SiriusPoint partners with online startup insurance broker Vouch
Speciality insurer and reinsurer SiriusPoint has partnered with startup insurance specialist Vouch Insurance. SiriusPoint will provide underwriting capacity and has invested in the business’s $60 million Series C funding round.
Vouch offers a fully digital platform, providing tailored property and casualty coverage to startups in minutes. Covers include business property, general liability, directors and officers, employment practice liability and cyber coverage. It also offers a new “work from anywhere” policy launched in response to a rise in remote working due to the pandemic.
Vouch intends to invest in technical capabilities, build embedded insurance with its partners, and create a seamless experience for its clients with the new funding.
The San Francisco-based business has raised $160m since its 2018 inception. The latest funding round values the company at $550m. It now has more than 1,600 customers and covers $5.7 billion of risk across its policies, Vouch told reporters.
Prashanth Gangu, chief operating officer and president for insurance and services at SiriusPoint, said: “Startups play a critical role in the U.S. economy, and traditional insurers have struggled to underwrite these risks and offer solutions to meet the ever-changing needs in this space. We are delighted to support Vouch in providing comprehensive business insurance solutions to the startup sector.”
“We welcome Vouch to our growing portfolio of technology and customer-focused partnerships driving disruptive change in the Insurance industry”.
