HAMILTON, Bermuda, March 7, 2023 – SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, and Arcadian Risk Capital Ltd. (Arcadian), a Bermuda-based Managing General Agent (MGA), have announced the extension of their multi-year partnership through 2026.
The renewed commitment will allow Arcadian to continue with its ambitious growth strategy to significantly scale operations via geographical growth, product line expansion, and partnerships with other underwriting teams.
Arcadian was set up in October 2020 in Bermuda by John Boylan, an industry executive with a 35-year track record. SiriusPoint is a key partner to the company, providing the majority of Arcadian’s underwriting capacity.
Arcadian has spent just over two years building a profitable core underwriting business of General Liability (GL), Professional Liability (PL) and Property insurance, which in 2021 generated Gross Written Premiums (GWP) of $225 million and in 2022, $290 million. Since launch, Arcadian has increased its headcount to 39, hiring experienced underwriting teams, building its back-office capabilities, and hiring critical support functions, including a Chief Risk Officer, Chief Financial Officer, Chief Claims Officer and Compliance Officer.
The announcement marks another positive step in the evolution of the fast-expanding MGA, which received approval from the Bermuda Monetary Authority (BMA) in October 2020, and from the Central Bank of Ireland (CBI) and the UK’s Financial Conduct Authority (FCA) in August 2022.
The Company has targeted the US for geographic and product expansion, with a US branch incorporated in Delaware. The MGA will be recruiting senior underwriters to expand into specialty insurance lines, complimenting their existing book.
“Arcadian’s story is one of incredible growth,” said Mr. Boylan, CEO. “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, said, “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.”
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents within our Insurance & Services segment. With $2.9 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information please visit www.siriuspt.com
About Arcadian Risk Capital Ltd.
Bermuda-based Arcadian is a Managing General Agent (MGA) that writes excess General Liability, primary and excess Professional Liability, and excess Property D&F insurance. Founded in 2020, the company has offices in Bermuda, London and Dublin and is Regulated to conduct business in each jurisdiction.
Contacts
Investor Relations
Dhruv Gahlaut, SiriusPoint
dhruv.gahlaut@siriuspt.com
+44 7514 659 918
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
Forward-Looking Statements
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. SiriusPoint is also subject to risks and uncertainties in connection with its ordinary course business, including the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2022. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement 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.