The Class of 2020 start-up has seen rate increases of between 20-30 percent, and further growth for is expected in 2022
Hamilton, BERMUDA, March 1, 2022 – Arcadian Risk Capital Ltd (Arcadian), a Bermuda-based Managing General Agent (MGA) and part of the “Class of 2020”, announced Gross Written Premium (GWP), of over $225 million for 2021, following a year of rapid growth.
The company, which is led by John Boylan, a well-known industry executive with a 35-year track record in the global insurance market, received approval from the Bermuda Monetary Authority in August 2020 and opened its Bermuda office in October 2020.
The company, which writes General Liability (GL), Professional Liability (PL) and Property insurance, is backed by global insurer and reinsurer SiriusPoint Ltd. (NYSE: SPNT).
“Our success is down to having the right people, disciplined underwriters with recognised sectoral experience said Boylan, Founder and Chief Executive Officer of Arcadian. “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,” Boylan added.
Since it opened in Bermuda, Arcadian has grown from four employees to 30, with a strong core of this team having worked together at previous companies for more than 20 years. Since initially onboarding our Underwriting teams, the Company has added additional critical function support with a Chief Risk Officer, Chief Financial Officer, Chief Claims officer and Compliance Officer added to the roster. In addition, we have opened offices in Dublin and London, with plans to open in New York sometime in 2022.
“Looking forward, 2022 GWP will be materially greater than in 2021 as we look to expand in both distribution and product offering,” said Boylan. “The blended rates achieved for 2021 were up by between 20 and 30 percent, and we expect good rate momentum to continue through 2022.”
About Arcadian Risk
Bermuda-based Arcadian Risk is a Managing General Agent (MGA), underwriting excess Insurances on a delegated authority basis on behalf of SiriusPoint. Founded in 2020, the company is regulated by the Bermuda Monetary Authority and has offices in Bermuda, Dublin, and London.
About SiriusPoint
SiriusPoint is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices in New York, London, Stockholm and other locations around the world, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and technology-driven insurance services companies within our Insurance & Services division. With over $3 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
Forward-Looking Statements
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of Arcadian or SiriusPoint. These risks and uncertainties other risk factors described in SiriusPoint’s Quarterly Reports on Form 10-Q for the period ended September 30, 2021. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.
Issued on behalf of Arcadian by Rein4ce