Arcadian Risk Capital Ltd, the Bermudian-based managing general agent and part of the “Class of 2020”, has entered into a direct and facultative property binding arrangement with Aviva Insurance Ltd UK.

The company said the multi-year agreement will support and enhance the MGA’s short tail book of technically engineered risk-management business, written either as a direct insurance or facultative reinsurance placement.

The account is underwritten from Arcadian’s London desk by seasoned market underwriter Barry Marren.

Mr Marren, EVP, property insurance, joined Arcadian in October 2021 with the remit of 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 agreement is designed to cover risks with Aviva’s worldwide underwriter licences and permitted non-admitted status.

The company said this marks another positive step in the evolution of the fast-expanding MGA, which 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.

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.