Banyan Risk Ltd, the managing general agent that set up in Bermuda this summer, is to launch its first international subsidiary in Canada.

Banyan underwrites directors’ and officers’ insurance risk solutions in complex risk areas including life sciences, global initial public offerings, the technology sector, and special purpose acquisition companies.

Michael Densham has been appointed president and has been charged with licensing and building out the Canadian business.

Banyan Risk Services Ltd and Mr Densham will be based in Toronto.

The company said Mr Densham has 17 years’ experience in the management and professional liability insurance markets.

He joins Banyan after a short engagement with Optiom Inc, a specialty MGA.

Prior to that, Mr Densham was SVP of executive and professional lines at Berkshire Hathaway Specialty Insurance 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 chief executive officer Tim Usher-Jones.

Mr Usher-Jones said: “Michael brings with him exceptional operational experience and proven abilities to set strategy, build and motivate high performing teams, and drive profitable underwriting results.

“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.”

The parent company was formed on the island in July through a partnership with Bermudian-headquartered global re/insurer SiriusPoint Ltd.

Sid Sankaran, chief executive officer of SiriusPoint, said: “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.

“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.”