HAMILTON, Bermuda. September 21, 2022 -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, and Insurate Inc, a newly launched Managing General Agent (MGA) specializing in workers’ compensation insurance, have announced a strategic partnership.
Insurate is focused on small and mid-sized US industrial businesses with an established culture of safety. The start-up uses analytics and data science to offer more affordable workers’ compensation premiums to safer-than-average companies operating in medium to high-hazard industries such as manufacturing, transportation, energy and construction.
Insurate provides more accurate insights into a company’s risk profile by complementing standard underwriting tools and processes with additional granular safety and operational data not currently used in the evaluation of industrial risk. The start-up’s proprietary Safe-Tier algorithm identifies a company’s underlying risk profile and rewards companies evidencing a strong safety culture with more attractive insurance costs.
SiriusPoint will provide capacity and collaborate with Insurate in underwriting and developing insurance products in the workers’ compensation medium to high-hazard space.
“Insurate’s data driven approach to highly specialized workers’ compensation, its experienced management team, and market-leading underwriting make this partnership an excellent fit for SiriusPoint,” said Patrick Charles, Global Head of Property and Casualty Insurance Services, at SiriusPoint. “We see great potential to better support high quality companies in a misunderstood and underserved portion of the workers’ compensation insurance space through this partnership. Given the significant fragmentation in the medium to high hazard workers’ compensation landscape, we believe that Insurate has the product, team and value proposition to be a market leader in this sector. We look forward to working with them.”
“We are thrilled to be working with SiriusPoint,” said Joe McILhon, Founder and Chief Executive Officer of Insurate. “The Company’s underwriting and MGA incubation expertise will allow us to capitalize on our data-driven business model to deliver superior workers’ comp cover to our clients. With backing from SiriusPoint, we are executing on our mission to reinvent workers’ comp as we know it.”
McILhon is a Chartered Property Casualty Underwriter (CPCU) and has been a licensed Property/Casualty and Life/Health agent and consultant for nearly two decades. Fellow founder and President Scott Weller has 25 years’ experience in executive management and start-up leadership roles, including corporate development, sales, marketing and general operations, and he was President of intellectual property licensing firm Radian Labs before joining Insurate. The third founder, Chief Financial Officer Hossein Mousavi, has almost 30 years’ experience of leading successful projects from start to completion. Prior to joining Insurate, he was Managing Partner of an aerospace investment firm and CEO of leading US telecommunications company Cequint.
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 - SiriusPoint
Investor Relations
Clare Kerrigan, SiriusPoint
[email protected]
+44 7970695959
Media
Sarah Hills, Rein4ce
[email protected]
+44 7718882011
About Insurate
Insurate is an insurtech MGA leveraging data science and analytics to identify businesses that are safer than the industry averages, providing workers’ compensation savings to companies with a dedicated culture of safety. Insurate doesn’t underwrite “what” you do, rather “how” you do it. Safe companies in Georgia, Illinois, Missouri and a growing roster of states are eligible for immediate workers’ compensation savings opportunities through independent insurance agents. For more information, please visit www.insurate.com
Contacts - Insurate
Josh Glasstetter, Insurate
[email protected]
+1 2029052921
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.