New Insurtech investment by SiriusPoint


New Insurtech investment by SiriusPoint

Prashanth Gangu, COO, SiriusPoint

SiriusPoint has invested in Honeycomb, a tech-driven commercial real estate insurance business focused on multi-family property owners, including apartment building owners and condominium associations. Customers can use their mobile phones to conduct a virtual property inspection by taking photos of internal and external property features to receive immediate, bindable quotes.

With the new investment round, the business has raised $19 million to date. Under the deal, SiriusPoint will be its lead underwriting capacity provider. It follows yesterday’s announcement of the re/insurers investment in crypto technology business Lukka. 

SiriusPont has now invested in over 20 insurtech companies.

 “Honeycomb is an excellent fit for SiriusPoint’s growing partnership portfolio,” said Prashanth Gangu, chief operating officer and president of insurance and services at SiriusPoint. 

“The Honeycomb team are taking a disruptive and entrepreneurial approach to addressing customer needs in multi-family property insurance – entering a ‘no man’s land’ for the traditional insurance industry. This is a market that is currently underserved. Commercial multi-family properties are places where many people live, work and visit and have specific insurance needs for their owners. It’s seen as too complex a risk by some insurers, or too niche by others, leaving a gap in insurance that needs to be filled.”

 “It is good news for both the consumer and the insurance company,” said Patrick Charles, Head of Americas Property and Casualty (P&C) Insurance at SiriusPoint. “The speed and convenience of the underwriting process is the main hook for customers, and the virtual inspection process should significantly reduce underwriting expenses. The collected data also allows Honeycomb to differentiate properties, reward better quality risks with unique discounts, and continuously improve its underwriting engine.”

insurance, SiriusPoint, property, underwriting, investment, Re/insurer, North America

Bermuda Re