Arcadian Risk will commence its writing business under the leadership of John Boylan, an executive with more than 30 years of experience in the insurance industry
Arcadian Risk Capital has been launched as a new underwriting business in Bermuda, to write excess risk management casualty and Excess and Primary Professional Liability insurance
Having received a licence from the Bermuda Monetary Authority, the start-up is planned to operate as a Managing General Agent (MGA).
The new company will commence its writing business effective 1 October 2020, under the leadership of John Boylan, an executive who worked in the insurance industry for more than 30 years.
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 bookbuild.
“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.”
Boylan will lead a team of experienced underwriters and technicians at Arcadian
In relation with the launching, Third Point Reinsurance (TPRE), an underwriter for property and casualty reinsurance business, would own a minority stake in Arcadian, along with providing insurance paper and capacity to the MGA.
In the new business, Boylan will work together with a team of experienced excess casualty and professional liability underwriters and technicians.
Started his career in 1981, Boylan moved to Bermuda to work for XL Insurance, and spent 15 years as the chief casualty underwriter and senior vice president in Dublin, London and Switzerland.
TPRE chief executive officer Dan Malloy 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 long-standing relationships with reinsurers as we consider placement of quota share reinsurance.
“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.”