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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-36052
SIRIUSPOINT LTD.
(Exact name of registrant as specified in its charter)
Bermuda98-1599372
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Point Building
3 Waterloo Lane
Pembroke HM 08, Bermuda
+1 441 542-3300
(Address of Principal Executive Offices) (Registrant’s Telephone Number, Including Area Code)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes        No    
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes        No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     ☐
As of April 28, 2023, the registrant had 162,954,629 common shares issued and outstanding.



SiriusPoint Ltd.
INDEX
Page
PART I. FINANCIAL INFORMATION
  Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Income (Loss) for the three months ended March 31, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2023 and 2022 (unaudited)
Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 (unaudited)
Note 1. Organization
Note 2. Significant accounting policies
Note 3. Significant transactions
Note 4. Segment reporting
Note 5. Cash, cash equivalents, restricted cash and restricted investments
Note 6. Fair value measurements
Note 7. Investments
Note 8. Total realized and unrealized investment gains (losses) and net investment income
Note 9. Derivatives
Note 10. Variable and voting interest entities
Note 11. Loss and loss adjustment expense reserves
Note 12. Allowance for expected credit losses
Note 13. Debt and letter of credit facilities
Note 14. Income taxes
Note 15. Shareholders' equity
Note 16. Earnings (loss) per share available to SiriusPoint common shareholders
Note 17. Related party transactions
Note 18. Commitments and contingencies
Note 19. Subsequent event
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  Item 3. Quantitative and Qualitative Disclosures About Market Risk
  Item 4. Controls and Procedures
PART II. OTHER INFORMATION
  Item 1. Legal Proceedings
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Mine Safety Disclosures
  Item 5. Other Information
  Item 6. Exhibits



PART I - Financial Information
ITEM 1. Financial Statements
SIRIUSPOINT LTD.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2023 and December 31, 2022
(expressed in millions of U.S. dollars, except per share and share amounts)
March 31, 2023December 31, 2022
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2022 - $0.0) (cost - $3,585.9; 2022 - $2,678.1)$3,565.9 $2,635.5 
Debt securities, trading, at fair value (cost - $1,199.9; 2022 - $1,630.1)1,120.2 1,526.0 
Short-term investments, at fair value (cost - $595.3; 2022 - $984.5)594.0 984.6 
Investments in related party investment funds, at fair value117.9 128.8 
Other long-term investments, at fair value (cost - $372.9; 2022 - $392.0) (includes related party investments at fair value of $199.1 (2022 - $201.2))361.9 377.2 
Equity securities, trading, at fair value (cost - $1.6; 2022 - $1.8)1.6 1.6 
Total investments5,761.5 5,653.7 
Cash and cash equivalents763.6 705.3 
Restricted cash and cash equivalents211.0 208.4 
Redemption receivable from related party investment fund11.6 18.5 
Due from brokers6.5 4.9 
Interest and dividends receivable33.5 26.7 
Insurance and reinsurance balances receivable, net2,261.0 1,876.9 
Deferred acquisition costs, net357.1 294.9 
Unearned premiums ceded462.3 348.8 
Loss and loss adjustment expenses recoverable, net1,392.0 1,376.2 
Deferred tax asset175.7 200.3 
Intangible assets161.9 163.8 
Other assets209.5 157.9 
Total assets$11,807.2 $11,036.3 
Liabilities
Loss and loss adjustment expense reserves$5,318.9 $5,268.7 
Unearned premium reserves1,833.1 1,521.1 
Reinsurance balances payable1,004.9 813.6 
Deposit liabilities141.2 140.5 
Securities sold, not yet purchased, at fair value19.4 27.0 
Securities sold under an agreement to repurchase20.3 18.0 
Due to brokers60.1 — 
Accounts payable, accrued expenses and other liabilities275.7 266.6 
Deferred tax liability59.4 59.8 
Liability-classified capital instruments47.0 60.4 
Debt779.2 778.0 
Total liabilities9,559.2 8,953.7 
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)200.0 200.0 
Common shares (issued and outstanding: 162,367,173; 2022 - 162,177,653)16.2 16.2 
Additional paid-in capital1,642.6 1,641.3 
Retained earnings400.8 262.2 
Accumulated other comprehensive loss, net of tax(23.0)(45.0)
Shareholders’ equity attributable to SiriusPoint shareholders2,236.6 2,074.7 
Noncontrolling interests11.4 7.9 
Total shareholders’ equity2,248.0 2,082.6 
Total liabilities, noncontrolling interests and shareholders’ equity$11,807.2 $11,036.3 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.

1


SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
For the three months ended March 31, 2023 and 2022
(expressed in millions of U.S. dollars, except per share and share amounts)
20232022
Revenues
Net premiums earned$595.5 $529.3 
Net realized and unrealized investment gains (losses)11.3 (81.9)
Net realized and unrealized investment gains (losses) from related party investment funds0.8 (131.0)
Net investment income61.5 7.8 
Net realized and unrealized investment gains (losses) and net investment income73.6 (205.1)
Other revenues15.8 37.2 
Total revenues684.9 361.4 
Expenses
Loss and loss adjustment expenses incurred, net267.1 340.1 
Acquisition costs, net119.7 108.5 
Other underwriting expenses52.2 47.2 
Net corporate and other expenses61.8 77.4 
Intangible asset amortization2.4 1.9 
Interest expense10.8 9.3 
Foreign exchange (gains) losses0.1 (19.4)
Total expenses514.1 565.0 
Income (loss) before income tax expense170.8 (203.6)
Income tax expense(25.8)(9.7)
Net income (loss)145.0 (213.3)
Net (income) loss attributable to noncontrolling interests(2.4)0.3 
Net income (loss) available to SiriusPoint142.6 (213.0)
Dividends on Series B preference shares(4.0)(4.0)
Net income (loss) available to SiriusPoint common shareholders$138.6 $(217.0)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders$0.80 $(1.36)
Diluted earnings (loss) per share available to SiriusPoint common shareholders$0.78 $(1.36)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic160,905,860 159,867,593 
Diluted164,130,946 159,867,593 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.
1

2


SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
For the three months ended March 31, 2023 and 2022
(expressed in millions of U.S. dollars)

20232022
Comprehensive income (loss)
Net income (loss)$145.0 $(213.3)
Other comprehensive income, net of tax
Change in foreign currency translation(0.3)0.8 
Unrealized gains from debt securities held as available for sale investments22.9 — 
Reclassifications from accumulated other comprehensive losses(0.6)— 
Total other comprehensive income22.0 0.8 
Comprehensive income (loss)167.0 (212.5)
Net (income) loss attributable to noncontrolling interests(2.4)0.3 
Comprehensive income (loss) available to SiriusPoint$164.6 $(212.2)
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.
3


SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
For the three months ended March 31, 2023 and 2022
(expressed in millions of U.S. dollars)
20232022
Series B preference shares
Balance, beginning of period$200.0 $200.0 
Issuance of preference shares, net— — 
Balance, end of period200.0 200.0 
Common shares
Balance, beginning of period16.2 16.2 
Issuance of common shares, net— 0.1 
Common shares repurchased and retired— (0.1)
Balance, end of period16.2 16.2 
Additional paid-in capital
Balance, beginning of period1,641.3 1,622.7 
Issuance of common shares, net— — 
Share compensation2.5 5.3 
Common shares repurchased and retired— (4.6)
Change in ownership interest in subsidiary(1.2)— 
Balance, end of period1,642.6 1,623.4 
Retained earnings
Balance, beginning of period262.2 665.0 
Net income (loss)145.0 (213.3)
Net (income) loss attributable to noncontrolling interests(2.4)0.3 
Dividends on preference shares(4.0)(4.0)
Balance, end of period400.8 448.0 
Accumulated other comprehensive income (loss), net of tax
Balance, beginning of period(45.0)(0.2)
Net change in foreign currency translation adjustment
Balance, beginning of period(5.2)(0.2)
Net change in foreign currency translation adjustment(0.3)0.8 
Balance, end of period(5.5)0.6 
Unrealized gains (losses) from debt securities held as available for sale investments
Balance, beginning of period(39.8)— 
Unrealized gains from debt securities held as available for sale investments22.9 — 
Reclassifications from accumulated other comprehensive losses(0.6)— 
Balance, end of period(17.5)— 
Balance, end of period(23.0)0.6 
Shareholders’ equity attributable to SiriusPoint shareholders 2,236.6 2,288.2 
Noncontrolling interests11.4 (0.7)
Total shareholders’ equity$2,248.0 $2,287.5 
The accompanying Notes to the Consolidated Financial Statements are
an integral part of the Consolidated Financial Statements.
4


SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the three months ended March 31, 2023 and 2022
(expressed in millions of U.S. dollars)
20232022
Operating activities
Net income (loss)$145.0 $(213.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share compensation5.6 11.1 
Net realized and unrealized (gain) loss on investments and derivatives(12.7)72.8 
Net realized and unrealized (gain) loss on investment in related party investment funds(0.8)131.0 
Other revenues25.1 (11.8)
Amortization of premium and accretion of discount, net(20.2)8.5 
Amortization of intangible assets2.4 1.9 
Other items, net(2.8)(3.8)
Changes in assets and liabilities:
Insurance and reinsurance balances receivable, net(376.9)(227.6)
Deferred acquisition costs and value of business acquired, net(62.2)(52.2)
Unearned premiums ceded(113.5)(122.9)
Loss and loss adjustment expenses recoverable, net(15.8)(63.3)
Deferred tax asset/liability24.2 4.0 
Other assets(53.8)22.9 
Interest and dividends receivable(6.8)(2.4)
Loss and loss adjustment expense reserves50.2 94.6 
Unearned premium reserves312.0 306.5 
Reinsurance balances payable191.3 85.2 
Accounts payable, accrued expenses and other liabilities3.9 (41.1)
Net cash provided by operating activities94.2 0.1 
Investing activities
Proceeds from redemptions from related party investment funds18.5 350.0 
Purchases of investments(1,259.4)(1,369.5)
Proceeds from sales and maturities of investments1,188.5 919.7 
Change in due to/from brokers, net58.5 (28.6)
Net cash provided by (used in) investing activities6.1 (128.4)
Financing activities
Taxes paid on withholding shares (3.0)(5.7)
Purchases of SiriusPoint common shares under share repurchase program— (4.7)
Proceeds from loans under an agreement to repurchase2.3 — 
Cash dividends paid to preference shareholders(4.0)(4.0)
Settlement of Contingent Value Rights(38.5)— 
Net proceeds (payments) on deposit liability contracts3.8 (6.8)
Net cash used in financing activities(39.4)(21.2)
Net increase (decrease) in cash, cash equivalents and restricted cash60.9 (149.5)
Cash, cash equivalents and restricted cash at beginning of period913.7 1,948.4 
Cash, cash equivalents and restricted cash at end of period$974.6 $1,798.9 
 The accompanying Notes to the Consolidated Financial Statements are
 an integral part of the Consolidated Financial Statements.
5


SiriusPoint Ltd.
Notes to the Consolidated Financial Statements (UNAUDITED)
(Expressed in U.S. Dollars)
1. Organization
SiriusPoint Ltd. (together with its consolidated subsidiaries, “SiriusPoint” or the “Company”) was incorporated under the laws of Bermuda on October 6, 2011. Through its subsidiaries, the Company is a provider of global multi-line reinsurance and insurance products and services. 
These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In addition, the year-end consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q (“Form 10-Q”) should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2023.
In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated.
The results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full calendar year.
Tabular amounts are in U.S. Dollars in millions, except share amounts, unless otherwise noted.
2. Significant accounting policies
There have been no material changes to the Company’s significant accounting policies as described in its 2022 Form 10-K.
Recently issued accounting standards
Accounting pronouncements issued during the three months ended March 31, 2023 were either not relevant to the Company or did not impact the Company’s consolidated financial statements.
3. Significant transactions
SiriusPoint International Loss Portfolio Transfer
On March 2, 2023, the Company agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction (“2023 LPT”), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The 2023 LPT covers approximately $1.3 billion of loss reserves as of September 30, 2022. The transaction is expected to close and incept on or around June 30, 2023. The actual ceded reserves and premium paid will be based on the aforementioned September 30, 2022 amounts, decreased by the amount of paid losses between September 30, 2022 and June 30, 2023. The Company expects this transaction to result in a gain upon closing, which will be deferred and amortized over the claim payout period of the subject business, and the final amount of the gain will be dependent upon factors including reserve development and claim payments through June 30, 2023. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of the booked reserves as of the inception of the contract.
4. Segment reporting
The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments: Reinsurance and Insurance & Services. The Company’s segments each have managers who are responsible for the overall profitability of their segments and who are directly accountable to the Company’s chief operating decision maker, the Chief Executive Officer ("CEO"). The CEO assesses segment operating performance, allocates capital, and makes resource allocation decisions based on Segment income (loss). The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments.

6


Reinsurance
The Company is a leading global (re)insurer, which offers both treaty and facultative reinsurance worldwide through its network of local branches. The Company participates in the broker market for reinsurance treaties written in the United States and Bermuda primarily on a proportional and excess of loss basis. For the Company’s international business, the book consists of treaty, written on both a proportional and excess of loss basis, facultative, and primary business, primarily in Europe, Asia and Latin America.
The Reinsurance segment provides coverage in the following product lines:
Aviation & Space – Aviation covers loss of or damage to an aircraft and the aircraft operations' liability to passengers, cargo and hull as well as to third parties, and Space covers damage to a satellite during launch and in orbit.
Casualty – covers a cross section of all casualty lines, including general liability, umbrella, auto, workers’ compensation, professional liability, and other specialty classes.
Contingency – covers event cancellation and non-appearance.
Credit & Bond – covers traditional short-term commercial credit insurance, including pre-agreed domestic and export sales of goods and services with typical coverage periods of 60 to 120 days.
Marine & Energy – Marine covers damage to ships and goods in transit, marine liability lines as well as yacht-owner perils. Energy covers offshore energy industry insurance.
Mortgage – covers credit risks that compensates insureds for losses arising from mortgage loan defaults.
Property – consists of the Company’s underwriting lines of business that offer property catastrophe excess of loss, proportional property reinsurance, per risk property reinsurance, and agriculture reinsurance and property risk and pro rata on a worldwide basis. Property catastrophe excess of loss reinsurance treaties cover losses to a pool of risks from catastrophic events. Proportional property covers both attritional and catastrophic risks, per risk property covers loss to individual risk, and agriculture provides stop-loss reinsurance coverage, including to companies writing U.S. government-sponsored multi-peril crop insurance.
Insurance & Services
The Company provides insurance products to individuals and corporations directly, through agents/brokers or through delegated underwriting agreements with managing general agents (“MGAs”). The Company seeks to work with MGAs that have strong underwriting expertise, deep understanding of the customer/product niches and/or technology-driven approaches, and a sustainable competitive moat.
Insurance & Services offers a comprehensive set of services for startup MGAs and insurance services companies including risk capital and equity and debt financing. Furthermore, the Company offers expertise in underwriting, pricing and product development to businesses it partners with. The Company’s process to identify and approve partner companies includes alignment of interests, disciplined management and strong oversight, which are believed to be critical for success. The Insurance & Services segment predominantly provides insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties.
The Company makes both controlling and non-controlling equity investments and debt investments in MGAs and other insurance-related business (collectively, “Strategic Investments”).
The Insurance & Services segment provides coverage in the following product lines:
Accident and Health (“A&H”) – consists of life, accident and health coverage, and MGA units (which include ArmadaCorp Capital, LLC (“Armada”) and International Medical Group, Inc. (“IMG”)). Armada’s products are offered in the United States while IMG offers accident, health and travel products on a worldwide basis.
Environmental – consists of an environmental insurance book in the U.S. comprised of four core products that revolve around pollution coverage, which are premises pollution liability, contractor's pollution/pollution liability and professional liability.
Workers’ Compensation – consists of state-mandated insurance coverage that provides medical, disability, survivor, burial, and rehabilitation benefits to employees who are injured or killed due to a work-related injury or illness.

7


Other – consists of a cross section of property and casualty lines, including but not limited to property, general liability, excess liability, commercial auto, professional liability, directors and officers, cyber and other specialty classes.
Management uses segment income (loss) as the primary basis for assessing segment performance. Segment income (loss) is comprised of two components, underwriting income (loss) and net services income (loss). The Company calculates underwriting income (loss) by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned. Net services income (loss) consists of services revenues (fee for service revenues), services expenses, services non-controlling (income) loss and net investment gains (losses) from Strategic Investments. This definition of segment income (loss) aligns with how business performance is managed and monitored. We continue to evaluate our segments as our business evolves and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the consolidated statements of income (loss). These items are reconciled to the consolidated presentation in the segment measure reclass column below and include net investment gains (losses) from Strategic Investments where Insurance & Services holds private equity investments. Also included in Insurance & Services segment income (loss) are services noncontrolling loss (income) attributable to minority shareholders on non-wholly-owned subsidiaries. In addition, services revenues and services expenses are reconciled to other revenues and net corporate and other expenses, respectively.
Segment results are shown prior to corporate eliminations. Corporate eliminations are included in the elimination column below as necessary to reconcile to underwriting income (loss), net services income (loss), and segment income (loss) to the consolidated statements of income (loss).
Corporate includes the results of all runoff business, which represent certain classes of business that the Company no longer actively underwrites, including those that have asbestos and environmental and other latent liability exposures and certain reinsurance contracts that have interest crediting features. In addition, revenue and expenses managed at the corporate level, including realized gains and losses (excluding net investment gains (losses) from Strategic Investments, which are allocated to the segment results), net realized and unrealized investment gains (losses) from related party investment funds, other investment income, non-services related other revenues, non-services related net corporate and other expenses, intangible asset amortization, interest expense, foreign exchange (gains) losses and income tax (expense) benefit are reported within Corporate. The CEO does not manage segment results or allocate resources to segments when considering these items and they are therefore excluded from our definition of segment income (loss).

8


The following is a summary of the Company’s operating segment results for the three months ended March 31, 2023 and 2022:
Three months ended March 31, 2023
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$396.2 $664.0 $1,060.2 $— $50.3 $— $1,110.5 
Net premiums written 311.0 452.6 763.6 — 28.1 — 791.7 
Net premiums earned259.5 291.2 550.7 — 44.8 — 595.5 
Loss and loss adjustment expenses incurred, net 85.6 172.5 258.1 (1.3)10.3 — 267.1 
Acquisition costs, net66.0 71.7 137.7 (32.5)14.5 — 119.7 
Other underwriting expenses 28.2 19.3 47.5 — 4.7 — 52.2 
Underwriting income79.7 27.7 107.4 33.8 15.3 — 156.5 
Services revenue0.2 63.6 63.8 (34.3)— (29.5)— 
Services expenses— 45.5 45.5 — — (45.5)— 
Net services fee income0.2 18.1 18.3 (34.3)— 16.0 — 
Services noncontrolling income— (1.6)(1.6)— — 1.6 — 
Net investment losses from Strategic Investments— (3.9)(3.9)— — 3.9 — 
Net services income0.2 12.6 12.8 (34.3)— 21.5 — 
Segment income79.9 40.3 120.2 (0.5)15.3 21.5 156.5 
Net realized and unrealized investment gains (losses)15.2 (3.9)11.3 
Net realized and unrealized investment gains from related party investment funds0.8 — 0.8 
Net investment income61.5 — 61.5 
Other revenues(13.7)29.5 15.8 
Net corporate and other expenses(16.3)(45.5)(61.8)
Intangible asset amortization(2.4)— (2.4)
Interest expense(10.8)— (10.8)
Foreign exchange losses(0.1)— (0.1)
Income before income tax expense$79.9 $40.3 120.2 (0.5)49.5 1.6 170.8 
Income tax expense— — (25.8)— (25.8)
Net income120.2 (0.5)23.7 1.6 145.0 
Net income attributable to noncontrolling interest— — (0.8)(1.6)(2.4)
Net income available to SiriusPoint$120.2 $(0.5)$22.9 $— $142.6 
Underwriting Ratios: (1)
Loss ratio33.0 %59.2 %46.9 %44.9 %
Acquisition cost ratio25.4 %24.6 %25.0 %20.1 %
Other underwriting expenses ratio10.9 %6.6 %8.6 %8.8 %
Combined ratio
69.3 %90.4 %80.5 %73.8 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

9


Three months ended March 31, 2022
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$524.2 $483.5 $1,007.7 $— $2.0 $— $1,009.7 
Net premiums written374.9 337.5 712.4 — 1.5 — 713.9 
Net premiums earned307.6 212.8 520.4 — 8.9 — 529.3 
Loss and loss adjustment expenses incurred, net194.5 134.0 328.5 (1.2)12.8 — 340.1 
Acquisition costs, net79.9 53.5 133.4 (25.6)0.7 — 108.5 
Other underwriting expenses30.1 15.7 45.8 — 1.4 — 47.2 
Underwriting income (loss)3.1 9.6 12.7 26.8 (6.0)— 33.5 
Services revenue— 56.8 56.8 (30.8)— (26.0)— 
Services expenses— 43.3 43.3 — — (43.3)— 
Net services fee income— 13.5 13.5 (30.8)— 17.3 — 
Services noncontrolling loss— 0.8 0.8 — — (0.8)— 
Net investment losses from Strategic Investments— (0.3)(0.3)— — 0.3 — 
Net services income— 14.0 14.0 (30.8)— 16.8 — 
Segment income (loss)3.1 23.6 26.7 (4.0)(6.0)16.8 33.5 
Net realized and unrealized investment losses(81.6)(0.3)(81.9)
Net realized and unrealized investment losses from related party investment funds(131.0)— (131.0)
Net investment income7.8 — 7.8 
Other revenues11.2 26.0 37.2 
Net corporate and other expenses(34.1)(43.3)(77.4)
Intangible asset amortization(1.9)— (1.9)
Interest expense(9.3)— (9.3)
Foreign exchange gains19.4 — 19.4 
Income (loss) before income tax benefit$3.1 $23.6 26.7 (4.0)(225.5)(0.8)(203.6)
Income tax expense— — (9.7)— (9.7)
Net income (loss)26.7 (4.0)(235.2)(0.8)(213.3)
Net loss attributable to noncontrolling interest— — — 0.3 0.3 
Net income (loss) available to SiriusPoint$26.7 $(4.0)$(235.2)$(0.5)$(213.0)
Underwriting Ratios: (1)
Loss ratio63.2 %63.0 %63.1 %64.3 %
Acquisition cost ratio26.0 %25.1 %25.6 %20.5 %
Other underwriting expenses ratio9.8 %7.4 %8.8 %8.9 %
Combined ratio99.0 %95.5 %97.5 %93.7 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

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5. Cash, cash equivalents, restricted cash and restricted investments
The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Cash and cash equivalents$763.6 $705.3 
Restricted cash securing letter of credit facilities (1)138.7 34.3 
Restricted cash securing reinsurance contracts (2)49.7 148.9 
Restricted cash held by managing general underwriters22.6 25.2 
Total cash, cash equivalents and restricted cash (3)974.6 913.7 
Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4)2,072.7 2,202.2 
Total cash, cash equivalents, restricted cash and restricted investments$3,047.3 $3,115.9 
(1)Restricted cash and restricted investments securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract, but can last several years.
(2)Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities, short-term investments and limited partnership interests in Third Point Enhanced LP. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years.
(3)Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows.
(4)Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses.
6. Fair value measurements
U.S. GAAP disclosure requirements establish a framework for measuring fair value, including a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy of inputs is summarized below:
Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date.
Level 2 – Observable inputs to the valuation methodology other than unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include, but are not limited to, prices quoted for similar assets or liabilities in active markets/exchanges, prices quoted for identical or similar assets or liabilities in markets that are not active and fair values determined through the use of models or other valuation methodologies.
Level 3 – Inputs are based all or in part on significant unobservable inputs for the investment, and include situations where there is little, if any, market activity for the investment. The inputs applied in the determination of fair value require significant management judgment and estimation.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources other than those of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and considers factors specific to the investment.

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The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of March 31, 2023 and December 31, 2022:
March 31, 2023
 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total
 (Level 1) (Level 2) (Level 3)
Assets
Asset-backed securities$— $414.4 $— $414.4 
Residential mortgage-backed securities— 417.8 — 417.8 
Commercial mortgage-backed securities— 92.8 — 92.8 
Corporate debt securities— 943.4 — 943.4 
U.S. government and government agency1,632.9 4.2 — 1,637.1 
Non-U.S. government and government agency3.5 56.9 — 60.4 
Total debt securities, available for sale1,636.4 1,929.5 — 3,565.9 
Asset-backed securities— 443.5 — 443.5 
Residential mortgage-backed securities— 132.4 — 132.4 
Commercial mortgage-backed securities— 111.2 — 111.2 
Corporate debt securities— 294.4 — 294.4 
U.S. government and government agency84.8 6.4 — 91.2 
Non-U.S. government and government agency5.8 38.5 — 44.3 
Preferred stocks— — 3.2 3.2 
Total debt securities, trading90.6 1,026.4 3.2 1,120.2 
Total equity securities1.6 — — 1.6 
Short-term investments583.5 10.5 — 594.0 
Other long-term investments— 0.4 227.4 227.8 
Derivative assets— — 11.3 11.3 
$2,312.1 $2,966.8 $241.9 5,520.8 
Cost and equity method investments95.0 
Investments in funds valued at NAV157.0 
Total assets$5,772.8 
Liabilities
Total securities sold, not yet purchased$19.4 $— $— $19.4 
Securities sold under an agreement to repurchase— 20.3 — 20.3 
Liability-classified capital instruments— — 47.0 47.0 
Derivative liabilities — — 8.4 8.4 
Total liabilities$19.4 $20.3 $55.4 $95.1 

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December 31, 2022
 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total
 (Level 1) (Level 2) (Level 3)
Assets
Asset-backed securities$— $230.7 $— $230.7 
Residential mortgage-backed securities— 340.7 — 340.7 
Commercial mortgage-backed securities— 61.2 — 61.2 
Corporate debt securities— 415.7 — 415.7 
U.S. government and government agency1,546.2 4.4 — 1,550.6 
Non-U.S. government and government agency5.0 31.6 — 36.6 
Total debt securities, available for sale1,551.2 1,084.3 — 2,635.5 
Asset-backed securities— 553.7 — 553.7 
Residential mortgage-backed securities— 133.6 — 133.6 
Commercial mortgage-backed securities— 113.4 — 113.4 
Corporate debt securities— 363.5 — 363.5 
U.S. Government and government agency264.1 6.3 — 270.4 
Non-U.S. government and government agency8.7 79.5 — 88.2 
Preferred stocks— — 3.2 3.2 
Total debt securities, trading272.8 1,250.0 3.2 1,526.0 
Total equity securities1.6 — — 1.6 
Short-term investments972.8 11.8 — 984.6 
Other long-term investments— — 227.3 227.3 
Derivative assets— — 9.5 9.5 
$2,798.4 $2,346.1 $240.0 5,384.5 
Cost and equity method investments104.8 
Investments in funds valued at NAV173.9 
Total assets$5,663.2 
Liabilities
Total securities sold, not yet purchased$27.0 $— $— $27.0 
Securities sold under an agreement to repurchase— 18.0 — 18.0 
Liability-classified capital instruments— 39.0 21.4 60.4 
Derivative liabilities— — 8.6 8.6 
Total liabilities$27.0 $57.0 $30.0 $114.0 
During the three months ended March 31, 2023, the Company did not reclassify its assets or liabilities between Levels 2 and 3 (December 31, 2022 - no reclassifications).
Valuation techniques
The Company uses outside pricing services to assist in determining fair values for its investments. For investments in active markets, the Company uses the quoted market prices provided by outside pricing services to determine fair value. In circumstances where quoted market prices are unavailable or are not considered reasonable, the Company estimates the fair value using industry standard pricing models and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, prepayment speeds, reference data including research publications, and other relevant inputs. Given that many debt securities do not trade on a daily basis, the outside pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable debt securities vary by asset type and take into account market convention.

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The techniques and inputs specific to asset classes within the Company’s debt securities and short-term investments for Level 2 securities that use observable inputs are as follows:
Asset-backed and mortgage-backed securities
The fair value of mortgage and asset-backed securities is primarily priced by pricing services using a pricing model that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including issuer, vintage, loan type, collateral attributes, prepayment speeds, default rates, recovery rates, cash flow stress testing, credit quality ratings and market research publications.
Corporate debt securities
Corporate debt securities consist primarily of investment-grade debt of a wide variety of U.S. and non-U.S. corporate issuers and industries. The corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk.
U.S. government and government agency
U.S. government and government agency securities consist primarily of debt securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. Fixed maturity investments included in U.S. government and government agency securities are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.
Non-U.S. government and government agency
Non-U.S. government and government agency securities consist of debt securities issued by non-U.S. governments and their agencies along with supranational organizations (also known as sovereign debt securities). Securities held in these sectors are primarily priced by pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.
U.S. states, municipalities, and political subdivisions
The U.S. states, municipalities and political subdivisions portfolio contains debt securities issued by U.S. domiciled state and municipal entities. These securities are generally priced by independent pricing services using the techniques for U.S. government and government agency securities.
Preferred stocks
The fair value of preferred stocks is generally priced by independent pricing services using an evaluated pricing model that calculates the appropriate spread over a comparable security for each issue. Key inputs include exchange prices (underlying and common stock of same issuer), benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications.
Short-term investments
Short-term investments consist of U.S. treasury bills, certificates of deposit and other securities, which, at the time of purchase, mature within a period of greater than three months but less than one year. These investments are generally priced

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by independent pricing services using the techniques described for U.S. government and government agency securities and Corporate debt securities described above.
Investments measured using Net Asset Value
The Company values its investments in limited partnerships, including its investments in related party investment funds, at fair value. The Company has elected the practical expedient for fair value for these investments which is estimated based on the Company’s share of the net asset value (“NAV”) of the limited partnerships, as provided by the independent fund administrator, as the Company believes it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents the Company’s proportionate interest in the members’ equity of the limited partnerships.
The fair value of the Company's investments in certain hedge funds and certain private equity funds are also determined using NAV. The hedge fund's administrator provides quarterly updates of fair value in the form of the Company's proportional interest in the underlying fund's NAV, which is deemed to approximate fair value, generally with a three month delay in valuation. The private equity funds provide monthly, quarterly, or semi-annual partnership capital statements primarily with a one or three month delay which are used as a basis for valuation. These private equity investments vary in investment strategies and are not actively traded in any open markets. Due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company's reporting date. This includes utilizing preliminary estimates reported by its fund managers and using other information that is available to the Company with respect to the underlying investments, as necessary.
In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a monthly, quarterly and annual basis, to assess the quality of the information provided by the investment manager and fund administrator underlying the preparation of the NAV. These procedures include, but are not limited to, regular review and discussion of the fund’s performance with the investment manager.
These investments are included in investment in funds valued at NAV and excluded from the presentation of investments categorized by the level of the fair value hierarchy.
Level 3 Investments
Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable assumptions reflect the Company's assumptions, that market participants would use in valuing the investment. Generally, certain securities may start out as Level 3 when they are originally issued but as observable inputs become available in the market, they may be reclassified to Level 2.
The Company employs a number of procedures to assess the reasonableness of the fair value measurements for its other long-term investments, including obtaining and reviewing the audited annual financial statements of hedge funds and private equity funds and periodically discussing each fund's pricing with the fund manager. However, since the fund managers do not provide sufficient information to evaluate the pricing inputs and methods for each underlying investment, the inputs are considered to be unobservable.
The fair values of the Company's investments in private equity securities, private debt instruments, certain private equity funds, and certain hedge funds have been classified as Level 3 measurements. Private equity securities and private debt instruments are initially valued based on transaction price and their valuation is subsequently estimated based on available evidence such as a market transaction in similar instruments and other financial information for the issuer.
For Strategic Investments carried at fair value, management either engages a third-party valuation specialist to assist in determination of the fair value based on commonly accepted valuation methods (i.e., income approach, market approach) as of the valuation date or performs valuation internally. In addition, investors fair value analyses prepared by third party valuation specialists working with Strategic Investment operating management are referenced where available.
See Note 9 for additional information on the fair values of derivative financial instruments used for both risk management and investment purposes.
Underwriting-related derivatives
Underwriting-related derivatives include reinsurance contracts that are accounted for as derivatives. These derivative contracts are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of

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these derivatives are determined using internally developed discounted cash flow models. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3.
The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the three months ended March 31, 2023:
January 1, 2023Transfers in to (out of) Level 3PurchasesSales & Settlements
Realized and Unrealized Gains (Losses) (1)
March 31, 2023
Assets
Preferred stocks$3.2 $— $— $— $— $3.2 
Other long-term investments227.3 — 0.4 — (0.3)227.4 
Derivative assets9.5 — 2.5 (2.1)1.4 11.3 
Total assets$240.0 $— $2.9 $(2.1)$1.1 $241.9 
Liabilities
Liability-classified capital instruments$(21.4)$— $— $— $(25.6)$(47.0)
Derivative liabilities(8.6)— (3.2)1.5 1.9 (8.4)
Total liabilities$(30.0)$— $(3.2)$1.5 $(23.7)$(55.4)
(1)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total realized and unrealized investment gains (losses) and net investment income in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other revenue net of foreign exchange (gains) losses, in the consolidated statements of income (loss).
The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the three months ended March 31, 2022:
January 1, 2022Transfers in to (out of) Level 3PurchasesSales & Settlements
Realized and Unrealized Gains (Losses) (1)
March 31, 2022
Assets
Preferred stocks$2.8 $— $— $— $0.5 $3.3 
Other long-term investments336.9 (40.6)34.2 (10.0)(5.2)315.3 
Derivative assets0.4 — — (1.7)(1.1)(2.4)
Total assets$340.1 $(40.6)$34.2 $(11.7)$(5.8)$316.2 
Liabilities
Liability-classified capital instruments$(57.2)$— $— $— $15.1 $(42.1)
Derivative liabilities(3.2)— (1.9)— 0.3 (4.8)
Total liabilities$(60.4)$— $(1.9)$— $15.4 $(46.9)
(1)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total realized and unrealized investment gains (losses) and net investment income in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other underwriting expenses, net of foreign exchange (gains) losses, in the consolidated statements of income (loss).
For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred out of Level 3 at the beginning of the period.

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The following table includes financial instruments for which the carrying value differs from the estimated fair values at March 31, 2023 and December 31, 2022. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements.
March 31, 2023December 31, 2022
Fair ValueCarrying ValueFair ValueCarrying Value
2017 SEK Subordinated Notes$238.6 $260.1 $259.0 $258.6 
2016 Senior Notes336.0 404.5 343.7 404.8 
2015 Senior Notes107.0 114.6 112.6 114.6 
Series B preference shares$182.4 $200.0 $186.0 $200.0 
7. Investments
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 flow through other comprehensive income (loss).
For debt securities classified as available for sale 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.
Declines in fair value related to a debt security that do not relate to a credit loss are recorded as a component of accumulated other comprehensive income (loss).

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Debt securities
The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of the Company's debt securities as of March 31, 2023 and December 31, 2022:
March 31, 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$419.9 $2.0 $(7.5)$— $414.4 
Residential mortgage-backed securities428.3 2.1 (12.6)— 417.8 
Commercial mortgage-backed securities93.4 0.2 (0.8)— 92.8 
Corporate debt securities945.8 7.5 (9.7)(0.2)943.4 
U.S. government and government agency(1)
1,637.6 8.1 (8.6)— 1,637.1 
Non-U.S. government and government agency60.9 0.1 (0.5)(0.1)60.4 
Total debt securities, available for sale (2)(3)
$3,585.9 $20.0 $(39.7)$(0.3)$3,565.9 
Debt securities, trading
Asset-backed securities$461.3 $— $(17.8)$— $443.5 
Residential mortgage-backed securities151.5 — (19.1)— 132.4 
Commercial mortgage-backed securities127.8 — (16.6)— 111.2 
Corporate debt securities314.6 — (19.8)(0.4)294.4 
U.S. government and government agency (1)
94.9 — (3.7)— 91.2 
Non-U.S. government and government agency 47.4 — (3.1)— 44.3 
Preferred stocks2.4 0.8 — — 3.2 
Total debt securities, trading$1,199.9 $0.8 $(80.1)$(0.4)$1,120.2 
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 securities354.3 0.3 (13.9)— 340.7 
Commercial mortgage-backed securities62.1 — (0.9)— 61.2 
Corporate debt securities428.5 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 agency37.2 — (0.7)0.1 36.6 
Total debt securities, available for sale (2)(3)
$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 securities155.9 — (22.3)— 133.6 
Commercial mortgage-backed securities130.5 — (17.1)— 113.4 
Corporate debt securities391.4 — (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 agency95.8 — (4.0)(3.6)88.2 
Preferred stocks2.4 0.8 — — 3.2 
Total debt securities, trading$1,630.1 $0.9 $(100.7)$(4.3)$1,526.0 
(1)The Company had $19.4 million of short positions in long duration U.S. Treasuries as of March 31, 2023 (December 31, 2022 - $27.0 million). These amounts are included in securities sold, not yet purchased in the consolidated balance sheets.
(2)As of March 31, 2023 and December 31, 2022, all debt securities classified as available for sale that are in a gross unrealized loss position have been in a gross unrealized loss position for less than 12 months.
(3)As of March 31, 2023 and December 31, 2022, the Company did not record an allowance for credit losses on the available for sale (“AFS”) portfolio.

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The weighted average duration of the Company's debt securities, net of short positions in U.S. treasuries, as of March 31, 2023 was approximately 2.1 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 March 31, 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, tradingDebt securities, AFS
Cost or
amortized cost
Fair valueCost or
amortized cost
Fair value
March 31, 2023
Due in one year or less$161.5 $158.9 $348.3 $346.8 
Due after one year through five years206.9 193.9 2,125.7 2,124.5 
Due after five years through ten years53.2 47.7 167.5 167.0 
Due after ten years35.3 29.4 2.8 2.6 
Mortgage-backed and asset-backed securities740.6 687.1 941.6 925.0 
Preferred stocks2.4 3.2 — — 
Total debt securities$1,199.9 $1,120.2 $3,585.9 $3,565.9 
December 31, 2022
Due in one year or less$240.4 $230.9 $104.2 $104.0 
Due after one year through five years426.5 407.0 1,822.7 1,802.0 
Due after five years through ten years63.4 55.7 95.8 92.3 
Due after ten years35.5 28.5 4.9 4.6 
Mortgage-backed and asset-backed securities861.9 800.7 650.5 632.6 
Preferred stocks2.4 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 March 31, 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.
March 31, 2023December 31, 2022
Debt securities, tradingDebt securities, AFSDebt securities, tradingDebt securities, AFS
AAA$469.7 $325.0 $564.4 $172.8 
AA282.3 2,153.8 523.2 1,907.6 
A144.2 546.4 181.1 188.9 
BBB141.2 275.7 158.1 149.9 
Other82.8 265.0 99.2 216.3 
Total debt securities$1,120.2 $3,565.9 $1,526.0 $2,635.5 
As of March 31, 2023, the above totals included $115.6 million of sub-prime securities. Of this total, $60.2 million was rated AAA, $24.2 million rated AA, $2.9 million rated BBB and $28.3 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.

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Equity securities and other long-term investments
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 March 31, 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
March 31, 2023
Equity securities$1.6 $— $(0.2)$0.2 $1.6 
Other long-term investments$372.9