SiriusPoint MGA Banyan Risk appoints Ascot executive to top role with ex-Chubb Usher-Jones

Banyan Risk, the managing general agent (MGA)  launched in Bermuda in 2021 by industry veteran Tim Usher-Jones and SiriusPoint, has named a new co-founder and co-chief executive officer as it looks to raise its profile in its current markets and expand into new markets.

Peter Horrobin (pictured) has joined Usher-Jones to lead Banyan Risk - the Bermuda-regulated MGA that creates bespoke directors’ and officers’ (D&O) insurance risk solutions for life sciences, global initial public offerings (IPOs), the technology sector, and special purpose acquisition companies (SPACs).

Horrobin has 15 years of underwriting experience in professional and management liability. He takes place as co-founder and co-CEO at Banyan following three years at Ascot Bermuda, where he held the role of senior vice president. Previously, he served as managing director at Chubb Atlantic Indemnity, where he was also a board member.

Banyan Risk recently revealed plans to expand its operations into Canada, subject to regulatory approval, with Michael Densham as president of the Toronto-based office.

Specialty re/insurer SiriusPoint owns a significant minority stake in Banyan Risk and provides insurance paper and capacity to the MGA.

Sid Sankaran, chief executive officer of SiriusPoint, said: “We are delighted to be able to announce Peter’s co-leadership of Banyan Risk. SiriusPoint’s mission is to partner with entrepreneurial talent and having two such highly-skilled industry professionals at the helm will give Banyan the breadth and depth of experience to innovate and succeed in the D&O space.”

Horrobin commented: “I am delighted to be joining Tim to lead Banyan Risk at such an exciting stage in the company’s growth. It is clear that the opportunity we saw to develop a specialised platform is being embraced by clients and the broker community.”

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