HAMILTON, Bermuda. 26 October, 2023 – SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, and Bermuda-based Managing General Agent (MGA) Banyan Risk Ltd (“Banyan”) have today announced an extension of their partnership.
The deal announced today begins a three-year extension of the commercial relationship between Banyan and SiriusPoint and concludes the 100% transfer of ownership from SiriusPoint back to the founding organization. Banyan was established in partnership with SiriusPoint in July 2021, and was founded by co-Chief Executive Officers Tim Usher-Jones and Peter Horrobin, with a clear strategy set out towards increasing ownership by the founders.
SiriusPoint’s CEO Scott Egan said: “I am delighted that we have extended our partnership with Banyan. Our partnership represents the continuation of a long-term relationship that reflects our shared plans and cultural fit. The deal we are announcing today is consistent with our focus on reducing our equity investments in MGAs but continuing to remain a strong distribution partner to those who align with our risk appetite, growth plans and specialisms. Banyan’s credentials mean we are excited to continue to be a strong underwriting partner to them over the coming years.”
Tim Usher-Jones, co-CEO, Banyan, said: “We are pleased to be continuing our relationship with SiriusPoint, an affirming message that will accelerate our growth. SiriusPoint has been key in enabling us to execute on our strategy, and focus on our data-rich and tech-enabled capabilities. Expect big news ahead as we expand into other geographies and product lines in the next year. We will continue to succeed by building strong relationships with partners like SiriusPoint that 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.”
ENDS
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm, and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Managers within our Insurance & Services segment. With over $3.0 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 specialty insurance Managing General Agent (MGA) based in Bermuda and regulated by the Bermuda Monetary Authority. The company was founded by experience industry executives Tim Usher-Jones and Peter Horrobin and offers bespoke specialty insurance risk solutions.
https://www.banyanrisk.com/
Forward-Looking Statements
We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2022. 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 press release.
Contacts
Investor Relations
Dhruv Gahlaut, SiriusPoint
dhruv.gahlaut@siriuspt.com
+44 7514 659 918
Media
James Milne, Rein4ce
james.milne@rein4ce.co.uk
+44 7867 484854