SiriusPoint backs insurtech in quest to ‘disrupt’ commercial insurance market
Global specialty re/insurer SiriusPoint has invested in a US-based insurtech that underwrites commercial insurance in the small and middle markets, primarily within the E&S space.
Insurtech Joyn Insurance has bagged $17.7 million in its Series A funding led by OMERS Ventures, with participation from Avanta Ventures, ManchesterStory, Cohen Circle, SiriusPoint, and private investors. TigerRisk Capital Markets & Advisory acted as financial advisor to SiriusPoint.
The company integrates insurance, data and technology expertise to provide a faster, more accurate and more transparent experience.
The funding, which brings the company's total raised to more than $30 million, will be used to further enhance its technology platform and data capabilities, as well as to demonstrate the value of its innovative, technology-driven insurance offerings. Joyn seeks to significantly expand the size of its team by the end of 2023.
Since entering the market in 2021, Joyn has bound more than 500 policies with approximately 80 trading partners, covering more than 300 insureds. It currently offers E&S coverage for property, general liability and excess for companies across more than 700 NAICS codes in 36 states and Washington, DC.
Representatives from OMERS Ventures, ManchesterStory and Avanta Ventures will also be joining the board of directors of Joyn.
Joyn CEO Seraina Macia said: "We built this company to remove the pain points and operational inefficiencies that have frustrated brokers and underwriters for as long as we can remember, and we are proud to be delivering on this bold mission.
"This funding will allow us to further build and expand so we can continue providing a best-in-class insurance experience in the market," Macia continued. "Many brokers are already seeing that we can deliver on what we were built to do, and with our broad E&S appetite for small to mid-sized property and general liability risks, we look forward to adding more trading partner relationships in the near future."
David Wechsler at OMERS Ventures, said: "We invested in Joyn because we saw the results that they are already delivering and the tremendous potential for their future growth in the super-hot E&S space. As we were doing our diligence while evaluating this opportunity, I was particularly struck by the broker feedback I received from those who had worked with Joyn."
"Despite a high bar for admitted products, the E&S quote and bind experience at many companies is still largely done by pen and paper, and the brokers we talked to have been stunned at how Joyn addresses these longstanding inefficiencies," Wechsler added. "We couldn't be more proud to back this world-class team as they disrupt the fastest growing sector of commercial insurance."
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