Banyan Risk launches US wildfire underwriting venture Red Fox Risk led by former Kettle execs

By Mia MacGregor Sept 30 (The Insurer) — Banyan Risk has launched Red Fox Risk, a specialist underwriting venture focused on wildfire-exposed property risk in the United States, led by former Kettle executives Brian Espie and Sarah Kennedy, the company confirmed to The Insurer. Espie will serve as chief executive officer of the new venture, while Kennedy will take on the role of chief underwriting officer. Espie most recently served as chief underwriting officer at wildfire-focused MGA Kettle. Prior to that, he worked at Fidelis Insurance and Tokio Marine Group.

Kennedy most recently served as head of insurance at Kettle. Earlier in her career, she held roles at The Hanover Insurance Group, RT Specialty and Amwins. Red Fox will operate under the Banyan umbrella, combining catastrophe, property and excess and surplus underwriting experience with Banyan's data-driven operating platform. The venture will initially focus on risks requiring non-admitted coverage due to wildfire exposure.

With backing from capacity providers including Argenta Syndicate 2121 at Lloyd's and other reinsurance partners, coverage will be available to commercial properties and high-value homes in California and the western US. Red Fox can offer primary limits of up to $10 million. "Red Fox is built around disciplined risk selection and portfolio management," said Espie. " Tim Usher-Jones, CEO of specialty MGA Banyan, said wildfire remains a market with clear demand for sophisticated underwriting and durable capacity.

"The answer is not simply more capacity; it is a better understanding of the risk," he said. " This follows Banyan's August launch of a US ​inland marine and marine property ‌product, backed by capacity from Accredited Insurance Limited.