Banyan Risk jumps 'feet first' into excess casualty market

Specialty managing general agent Banyan Risk is jumping "feet first" into the troubled excess liability market to provide solutions to clients facing a capacity shortage. 

Bermuda-based Banyan has signed a long term strategic partnership with Bermuda-based PartnerRe to launch a new subsidiary to solely write excess casualty insurance, a new product line for the professional liability specialist.   

The company has appointed veteran Markel specialty underwriter Alan Rodrigues as chief executive officer of BELL. 

“Banyan is entering the Excess Casualty market with one of the most impressive market professionals and the strength of PartnerRe’s A+ rating and reputation,” said Tim Usher-Jones, co-CEO of Banyan Risk Ltd. 

“At a time when some market players are exiting classes of business or reducing limits within excess casualty because of difficult trading conditions and lacklustre financial performance, Banyan is jumping in feet first to support clients. Much like a Banyan tree’s branches growing out and creating new roots to support additional growth, Banyan Risk is continuing to execute on our ambitious global expansion plans."

The collaboration will see Bermuda-based PartnerRe provide capacity and shareholder support for the launch of BELL, which will sit under the Banyan Risk operation.  

Rodrigues will be responsible for providing client solutions to the current challenging environment in the excess casualty market. He will be building out an experienced local team in Bermuda.

Rodrigues will report to the BELL board of directors. He has nearly 40 years' experience in excess casualty, with oversight of billions in gross written premium, the company said. He spent eight years with Markel, where he served most recently as executive underwriting officer, casualty. In that role, he led Markel Specialty’s broad Casualty business, including the Bermuda market. Before then, he spent 13 years at AXIS Capital in London, Bermuda, and the US  and 16 years at General Star Management, a General Re company. Mr. Rodrigues started his career as Casualty Underwriter at Safeco Insurance in 1985.  

“We are delighted to have someone of Alan’s experience and calibre join our growing operation,” Mr. Usher-Jones added. “Alan will build a market-leading excess casualty proposition. 

"With the support of PartnerRe, BELL will be able to tailor specialty risk solutions to the complex needs of insurance buyers in the global markets.”

Rodrigues added: “I am delighted to be joining the talented Banyan team at such an exciting time in the company’s evolution. We will continue to execute on the company’s expansion plans.  Our goal is to create a valued excess casualty offering in the industry by building the best relationships, experience, balance sheet, and team to achieve that.”

“We are pleased to partner with Banyan Risk Ltd and Alan Rodrigues,” said Joel Livingston, Head of Insurance Programs at PartnerRe. “The combination of Banyan’s infrastructure, Alan’s vast expertise in the Bermuda Excess Casualty space, and PartnerRe’s strong financial foundation positions this partnership for long-term success.”

The company is subject to approval by the Bermuda Monetary Authority.

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