The Company’s invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes debt securities held for trading, debt securities available for sale, short-term investments, equity securities, and other long-term investments which are classified as trading securities with the exception of debt securities held as available for sale. Realized investment gains and losses on debt securities are reported in

pre-tax revenues. Unrealized investment gains and losses on debt securities are reported based on classification. Trading securities flow through pre-tax revenues, whereas securities classified as available for sale (“AFS”) flow through other comprehensive income (loss).

For debt securities classified as AFS for which a decline in the fair value between the amortized cost is due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding impact to the consolidated statements of income (loss). The allowance is limited to the difference between amortized cost and fair value. A credit losses impairment assessment is performed on securities using both quantitative and qualitative factors. Qualitative factors include significant declines in fair value below amortized cost. Additionally, a qualitative assessment is also performed over debt securities to evaluate potential credit losses. Examples of qualitative indicators include issuer credit downgrades as well as changes to credit spreads.


	June 30, 2023
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses (2)		Net foreign currency gains (losses)		Fair value
Debt securities, available for sale
Asset-backed securities	$	712.0	$	2.7	$	(9.9)	$	—	$	704.8
Residential mortgage-backed securities	700.8		2.0		(18.4)		—		684.4
Commercial mortgage-backed securities	136.5		0.1		(2.9)		—		133.7

Corporate debt securities	1,507.8		1.0		(25.6)		0.4		1,483.6
U.S. government and government agency(1)	1,101.3		0.2		(18.0)		—		1,083.5
Non-U.S. government and government agency	82.9		—		(1.4)		0.6		82.1


Total debt securities, available for sale (2)	$	4,241.3	$	6.0	$	(76.2)	$	1.0	$	4,172.1
Debt securities, trading
Asset-backed securities	$	371.1	$	0.1	$	(12.5)	$	—	$	358.7
Residential mortgage-backed securities	93.8		—		(13.2)		—		80.6
Commercial mortgage-backed securities	82.4		—		(9.7)		—		72.7

Corporate debt securities	110.0		—		(8.4)		(0.3)		101.3
U.S. government and government agency (1)	112.5		—		(3.5)		—		109.0
Non-U.S. government and government agency	32.5		—		(1.6)		—		30.9


Total debt securities, trading	$	802.3	$	0.1	$	(48.9)	$	(0.3)	$	753.2


	December 31, 2022
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency losses		Fair value
Debt securities, available for sale
Asset-backed securities	$	234.1	$	0.9	$	(4.3)	$	—	$	230.7
Residential mortgage-backed securities	354.3		0.3		(13.9)		—		340.7
Commercial mortgage-backed securities	62.1		—		(0.9)		—		61.2

Corporate debt securities	428.5		0.5		(13.1)		(0.2)		415.7
U.S. government and government agency (1)	1,561.9		3.2		(14.5)		—		1,550.6
Non-U.S. government and government agency	37.2		—		(0.7)		0.1		36.6


Total debt securities, available for sale (2)	$	2,678.1	$	4.9	$	(47.4)	$	(0.1)	$	2,635.5
Debt securities, trading
Asset-backed securities	$	575.5	$	0.1	$	(21.9)	$	—	$	553.7
Residential mortgage-backed securities	155.9		—		(22.3)		—		133.6
Commercial mortgage-backed securities	130.5		—		(17.1)		—		113.4

Corporate debt securities	391.4		—		(27.2)		(0.7)		363.5
U.S. government and government agency (1)	278.6		—		(8.2)		—		270.4
Non-U.S. government and government agency	95.8		—		(4.0)		(3.6)		88.2

Preferred stocks	2.4		0.8		—		—		3.2
Total debt securities, trading	$	1,630.1	$	0.9	$	(100.7)	$	(4.3)	$	1,526.0

As of June 30, 2023, the market value of debt securities classified as AFS which have remained in a gross unrealized loss position for greater than 12 months is $4.3 million with an unrealized loss of $0.1 million (December 31, 2022 - no securities in an unrealized loss position for greater than 12 months).

The weighted average duration of the Company's debt securities, net of short positions in U.S. treasuries, as of June 30, 2023 was approximately 2.5 years, including short-term investments (December 31, 2022 - approximately 1.8 years).

The following table provides the cost or amortized cost and fair value of the Company's debt securities bifurcated into debt securities held for trading (“trading”) and AFS as of June 30, 2023 and December 31, 2022 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.


	Debt securities, trading				Debt securities, AFS
	Cost or amortized cost		Fair value		Cost or amortized cost		Fair value
June 30, 2023
Due in one year or less	$	141.6	$	141.2	$	205.5	$	204.1
Due after one year through five years	57.9		52.9		2,313.3		2,275.7
Due after five years through ten years	20.6		18.4		170.5		167.0
Due after ten years	34.9		28.7		2.7		2.4
Mortgage-backed and asset-backed securities	547.3		512.0		1,549.3		1,522.9

Total debt securities	$	802.3	$	753.2	$	4,241.3	$	4,172.1
December 31, 2022
Due in one year or less	$	240.4	$	230.9	$	104.2	$	104.0
Due after one year through five years	426.5		407.0		1,822.7		1,802.0
Due after five years through ten years	63.4		55.7		95.8		92.3
Due after ten years	35.5		28.5		4.9		4.6
Mortgage-backed and asset-backed securities	861.9		800.7		650.5		632.6
Preferred stocks	2.4		3.2		—		—
Total debt securities	$	1,630.1	$	1,526.0	$	2,678.1	$	2,635.5

The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of June 30, 2023 and December 31, 2022. Credit ratings are assigned based on Standard & Poor’s Rating Services (“S&P”). In the absence of an S&P rating, Moody’s Investors Service (“Moody’s”) ratings are used.


	June 30, 2023				December 31, 2022
	Debt securities, trading		Debt securities, AFS		Debt securities, trading		Debt securities, AFS
AAA	$	351.0	$	618.1	$	564.4	$	172.8
AA	238.4		1,945.2		523.2		1,907.6
A	47.6		911.9		181.1		188.9
BBB	54.0		380.4		158.1		149.9
Other	62.2		316.5		99.2		216.3
Total debt securities	$	753.2	$	4,172.1	$	1,526.0	$	2,635.5

As of June 30, 2023, the above totals included $146.6 million of sub-prime securities. Of this total, $85.9 million was rated AAA, $28.9 million rated AA, $7.4 million rated BBB and $24.4 million were unrated. As of December 31, 2022, the above totals included $95.3 million of sub-prime securities. Of this total, $56.1 million were rated AAA, $20.0 million rated AA and $19.2 million were unrated.

The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains (losses), and fair values of the Company’s equity securities and other long-term investments as of June 30, 2023 and December 31, 2022 were as follows:



	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency gains (losses)		Fair value
June 30, 2023
Equity securities	$	1.8	$	—	$	(0.4)	$	0.2	$	1.6
Other long-term investments	$	377.6	$	28.8	$	(50.8)	$	(0.2)	$	355.4
December 31, 2022
Equity securities	$	1.8	$	—	$	(0.2)	$	—	$	1.6
Other long-term investments	$	392.0	$	27.5	$	(41.8)	$	(0.5)	$	377.2

The Company’s investments in unconsolidated entities are included within other long-term investments and consist of investments in common equity securities or similar instruments, which give the Company the ability to exert significant influence over the investee's operating and financial policies. Such investments may be accounted for under either the equity method (“equity method investments”) or, alternatively, the Company may elect to account for them under the fair value option (“equity method eligible unconsolidated entities”).


	June 30, 2023		December 31, 2022
Equity method eligible unconsolidated entities, using the fair value option	$	153.5	$	147.9
Equity method investments	41.5		41.8
Other unconsolidated investments, at fair value (1)	113.7		124.5
Other unconsolidated investments, at cost (2)	46.7		63.0
Total other long-term investments	$	355.4	$	377.2

(2)The Company has elected to apply the cost adjusted for market observable events impairment measurement alternative to investments that do not meet the criteria to be accounted for under the equity method, in which the investment is measured at cost and remeasured to fair value when impaired or upon observable transaction prices.

Equity method eligible unconsolidated entities, using the fair value option, exclude the Company’s investment in Third Point Enhanced LP (“TP Enhanced Fund”), Third Point Venture Offshore Fund I LP (“TP Venture Fund”), Third Point Venture Offshore Fund II LP (“TP Venture Fund II”), collectively, the “Related Party Investment Funds.” Refer to “Investments in related party investment funds” discussed below.


	June 30, 2023		December 31, 2022
Third Point Enhanced LP	$	83.9	$	100.3
Third Point Venture Offshore Fund I LP	25.1		26.0
Third Point Venture Offshore Fund II LP	2.3		2.5
Investments in related party investment funds, at fair value	$	111.3	$	128.8

On February 23, 2022, the Company entered into the Fourth Amended and Restated Exempted Limited Partnership Agreement of Third Point Enhanced LP with Third Point Advisors LLC (“TP GP”) and the other parties thereto (the “2022 LPA”), which amended and restated the Third Amended and Restated Exempted Limited Partnership Agreement dated August 6, 2020 (the “2020 LPA”).

The TP Enhanced Fund investment strategy, as implemented by Third Point LLC, is intended to achieve superior risk-adjusted returns by deploying capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies. Third Point LLC identifies investment opportunities via a bottom-up, value-oriented approach to single security analysis supplemented by a top-down view of portfolio and risk management. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures.

•add the right to withdraw the Company’s capital accounts in TP Enhanced Fund as of any month-end in accordance with an agreed withdrawal schedule to be reinvested in, or contractually committed to, the Third Point Optimized Credit portfolio (the “TPOC Portfolio”), or other Third Point strategies (“TPE Withdrawn Amounts”);

•provide that the Company and TP GP may discuss the adoption of new risk parameters for TP Enhanced Fund from time to time, and TP GP will work with the Company to create additional risk management guidelines responsive to the Company’s needs that do not fundamentally alter the general investment strategy or investment approach of TP Enhanced Fund;

•revise the “cause event” materiality qualifier with respect to violations of law related to Third Point LLC’s investment-related business and Third Point LLC being subject to regulatory proceedings to include events that will likely have a material adverse effect on Third Point LLC’s ability to provide investment management services to TP Enhanced Fund and/or the TPOC Portfolio.

On February 23, 2022, the Company entered into an Amended and Restated Investment Management Agreement (the “2022 IMA”) with Third Point LLC and the other parties thereto, which amended and restated the Investment Management Agreement dated August 6, 2020.

Pursuant to the 2022 IMA, Third Point LLC provides discretionary investment management services with respect to a newly established TPOC Portfolio, subject to investment and risk management guidelines, and continues to provide certain non-discretionary investment advisory services to the Company. The Company agreed to contribute to the TPOC Portfolio amounts withdrawn from TP Enhanced Fund on January 31, 2022 that were not invested or committed for investment in other Third Point strategies. The 2022 IMA contains revised term and termination rights, withdrawal rights, incentive fees, management fees, investment guidelines and advisory fees.

For the investment management services provided in respect of the TPOC Portfolio, the Company will pay Third Point LLC, from the assets of each sub-account, an annual incentive fee equal to 15% of outperformance over a specified benchmark. The Company will also pay Third Point LLC a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses, and a fixed advisory fee for the advisory services equal to 1/4 of $1,500,000 per quarter.

Under the 2022 IMA, the Company may withdraw any amount from the TPOC Portfolio as of any month-end up to (i) the full balance of any sub-account established in respect of any capital contribution not in respect of TPE Withdrawn Amounts and (ii) any net profits in respect of any other sub-account. The Company may withdraw the TPOC Portfolio in full on March 31, 2026, and each successive anniversary of such date. The Company will have the right to withdraw funds monthly from the TPOC Portfolio upon the occurrence of certain events specified in the 2022 IMA, including, within 120 days following the occurrence of a Cause Event (as defined in the 2022 LPA), to meet capital adequacy requirements, to prevent a negative

credit rating, for risk management purposes, underperformance of the TPOC Portfolio relative to investment funds managed by third-party managers and pursuing the same or substantially similar investment strategy as the TPOC Portfolio (i.e., which measure performance relative to the benchmark) for two or more consecutive calendar years or a Key Person Event (as defined in the 2022 LPA), subject to certain limitations on such withdrawals as specified in the 2022 IMA. The Company is also entitled to withdraw funds from the TPOC Portfolio in order to satisfy its risk management guidelines, upon prior written notice to Third Point LLC, in an amount not to exceed the Risk Management Withdrawable Amount (as defined in the 2022 LPA).

On March 1, 2021, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement (“2021 Venture LPA”) of TP Venture Fund which became effective on March 1, 2021. In accordance with the 2021 Venture LPA, Third Point Venture GP LLC (“TP Venture GP”) serves as the general partner of TP Venture Fund.

The TP Venture Fund investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due to the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments.

On June 30, 2022, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement (“2022 Venture II LPA”) of TP Venture Fund II. In accordance with the 2022 Venture II LPA, Third Point Venture GP II LLC (“TP Venture GP II”) serves as the general partner of TP Venture Fund II.

The TP Venture Fund II investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments.