SiriusPoint, the international specialty re/insurer recently formed via the merger of Sirius Group and Third Point Re, has announced the launch of a new managing general agent (MGA) that will underwrite Directors & Officers (D&O) business, called Banyan Risk.
Banyan has been established by Founder and CEO Tim Usher-Jones in partnership with SiriusPoint, which will own a majority stake in the newly formed company, with a path towards increasing ownership by the founders at a later date.
Based and regulated in Bermuda, Banyan begins underwriting this week, with a focus on D&O solutions for areas such as life sciences, global initial public offerings (IPOs), the technology sector, and special purpose acquisition companies (SPACs).
“With the right investment in technology and extensive professional services support, MGA’s provide the perfect vehicle for streamlining the underwriting process and allowing industry talent to flourish via shared ambition and return,” said SiriusPoint CEO Sid Sankaran.
“Tim and the team have an innovative and creative approach that excites us, plus the experience, knowledge and deep industry relationships that are so important to successful underwriting,” he continued.
“We see enormous potential to support businesses in areas where bespoke risks shouldered by Directors and Officers continue to evolve as global markets develop. I am very pleased to add Banyan to the portfolio of businesses SiriusPoint is incubating.”
Usher-Jones started his insurance career at Chubb Insurance Company in Toronto, Canada, in 2005.
While at Chubb he advanced from Underwriter to Senior Vice President, managing a book of specialty insurance that included D&O, Employment Practice Liability, Fiduciary, Fidelity, Errors and Omissions, Surety, Transactional Risk and Trade Credit.
“I am delighted to announce the establishment of Banyan Risk in Bermuda, a jurisdiction that embraces and supports talent and entrepreneurialism, and I am very pleased to have SiriusPoint as a partner,” Usher-Jones commented.
“We will be taking an innovative approach to risk mapping, mitigation, and underwriting complex risk in the global specialty markets,” he added. “Banyan has ambitious plans for growth – we are excited to bring much-needed capacity to the sector and grow to offer broader global specialty insurance solutions in the future.”
Earlier this week, SiriusPoint announced a key partnership and investment agreement with insurtech Joyn, which is looking to transform small and mid-market US commercial insurance using digital technology, data analytics, and automation.