SiriusPoint backs insurtech Joyn to transform 'underserved' $100bn US SME market
International specialty re/insurer SiriusPoint has stepped up efforts to transform small and mid-market US commercial insurance through digital technology, data analytics, and automation by investing in a newly formed insurtech managing general agency (MGA) Joyn.
Delaware-domiciled Joyn Insurance, which began underwriting on July 1, has secured a strategic partnership with the Sid Sankaran-led re/insurer. As a founding investor in the venture, SiriusPoint will provide insurance capacity backed by a strong reinsurer panel, and assist in the strategic direction of Joyn, helping to shape its growth trajectory.
Initially operating as a managing general agency, Joyn will be focused on the "underserved" needs of businesses looking for risk transfer solutions in the $100 billion US SME market. The company promises to deliver a "one-of-a-kind commercial insurance experience" and underwrite excess and surplus (E&S) products in six industry verticals.
SiriusPoint launched earlier this year with more than $3 billion in capital, through the merger of Bermuda-based specialty reinsurer Third Point Re and multi-line re/insurer Sirius Group.
“ SiriusPoint has the playbook to create and scale tech-driven insurance businesses. We can deploy the fullness of our platform and services such as multi-year reinsurance terms, product expertise and paper, to support insurtechs in the path to creating long-term sustainable enterprise value,” said Sankaran, chief executive officer and chairman of SiriusPoint.
Prashanth Gangu, SiriusPoint president, insurance and services, added: “The small and lower middle US commercial insurance market is underserved, ripe for disruption and ready to apply tech and data to eliminate the current inefficiencies brokers face. We are delighted to partner with Joyn to provide investment, paper, balance sheet support and expertise to launch a unique experience in the marketplace. I’m really excited by the technology platform that Joyn has built which has a lot of value for brokers and underwriters.”
Joyn founder and CEO Seraina Macia commented: “With the launch of Joyn, we are removing the pain points and operational inefficiencies experienced by commercial insurance brokers and underwriters. Our technology and data services provide Joyn underwriters the opportunity to deliver quotes when they are needed, real-time rating and policies at bind, and deep insights into the risks and insured needs. We can think of no better partner in this mission than SiriusPoint - with their partnership, we are taking an old, painful, and operationally expensive process and turning it into a joyful one.”
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