SiriusPoint launches MGA to underwrite D&O insurance

SiriusPoint Ltd. said Thursday it has launched managing general agent Banyan Risk Ltd. to underwrite directors and officers insurance.

The specialty insurer and reinsurer will own a majority stake in the newly formed venture together with founder and CEO Tim Usher-Jones, “with a path towards increasing ownership by the founders at a later date,” SiriusPoint said in a statement.

Based in Bermuda, Banyan will focus on business sectors including life sciences, technology, initial public offerings and special purpose acquisition companies.

Sid Sankaran, CEO of SiriusPoint, said in the statement that “MGAs provide the perfect vehicle for streamlining the underwriting process.”

Mr. Usher-Jones said in the statement that Banyan brings “much-needed capacity” to the D&O market.