The target portfolio will be worldwide industrial and commercial property, mostly written on an excess-of-loss basis
Bermuda-based MGA, Arcadian Risk Capital, has entered into a direct and facultative (D&F) property binding arrangement with Aviva Insurance Ltd UK.
The multi-year agreement will support and enhance the ‘Class of 2020’ MGA’s short-tail book of business, written either as a direct insurance or facultative reinsurance placement.
The account is underwritten from Arcadian’s London desk by market underwriter, Barry Marren. Marren joined Arcadian in October 2021 with the remit of building out Arcadian’s product offering to complement its long-tail portfolios.
Dedicated capacity for international property
The target portfolio will be worldwide industrial and commercial property, mostly written on an excess-of-loss basis with a strong international bias. The agreement is designed to cover risks with Aviva’s worldwide underwriter licenses and permitted non-admitted status.
Paul Connor, chief risk officer at Arcadian, said: “We are pleased to announce this extension of our binder arrangements. 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.”
Spencer Pimley, senior property underwriting manager of Aviva, said: “This is a great opportunity for us to develop our relationship with Arcadian through this arrangement. We are delighted to offer capacity on worldwide business, an area we have been expanding in across our property classes.”
The deal was arranged by Inver Re.