Global specialty re/insurer SiriusPoint has entered into a strategic partnership with Arden Insurance Services LLC, a US-based managing general underwriter focused on commercial property.
Under the agreement, SiriusPoint will provide capacity for Arden’s new wildfire-exposed risks program, which incorporates embedded parametric coverage.
The program, known as the Consolidated Fire Insurance Policy, will initially launch in California before expanding into other wildfire-prone states. It will operate alongside Arden’s existing all-risk product line.
Arden insures more than 120,000 multi-family habitation buildings, a sector heavily affected by the market trend of reducing or removing wildfire coverage from all-risk policies in regions west of the Rocky Mountains.
More than half of SiriusPoint’s premiums now come through managing general agent distribution, reflecting a shift in the company’s growth strategy toward specialized underwriting partnerships.
MGAs have become a central pillar in SiriusPoint’s business model, providing access to niche markets and enabling quicker deployment of tailored products such as wildfire coverage programs.
Patrick Charles (pictured above), SiriusPoint’s head of North America Insurance, has also previously emphasized that MGA partnerships are selected based on operational track record, domain expertise, and adherence to underwriting discipline.
“Arden’s thoughtful program strategy, backed by a decade of proven success in this class of business, is filling a vital gap in an underserved segment. This partnership not only supports the insurance ecosystem but also contributes to the broader economic resilience of California” Charles said.
The capacity agreement between SiriusPoint and Arden was facilitated by Augment Risk. CEO Andrew Matson said the CFIP takes a streamlined approach to wildfire insurance, using capital structuring to accelerate the delivery of risk transfer solutions.
"Augment Risk’s parametric and MGA teams worked alongside Arden and SiriusPoint to structure the capital framework supporting this program, and we are grateful to them for their trust throughout the process," Matson said.
In the first quarter of 2025, SiriusPoint reported a return on equity of 12.9% and a core combined ratio of 95.4%, supported by growth in underwriting income. The company cited disciplined portfolio management and performance in its core segments as contributing factors.
Rating agency AM Best also recently revised SiriusPoint’s outlook to Positive, noting improvements in its balance sheet strength, catastrophe exposure management, and risk diversification.
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