Arcadian Risk Capital is launching as a new underwriting operation based in Bermuda that will initially underwrite excess casualty and professional lines insurance.
Arcadian said it has received its license from the Bermuda Monetary Authority and will operate as a managing general agent (MGA). It will begin writing business on October 1, 2020.
Third Point Reinsurance will own a minority stake in Arcadian and will provide insurance paper and capacity to the MGA.
The new company will be led by John Boylan, a 30-year veteran of the insurance industry with AIG, XL and Markel. He will be based in Bermuda.
Boylan said the current market offers opportunities for new players.
“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,” he said.
Dan Malloy, chief executive officer of Third Point Re, agreed that “the market needs new participants” and said he believes this new group of underwriters can “build a profitable book of business using Third Point Re Bermuda’s balance sheet.”
Boylan started his underwriting career at AIG in Dublin in 1981, before moving to Bermuda to work for XL Insurance. He then spent 15 years as chief casualty underwriter and senior vice president at XL, in Dublin, London and Switzerland. 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.
Source: Arcadian Risk Capital
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