MGA Arcadian Risk Capital has entered a direct and facultative (D&F) property binding arrangement with Aviva Insurance UK.
According to Arcadian, the multi-year agreement will enhance the MGA’s short tail book of technically engineered, risk management business, written either as direct insurance or facultative reinsurance placement. The account is underwritten from Arcadian’s London desk, headed by Barry Marren.
Marren, who is executive vice president of property insurance, joined Arcadian in October 2021, focusing on building out Arcadian’s product offering to complement its long-tail portfolios.
The target portfolio will be worldwide industrial and commercial property, mostly written on an excess-of-loss basis with a strong international bias. The D&F agreement, arranged by Inver Re, is designed to cover risks with Aviva’s worldwide underwriter licences and permitted non-admitted status.
Arcadian received approval from the Bermuda Monetary Authority in October 2020, and, more recently, from the Central Bank of Ireland and the UK’s Financial Conduct Authority in August 2022.
“We are pleased to announce this extension of our binder arrangements,” said Paul Connor, chief risk officer at Arcadian. “It marks a next logical step in our strategic journey, into a market segment that we believe is primed for growth. We look forward to enhancing our relationship with Aviva.”
“This is a great opportunity for us to develop our relationship with Arcadian through this arrangement,” said Spencer Pimley, senior property underwriting manager of Aviva. “We are delighted to offer capacity on worldwide business, an area we have been expanding in across our property classes.”
