SiriusPoint backs tech-based MGA to plug gap in accident & health market
Global specialty re/insurer SiriusPoint has invested in a US and Canadian MGA platform that offer what it claims is a “first-of-its-kind” on-demand insurance cover designed to fill a gap in the accident & health market.
Samos was founded as the “first” on-demand accident death and dismemberment (AD&D) insurance product for elective surgeries in the US and Canada.
The product covers planned surgical procedures including scheduled caesarean sections, joint replacements, heart surgery and cancer diagnostic procedures
The policies will be distributed through urgent care and hospitals in Canada and the US for the accident-based product, and the insurance will cover those in care from admission to discharge.
Samos founder and chief executive officer Eric Blondeel said he “identified a gap in the market” when he underwent his own surgery and realised that, having just left his job, he was no longer covered by the group, life, or AD&D benefits of his previous company. Samos was established “to create a quick and cost-effective way to provide insurance in the case of accidental death while undergoing surgery,” he said.
Tom Leonardo, US head of accident & health at SiriusPoint, added: “Samos is responding to a gap in the Accident & Health market which urgently needs addressing. The company offers a tech-based insurance and risk management product that deals with a real problem faced by many people going into hospital."
Prashanth Gangu (pictured), SiriusPoint's chief operating officer, and president, Insurance & Services, commented: “Samos is a technology-based MGA which launched with a unique and client-focused product. This kind of pioneering, solution-based insurance is a perfect fit for SiriusPoint's partnership and investment profile. We are very pleased to add them to our growing portfolio of innovative partners.”
Blondeel said: “We are delighted to have SiriusPoint as an investor. They will be able to support the company and help direct the product and the process – getting our services to the people that need it the most. SiriusPoint will be fundamental in our growth process.”
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