There is a 2009 ArcGIS python script here: http://arcscripts.esri.com/details.asp?dbid=16089
If you have the necessary attributes in your point feature class, then it is pretty straightforward and the script creates a polygon feature class. You need a From azimuth and To azimuth so you might need to do some calcs on your table first. It also uses a From distance and To distance, but from your diagram you probably want those two fields to be equal for each point.
The script creates a polygon for each point. It doesn't have a smooth arc but the script creates polygon edges at 1 degree increments, so it's pretty good.