Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2021

Schedule II - Condensed Financial Information of Registrant (1)

Balance Sheets

As of December 31, 2021 and 2020

(expressed in millions of U.S. dollars)


	December 31, 2021		December 31, 2020
Assets





Total investments	$	13.0	$	4.0
Cash and cash equivalents	7.9		0.2



Investment in subsidiaries	3,405.6		1,459.9









Amounts due from affiliates	—		96.6

Other assets	12.7		4.9
Total assets	$	3,439.2	$	1,565.6
Liabilities
Accounts payable, accrued expenses and other liabilities	$	17.4	$	1.7












Amounts due to affiliates	13.6		—
Liability-classified capital instruments	87.8		—
Debt	816.7		—
Total liabilities	935.5		1.7

Shareholders’ equity
Series B preference shares	200.0		—
Common shares	16.2		9.6
Additional paid-in capital	1,622.7		933.9
Retained earnings	665.0		620.4
Accumulated other comprehensive loss	(0.2)		—
Shareholders’ equity attributable to SiriusPoint common shareholders	2,503.7		1,563.9


Total liabilities and shareholders’ equity	$	3,439.2	$	1,565.6

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.

Schedule II - Condensed Financial Information of Registrant (1)

Statements of Income

For the years ended December 31, 2021, 2020 and 2019


	2021		2020		2019
Revenues








Total realized and unrealized investment gains and net investment income	$	1.3	$	—	$	—
Other revenues	100.2		—		—
Equity in earnings of subsidiaries	90.1		169.9		216.9
Total revenues	191.6		169.9		216.9
Expenses



Net corporate and other expenses	109.5		26.4		16.3

Interest expense	34.0		—		—
Foreign exchange gains	(18.2)		—		—
Total expenses	125.3		26.4		16.3
Income before income tax expense	66.3		143.5		200.6
Income tax expense	(8.2)		—		—


Net income available to SiriusPoint	58.1		143.5		200.6
Dividends on Series B preference shares	(13.5)		—		—
Net income available to SiriusPoint common shareholders	$	44.6	$	143.5	$	200.6

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.

Schedule II - Condensed Financial Information of Registrant (1)

Statements of Income

For the year ended December 31, 2021, 2020 and 2019


	2021		2020		2019
Comprehensive income
Net income available to SiriusPoint	$	58.1	$	143.5	$	200.6
Other comprehensive loss
Change in foreign currency translation, net of tax	(0.2)		—		—



Comprehensive income available to SiriusPoint	$	57.9	$	143.5	$	200.6

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.

Schedule II - Condensed Financial Information of Registrant (1)

Statements of Cash Flow

For the years ended December 31, 2021, 2020 and 2019


	2021		2020		2019
Operating activities
Net income available to SiriusPoint	$	58.1	$	143.5	$	200.6
Adjustments to reconcile net income available to SiriusPoint to net cash provided by operating activities:
Equity in earnings of subsidiaries	(90.1)		(169.9)		(216.9)
Dividend received by parent	74.0		135.2		24.2
Share compensation expense	11.7		0.7		2.7
Net realized and unrealized gain on investments and derivatives	(1.3)		—		—
Amortization of premium and accretion of discount, net	(0.7)		—		—
Other revenues	(100.1)		—		—
Other items, net	(25.4)		—		—



Changes in assets and liabilities:





Other assets	0.8		(4.2)		0.9




Accounts payable, accrued expenses and other liabilities	15.8		(2.4)		3.5

Amounts due from (to) affiliates	86.1		(102.3)		2.2
Net cash provided by operating activities	28.9		0.6		17.2
Investing activities



Purchases of investments	(11.8)		—		(4.0)
Proceeds from sales and maturities of investments	4.1		—		—

Acquisition of Sirius Group	(51.6)		—		—




Contributed capital to subsidiaries	—		—		(15.0)

Net cash used in investing activities	(59.3)		—		(19.0)
Financing activities
Proceeds from issuance of SiriusPoint common shares, net of costs	50.8		—		1.9
Taxes paid on withholding shares	(0.5)		(0.4)		(0.1)



Cash dividends paid to preference shareholders	(12.2)		—		—



Net cash provided by (used in) financing activities	38.1		(0.4)		1.8
Net increase in cash, cash equivalents and restricted cash	7.7		0.2		—
Cash, cash equivalents and restricted cash at beginning of year	0.2		—		—
Cash, cash equivalents and restricted cash at end of year	$	7.9	$	0.2	$	—

(1)The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.