SiriusPoint backs Avinew

Global insurer SiriusPoint has invested in MGA Avinew , SiriusPoint said it will offer fronting services, reinsurance, and strategic advice to Avinew, and the investment will allow Avinew to grow its product offering and develop its technology to gain market share.

Founded in 2016, Avinew claims it develops an underwriting platform to price semi-autonomous and autonomous car usage. “The insurance product covers AI-enabled vehicles and is looking to plug the knowledge gap in the market caused by a lack of ability to understand and track autonomous automobile usage.”

Underwriting full-blown autonomous vehicles is still a pie in the sky and underwriting semi-autonomous vehicles isn’t new. Other players in the space include Mobilitas which recently partnered with self-driving company Cruise, Koop Technologies which offers an API-powered insurance platform for autonomous vehicle risks, and then there’s the now inactive byteRyde.

“SiriusPoint for us offers more than just investment – it gives us expertise in insurance and technology, experience and knowledge. This is an exceptional opportunity for us to grow and flourish and allow Avinew to become the preferred partner in this space – giving better, seamless customer experiences and the right coverage for AI-enabled vehicles.” – Dan Peate, Founder and Chief Executive Officer of Avinew.

Bottom Line: It’s been a long time coming.