Bermudian MGA Arcadian Risk Capital has received regulatory approval to launch a US entity and has appointed ex-Global Indemnity executive Biju Joy as EVP for the expansion.
Based out of New York, Joy will head Arcadian’s mid-market E&S casualty initiative.
The executive brings more than 30 years of experience to the role. Previously, Joy set up the casualty practice at Global Indemnity, and prior to that, was responsible for casualty underwriting strategy at the Philadelphia Insurance Group.
“From a product perspective, our US E&S platform will serve to complement our non-US operating companies and I look forward to being an integral part of ongoing development,” Joy said in the press release.
The launch of the US entity “marks the next stage in our strategic journey and strengthens our value proposition as a global entity,” Arcadian CEO John Boylan added.
The US expansion comes three years after Arcadian opened its offices in October 2020, writing general and professional liability along with property insurance, with backing from SiriusPoint.
Since then, the company has received regulatory approvals for underwriting operations in London and Dublin. It now generates close to $1bn of gross premiums written on behalf of carrier partners.
Earlier this month, Arcadian and SiriusPoint announced they have extended their multi-year partnership through to 2026.
In that statement, the two parties said Arcadian is targeting the US for geographic and product expansion and has incorporated a US branch in Delaware, which Boylan said will allow the company to continue top-line growth.