Forward-looking statements
We make statements in this report that are forward-looking statements within the meaning of WE federal securities laws. We intend that these forward-looking statements be covered by the safe harbor provisions for forward-looking statements in the WE Federal Securities Laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements made on behalf of Sirius Point. These risks and uncertainties include the anticipated effects of the restructuring of our underwriting platform, our ability to attract and retain key senior executives; a downgrade or withdrawal of our financial ratings; our ability to implement our strategic transformation, including changing the business mix between insurance and reinsurance; the impact of the novel coronavirus (“COVID-19”) pandemic or other unforeseeable catastrophic events, including uncertainties regarding current and future losses related to COVID-19 across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related cost increases, changes in insurance rates, interest, equity market volatility and the ongoing impact of COVID-19 on businesses and financial markets; the costs, expenses and difficulties of integrating
operations of Sirius International Insurance Group, Ltd. (“Sirius Group“); fluctuations in our operating results; loss and loss adjustment inadequacy
expense reserves, lack of capital availability and periods of excess underwriting capacity and unfavorable premium rates; the performance of financial markets, the impact of inflation and currency fluctuations; legal restrictions on some of by SiriusPoint the ability of insurance and reinsurance subsidiaries to pay dividends and other distributions to Sirius Point; our ability to successfully compete in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technological breaches or failures, including those resulting from a malicious cyberattack against us, our business partners or our service providers; the effects of global climate change, including the increased severity and frequency of weather-related natural disasters and increased coastal flooding in many geographic areas; our ability to retain highly skilled employees and the effects of potential labor disruptions due to COVID-19 or otherwise; the outcome of legal and regulatory proceedings, regulatory constraints on our business, including legal restrictions on the ability of certain of our insurance and reinsurance subsidiaries to pay dividends and other distributions to us, and losses resulting adverse results of litigation and other legal proceedings; reduction in yields or losses in by SiriusPoint investment portfolio; our concentrated exposure to funds and accounts managed by Third Point LLCour lack of control over Third Point LLCour limited ability to withdraw our capital accounts and the conflicts of interest between the various members of Third Point Advisors LLC, Improved Fund TP, Third Point LLC and U.S; our potential exposure to WE federal income taxes and withholding taxes and our significant deferred tax assets, which could be written down if we do not generate future taxable income or if applicable corporate tax rates are reduced; future strategic transactions such as acquisitions, divestitures, investments, mergers or joint ventures and other risks and factors listed in the company’s most recent annual report on Form 10-K and subsequent periodic and current disclosures filed with from Security and Exchange Commission. Except as required by applicable law or regulation, we undertake no obligation to publicly update or revise any forward-looking statements 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.
Non-GAAP Financial Measures
This presentation may also contain non-GAAP financial information. by SiriusPoint management uses this information in its internal analysis of results and believes that this information may be useful to investors in assessing the quality of by SiriusPoint financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Basic underwriting revenue, basic net service income, basic revenue and basic combined ratio are non-GAAP financial measures. Management believes it is important to review core results because they better reflect management’s view of the business and reflect the company’s decision to exit liquidation activity. Basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share are also non-GAAP financial measures. by SiriusPoint management believes that long-term growth in book value per share is an important measure of the company’s financial performance because it allows management and investors to track the value created by earnings retention over time. In addition, by SiriusPoint management believes this measure is useful to investors as it provides a basis for comparison with other companies in the industry that also publish a similar measure. Reconciliations of these measures to the most comparable GAAP figures are included in the accompanying financial information in accordance with Regulation G.
