Global reinsurer PartnerRe, Banyan Risk has entered into a strategic partnership to write excess casualty insurance, subject to approval by the Bermuda Monetary Authority. As part of the collaboration, PartnerRe will provide capacity and shareholder support for the launch of a new subsidiary called Banyan Excess Liability Ltd. (BELL), which will be based in Bermuda and focus solely on excess casualty insurance. Alan Rodrigues, who has nearly 40 years of experience in excess casualty, has been appointed CEO of BELL. The new subsidiary marks an expansion into a new product line for Banyan, following the 2021 launch of Banyan Risk Services Ltd. in Canada.
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