Bspoke announces new three year capacity deal

Bspoke Group has signed a new capacity deal with specialty (re)insurer SiriusPoint.

The deal will last for three years, with SiriusPoint providing capacity for up to £60m in gross written premium (GWP) during the first 12 months.

Bspoke, which owns a range of specialist managing general agents (MGAs), will use the capacity to support various business lines, with it focusing on property and accident and health initially.

Ryan Gill, chief commercial officer at Bspoke, said: “We are delighted to announce our strategic partnership with SiriusPoint, which provides stable, long-term capacity to support our ambitious growth plans.

“SiriusPoint will 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.”

Growth

SiriusPoint will join Bspoke’s panel of capacity providers as part of the deal.

Alex Hardy, director of sales and distribution at SiriusPoint International, said the the partnership came after his firm looked at Bspoke’s growth trajectory, both organically and through acquisition.

Recent purchases the MGA group has announced include that of Miramar Underwriting, as well as Police Mutual and Forces Mutual.

It expects to write in excess of £200m GWP over the next year.

“We are excited by the partnership with Bspoke, an MGA whose growth ambitions align perfectly with SiriusPoint’s vision,”  Hardy said.

“We look forward to working with the high calibre team, which prioritises building a great culture and developing talent, as the Bspoke business evolves.”