Banyan Risk Ltd., a Bermuda-based Managing General Agent (MGA) that launched earlier this year with the backing of international re/insurer SiriusPoint, is expanding its operations to target the Canadian market.
Banyan Risk was launched by Founder and CEO Tim Usher-Jones in partnership with SiriusPoint in July and has a specific focus on underwriting Directors & Officers (D&O) business.
Banyan Risk has spotted an opportunity in the special purpose acquisition company (SPAC) space, given the lack of available coverage capacity for board members of those vehicles it seems, an opportunity being targeted by others in the re/insurance market as well.
The MGA will also focus on writing D&O for the life sciences, global initial public offerings (IPOs) and technology sectors.
The company has now set up its first international subsidiary, Banyan Risk Services Ltd., in Canada.
Michael Densham has been hired as President and will be tasked with licensing and building out the Canadian business from a base in Toronto.
Densham has 17 years’ experience in the Management and Professional Liability insurance markets.
Most recently he held a short engagement with Optiom Inc., a specialty MGA, before which he was SVP of Executive and Professional lines at Berkshire Hathaway Specialty Insurance. He began his insurance career with Chubb Insurance Company of Canada.
Densham will report to Banyan Founder and CEO Tim Usher-Jones.
“Michael brings with him exceptional operational experience and proven abilities to set strategy, build and motivate high performing teams, and drive profitable underwriting results.” explained Mr. Usher-Jones. “He also has extensive experience and understanding of the Canadian market. We are asking Michael to build and lead a top tier team that will provide solutions for complex risk placements in support of our Canadian distribution partners and clients.”
“It is enormously encouraging to see that in its first six months of operations, Banyan is already in a position to execute on its international growth strategy with the opening of the Canadian operation,” added Sid Sankaran, Chief Executive Officer of SiriusPoint Ltd.. “Banyan is responding to a market need, using technology to streamline the underwriting process for complex risks in innovative and creative ways. We are delighted to support their continued growth.”
