‑time roles, supporting continuity and scalability across our global operations.

Health and Safety

We prioritize colleague health, safety, and wellbeing through a range of programs and benefits. In 2025, we introduced a global wellness day, expanded financial support for wellbeing activities, and conducted a global benefits review to maintain competitiveness and responsiveness to colleague needs. Wellbeing insights from engagement work continue to guide improvements to how we manage workload and support sustainable performance.

Community Involvement

SiriusPoint is committed to making a positive impact in the communities where we operate. We encourage employees to actively support local causes and participate in philanthropic initiatives. In 2025, our workforce demonstrated this

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commitment through a variety of local projects and community programs, including our dedicated Volunteering Day, which gives employees the opportunity to contribute their time and skills to meaningful causes.

Available Information

SiriusPoint files annual, quarterly and current reports and other information with the Securities and Exchange Commission (the “SEC”). The SEC maintains an Internet website (www.sec.gov) that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including us. You may also access, free of charge, our reports filed with the SEC (for example, our Annual Report, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K and any amendments to those forms) through the “Investor Relations” portion of our Internet website (www.siriuspt.com). Reports filed with or furnished to the SEC will be available as soon as reasonably practicable after they are filed with or furnished to the SEC. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. We also make available, free of charge from our website, our Code of Business Conduct and Ethics, Corporate Governance Guidelines, Audit Committee Charter, Compensation Committee Charter, Governance and Nominating Committee Charter, Investment Committee Charter and Board of Directors Communications Policy. Such information is available to print for any shareholder who sends a request to SiriusPoint Ltd., Attn: Office of the Corporate Secretary, Point Building, 3 Waterloo Lane, Pembroke, Bermuda, HM 08. Our website is included in this Annual Report as an inactive textual reference only. The information found on our website is not part of this or any other report filed with or furnished to the SEC.