Arcadian GWP hits $225m for 2021
Bermuda-based managing general agent (MGA) Arcadian has reported gross written premium of over $225 million for 2021.
The MGA has seen rapid growth since receiving approval from the Bermuda Monetary Authority in August 2020 and opening its office on the island in October 2020. Backed by global re/insurer SiriusPoint, it writes general and professional liability and property insurance.
Since opening in Bermuda, it has grown from four employees to 30 and also opened offices in Dublin and London. It plans to open a New York office this year.
“Our success is down to having the right people, disciplined underwriters with recognised sectoral experience said John Boylan, its founder and chief executive officer. “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.”
According to the company, it has seen rate increases of between 20-30 per cent, and further growth is expected in 2022.
He added: “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 per cent, and we expect good rate momentum to continue through 2022.”
