HAMILTON, Bermuda. July 8th, 2021 -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has announced the launch of Banyan Risk Ltd. (“Banyan”), a Managing General Agent (MGA) underwriting Directors’ and Officers’ (D&O) insurance. The company has been established by Founder and Chief Executive Officer Tim Usher-Jones in partnership with SiriusPoint, which will own a majority stake in the newly formed company, with a path towards increasing ownership by the founders at a later date.
Based and regulated in Bermuda, Banyan begins underwriting this week. The MGA will focus on custom D&O insurance risk solutions with the highest level of attention and service in complex risk areas including life sciences, global initial public offerings (IPOs), the technology sector, and special purpose acquisition companies (SPACs).
Sid Sankaran, Chief Executive Officer of SiriusPoint, said: “With the right investment in technology and extensive professional services support, MGA’s provide the perfect vehicle for streamlining the underwriting process and allowing industry talent to flourish via shared ambition and return. Tim and the team have an innovative and creative approach that excites us, plus the experience, knowledge and deep industry relationships that are so important to successful underwriting. We see enormous potential to support businesses in areas where bespoke risks shouldered by Directors and Officers continue to evolve as global markets develop. I am very pleased to add Banyan to the portfolio of businesses SiriusPoint is incubating.”
Tim Usher-Jones said: “I am delighted to announce the establishment of Banyan Risk in Bermuda, a jurisdiction that embraces and supports talent and entrepreneurialism, and I am very pleased to have SiriusPoint as a partner. We will be taking an innovative approach to risk mapping, mitigation, and underwriting complex risk in the global specialty markets. Banyan has ambitious plans for growth – we are excited to bring much-needed capacity to the sector and grow to offer broader global specialty insurance solutions in the future.”
Mr. Usher-Jones started his insurance career at Chubb Insurance Company in Toronto, Canada, in 2005. He worked his way up through the ranks from Underwriter to Senior Vice President, where he managed a profitable book of specialty insurance, including D&O, Employment Practice Liability, Fiduciary, Fidelity, Errors and Omissions, Surety, Transactional Risk and Trade Credit.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a top 20 global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Specialty, Property and Runoff, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
About Banyan Risk Ltd.
Banyan Risk Ltd. is a Managing General Agent (MGA) based in Bermuda and regulated by the Bermuda Monetary Authority. The company was founded by SiriusPoint and industry executive Tim Usher-Jones to create Directors’ and Officers’ (D&O) insurance risk solutions. For more information, please visit www.banyanrisk.com
Contacts
Investor Relations
Clare Kerrigan, SiriusPoint
clare.kerrigan@siriuspt.com
+44 7970695959
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
Forward-Looking Statements
We make statements in this report that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about SiriusPoint Ltd.’s (“SiriusPoint”) intentions to become a tech-enabled (re)insurer, drive disruptive change in the industry, build a modern technology and operating platform and maximize the value of SiriusPoint’s insurtech partnerships and investments. The forward-looking statements are based on the current expectations of the management of SiriusPoint and speak only as of the date of this document and are subject to significant risks and uncertainties outside of our control. You can identify forward-looking statements by the use of forward-looking terminology such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “target,” “continue,” “could,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “should,” “would,” “seeks,” “likely,” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; loss and loss adjustment expense reserves may be inadequate to cover SiriusPoint’s ultimate liability for losses and as a result its financial results could be adversely affected; SiriusPoint’s investment portfolio may suffer reduced returns or losses; adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility could result in significant losses to SiriusPoint’s investment portfolio; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; SiriusPoint has significant deferred tax assets, which may become devalued if either SiriusPoint does not generate sufficient future taxable income or applicable corporate tax rates are reduced; lack of availability of capital; future strategic transactions such as acquisitions, dispositions, mergers or joint venture; technology breaches; SiriusPoint’s lack of control over the TP Fund and the allocation and performance of TP Fund’s investment portfolio; SiriusPoint’s dependence on Third Point LLC to implement TP Fund’s investment strategy; and Arcadian Risk Capital Ltd.’s ability to, and success at, writing the business indicated, its expansion plans and the Company’s ability to place quota share reinsurance on the portfolio. Discussions of additional risks and uncertainties are contained in SiriusPoint’s filings with the Securities and Exchange Commission (the “SEC”), including risks identified in SiriusPoint’s (f/k/a Third Point Reinsurance Ltd.) Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by the management of SiriusPoint prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.