SiriusPoint & Usher-Jones reveal major expansion of start-up specialty MGA Banyan Risk
Banyan Risk, the managing general agent (MGA) launched in Bermuda earlier this year by industry veteran Tim Usher-Jones (pictured) and SiriusPoint, is expanding its operations and has hired a senior Berkshire Hathaway executive to build the new business.
Banyan, which underwrites directors’ and officers’ (D&O) insurance risk solutions in complex risk areas including life sciences, global initial public offerings (IPOs), the technology sector, and special purpose acquisition companies (SPACs), is launching the company’s first international subsidiary, Banyan Risk Services, in Canada.
Michael Densham has been appointed president and has been charged with licensing and building out the Canadian business. Banyan Risk Services and Densham will be based in Toronto.
Densham has 17 years’ experience in the management and professional liability insurance markets. He joins Banyan from specialty MGA Optiom. Prior to that, he was SVP of executive and professional lines at Berkshire Hathaway Specialty Insurance (BHSI) where he was tasked with starting up and building out the executive and professional lines business in Canada.
Densham started his insurance career with Chubb Insurance Company of Canada where he last served as SVP of Chubb Specialty Insurance (CSI) with responsibility for the strategy, growth, and profitability of the private company and ChubbPro (E&O) segments.
Densham will report to Banyan founder and chief executive officer Usher-Jones. Banyan was formed in Bermuda in July 2021 through a partnership with SiriusPoint.
Usher-Jones said: “Michael brings with him exceptional operational experience and proven abilities to set strategy, build and motivate high performing teams, and drive profitable underwriting results. He also has extensive experience and understanding of the Canadian market. We are asking Michael to build and lead a top tier team that will provide solutions for complex risk placements in support of our Canadian distribution partners and clients.”
Sid Sankaran, chief executive officer of SiriusPoint, added: “It is enormously encouraging to see that in its first six months of operations, Banyan is already in a position to execute on its international growth strategy with the opening of the Canadian operation. Banyan is responding to a market need, using technology to streamline the underwriting process for complex risks in innovative and creative ways. We are delighted to support their continued growth.”
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