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Bermudian carrier SiriusPoint’s equity stake in D&O MGA Banyan Risk has been reduced to 49% from 100%, filings show. -
The funding from BP Marsh has enabled a management buyout from Castel Underwriting Agencies, with the management owning the remaining 65% of Verve.
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Bastion Risk Partners will operate autonomously as a provider of specialist (re)insurance solutions for a wide range of commercial entities.
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Details of the bids are being closely guarded, but sources said they expected a valuation of $400mn or above if a deal is consummated.
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The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.
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The firm is led by the former executive team of MGA Medici Facultative, headed by Henrik Webster.
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The MGA provides coverage to SMEs in the food, hospitality, leisure and hotel sectors.
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The business has hired former AGCS aviation underwriter Alistair Blundy as CEO.
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The hires will support the MGA’s recently launched cyber product in partnership with Travelers.
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The MGA has $15mn of capacity to underwrite UK public corporations and plans to expand into the US market.
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James Kench has over 14 years’ experience in global (re)insurance broking, climate risk and portfolio management.
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Nirvana Risk Partners was founded by Rob Jones in 2017 as a division of Castel Underwriting Agencies’ MGA formation platform.
