Third Point Re, the Bermuda-based reinsurance company, has announced an investment and partnership with new managing general agent (MGA) Arcadian Risk Capital Ltd. a start-up led by well-known industry executive John Boylan.
Boylan is launching Arcadian Risk Capital Ltd. as an MGA focused initially on underwriting Excess Casualty and Professional Lines of insurance business.
Incorporated in Bermuda, Arcadian aims to open additional offices outside of the country as its operations grow.
It plans to begin writing business as of October 1st 2020, having already received approval from the Bermuda Monetary Authority.
Boylan has a 30-year track record in the global insurance market, most recently having held the role of Global Casualty Chief Underwriting Officer at Markel.
His underwriting career began with AIG in Dublin in 1981. He then moved to Bermuda to work for XL Insurance, after which he spent 15 years as Chief Casualty Underwriter and Senior Vice President at XL, in Dublin, London and Switzerland. .
Boylan then joined Max Capital in 2003 and returned to Bermuda when the company was acquired by Markel in 2013.
Third Point Re will own a minority stake in Arcadian Risk Capital Ltd.
Dan Malloy, Chief Executive Officer of Third Point Re, explained, “We are not only investing in Arcadian, but will also provide insurance paper and capacity for the new venture. Our entrance into the Bermuda insurance market continues the Company’s transformation into a specialty re/insurer. This partnership with a market-leading group of underwriters, who can build a profitable book of business using Third Point Re Bermuda’s balance sheet, occurs at a time when the market needs strong new participants.”
Boylan, Founder and Chief Executive Officer of Arcadian, added, “I am delighted to announce the establishment of Arcadian in Bermuda and pleased to have Third Point Re as a partner. This is an exciting time as market conditions in casualty lines started to improve in 2019, bringing significantly increased rates and resulting in a hardening market in the first quarter of 2020. The capacity from some of the main providers in the market has contracted and there is a gap for a well-capitalised company with no legacy business and an experienced team of underwriters at its helm. I think now is the perfect time to set up an insurance underwriter in Bermuda, a centre of innovation for the insurance industry, to deploy capital in an environment well poised for profitability.”