Industry veteran John Boylan has launched Arcadian Risk Capital Ltd., a Bermuda – based CEO, with the support of Third Point Reinsurance Ltd. 1, Arcadian Risk said in a statement Thursday.
Third Point Re will own a minority stake in Arcadian and will provide insurance papers and capacity to MGA, the statement said.
Arcadian said it plans to open additional offices elsewhere. as the business grows.
The investment marks Third Point Re's entry into the Bermuda insurance market and continues its transformation into a specialty insurance company and reinsurer, said Dan Malloy, CEO of Third Point Re in a separate statement.
Last month, The Third Point, launched as a hedge fund-assisted reinsurer in 201
The partnership with Arcadian occurs at a time when "the market needs strong new entrants", says Malloy.
Market conditions in the injury lines began to improve in 2019, leading to significantly increased prices and the hardening market which continued in 2020.
“The capacity of some of the most important suppliers in the market has decreased and there is a gap for a well-capitalized company an experienced team of
The long-standing head of drawing was most recently the global accident manager at Markel Corp. until he left in 2018. Prior to that, he served in various senior roles including at Max Capital Group which was acquired by Markel in 2013. He also spent 15 years as head of claims and senior vice president at XL Insurance.
Arcadian has received approval from the Bermuda Monetary Authority, the statement said.
The launch follows recent market entry as Convex Group, a London- and Bermuda-based insurance and reinsurance company formed last year by former Lloyd & # 39 ;s of London underwriter Stephen Catlin with $ 1.8 billion in capital, supported by the Canadian private equity firm Onex Corp.