SiriusPoint has partnered with Arden Insurance Services to provide capacity for a new wildfire-exposed risks programme, including embedded parametric coverage. Arden’s Consolidated Fire Insurance Policy (CFIP) will initially be available in California before expanding to other wildfire-exposed states. The policy will be offered alongside Arden’s existing all-risk product. Specialising in solutions for multi-family habitation risks, Arden’s portfolio covers more than 120,000 buildings. The class has been significantly impacted by the removal or severe sub-limiting of wildfire coverage from all-risk policies across the western US. Brian Cohen, CEO and co-founder of Arden, says: “The recent LA wildfires further exacerbated the insurability crisis for properties located in wildfire-exposed areas and CFIP provides comprehensive coverage for this underserved market. Our broker partners have been asking for a solution that would provide peace of mind in a distressed market. We are excited to partner with SiriusPoint to deliver for the industry.” Patrick Charles, head of North America insurance at SiriusPoint, comments: “We are proud to become a capacity partner to Arden, working together to meet critical market needs with a programme that is both creative and impactful. Arden’s thoughtful programme 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.” Augment Risk facilitated the deal, with CEO Andrew Matson noting that the programme demonstrates how innovative capital structuring can accelerate the delivery of new risk transfer solutions.
