Bermuda-domiciled specialty managing general agent (MGA), Banyan Risk, has entered into a long-term strategic alliance with global reinsurer PartnerRe to expand its Directors and Officers (D&O) insurance capacity up to $10 million.
As per the terms of the collaboration, PartnerRe has committed to providing essential capacity and support of $5 million.
In July 2024, Banyan Risk collaborated with PartnerRe to write Excess Casualty Insurance through a new subsidiary Banyan Excess Liability Ltd. (BELL), led by industry veteran Alan Rodrigues.
In a statement, the pair said, “This continued and growing cooperation underscores the strength of our relationship and shared commitment to delivering comprehensive insurance solutions to our clients.”
Founded by Peter Horrobin and Tim Usher-Jones in 2021, Banyan Risk has been writing D&O Insurance since its inception, with over $130 million of premium written overall.
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Banyan Risk has also expanded internationally, establishing a subsidiary in Canada (Banyan Risk Services Ltd.).
Peter Horrobin, co-Chief Executive Officer, Banyan Risk Ltd., commented, “At a time when some market participants are exiting classes of business or reducing limits within D&O, Banyan Risk is committed to supporting our clients.
“Banyan Risk has been growing substantially since its inception in both lines of businesses and geographies, and this is another significant step in our evolution. We could not be more pleased to be expanding our relationship with PartnerRe.”
Joel Livingston, Head of Insurance Programs, PartnerRe, added, “We are excited to expand our relationship with Banyan Risk into the D&O space. This continued collaboration reflects our shared commitment to delivering innovative and comprehensive solutions, leveraging Banyan Risk’s specialized expertise and PartnerRe’s financial strength to meet evolving market needs.”
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