SiriusPoint-backed MGA start-up Arcadian wrote $225m GWP last year

Arcadian Risk Capital, a Bermuda-based Managing General Agent (MGA), wrote gross written premiums (GWP) of more than $225 million for 2021 following a year of rapid growth.

The company, which is led by John Boylan (pictured), 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.

“Our success is down to having the right people, disciplined underwriters with recognised sectoral experience,” said Boylan, CEO 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. It has also 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.”

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