Joyn Secures Investment From SiriusPoint
Joyn Insurance today [July 6] announced a “strategic insurance partnership and investment” from SiriusPoint Ltd.
A spokesperson said, “The businesses will work together to transform small and mid-market US commercial insurance through digital technology, data analytics, and automation.
“Initially operating as a Managing General Agency [“MGA”], Joyn will be focused on the underserved needs of businesses looking for risk transfer solutions in the $100B U.S. SME market. The company will deliver a one-of-a-kind commercial insurance experience and underwrite Excess and Surplus [“E&S”] products in six industry verticals.
“Joyn, which began underwriting on July 1, 2021, is partnering in the venture with SiriusPoint, a top 20 global re/insurer which launched earlier this year with more than $3bn in capital. Leading Joyn and its team of technology and insurance experts is founder and CEO Seraina Macia.”
“With the launch of Joyn, we are removing the pain points and operational inefficiencies experienced by commercial insurance brokers and underwriters,” said Seraina.
“Our technology and data services provide Joyn underwriters the opportunity to deliver quotes when they are needed, real-time rating and policies at bind, and deep insights into the risks and insured needs. We can think of no better partner in this mission than SiriusPoint – with their partnership, we are taking an old, painful, and operationally expensive process and turning it into a joyful one.”
SiriusPoint will be a founding investor in the venture, providing insurance capacity backed by a strong reinsurer panel. SiriusPoint will also assist in the strategic direction of Joyn, helping to shape its growth trajectory.
“SiriusPoint has the playbook to create and scale tech-driven insurance businesses. We can deploy the fullness of our platform and services such as multi-year reinsurance terms, product expertise and paper, to support insurtechs in the path to creating long-term sustainable enterprise value” said Sid Sankaran, Chief Executive Officer and Chairman, SiriusPoint.
“Joyn’s tech enabled approach, underwriting-first mindset, and the team’s obsession with resolving long-standing pain points for brokers and customers align perfectly with our vision for how to bring about change in the marketplace. We are excited to partner with them on this first of its kind offering.”
Prashanth Gangu, SiriusPoint President, Insurance and Services, commented: “The small and lower middle US commercial insurance market is underserved, ripe for disruption and ready to apply tech and data to eliminate the current inefficiencies brokers face.
“We are delighted to partner with Joyn to provide investment, paper, balance sheet support and expertise to launch a unique experience in the marketplace. I’m really excited by the technology platform that Joyn has built which has a lot of value for brokers and underwriters.”
