Specialty insurer and reinsurer SiriusPoint and Arcadian Risk Capital, a Bermuda domiciled Managing General Agent (MGA) backed by the former, have extended their multi-year partnership through 2026 as Arcadian looks to continue with its ambitious growth strategy.
Arcadian was formed in October 2020 by John Boylan, a well-known industry executive who leads the MGA.
In its first full year of business, Arcadian reported gross written premium (GWP) of more than $225 million, and this rose to GWP of $290 million in 2022.
The renewed partnership with SiriusPoint will enable Arcadian to continue its growth strategy to significantly scale operations through geographical expansion, product line growth, and partnerships with other underwriting teams.
Since its inception, the MGA has grown its headcount to 39 with the hiring of experienced underwriting teams, while at the same time building out its back-office capabilities, and appointing critical support functions, including a Chief Risk Officer, Chief Financial Officer, Chief Claims Officer, and Compliance Officer.
Arcadian states that it has targeted the U.S. for both geographic and product expansion, and has established a U.S. branch in Delaware. The firm will also be looking to hire senior underwriters to expand into specialty insurance lines, complimenting its existing book of business.
Chief Executive Officer, Boylan, commented: “Arcadian’s story is one of incredible growth. The extended partnership with SiriusPoint is a real statement of intent and commitment from both parties. We have achieved a lot in two years and our US expansion will enable us to maintain top line trajectory.”
Scott Egan, CEO of SiriusPoint, added: “The success of our partnership with Arcadian has been proven by their exceptional growth and performance, and the contribution they make to SiriusPoint’s profitability. For SiriusPoint, Arcadian provides an experienced and knowledgeable underwriting team, strong distribution relationships, and considerable opportunity for development and growth.
“For Arcadian, SiriusPoint provides paper, and the support for the company to build channels in the specialty niche markets. I am delighted that we will be continuing to work together to deepen our relationship and further leverage the expertise of both companies for mutual value creation.”
Last year, Arcadian received regulatory approvals for new London and Dublin companies, after Arcadian UK standalone authorisation was approved by the Financial Conduct Authority on the 12th of August 2022, with Arcadian Ireland authorisation granted by the CBI Central Bank of Ireland on the 9th of August 2022.
