8 July 2021News

SiriusPoint launches D&O MGA in Bermuda

SiriusPoint has launched a new managing general agent (MGA) to underwrite directors’ and officers’ (D&O) insurance.

Banyan Risk (Banyan) was established by founder and chief executive officer Tim Usher-Jones, in partnership with SiriusPoint. It is based and regulated in Bermuda and focuses on custom D&O insurance risk solutions with the highest level of attention and service in complex risk areas including life sciences, global initial public offerings (IPOs), the technology sector and special purpose acquisition companies (SPACs).

Usher-Jones started his insurance career at Chubb Insurance Company in Toronto in 2005, working his way up from underwriter to senior vice president. He managed a profitable book of specialty insurance that included D&O, employment practice liability, fiduciary, fidelity, errors and omissions, surety, transactional risk and trade credit.

SiriusPoint will own a majority stake in the newly formed company, with the founders having an option to increase their ownership at a later date.

Sid Sankaran, chief executive officer of SiriusPoint, said: “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. 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 D&O continue to evolve as global markets develop.”

Usher-Jones emphasised Bermuda’s embrace and support of talent and entrepreneurialism. “We will be taking an innovative approach to risk mapping, mitigation, and underwriting complex risk in the global specialty markets,” he said. “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.”