TPRE Announces Partnership With Arcadian Risk
Third Point Reinsurance Ltd. [TPRE] today [Sept 17] announced an investment in Arcadian Risk Capital Ltd..
A spokesperson said, “Third Point Reinsurance Ltd. [TPRE] today announced an investment in Arcadian Risk Capital Ltd. [“Arcadian” or “Arcadian Risk”], a start-up led by John Boylan, a well-known industry executive with a 30-year track record in the global insurance market. Third Point Re will own a minority stake in the newly-formed company.
“Arcadian has been established as a Managing General Agent [MGA] and incorporated in Bermuda where the company will initially operate. The new company has plans to open additional offices outside of Bermuda as its operations grow. Arcadian will begin writing business as of October 1, 2020, having already received approval from the Bermuda Monetary Authority. The MGA will initially write Excess Casualty and Professional Lines.”
Dan Malloy, Chief Executive Officer of Third Point Re, said: “We are not only investing in Arcadian, but will also provide insurance paper and capacity for the new venture. Our entrance into the Bermuda insurance market continues the Company’s transformation into a specialty re/insurer. This partnership with a market-leading group of underwriters, who can build a profitable book of business using Third Point Re Bermuda’s balance sheet, occurs at a time when the market needs strong new participants.”
Mr Boylan, Founder and Chief Executive Officer of Arcadian, said: “I am delighted to announce the establishment of Arcadian in Bermuda and pleased to have Third Point Re as a partner. This is an exciting time as market conditions in casualty lines started to improve in 2019, bringing significantly increased rates and resulting in a hardening market in the first quarter of 2020. The capacity from some of the main providers in the market has contracted and there is a gap for a well-capitalised company with no legacy business and an experienced team of underwriters at its helm. I think now is the perfect time to set up an insurance underwriter in Bermuda, a centre of innovation for the insurance industry, to deploy capital in an environment well poised for profitability.”
“Mr Boylan started his underwriting career at AIG in Dublin in 1981, before moving to Bermuda to work for XL Insurance. He then spent a further 15 years as Chief Casualty Underwriter and Senior Vice President at XL, in Dublin, London and Switzerland. Mr Boylan joined Max Capital in 2003 and returned to Bermuda when the company was acquired by Markel in 2013. He remained with Markel as Global Casualty Chief Underwriting Officer until his departure in 2018.
“Mr Boylan will be joined by a team of experienced excess casualty and professional liability underwriters and technicians.”
