SiriusPoint-backed MGA Banyan Risk mulls global expansion; hires ex-AIG, Chubb, Markel as CUO

SiriusPoint-backed specialty managing general agent (MGA) is setting its sights on “profitable” international expansion following the hire of a seasoned industry executive with senior underwriting leadership stints at AIG, Chubb, and Markel as its new chief underwriting officer.

Banyan Risk was launched in Bermuda in 2021 by industry veteran Tim Usher-Jones and SiriusPoint. The MGA 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).

Banyan Risk has appointed Ben Munro (pictured) to the newly-created role of chief underwriting officer (CUO) to drive its international growth plans.

Munro will be responsible for overseeing the execution and implementation of Banyan Risk’s plans for “profitable growth globally”, as well as using his depth of experience in the Bermuda market and insurtech industry to enhance Banyan’s data-driven models.

In an extensive insurance career spanning three decades, Munro has held several senior underwriting leadership positions at AIG, Chubb and Markel, in both Canada and Bermuda. In 2018, Munro co-founded and was CEO of Briza, a software firm focused on enabling digital connections between insurers, distributors and customers.

Usher-Jones, co-founder and CEO of Banyan Risk, said: “We couldn’t be more delighted that Ben will be joining the Banyan team. Ben’s extensive understanding of the global insurance market combined with his market-leading expertise and experience of D&O, Financial Institutions and Cyber business lines will be central to our continued profitable growth. And with half a decade spent building a successful InsurTech company, we will continue to build out a best-in-class data and technology offering. He will greatly enhance our client and broker experience, and strengthen our global team.”

Munro commented: “I am extremely excited to be joining the Banyan Risk team as they continue to expand globally and look forward to helping to achieve our ambitious growth goals. We have a phenomenal opportunity in front of us.”

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