Bspoke Group (“Bspoke”) has announced a new strategic partnership with global specialty insurer and reinsurer, SiriusPoint Ltd (“SiriusPoint”).
SiriusPoint will provide capacity to Bspoke Group, supporting it across various business lines within its MGA portfolio, focusing on Property, and Accident and Health initially.
Ryan Gill, Chief Commercial Officer at Bspoke Group, said the first policies underwritten by SiriusPoint, have been written by Police Mutual in the affinity home book with more portfolios to follow over the next few months.
Gill added: “We are delighted to announce our strategic partnership with SiriusPoint, which provides stable, long-term capacity to support our ambitious growth plans. It was clear from the outset that both organisations hold many common values, and we have been very impressed by Rob Gibbs, Alex Hardy and the team’s commitment to support high quality MGAs focused on sustainable underwriting.
He added: “The arrangement is for three years initially. SiriusPoint shall provide capacity for up to £60m in GWP during the first year. Looking ahead we are focused on building a broader collaborative partnership, working together over the long term to develop and grow our general insurance offering to customers across a range of products.”
Gill said that SiriusPoint will join Bspoke’s panel of leading capacity providers in supporting the Group across its MGA operations. Bspoke Group expects to write in excess of £200m GWP over the next year following strong organic growth and the acquisitions of Miramar Underwriting, Police Mutual and Forces Mutual.
Commenting on the new partnership, Alex Hardy, Director of Sales and Distribution for SiriusPoint International, said: “We are excited by the partnership with Bspoke Group, an MGA whose growth ambitions align perfectly with SiriusPoint’s vision. As specialists in the MGA space, Bspoke Group is on an impressive growth-trajectory, both organically and through acquisition, and we are pleased to be partnering with them through this journey. We look forward to working with the high calibre team, which prioritises building a great culture and developing talent, as the Bspoke business evolves.”
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