By David Bull

March 26 - (The Insurer) - Banyan Risk has expanded its relationship with PartnerRe, with the Bermudian reinsurer providing $5 million of capacity to support the multiline MGA’s D&O insurance business, effectively doubling its line size to $10 million.

In a statement, Banyan Risk described the tie-up as a “long-term strategic alliance” that will enable it to expand its D&O insurance line size to $10 million.

The expansion comes at a time when some underwriters are exiting classes of business or reducing limits in D&O, said the MGA’s co-CEO Peter Horrobin.

It follows a collaboration between the companies on excess casualty insurance, with PartnerRe providing its capacity to support the MGA’s Alan Rodrigues-led portfolio.

The statement added that the continued and growing cooperation underscores the strength of the relationship between the companies and their shared commitment to delivering “comprehensive insurance solutions” to clients.

Banyan Risk's D&O book already has capacity from SiriusPoint, with PartnerRe expected to quota share alongside its fellow Bermudian.

Banyan Risk was founded by former Chubb colleagues Horrobin and Tim Usher-Jones in 2021 and has been writing D&O insurance since its launch.

So far it has written more than $130 million of premium and says it has established itself as a “significant player” in the market. The majority of the MGA’s book is in the public D&O space.

Bermuda-headquartered Banyan Risk has also been expanding its operations internationally, setting up a Canadian subsidiary called Banyan Risk Services.

Commenting on the tie-up, Banyan Risk co-CEO Horrobin, who also had stints at Ascot and Aspen, said: “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.

“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.”

PartnerRe’s head of insurance programs Joel Livingston added: “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.”