Specialty insurer SiriusPoint has announced an extension of its partnership with Bermuda-based managing general agent (MGA) Banyan Risk.
This strategic move marks the initiation of a three-year extension to their commercial relationship, culminating in the complete transfer of ownership from SiriusPoint back to the original founders.
The collaboration between SiriusPoint and Banyan was first established in July 2021 when Banyan was founded by co-chief executive officers Tim Usher-Jones and Peter Horrobin, with a clear vision for increasing ownership by its founders.
“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. The deal we are announcing today 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,” SiriusPoint CEO Scott Egan said.
“We are pleased to be continuing our relationship with SiriusPoint, an affirming message that will accelerate our growth. SiriusPoint has been key in enabling us to execute on our strategy and focus on our data-rich and tech-enabled capabilities. 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,” Usher-Jones said.
In other recent developments, SiriusPoint has announced the appointment of Stephen Smyth as head of marine in London, with Smyth also set to become active underwriter for Syndicate 1945, pending Lloyd’s approval.
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