There will be a further three years of working together.
SiriusPoint, a specialty insurer, recently announced that it would be extending its cooperation with Banyan Risk, a managing general agency (MGA) based in Bermuda.
With this action, SiriusPoint will extend their business partnership by three years, after which the company’s ownership will revert back to its original creators.
SiriusPoint and Banyan have worked together since Banyan was launched in July 2021 by co-CEOs Tim Usher-Jones and Peter Horrobin, who had a goal of boosting Banyan’s founders’ ownership in the company.
I’m quite happy that we’ve decided to continue working with Banyan. Because of our compatibility and the long-term nature of our ambitions together, we are able to work together successfully. Our decision to reduce our equity interests in MGAs is consistent with the transaction we are announcing today, and we intend to continue being a great distribution partner to those that share our risk tolerance, expansion goals, and areas of expertise. As SiriusPoint CEO Scott Egan put it, “Banyan’s credentials mean we are excited to continue to be a strong underwriting partner to them over the coming years.”
We’re glad to keep working with SiriusPoint since it sends a positive message that will help us expand quickly. Implementing our plan and concentrating on our data-rich and technology-enabled capabilities have been greatly aided by SiriusPoint. In the coming year, we will be making some very exciting announcements as we enter new markets and introduce new products. Usher-Jones believes that the key to the company’s future success is cultivating mutually beneficial partnerships with organisations like SiriusPoint, which “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.”
In other news, Stephen Smyth has been named head of marine in London for SiriusPoint, and he will also become an active underwriter for Syndicate 1945 once Lloyd’s gives its blessing.
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