Banyan Risk Ltd has announced a long-term strategic partnership with global reinsurer PartnerRe to boost its directors and officers insurance capacity, a move that further strengthens the Bermuda-based speciality managing general agent’s presence in the market.

The agreement will allow the Bermudian-based Banyan Risk to increase its line size for D&O coverage up to $10 million, with PartnerRe providing $5 million in additional capacity.

“At a time when some market participants are exiting classes of business or reducing limits within D&O, Banyan Risk is committed to supporting our clients,” said Peter Horrobin, co-chief executive of Banyan Risk Ltd.

“Banyan Risk has been growing substantially since its inception in both lines of businesses and geographies, and this is another significant step in our evolution. We could not be more pleased to be expanding our relationship with PartnerRe.”

The development follows a recent collaboration between the two companies to offer excess casualty insurance, a programme led by industry veteran Alan Rodrigues.

The latest announcement reflects what Banyan Risk describes as a “continued and growing co-operation” between the firms, highlighting their shared goal of providing robust insurance solutions.

“We are excited to expand our relationship with Banyan Risk into the D&O space,” said Joel Livingston, head of insurance programmes at PartnerRe. “This continued collaboration reflects our shared commitment to delivering innovative and comprehensive solutions, leveraging Banyan Risk’s specialised expertise and PartnerRe’s financial strength to meet evolving market needs.”

Founded in 2021 by Mr Horrobin and Tim Usher-Jones, Banyan Risk has written more than $130 million in premiums. The company has also expanded internationally with a Canadian subsidiary, Banyan Risk Services Ltd.