SiriusPoint Ltd, the Bermudian-headquartered global specialty re/insurer, and Arcadian Risk Capital Ltd, the island-based managing general agent, have extended their multi-year partnership through 2026.

SiriusPoint said 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 a little more than two years building a profitable core underwriting business of general liability, professional liability and property insurance, which in 2021 generated gross written premiums 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.

SiriusPoint said the announcement marks another positive step in the evolution of the fast-expanding MGA, which received approval from the Bermuda Monetary Authority in October 2020, and from the Central Bank of Ireland and Britain’s Financial Conduct Authority in August 2022.

The company is focused on the United States 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, complementing its existing book.

“Arcadian’s story is one of incredible growth”, said Mr Boylan. “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.”