Start-up MGA seals licence in Bermuda

Start-up MGA seals licence in Bermuda | Insurance Business

Start-up MGA seals licence in Bermuda

Start-up Arcadian Risk Capital has announced its launch as a new underwriting operation based in Bermuda. The company will initially underwrite excess casualty and professional lines insurance.

Arcadian has received its license from the Bermuda Monetary Authority, and will operate as a managing general agent. It will be led by industry veteran John Boylan and will begin writing business on October 01. Third Point Reinsurance will own a minority stake in the new company and will provide insurance paper and capacity.

“We are very excited at this time to be launching this new venture,” Boylan said. “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.”