SiriusPoint invests in Samos Insurance

SiriusPoint 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 was established to create a quick and cost-effective way to provide insurance in the case of accidental death while undergoing surgery. It 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, SiriusPoint said, adding that Eric Blondeel, founder and chief executive officer of Samos, had 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 is responding to a gap in the accident and health market which urgently needs addressing,” said Tom Leonardo, US head of accident and health at 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."

Blondeel added: “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.”

The size of the investment was not disclosed.