Banyan Risk Launches Marine Insurance Product
Banyan Risk Ltd. has launched a new US Inland Marine & Marine Property product with capacity provided by program partner Accredited Insurance Limited.
A spokesperson said, “Banyan Risk Ltd, the specialty Managing General Agent [MGA], has launched a new US Inland Marine & Marine Property product, with capacity provided by program partner Accredited Insurance Limited.
“The new line targets four core segments: Construction & Infrastructure [contractors' equipment, builders' risk, installation floater, riggers], Logistics, Transportation, Transit & Shipping [motor truck cargo, trip transit, owners' cargo], Mobile Property & Specialty Floaters, and Inland Marine Supporting Property. Coverage is available immediately and will be offered across all 50 US states and territories on an admitted and non-admitted basis.”
“With nearly $35 billion in premium volume in 2024, the US Inland Marine market plays a pivotal role in keeping the supply chain moving,” said Tim Usher-Jones, co-Chief Executive Officer [CEO] of Banyan Risk. “This move into Inland Marine and Marine Property is the next step in the expansion of Banyan into new lines of business.”
The spokesperson said, “The launch follows the introduction of Banyan’s Digital Assets & Emerging Risks product and healthcare professional liability product line earlier this year, and represents a further expansion of the company’s multi-line specialty platform.
“Darren Hamman will be Chief Underwriting Officer, Property & Inland Marine. He will be responsible for leading the development of Banyan’s Property & Inland Marine portfolio and managing a team of dedicated underwriters handling both new and renewal business.”
Mr Usher-Jones added: “Darren has an enviable reputation, track record, and deep sector knowledge, and we are delighted he will lead our new Inland Marine and Marine Property offering.”
The spokesperson said, “Mr. Hamman is an experienced underwriting leader with almost two decades’ experience creating underwriting strategy for marine and transportation lines in the US and UK. Prior to joining Banyan Risk, he served as Inland Marine Product Line Leader at Markel. His background also includes underwriting roles for CNA Insurance and Chubb Insurance, where he led partnership development, with a focus on underwriting governance and data-driven product evolution.
“The new offering is underpinned by a technology-enabled operating model purpose-built for fast, disciplined quoting across a diversified, short-tail book. By embracing advanced technology and modern digital solutions, the platform empowers underwriters to work more efficiently, improving both productivity and risk-focused decision-making.”
“We’re seeing huge momentum in infrastructure and logistics development across the US,” said Mr Hamman. “The assets tied to these projects are valuable and complex, meaning brokers are looking for partners who understand the nuances of the risks involved. With the support of Accredited, we are bringing exactly that kind of consistent, expert underwriting to the market and I am excited to lead this new offering.”
The spokesperson said, “Accredited is a leading program manager operating across the US, UK, and Europe, providing A-rated insurance capacity and writing admitted and non-admitted business in all 50 US states.”
