Price Forbes has launched a new reinsurance subsidiary that will specialise in treaty and facultative business.

The new broking entity, Price Forbes Risk Solutions Ltd (PFRS), will operate as an Appointed Representative of Price Forbes and exist as a subsidiary operating within the international and specialty segment of Price Forbes’ parent company, The Ardonagh Group.

PFRS will be led by former Tysers Re and RK Harrison broker David Barrie and will focus both treaty and facultative reinsurance business, with the aim of maximising opportunities across the group.

Commenting on the launch of PFRS, Price Forbes CEO James Masterton remarked: “We are confident that our investment to create an independent reinsurance and specialty insurance intermediary has come at an opportune time and we look forward to this new venture and the opportunities it will bring."

PFRS CEO Barrie said: “We are delighted to be joining the Ardonagh Group as an Appointed Representative of Price Forbes and we look forward to working closely with the various teams in the business to create exciting opportunities across the group."