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.
“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.
