Specialty managing general agent Banyan Risk said it launched Red Fox Risk Ltd, a new underwriting venture focused on wildfire-exposed property risk in the U.S.
The business will be led by Brian Espie as CEO and Sarah Kennedy, chief underwriting officer.
Red Fox will operate under the Banyan Risk umbrella to offer catastrophe, property, and excess and surplus underwriting together with Banyan’s data-driven, tech-enabled operating platform. The new venture will focus on disciplined risk selection, portfolio management and long-term capacity.
Banyan Risk said Red Fox is designed to serve brokers and clients seeking specialist solutions in wildfire-exposed areas. It will utilize granular property information, geospatial data and catastrophe analytics alongside underwriting.
Red Fox will initially focus on risks in need of non-admitted coverage due to their wildfire exposure. With backing from capacity providers including Argenta Syndicate 2121 at Lloyd’s and highly-rated reinsurance partners, coverage will be available to commercial properties and high-value homes in California and the Western US. Red Fox can offer up to $10 million in primary limits, bringing tailored solutions to areas where wildfire capacity is most needed.
Topics Catastrophe Natural Disasters Excess Surplus Wildfire New Markets Insurance Wholesale
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