Helix Underwriting Partners Ltd. and Arcadian Risk Capital Ltd., both Bermuda-based managing general agents (MGA), are expanding their operations into the US property insurance market, according to a report by AM Best.
Helix has launched a new subsidiary, Helix Underwriting Partners USA Ltd., while Arcadian has received regulatory approval for a new US entity.
Both moves are aimed at capitalising on growth opportunities in the US insurance sector.
The US operation of Helix will be headed by Greg Butler. Helix USA plans to provide property insurance coverage of up to $10 million per risk on an excess of loss basis, with offerings covering schedules with a total insured value (TIV) ranging from $50 million to $100 million.
Helix’s new US capacity is designed to complement its existing Bermuda operation, which focuses on larger risks with TIVs above $100 million. The new US entity targets a different market segment, strengthening the company’s position in the domestic market.
Arcadian Risk Capital Ltd. has also moved to establish a US presence.
The company received regulatory approval in 2024 for Arcadian Risk Capital Insurance Services, a new entity offering excess and surplus lines coverage.
Biju Joy, appointed executive vice president, will lead the US operation from New York, overseeing midmarket casualty business.
Do you think the expansion of Bermuda-based MGAs into the US property insurance market is a trend worth following? Share your thoughts in the comments.
