SiriusPoint, a Bermuda-based specialty insurer and reinsurer, has launched Banyan Risk, a managing general agent (MGA) that will underwrite directors’ and officers’ (D&O) insurance.
The new entity has been formed by CEO and founder, Tim Usher-Jones, in collaboration with SiriusPoint.
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SiriusPoint will own a majority stake in the MGA, ‘with a path towards increasing ownership by the founders at a later date.’
Banyan Risk is headquartered and regulated in Bermuda, and begins its underwriting operations this week.
The new firm will focus on tailored D&O insurance solutions for areas such as life sciences, global initial public offerings (IPOs), the technology sector, and special purpose acquisition companies (SPACs).
SiriusPoint CEO Sid Sankaran said: “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.
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By GlobalData“We see enormous potential to support businesses in areas where bespoke risks shouldered by Directors and Officers continue to evolve as global markets develop.”
Tim Usher-Jones’ insurance career began in 2005 at Chubb Insurance Company in Toronto, Canada. There he rose to the rank of senior vice president from an underwriter.
Tim Usher-Jones said: “We will be taking an innovative approach to risk mapping, mitigation, and underwriting complex risk in the global speciality markets.
“Banyan has ambitious plans for growth – we are excited to bring much-needed capacity to the sector and grow to offer broader global speciality insurance solutions in the future.”
SiriusPoint was launched with more than $3bn in total capital earlier this year.
Earlier this week, SiriusPoint signed a partnership and investment agreement with Joyn Insurance.
