Banyan Risk, a Bermuda-based specialist multi-line Managing General Agent (MGA), has announced a long-term strategic partnership with global reinsurer PartnerRe to write Excess Casualty Insurance.
This collaboration, subject to approval by the Bermuda Monetary Authority (BMA), will see PartnerRe provide capacity and shareholder support for the launch of a new subsidiary called Banyan Excess Liability Ltd. (BELL).
Also based in Bermuda, BELL will sit under the Banyan Risk Ltd operation and solely focus on Excess Casualty Insurance.
Tim Usher-Jones, co-CEO of Banyan Risk Ltd., stated: “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.
“At a time when some market players are exiting classes of business or reducing limits within Excess Casualty because of difficult trading conditions and lackluster 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.”
With nearly four decades of experience in Excess Casualty, and oversight of billions in Gross Written Premium, Alan Rodrigues has been appointed Chief Executive Officer (CEO) of BELL.
Reporting to the BELL Board of Directors, Rodrigues has been tasked with building out an experienced local team in Bermuda.
The executive joins BELL after eight years with Markel, where he most recently served as Executive Underwriting Officer, Casualty. In that role, he led Markel Specialty’s broad Casualty business, including the Bermuda market.
Prior to Markel, Rodrigues spent 13 years at AXIS Capital in London, Bermuda, and the United States and 16 years at General Star Management, a General Re company, having started his career as Casualty Underwriter at Safeco Insurance in 1985.
Commenting on Rodrigues appointment, Usher-Jones said: “We are delighted to have someone of Alan’s experience and caliber join our growing operation. 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.”
