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Industry veteran John Boylan has launched Arcadian Risk Capital Ltd., a Bermuda-based managing general agent, backed by Third Point Reinsurance Ltd.
The start-up will initially underwrite excess casualty and professional liability lines, beginning Oct. 1, Arcadian Risk said in a statement Thursday.
Third Point Re will own a minority stake in Arcadian and will provide insurance paper and capacity to the MGA, the statement said.
Arcadian said it plans to open additional offices elsewhere as its operations grow.
The investment marks Third Point Re’s entry into the Bermuda insurance market and continues its transformation into a specialty insurer and reinsurer, Dan Malloy, CEO of Third Point Re said in a separate statement.
Last month, Third Point, which launched as hedge fund-backed reinsurer in 2011, announced it was merging with Sirius International Group Ltd. and that Sid Sankaran, the former chief financial officer of American International Group Inc. would head the merged company.
The partnership with Arcadian occurs at a time when “the market needs strong new participants,” Mr. Malloy said.
Market conditions in casualty lines started to improve in 2019, bringing significantly increased rates and hardening market that has continued in 2020.
“The capacity from some of the main providers in the market has contracted and there is a gap for a well-capitalized company with no legacy business and an experienced team of underwriters at its helm,” Mr. Boylan said.
The long-time underwriting executive was most recently global casualty chief underwriting officer at Markel Corp. until he left in 2018. Prior to that, he has served in various senior roles including at Max Capital Group which was acquired by Markel in 2013. He also spent 15 years as chief casualty underwriter and senior vice president at XL Insurance.
Arcadian has received approval from the Bermuda Monetary Authority, the statement said.
The launch follows recent market entries such as Convex Group, a London and Bermuda-based insurer and reinsurer formed last year by former Lloyd’s of London underwriter Stephen Catlin with $1.8 billion of capital, backed by Canadian private equity firm Onex Corp.