New MGA off to a hot start
Arcadian Risk Capital Ltd, the Bermudian-based managing general agent, has announced gross written premium of more than $225 million for 2021.
Launched as part of the “Class of 2020”, the company writes general liability, professional liability and property insurance — and is backed by island-headquartered global re/insurer SiriusPoint Ltd.
Arcadian, which has grown from four to thirty employees in a period of rapid expansion, is led by founder and chief executive officer John Boylan, an industry executive with a 35-year track record in the global insurance market.
Mr Boylan said: “Our success is down to having the right people, disciplined underwriters with recognised sectoral experience.
“Arcadian’s underwriting firepower meant we had almost instant market penetration and overall industry acceptance, which we knew would result in solid traction.
“Right now, with a strong technical architecture to support underwriting decision making, all of our operating engines are firing.
“A clean, unencumbered balance sheet, strong service offerings and fresh outlook is proving receptive to clients who are happy to dialogue in order to build relationships.”
Since initially onboarding its underwriting teams, the company said, it has added critical support function with a chief risk officer, chief financial officer, chief claims officer and compliance officer joining the roster.
Arcadian said a strong core of this team have worked together at previous companies for more than 20 years.
Mr Boylan added: “Looking forward, 2022 GWP will be materially greater than in 2021 as we look to expand in both distribution and product offering.
“The blended rates achieved for 2021 were up by between 20 and 30 per cent, and we expect good rate momentum to continue through 2022.”
Arcadian received approval from the Bermuda Monetary Authority in August 2020 and opened its island-based office in October that year.
It underwrites excess insurances on a delegated authority basis on behalf of SiriusPoint.
The company has opened offices in Dublin and London, with plans to open in New York this year.