Recently established specialist MGA Banyan Risk, which underwrites Directors’ and Officers’ (D&O) insurance risk solutions in emerging risk areas including life sciences and the technology sector, 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. He will be based in Toronto.
Densham has 17 years’ experience in the management and professional liability insurance markets. He joins Banyan from Optiom, a specialty MGA. Prior to that, he was senior vice president 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.
He will report to Banyan founder and CEO Tim Usher-Jones.
“Michael brings with him exceptional operational experience and proven abilities to set strategy, build and motivate high performing teams, and drive profitable underwriting results,” said Usher-Jones.
“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.”
“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,” added Sid Sankaran, CEO of SiriusPoint.
“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.