Banyan Risk announces expansion into Canada

Banyan Risk announces expansion into Canada | Insurance Business Canada

Banyan Risk announces expansion into Canada

Banyan Risk Ltd (Banyan), a specialist directors’ and officers’ (D&O) MGA that launched in Bermuda this year, has today announced it is expanding its operations. Banyan is launching the company’s first international subsidiary Banyan Risk Services Ltd in Canada and has appointed Michael Densham as president. The new president will be based in Toronto and he will be responsible for building out the Canadian business.

Densham has 17 years’ experience in the management and professional liability insurance markets and joins Banyan from the specialty MGA Optiom Inc. Before that, he was SVP of executive and professional lines at Berkshire Hathaway Specialty Insurance (BHSI) where he helped start up and build out its executive and professional lines business in Canada. He started his insurance career with Chubb Insurance Company of Canada where he last served as SVP of Chubb Specialty Insurance. In his new role, he will report to Banyan founder and CEO Tim Usher-Jones.

Commenting on the news, Usher-Jones noted that Densham brings great operational experience to the business and has proven his ability to build high-performing teams and drive profitable underwriting results. He also highlighted the new president’s understanding of the Canadian market and said the Banyan team is looking to him to build and lead a top tier team to provide solutions for complex risk placements in support of Canadian distribution partners and clients.

“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,” said Sid Sankaran, CEO of SiriusPoint Ltd. “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.”

Banyan was formed in Bermuda in July 2021 through a partnership with SiriusPoint Ltd.