Arcadian Risk Capital Ltd, a Bermuda-based managing general agent and part of the “Class of 2020”, has received regulatory approvals for a new US entity, Arcadian Risk Capital Insurance Services LLC.

Arcadian has also hired Biju Joy as executive vice-president for its US operating company.

The company said Mr Joy came to Arcadian with an impressive underwriting track record and would head up its mid-market E&S Casualty initiative, based out of New York.

He was most recently employed at Global Indemnity, where he set up the casualty practice. Before that, he was responsible for the casualty underwriting strategy at the Philadelphia Insurance Group.

This announcement marks the next step in the evolution of Arcadian, which received approval from the Bermuda Monetary Authority in October 2020 and opened its office on the island on January 1, 2021.

It has since received regulatory approvals for its underwriting operations in both London and Dublin.

Arcadian is entering its fourth year of operations but is close to generating $1 billion of gross written premium on behalf of carrier partners.

Chief executive John Boylan said: “We are pleased to announce the establishment of a US presence and the hire of Biju. He is a consummate professional with a long history in the E&S Casualty marketplace and will bring a breadth and depth of local knowledge to our company.

“It marks the next stage in our strategic journey and strengthens our value proposition as a global entity.”

Mr Joy said: “I am pleased to be joining Arcadian, an expansive and dynamic platform, resourced by senior underwriting professionals with bottom-line integrity at its core.

“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.”