Bermuda-based MGA Arcadian Risk Capital reports strong first-year growth

Bermuda-based MGA Arcadian Risk Capital has reported more than $225m in gross written premium in 2021, its first year of operation. Arcadian, part of the so-called Bermuda “class of 2020”, said it has seen rate increases of 20%-30%, and further growth is expected in 2022.

“Our success is down to having the right people, disciplined underwriters with recognised sectoral experience, said John 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 are proving receptive to clients who are happy to [have a] dialogue in order to build relationships.”

Arcadian writes general liability, professional liability and property insurance, and is backed by SiriusPoint. The MGA received approval from the Bermuda Monetary Authority in August 2020 and opened its Bermuda office in October 2020. Since its launch, 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. It has 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%, and we expect good rate momentum to continue through 2022.”