Bermuda market veteran Peter Horrobin has been announced as co-founder and co-CEO of Banyan Risk Ltd, the specialty managing general agent that launched last year in Bermuda.

Mr Horrobin joins Tim Usher-Jones to lead Banyan Risk.

The Bermudian-regulated MGA creates bespoke directors’ and officers’ insurance risk solutions for life sciences, global initial public offerings, the technology sector, and special purpose acquisition companies.

The company said that Mr Horrobin had 15 years of underwriting experience in professional liability and management liability.

He moves to Banyan following three years at Ascot Bermuda, where he was senior vice- president.

Previously, he served as managing director at Chubb Atlantic Indemnity, where he was also a board member.

Banyan Risk recently announced plans to expand its operations into Canada, subject to regulatory approval, with Michael Densham announced as president of the Toronto-based office.

Mr Horrobin said: “I am delighted to be joining Tim to lead Banyan Risk at such an exciting stage in the company’s growth.

“It is clear that the opportunity we saw to develop a specialised platform is being embraced by clients and the broker community.”

Bermudian-based SiriusPoint Ltd, the global specialty re/insurer, owns a significant minority stake in Banyan Risk and provides insurance paper and capacity to the MGA.

Sid Sankaran, chief executive officer of SiriusPoint, said: “We are delighted to be able to announce Peter’s co-leadership of Banyan Risk.

“SiriusPoint’s mission is to partner with entrepreneurial talent and having two such highly skilled industry professionals at the helm will give Banyan the breadth and depth of experience to innovate and succeed in the D&O space.”