Specialty insurer SiriusPoint Ltd has extended its partnership with Banyan Risk Ltd, the Bermudian-based managing general agent.

The new deal begins a three-year extension of the commercial relationship between Banyan and SiriusPoint and concludes the 100 per cent transfer of ownership from SiriusPoint back to the founding organisation.

Banyan was established in partnership with SiriusPoint in July 2021, and was founded by co-chief executive officers Tim Usher-Jones and Peter Horrobin, with a clear strategy set out towards increasing ownership by the founders.

Scott Egan, SiriusPoint’s chief executive, said the partnership represents the continuation of a long-term relationship reflecting 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,” Mr Egan said.

“Banyan’s credentials mean we are excited to continue to be a strong underwriting partner to them over the coming years.”

Banyan co-CEO Tim Usher-Jones said: “SiriusPoint has been key in enabling us to execute on our strategy, and focus on our data-rich and tech-enabled capabilities.

“Expect big news ahead as we expand into other geographies and product lines in the next year. We will continue to succeed by building strong relationships with partners like SiriusPoint that share our ‘best-in-class’ ethos and value the expertise and approach we bring to ensuring our clients’ needs are met – swiftly, efficiently and creatively.”