SiriusPoint and Bermuda-based Managing General Agent (MGA) Banyan Risk have 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.
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.”
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