Bermuda-based Managing General Agent (MGA) Arcadian Risk Capital has announced that it has entered into a Direct and Facultative (D&F) Property binding arrangement with Aviva.
The multi-year agreement, which was arranged by Inver Re, is set to support Arcadian’s short tail book of technically-engineered, risk management business, written either as a direct insurance or facultative reinsurance placement.
Seasoned operator, Barry Marren, EVP – Property Insurance, underwrote the account from Arcadian’s London desk.
Marren joined Arcadian in October 2021 with the remit of building out the MGA’s product offering to complement its long-tail portfolios.
Arcadian suggests that the target portfolio will be worldwide industrial and commercial property, mostly written on an excess-of-loss basis with a strong international bias.
The agreement is designed to cover risks with Aviva’s worldwide underwriter licenses and permitted non-admitted status.
Paul Connor, Chief Risk Officer at Arcadian, commented, “We are pleased to announce this extension of our binder arrangements. It marks the next logical step in our strategic journey, into a market segment that we believe is primed for growth. We look forward to enhancing our relationship with Aviva.”
Spencer Pimley, Senior Property Underwriting Manager of Aviva, added, “This is a great opportunity for us to develop our relationship with Arcadian through this arrangement.
“We are delighted to offer capacity on worldwide business, an area we have been expanding in across our property classes.”
Arcadian received approval from the Bermuda Monetary Authority (BMA) in October 2020, and more recently from the Central Bank of Ireland (CBI) and the UK’s Financial Conduct Authority (FCA) in August 2022.