SiriusPoint Announces Investment in Smart Car Revolution with MGA Avinew

May 10, 2022

HAMILTON, Bermuda, May 10, 2022 -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global insurer and reinsurer, has announced its investment in autonomous vehicle revolution technology through a strategic partnership with the Managing General Agent (MGA) Avinew.

Avinew, which was set up in 2016, is an underwriting platform that can directly underwrite and appropriately price for semi-autonomous and autonomous motor usage. The insurance product covers AI-enabled vehicles and is looking to plug the knowledge gap in the market caused by a lack of ability to understand and track autonomous automobile usage.

“Avinew has the potential to be a disruptive force in the automotive insurance market and for us, represents meaningful strategic value,” said Darryl Siry, CTO at SiriusPoint. “The autonomous revolution has already begun as one in three new cars sold will soon have Level 2 plus autonomous driving capability which amounts to over six million vehicles in the US market by 2024. We are delighted to be part of that revolution through our partnership with Avinew.”

SiriusPoint, through its Insurance & Services Division, has strategic partnerships with over 30 MGAs and technology enabled insurance services companies. SiriusPoint will offer fronting services, reinsurance, and strategic advice to Avinew, and the investment will allow Avinew to grow its product offering and develop its technology to gain market share.

“Avinew understands the need for cooperation between insurers and the Original Equipment Manufacturers (OEMs),” said Josh Curry, Head of North America Distribution, SiriusPoint. “Avinew is embedding the insurance underwriting, pricing, and overall insurance customer experience directly with the OEMs. This collaboration allows for an insurance program that is seamless at digital point-of-sale and directly tailored to the specifics of the manufactured vehicle, its safety features, target market demographics and the parts and repair journey.”

Avinew has built a deep and experienced executive team with roots in insurance, technology, and starting companies.

“SiriusPoint for us offers more than just investment – it gives us expertise in insurance and technology, experience and knowledge,” said Dan Peate, Founder and Chief Executive Officer of Avinew, who has twenty years of insurance experience spanning Fortune 50 companies and Insurtech. “This is an exceptional opportunity for us to grow and flourish and allow Avinew to become the preferred partner in this space – giving better, seamless customer experiences and the right coverage for AI-enabled vehicles.”

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.

SiriusPoint Contacts

Investor Relations

Clare Kerrigan, SiriusPoint
clare.kerrigan@siriuspt.com
+44 7970695959

Media

Mairi Mallon, Rein4ce
mairi.mallon@rein4ce.co.uk
+44 7843 076 533

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 with respect to the potential incease in Avinew’s marketshare and development of Avinew’s technology and product line. 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.