Hamilton, Bermuda, June 1, 2022 - SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, has announced its investment in Samos Insurance, a US and Canadian MGA platform which offers a first-of-its-kind accidental death insurance product. The product covers planned surgical procedures including scheduled caesarean sections, joint replacements, heart surgery and cancer diagnostic procedures.
Samos specialises in risk management solutions and Accident Death and Dismemberment (AD&D) insurance, which is a policy that pays out on the accidental death of the insured and is often added to a health insurance policy. Samos was founded as the first ‘on-demand’ AD&D product for elective surgeries in the US and Canada.
Samos Founder and Chief Executive Officer Eric Blondeel identified a gap in the market when he underwent his own surgery and realised that, having just left his job, he was no longer covered by the group, life, or AD&D benefits of his previous company. Samos was established to create a quick and cost-effective way to provide insurance in the case of accidental death while undergoing surgery.
The policies will be distributed through urgent care and hospitals in Canada and the US for the accident-based product, and the insurance will cover those in care from admission to discharge.
“Samos is responding to a gap in the Accident & Health market which urgently needs addressing,” said Tom Leonardo, US Head of Accident & Health, SiriusPoint. “The company offers a tech-based insurance and risk management product that deals with a real problem faced by many people going into hospital."
Prashanth Gangu, SiriusPoint’s Chief Operating Officer and President, Insurance & Services, commented: "Samos is a technology based MGA which launched with a unique and client-focused product. This kind of pioneering, solution-based insurance is a perfect fit for SiriusPoint’s partnership and investment profile. We are very pleased to add them to our growing portfolio of innovative partners.”
Eric Blondeel said: “We are delighted to have SiriusPoint as an investor. They will be able to support the company and help direct the product and the process – getting our services to the people that need it the most. SiriusPoint will be fundamental in our growth process.”
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.