SiriusPoint to work with start-up MGA Insurate
Global specialty re/insurer SiriusPoint has partnered with a newly launched managing general agent (MGA) to develop insurance products in the workers’ compensation medium to high-hazard space.
Insurate, the start-up specialising in workers’ compensation insurance, is focused on small and mid-sized US industrial businesses. It uses analytics and data science to offer more affordable workers’ compensation premiums to safer-than-average companies operating in medium to high-hazard industries such as manufacturing, transportation, energy and construction.
The start-up’s proprietary Safe-Tier algorithm identifies a company’s underlying risk profile and rewards companies evidencing a strong safety culture with more attractive insurance costs.
The partnership will see SiriusPoint provide capacity and collaborate with Insurate in underwriting and developing insurance products in the workers’ compensation medium to high-hazard space.
Patrick Charles (pictured), global head of property and casualty insurance services, at SiriusPoint, said: “Insurate’s data driven approach to highly specialised workers’ compensation, its experienced management team, and market-leading underwriting make this partnership an excellent fit for SiriusPoint.
“We see great potential to better support high quality companies in a misunderstood and underserved portion of the workers’ compensation insurance space through this partnership. Given the significant fragmentation in the medium to high hazard workers’ compensation landscape, we believe that Insurate has the product, team and value proposition to be a market leader in this sector. We look forward to working with them.”
Joe McILhon, founder and chief executive officer of Insurate, said: “We are thrilled to be working with SiriusPoint. The Company’s underwriting and MGA incubation expertise will allow us to capitalize on our data-driven business model to deliver superior workers’ comp cover to our clients. With backing from SiriusPoint, we are executing on our mission to reinvent workers’ comp as we know it.”
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