PartnerRe, Banyan Risk partner for excess casualty-focused subsidiary
PartnerRe, Banyan Risk partner for excess casualty-focused subsidiary | Insurance Business New Zealand
Reinsurance
PartnerRe, Banyan Risk partner for excess casualty-focused subsidiary
New subsidiary’s CEO appointed
Reinsurance
By
Halee Andrea Alcaraz
Global reinsurer PartnerRe has entered into a strategic partnership with Banyan Risk, a specialty managing general agent, to write excess casualty insurance, subject to approval by the Bermuda Monetary Authority.
Under the collaboration, PartnerRe will provide capacity and shareholder support for the launch of a new subsidiary called Banyan Excess Liability Ltd. (BELL). It will be based in Bermuda and sit under the Banyan Risk Ltd operation with a sole focus on excess casualty insurance.
BELL will be led by Alan Rodrigues, who was appointed CEO. He will be responsible for providing client solutions to the excess casualty market, which currently faces a challenging environment.
Rodrigues will build out a local team in Bermuda, reporting to the BELL board of directors.
Rodrigues brings to the role nearly 40 years’ experience in excess casualty, with oversight of billions in gross written premium.
Prior to joining BELL, he served as executive underwriting officer for casualty, leading Markel Specialty’s broad casualty business, including the Bermuda market.
Previously, he spent 13 years at AXIS Capital in London, Bermuda, and the United States. He also has a 16-year experience with General Star Management, a general reinsurance company.
Rodrigues began his career at Safeco Insurance in 1985 as a casualty underwriter.
His new responsibility, BELL, marks an expansion into a new Banyan product line, following the 2021 launch of Banyan Risk Services Ltd. In Canada.
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