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Banyan Risk launches Red Fox Risk venture for wildfire coverage
The unit will target wildfire-exposed properties needing non-admitted coverage, starting with limits up to $10 million in California and the Western US.
Insurance Journal reports that specialty managing general agent Banyan Risk launched Red Fox Risk Ltd, a new underwriting venture aimed at property risk tied to wildfires in the United States.
Red Fox will operate under the Banyan Risk umbrella and provide catastrophe, property, and excess and surplus underwriting, using Banyan’s data-driven, tech-enabled operating platform along with granular property information, geospatial data, and catastrophe analytics.
The venture’s leadership includes Brian Espie as CEO and Sarah Kennedy as chief underwriting officer, and it is designed around disciplined risk selection, portfolio management, and long-term capacity.
Red Fox will initially focus on risks in need of non-admitted coverage due to wildfire exposure, with coverage availability for commercial properties and high-value homes in California and the Western US, supported by capacity providers such as Argenta Syndicate 2121 at Lloyd’s and highly rated reinsurance partners.