Class of 2020, Bermuda-based Managing General Agent (MGA), Arcadian Risk Capital Ltd, has reported gross written premium (GWP) of more than $225 million in its first full year of operations.
The start-up, which is led by industry veteran John Boylan, launched in 2020 with Third Point Re (now SiriusPoint) as a partner.
At this time, Third Point Re, which made a significant capital contribution to Arcadian as well taking a minority stake in the MGA, said that it’s targeting up to $125 million of premium for 2021.
However, a year of rapid growth has seen the MGA exceed this total by more than $100 million, with Arcadian announcing today GWP of over $225 million for 2021, with further growth expected in the months ahead. Additionally, the company has seen rate increases of between 20% to 30%.
SiriusPoint backed Arcadian writes General Liability, Professional Liability, and Property insurance.
Founder and Chief Executive Officer (CEO), Boylan, commented: “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.”
The company received approval from the Bermuda Monetary Authority (BMA) in August 2020 and launched its Bermuda office in October 2020. Since then, the company has grown from four employees to 30. Since Arcadian onboarded its underwriting teams, it has added further critical support function with a new Chief Risk Officer, Chief Financial Officer, Chief Claims Officer, and Compliance Officer.
Additionally, the MGA has expanded its presence, opening offices in Dublin and London, with plans to launch a New York office sometime this year.
“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 percent, and we expect good rate momentum to continue through 2022,” added Boylan.
