Specialist managing general agent Banyan Risk has announced the launch of Red Fox, a new specialist underwriting venture focused on wildfire-exposed property risk in the United States.
The new venture will operate as part of the Banyan Risk platform, combining specialised underwriting capabilities across catastrophe, property, and excess and surplus (E&S) lines with Banyan's data-driven technology infrastructure. Under the leadership of chief executive officer Brian Espie and chief underwriting officer Sarah Kennedy, Red Fox prioritises long-term capacity, strategic portfolio management, and disciplined risk selection for this evolving peril.
Tim Usher-Jones, chief executive officer of Banyan Risk, said wildfire was a market with clear demand for sophisticated underwriting.
"Wildfire is a market where there is clear demand for sophisticated underwriting and durable capacity. The answer is not simply more capacity; it is a better understanding of the risk," said Usher-Jones. "Brian and Sarah bring exactly the kind of specialist expertise we look for at Banyan. Red Fox fits our model: back outstanding underwriters, give them a modern platform, and build focused businesses in areas where brokers and clients need new solutions."
The launch comes at a critical time, as wildfire exposure becomes one of the most challenging areas of the US property market. Designed to serve brokers and clients seeking specialist solutions in wildfire-exposed areas, Red Fox will use granular property information, geospatial data, and catastrophe analytics alongside experienced underwriting judgment to develop a more precise view of risk.
Red Fox will offer up to $10m in primary limits, providing tailored solutions to areas where wildfire capacity is most needed. The venture will initially focus on risks requiring non-admitted coverage because of their wildfire exposure, extending coverage to high-value residential properties and commercial real estate across California and the Western US. Capacity is backed by top-rated reinsurance partners, as well as Argenta Syndicate 2121 at Lloyd's.
Sarah Kennedy, chief underwriting officer of Red Fox, said brokers and property owners in wildfire-exposed areas needed dependable coverage.
"Brokers and property owners in wildfire-exposed areas need dependable coverage and underwriters who understand the individual risk," said Kennedy. "We have an opportunity to build Red Fox from the ground up around those needs, combining specialist property underwriting with Banyan's technology, infrastructure and entrepreneurial culture. It is an exciting time to launch."
Ian Burford, underwriting director and active underwriter at Argenta Syndicate 2121, said wildfire remained one of the most challenging areas of the property market.
"Wildfire continues to be one of the most challenging and rapidly evolving areas of the property market," said Burford. "At Argenta, we believe sustainable capacity is best delivered through specialist underwriting expertise, robust data and disciplined portfolio management. Red Fox combines those elements, and we are pleased to support the venture as it brings much-needed solutions to brokers and clients in wildfire-exposed regions."
