SiriusPoint-backed MGA Arcadian sets sights on US expansion to spur growth
Global specialty re/insurer SiriusPoint and Bermuda-based managing general agent (MGA), have renewed their multi-year partnership through 2026, in a move it says will allow Arcadian to continue with its growth strategy to significantly scale operations via geographical growth, product line expansion, and partnerships with other underwriting teams.
SiriusPoint chief executive Scott Egan (pictured right) highlighted that the partnership has been beneficial for the SiriusPoint’s profitability and underwriting capability while offering “considerable opportunity” for development and growth.
Arcadian was set up in October 2020 in Bermuda by John Boylan (pictured left), an industry executive with 35-year experience. 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 underwriters and building its leadership team.
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 its existing book.
“Arcadian’s story is one of incredible growth”, said 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.”
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.”
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