SiriusPoint expands MGA portfolio via German proptech startup Garentii
SiriusPoint has announced a strategic partnership with Garentii, a tech-based Managing General Agent (MGA) providing digital home rental insurance.
As part of the partnership, SiriusPoint will provide risk advisory services along with paper and balance sheet. The partnership builds on the growing number of companies in SiriusPoint's MGA and insurance services portfolio, and is the second partnership outside the North American and Bermuda business.
Garentii is a Munich-based insurtech/proptech startup. The company offers renters a flexible alternative to security deposits, while streamlining operations, boosting occupancy, and reducing management costs for real estate landlords.
“Germany is the largest rental market in Europe,” said Bobby Heerasing (pictured), head of International Strategic Business Development, at SiriusPoint. “The country has 49 million renters, and 9-10 million of those move every year – resulting in around EUR 35 billion of residential cash deposits trapped. Garentii’s compelling product has terrific room for growth, both within Germany and into other European countries.”
Michael Hazoume, Garentii’s co-founder and CEO, added: “Paying a cash deposit is one of the most inefficient uses of capital for renters and an admin burden for landlords. At Garentii, we have built an embedded insurance solution that creates value for both parties. Having the backing of SiriusPoint, which seeks out and supports entrepreneurial thinking, is a great asset to our company. We are looking forward to moving quickly and building a dynamic insurance product in the European real estate market.”
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