Banyan Risk has expanded its speciality underwriting platform with the launch of a healthcare professional liability line in Bermuda, backed by capacity from Mereo Insurance Ltd.

The new product will focus on complex US healthcare professional liability risks, including hospitals and allied health providers, and is available immediately.

The launch also coincides with the appointment of Kim Morgan, a Bermuda healthcare insurance specialist, as lead underwriter, healthcare. Based in Bermuda, Ms Morgan will oversee development of the portfolio and broker and client relationships.

Banyan Risk said the move represents another step in the growth of its multi-line speciality platform.

Ms Morgan joins from Sompo International, where she most recently served as senior vice-president and healthcare insurance practice leader for Bermuda. Her career has included underwriting and broking roles in both Bermuda and London, including positions with Johnson & Higgins and Marsh. She is also a past president of the Bermuda chapter of the American Society for Healthcare Risk Management.

Tim Usher-Jones, co-chief executive of Banyan Risk, said healthcare professional liability remained a specialist market where experience and underwriting discipline were essential.

He said: “Kim is one of the most respected underwriters in this space, and we are delighted she has joined Banyan. With Mereo’s support, we are well-positioned to build a focused healthcare offering.”

Mr Usher-Jones added that the company had been steadily expanding into speciality areas where brokers and clients valued consistency and underwriting expertise.

Julia Mansfield, head of casualty at Mereo, said the partnership aligned with the insurer’s strategy of supporting specialist underwriting teams.

“At this point in the healthcare liability cycle, disciplined underwriting and deep market experience are especially important,” she said.

Ms Mansfield added that Bermuda remained an important market for complex healthcare liability risks and described the venture as an opportunity for Mereo to participate in the US hospital excess professional liability market through a specialist Bermuda-based underwriting team.