Global insurer SiriusPoint has stepped up efforts to digitalise the small and mid-market commercial insurance sector by investing in InsurTech Joyn Insurance.
The value of the investment has not been disclosed.
The firms will leverage digital technology, data analytics, and automation to aid small and mid-market commercial insurance in the US.
Joyn Insurance will initially operate as a managing general agent (MGA) with its focus on underserved requirements of businesses seeking risk transfer solutions. The insurer will deliver commercial insurance solutions and underwrite excess and surplus (E&S) products in six industry verticals.
SiriusPoint CEO and chairman Sid Sankaran said: “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.”
Joyn Insurance founder and CEO Seraina Macia said: “With the launch of Joyn, we are removing the pain points and operational inefficiencies experienced by commercial insurance brokers and underwriters.
“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.”
Joyn Insurance began underwriting on 1 July 2021, while SiriusPoint was launched with more than $3bn in initial capital earlier this year.
The company was formed following the merger of Third Point Reinsurance and Sirius International Insurance Group in a $788m cash-and-stock transaction.
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