7 July 2021News

SiriusPoint partners with Joyn to shake up US SME insurance market

SiriusPoint has entered a strategic insurance partnership with, and made an investment in, insurtech company Joyn Insurance.

Joyn began underwriting on July 1, 2021 and is partnering with SiriusPoint, which launched in early 2021 with more than $3 billion in capital, in a venture to transform small and mid-market US commercial insurance through digital technology, data analytics and automation.

SiriusPoint will be a founding investor in the venture, providing insurance capacity backed by its reinsurer panel. It will also assist in the strategic direction of Joyn, helping to shape its growth trajectory.

Joyn is led by founder and chief executive officer (CEO) Seraina Macia. It will initially operate as a managing general agency (MGA) and will focus on the underserved needs of businesses looking for risk transfer solutions in the $100 billion US small and medium sized enterprise (SME) market. It will underwrite excess and surplus (E&S) products in six industry verticals.

Macia said Joyn will remove the pain points and operational inefficiencies experienced by commercial insurance brokers and underwriters. "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,” she said.

Sid Sankaran, CEO and chairman at SiriusPoint, said: "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.”

He added: "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.”

Prashanth Gangu, president of insurance and services at SiriusPoint, said: "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.”