SiriusPoint Ltd., the specialty insurer and reinsurer, and managing general agent Banyan Risk Ltd. announced an extension of their capacity partnership.
The deal extends for three years the Bermuda-based companies’ existing commercial relationship. At the same time, it concludes the 100% transfer of ownership from SiriusPoint back to the founding organization.
Banyan was established in partnership with SiriusPoint in July 2021, and was founded by co-Chief Executive Officers Tim Usher-Jones and Peter Horrobin, with a clear strategy set out towards increasing ownership by the founders. At the time of the launch, SiriusPoint took a majority stake in Banyan.
Banyan specializes on custom D&O insurance risk solutions in complex risk areas such as life sciences, global initial public offerings (IPOs), the technology sector, and special purpose acquisition companies (SPACs).
“I am delighted that we have extended our partnership with Banyan. Our partnership represents the continuation of a long-term relationship that reflects our shared plans and cultural fit,” commented SiriusPoint’s CEO Scott Egan.
The deal is consistent “with our focus on reducing our equity investments in MGAs but continuing to remain a strong distribution partner to those who align with our risk appetite, growth plans and specialisms. Banyan’s credentials mean we are excited to continue to be a strong underwriting partner to them over the coming years,” he added.
“We are pleased to be continuing our relationship with SiriusPoint, an affirming message that will accelerate our growth,” said Usher-Jones.
“SiriusPoint has been key in enabling us to execute on our strategy, and focus on our data-rich and tech-enabled capabilities,” he added. “Expect big news ahead as we expand into other geographies and product lines in the next year. We will continue to succeed by building strong relationships with partners like SiriusPoint that share our ‘best-in-class’ ethos and value the expertise and approach we bring to ensuring our clients’ needs are met – swiftly, efficiently and creatively.”
Source: SiriusPoint
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