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 SiriusPoint Announces Strategic Partnership with Digital Rent Deposit Insurance MGA Garentii

06/08/2022

HAMILTON, Bermuda. June 8, 2022 -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, has announced a strategic partnership with Garentii, a tech-enabled Managing General Agent (MGA) providing digital home rental insurance. As part of the partnership, SiriusPoint will provide risk advisory services along with paper and balance sheet. The partnership builds on the growing number of companies in SiriusPoint's MGA and insurance services portfolio, and is the second partnership outside the North American and Bermuda business.

Garentii is a Munich-based insurtech/proptech startup. The company offers renters a flexible alternative to security deposits, while streamlining operations, boosting occupancy, and reducing management costs for real estate landlords. Instead of three months' rent as a cash deposit, Garentii offers renters an insurance policy for a monthly fee, which starts at three euros. 

The company aims to rapidly scale its offering through its business to business to consumer model, to provide renters with the flexibility they are increasingly seeking in the changing economic climate. 

“Germany is the largest rental market in Europe,” said Bobby Heerasing, Head of International Strategic Business Development, at SiriusPoint. “The country has 49 million renters, and 9-10 million of those move every year – resulting in around EUR 35 billion of residential cash deposits trapped. Garentii’s compelling product has terrific room for growth, both within Germany and into other European countries.”

“Paying a cash deposit is one of the most inefficient uses of capital for renters and an admin burden for landlords. At Garentii, we have built an embedded insurance solution that creates value for both parties,” said Michael Hazoume, Garentii’s Co-Founder and Chief Executive Officer. “Having the backing of SiriusPoint, which seeks out and supports entrepreneurial thinking, is a great asset to our company. We are looking forward to moving quickly and building a dynamic insurance product in the European real estate market.” 

“We are very pleased to be partnering with Garentii and to add a second MGA to our International portfolio,” said Patrick Charles, Global Head of Property and Casualty (P&C) Insurance & Services, at SiriusPoint. “There are some compelling opportunities in the international market. By working with partners like Garentii, who are addressing coverage gaps and innovating in the insurance space, we believe we can make an impact on the market and benefit our partners, the end user, and our business, all at the same time.”

About Garentii

Founded in Munich in 2021, Garentii offers an easy, modern all-in-one tool that simplifies the security deposit management for landlords and makes renting affordable and accessible for renters. Garentii was founded by finance specialist Michael Hazoume (CEO), real estate expert Dennis Stern (CBDO) and software expert Vitaliy Zhovtyuk (CTO). https://garentii.com/

About SiriusPoint

SiriusPoint is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices in New York, London, Stockholm and other locations around the world, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and technology-driven insurance services companies within our Insurance & Services division. 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.

Contacts

Investor Relations

Clare Kerrigan, SiriusPoint

clare.kerrigan@siriuspt.com

+44 7970695959

Media

Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011

Forward-Looking Statements

We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws. 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. SiriusPoint is also subject to risks and uncertainties in connection with its ordinary course business, including 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; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; 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 Annual Report on Form 10-K for the period ended December 31, 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.


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Source: SiriusPoint Ltd.

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