0001576018false00015760182023-06-302023-06-300001576018us-gaap:CommonStockMember2023-06-302023-06-300001576018tpre:A800ResettableFixedRatePreferenceSharesSeriesBMember2023-06-302023-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 3, 2023 (June 30, 2023)
 
 SIRIUSPOINT LTD.
(Exact name of registrant as specified in its charter)
  
Bermuda 001-36052 98-1599372
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
Point Building
3 Waterloo Lane
Pembroke HM 08 Bermuda
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code: +1 441 542-3300
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Shares, $0.10 par valueSPNTNew York Stock Exchange
8.00% Resettable Fixed Rate Preference Shares,
 Series B, $0.10 par value,
$25.00 liquidation preference per share		SPNT PBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 8.01Other Events

On June 30, 2023, certain property and casualty insurance subsidiaries of SiriusPoint Ltd. (the “Company”), SiriusPoint International Försäkringsaktiebolag (PUBL) and Sirius International Managing Agency Limited, in its capacity as the managing agent for Sirius International Syndicate 1945 at Lloyd’s (together, the “SiriusPoint Cedents”) each entered into the previously announced Loss Portfolio Transfer Reinsurance and Retrocession Agreements (together, the “LPT Agreements”) of diversified portfolios of primarily reinsurance business to Pallas Reinsurance Company Ltd., a Class 3B insurer incorporated and registered in Bermuda and a subsidiary of Compre, the Bermuda-headquartered international legacy group, pursuant to the Master Agreement among the parties dated as of March 2, 2023.

On July 3, 2023, the Company issued a press release announcing the consummation of the LPT Agreements. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference

Item 9.01Financial Statements and Exhibits.
(d) Exhibits

Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: July 3, 2023 
/s/ Jimmy Yang
 Name:
Jimmy Yang
 Title:
Interim General Counsel & Corporate Secretary





image_0.jpg                                    image_1.jpg 
 
Press release  
3rd July 2023 
 
 
SiriusPoint and Compre complete significant reinsurance Loss Portfolio Transfer 
 
SiriusPoint Ltd. (“SiriusPoint”), NYSE-listed (SPNT) global underwriter, and Compre, the Bermuda headquartered international legacy group, today announced the completion of a significant ground-up Loss Portfolio Transfer (“LPT”) of a diversified portfolio of primarily reinsurance business, the second that the companies have partnered on.
 
Compre has assumed approximately $1.3bn of reserves and the LPT has been underwritten by Compre’s class 3B Bermudian reinsurer, Pallas Reinsurance Company Ltd. The portfolio comprises several classes of business from 2021 and prior underwriting years. SiriusPoint retains claims handling authority on ongoing business.

SiriusPoint was advised by Gallagher Re and Mayer Brown LLP, and Compre was advised by Debevoise & Plimpton LLP and EY. 
 
- Ends – 

Notes to Editors:  

About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents within our Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
 
Compre is a leading legacy specialist with over 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business. Compre has experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH. Compre has operations in Bermuda, Finland, Germany, Malta, the UK, the USA and at Lloyd’s of London. www.compre-group.com   
 
Contacts 
 
SiriusPoint Investor Relations 
Dhruv Gahlaut,  
dhruv.gahlaut@siriuspt.com 
+44 7514 659 918 
 
SiriusPoint Media 
Sarah Hills,  


Rein4ce 
sarah.hills@rein4ce.co.uk 
+44 7718882011 
 
Compre Media 
David Haggie /Richard Adams /Olivia Thomson
Haggie Partners            
compre@haggie.co.uk
+44 20 7562 4444 
 
 
Forward-Looking Statements 
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. SiriusPoint is also subject to risks and uncertainties in connection with its ordinary course business, including the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2022. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report. 


v3.23.2
Cover Document
Jun. 30, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jun. 30, 2023
Entity Registrant Name SIRIUSPOINT LTD.
Entity Incorporation, State or Country Code D0
Entity Tax Identification Number 98-1599372
Entity Address, Street Address Point Building
Entity Address, Street Address 2 3 Waterloo Lane
Entity Address, City Pembroke
Entity Address, Postal Zip Code HM 08
Entity Address, Country BM
City Area Code 441
Local Phone Number 542-3300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001576018
Amendment Flag false
Entity File Number 001-36052
Common Stock  
Cover [Abstract]  
Title of each class Common Shares, $0.10 par value
Trading Symbol SPNT
Name of each exchange on which registered NYSE
Document Information [Line Items]  
Title of each class Common Shares, $0.10 par value
Trading Symbol SPNT
Name of each exchange on which registered NYSE
8.00% Resettable Fixed Rate Preference Shares, Series B  
Cover [Abstract]  
Title of each class 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share
Trading Symbol SPNT PB
Name of each exchange on which registered NYSE
Document Information [Line Items]  
Title of each class 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share
Trading Symbol SPNT PB
Name of each exchange on which registered NYSE
SiriusPoint (NYSE:SPNT-B)
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