SiriusPoint backs startup-focussed platform to drive 'disruptive change'
Global specialty re/insurer SiriusPoint has invested in a fully-digital business insurance platform for startups that it believes is poised to drive a "disruptive change" in the insurance industry.
SiriusPoint has formed a strategic partnership with Vouch Insurance, that will see the re/insurer provide multi-year underwriting capacity and invest in the company’s Series C funding round.
Vouch describes itself as a new kind of insurance platform for startups, offering fully-digital, tailored coverage that takes minutes to activate. The company provides comprehensive property and casualty (P&C) insurance to meet the unique and fast changing needs of startups.
Vouch’s coverages include business property, general liability, directors & officers, employment practice liability, cyber coverage and a new “Work from Anywhere” policy launched in response to new working practices created by the pandemic.
Vouch said the capital raise will enable it to invest in technical capabilities, build embedded insurance with its partners and create a seamless experience for their clients.
“Multi-year underwriting capacity and investment from a company such as SiriusPoint is a key factor in our plans to scale up. It will allow us and our talented and driven team to grow our market position significantly,” said Sam Hodges, chief executive and co-founder of Vouch.
Prashanth Gangu (pictured), chief operating officer and president of insurance and services at SiriusPoint, said: “Startups play a critical role in the U.S. economy and traditional insurers have struggled to underwrite these risks and offer solutions to meet the ever-changing needs in this space. We are delighted to support Vouch in providing comprehensive business insurance solutions to the startup sector. We welcome Vouch to our growing portfolio of technology and customer focused partnerships driving disruptive change in the Insurance industry.”
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