Aviva and Arcadian agree direct and facultative property binding deal
Bermuda-based managing general agent (MGA) Arcadian Risk Capital has entered into a direct and facultative (D&F) property binding arrangement with Aviva Insurance UK. The deal is arranged by Ardonagh Group’s reinsurance broker Inver Re.
The multi-year agreement is designed to support and enhance the MGA’s short tail book of technically- engineered, risk management business, written either as a direct insurance or facultative reinsurance placement.
The account is underwritten from Arcadian’s London desk by seasoned market underwriter, Barry Marren. Marren, EVP – property insurance, joined Arcadian in October 2021 with the remit of building out Arcadian’s product offering to complement its long-tail portfolios.
The target portfolio will be worldwide industrial and commercial property, mostly written on an excess-of-loss basis with a strong international bias. The agreement is designed to cover risks with Aviva’s worldwide underwriter licenses and permitted non-admitted status.
Paul Connor, chief risk officer at Arcadian, said: “We are pleased to announce this extension of our binder arrangements. It marks a next logical step in our strategic journey, into a market segment that we believe is primed for growth. We look forward to enhancing our relationship with Aviva.”
Spencer Pimley, senior property underwriting manager of Aviva, said: “This is a great opportunity for us to develop our relationship with Arcadian through this arrangement. We are delighted to offer capacity on worldwide business, an area we have been expanding in across our property classes.”
