Arcadian Risk launches in Bermuda
Arcadian Risk Capital Ltd has launched a new underwriting operation based in Bermuda. The start-up will initially underwrite excess casualty and professional lines insurance.
Arcadian has received its licence from the Bermuda Monetary Authority and will operate as a managing general agent.
It will begin writing business on October 1, and will be led by John Boylan, who has worked in the insurance market for more than 30 years. Third Point Reinsurance Ltd will own a minority stake in Arcadian and will provide insurance paper and capacity to the MGA.
Mr Boylan said: “We are very excited at this time to be launching this new venture. This is an exciting time to be entering the insurance risk management space, with market contraction leading to tangible opportunities for a book build.
“We have witnessed a gradual hardening in underlying rate across many risk sectors for some months now, creating an opening for a well-capitalised company, with no legacy and an experienced team of underwriters at its helm. Bermuda is well-known as a centre of innovation and is the perfect jurisdiction in which to set up and support a new insurance underwriter at this time.”
Mr Boylan will be based in Bermuda, and will be joined by a team of experienced excess casualty and professional liability underwriters and technicians.
Dan Malloy, chief executive officer of Third Point Re, said: “At the moment, the market needs new participants, and this is the perfect time to partner with a market-leading group of underwriters. They can build a profitable book of business using Third Point Re Bermuda's balance sheet. Arcadian will benefit from Boylan's strong and longstanding relationships with reinsurers as we consider placement of quota share reinsurance.”
While Mr Boylan added: “I am delighted to have Third Point Re as a partner. We have ambitious plans for the company, and while we will start with an office in Bermuda, we plan to open additional offices as operations grow.”
Mr Boylan started his underwriting career at AIG in Dublin in 1981, before moving to Bermuda to work for XL Insurance. He then spent a further 15 years as chief casualty underwriter and senior vice-president at XL, in Dublin, London and Switzerland. Mr Boylan joined Max Capital in 2003 and returned to Bermuda when the company was acquired by Markel in 2013. He remained with Markel as global casualty chief underwriting officer until his departure in 2018.