SiriusPoint backs Joyn Insurance
New York-based provider of commercial insurance for small and middle-market risks Joyn Insurance announced a partnership and investment from insurance and reinsurance company SiriusPoint .
Initially operating as a MGA, Joyn will be focused on the underserved needs of businesses looking for risk transfer solutions in the $100B US SME market. The company will underwrite Excess and Surplus (“E&S”) products in six industry verticals.
“With the launch of Joyn, we are removing 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. We can think of no better partner in this mission than SiriusPoint—with their partnership, we are taking an old, painful, and operationally expensive process and turning it into a joyful one.” – Seraina Macia, Founder and CEO, Joyn Insurance.
“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. 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. We are excited to partner with them on this first of its kind offering.” – Sid Sankaran, Chief Executive Officer and Chairman, SiriusPoint.
“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. We are delighted to partner with Joyn to provide investment, paper, balance sheet support and expertise to launch a unique experience in the marketplace. I’m really excited by the technology platform that Joyn has built which has a lot of value for brokers and underwriters.” – Prashanth Gangu, SiriusPoint President, Insurance and Services.
