Banyan Risk Ltd, the speciality managing general agent, has formed a long-term strategic partnership with global reinsurer PartnerRe to write excess casualty insurance, subject to approval by the Bermuda Monetary Authority.

PartnerRe will provide capacity and shareholder support for new Bermuda-based subsidiary Banyan Excess Liability Ltd, which will sit under the Banyan Risk Ltd operation, focusing on excess casualty insurance.

Banyan, which underwrites various professional liability lines of business, launched the company’s first international subsidiary, Banyan Risk Services Ltd, in Canada in December 2021.

A spokesman for the firm said Bell marks another significant expansion into a new product line.

Bell chief executive officer Alan Rodrigues will be responsible for providing client solutions to the current challenging environment in the excess casualty market, according to a statement. He will be building out an experienced local team in Bermuda.

With four decades of experience in excess casualty, Mr Rodrigues will report to the Bell board of directors, with oversight of billions of dollars in gross written premium.

He joins Bell after eight years with Markel, where he served most recently as executive underwriting officer, casualty. In that role, he led Markel Specialty’s broad casualty business, including the Bermuda market.

Tim Usher-Jones, co-chief executive of Banyan Risk Ltd, said Banyan is entering the excess casualty market with one of the most impressive market professionals and the strength of PartnerRe’s A-plus 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 lacklustre financial performance, Banyan is jumping in, feet first, to support clients,” he said.

“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.”

Mr Usher-Jones said Mr Rodrigues will build a market-leading excess casualty proposition.

“With the support of PartnerRe, Bell will be able to tailor speciality risk solutions to the complex needs of insurance buyers in the global markets,” he said.