SiriusPoint MGA embarks on international expansion
Bermuda-based managing general agent Banyan Risk is expanding into Canada. It will be the first international subsidiary for the SiriusPoint-backed MGA, which launched in Bermuda in July.
Michael Densham, until April 2021 SVP for executive and professional lines at Berkshire Hathaway Specialty Insurance, has been brought on to head up licensing and building out the Canadian business. He has 17 years’ experience in the management and professional liability insurance markets, most recently as chief operating officer of specialty MGA Optiom and, before Berkshire Hathaway, as vice president for Chubb Specialty Insurance.
Before that, he was SVP of executive and professional lines at Berkshire Hathaway Specialty Insurance, tasked with starting up and building out the executive and professional lines business in Canada.
Densham will report to Banyan founder and chief executive officer Tim Usher-Jones, who was SVP for Chubb immediately before setting up the MGA.
Banyan focuses on custom D&O insurance solutions in complex risk areas, including life sciences, global initial public offerings, the technology sector, and special purpose acquisition companies.
He said: “Michael brings with him exceptional operational experience and proven abilities to set strategy, build and motivate high performing teams, and drive profitable underwriting results. 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.”
Sid Sankaran, chief executive officer of SiriusPoint, added: “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. 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.”