SiriusPoint and Insurate announce partnership
SiriusPoint, the Bermuda-headquartered insurer and reinsurer, and Insurate, a newly launched managing general agent (MGA) specialising in workers’ compensation insurance, have announced a strategic partnership.
SiriusPoint will provide capacity and collaborate with Insurate in underwriting and developing insurance products in the workers’ compensation medium to high-hazard space.
Insurate is focused on small and mid-sized US industrial businesses with an established culture of safety. The start-up uses analytics and data science to offer more affordable workers’ compensation premiums to safer-than-average companies operating in medium to high-hazard industries such as manufacturing, transportation, energy and construction.
SiriusPoint said Insurate provides “more accurate insights” into a company’s risk profile by complementing standard underwriting tools and processes with additional granular safety and operational data not currently used in the evaluation of industrial risk. The start-up’s proprietary Safe-Tier algorithm identifies a company’s underlying risk profile and rewards companies evidencing a strong safety culture with more attractive insurance costs.
Patrick Charles, global head of property and casualty insurance services at SiriusPoint, said: “We see great potential to better support high quality companies in a misunderstood and underserved portion of the workers’ compensation insurance space through this partnership. Given the significant fragmentation in the medium to high hazard workers’ compensation landscape, we believe that Insurate has the product, team and value proposition to be a market leader in this sector. We look forward to working with them.”
Joe McILhon, founder and chief executive officer of Insurate, added: “SiriusPoint’s underwriting and MGA incubation expertise will allow us to capitalise on our data-driven business model to deliver superior workers’ comp cover to our clients. With backing from SiriusPoint, we are executing on our mission to reinvent workers’ comp as we know it.”
McILhon is a Chartered Property Casualty Underwriter (CPCU) and has been a licensed Property/Casualty and Life/Health agent and consultant for nearly two decades. Fellow founder and president Scott Weller has 25 years’ experience in executive management and start-up leadership roles, including corporate development, sales, marketing and general operations, and he was president of intellectual property licensing firm Radian Labs before joining Insurate. The third founder, chief financial officer Hossein Mousavi, has almost 30 years’ experience of leading successful projects from start to completion. Prior to joining Insurate, he was managing partner of an aerospace investment firm and CEO of leading US telecommunications company Cequint.