Investment further enhances PolicyMe’s platform by providing growth capital
New York, NY, US. December 21, 2021 – SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, has announced a strategic investment in PolicyMe, Corp. (“PolicyMe”), a digital life insurance provider specializing in Canadian individual term life insurance.
PolicyMe aims to modernize and improve the process of buying life insurance with streamlined customer experience including automated underwriting. SiriusPoint’s strategic investment will support the development of PolicyMe’s product offering and allow the life insurer to take advantage of the growing Canadian life insurance market, including expansion into critical illness, non-medical life, travel, individual health and benefit, and group health and benefit business lines. The transaction provides SiriusPoint with direct access to the life (re)insurance market in Canada.
“We are delighted to partner with PolicyMe – a company that has shown strong innovation, growth and market traction to date,” said Prashanth Gangu, SiriusPoint’s Chief Operating Officer and President, Insurance and Services. “The Canadian life insurance market is ripe for disruption. Life insurance sales in the country have seen a dramatic rise since the onset of COVID-19, with 24% of uninsured adults reportedly purchasing, or considering purchasing, life insurance, since the onset of the pandemic. We believe PolicyMe is perfectly positioned to take advantage of this rise in demand and we look forward to working with the team to create new products and solutions for the Canadian marketplace.”
“We are very excited to have SiriusPoint join our team of investors,” said Andrew Ostro, Chief Executive Officer and Co-founder, PolicyMe. “Access to SiriusPoint’s insurance and reinsurance capabilities, and collaboration with their team on future products and solutions makes this a valuable partnership as we continue our growth in the Canadian market. The investment will be used to accelerate our marketing plans and continue innovating on our product suite.”
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About PolicyMe
PolicyMe is a digital provider of life insurance intended to make the purchasing process more transparent, customized, affordable, and convenient for everyone. The company allows users to get personalized advice, compare life insurance quotes and buy life insurance online, enabling them to make well-informed decisions on their life insurance policies. PolicyMe’s platform allows for automatic review and approval during its streamlined application process, which takes a matter of minutes as opposed to weeks. For more information, please visit www.PolicyMe.com.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Specialty, Property and Runoff, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital, SiriusPoint's operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
SiriusPoint Forward-Looking Statements
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws including the development of new products and solutions for the Canadian marketplace. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.
Contacts
PolicyMe, Investor Relations
Will Bradley
will.bradley@policyme.com
SiriusPoint, Investor Relations
Clare Kerrigan
Clare.kerrigan@siriuspt.com
SiriusPoint, Media
Sarah Hills
Rein4ce
Sara.hills@rein4ce.co.uk