Banyan Risk names Brian Espie and Sarah Kennedy to lead Red Fox Risk
Specialty MGA Banyan Risk has launched Red Fox Risk, led by Brian Espie as CEO and Sarah Kennedy as CUO, to underwrite wildfire-exposed property in the US as demand grows for non-admitted coverage in at-risk areas.
Red Fox Risk will operate under the Banyan Risk umbrella and will focus on catastrophe, property and excess & surplus underwriting, supported by Banyan’s data-driven technology platform.
Red Fox will initially target risks requiring non-admitted coverage because of wildfire exposure, with capacity backed by Argenta Syndicate 2121 at Lloyd’s and highly rated reinsurance partners.
The business will provide coverage for commercial properties and high-value homes in California and the Western US, with up to $10 million in primary limits.
Red Fox will use granular property information, geospatial data and catastrophe analytics alongside underwriting expertise to assess wildfire-exposed risks.
Espie has extensive catastrophe and property underwriting experience, while Kennedy brings specialist property underwriting expertise to the new venture.
Red Fox said it aims to develop sustainable solutions for wildfire-exposed property by combining underwriting expertise with data and analytics.
The launch forms part of Banyan Risk’s strategy of building specialist businesses around experienced underwriting teams and supporting them with technology, analytics, infrastructure and distribution.
Since its founding in 2021, Banyan has expanded its underwriting capabilities across multiple specialty lines, including inland marine and marine property.
Tim Usher-Jones (pictured), CEO of Banyan Risk, said: “Wildfire is a market where there is clear demand for sophisticated underwriting and durable capacity. The answer is not simply more capacity; it is a better understanding of the risk. Brian and Sarah bring exactly the kind of specialist expertise we look for at Banyan. Red Fox fits our model: back outstanding underwriters, give them a modern platform, and build focused businesses in areas where brokers and clients need new solutions.”
Espie added: “Wildfire is a highly complex peril, but it is also one that can be underwritten with greater precision when the right data, analytics and experience come together. Red Fox is built around disciplined risk selection and portfolio management. Our goal is to work closely with brokers and capital partners to create sustainable solutions for wildfire-exposed property, not simply react to the market cycle.”
Kennedy said: “Brokers and property owners in wildfire-exposed areas need dependable coverage and underwriters who understand the individual risk. We have an opportunity to build Red Fox from the ground up around those needs, combining specialist property underwriting with Banyan's technology, infrastructure and entrepreneurial culture. It is an exciting time to launch.”
Ian Burford, underwriting director and active underwriter, Argenta Syndicate 2121, said: “Wildfire continues to be one of the most challenging and rapidly evolving areas of the property market. At Argenta, we believe sustainable capacity is best delivered through specialist underwriting expertise, robust data and disciplined portfolio management. Red Fox combines those elements, and we are pleased to support the venture as it brings much-needed solutions to brokers and clients in wildfire-exposed regions.”
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