NEW YORK, July 6, 2021 /PRNewswire/ -- Insurance
technology company Joyn Insurance today announced a strategic
insurance partnership and investment from insurance and reinsurance
company SiriusPoint Ltd. The businesses will work together to
transform small and mid-market US commercial insurance through
digital technology, data analytics, and automation.
Initially operating as a Managing General Agency ("MGA"), Joyn
will be focused on the underserved needs of businesses looking for
risk transfer solutions in the $100B
U.S. SME market. The company will deliver a one-of-a-kind
commercial insurance experience and underwrite Excess and Surplus
("E&S") products in six industry verticals.
Joyn, which began underwriting on July 1,
2021, is partnering in the venture with SiriusPoint, a top
20 global re/insurer which launched earlier this year with more
than $3bn in capital.
Leading Joyn and its team of technology and insurance
experts is founder and CEO Seraina
Macia.
"With the launch of Joyn, we are removing the pain points and
operational inefficiencies experienced by commercial insurance
brokers and underwriters," said Macia. "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."
SiriusPoint will be a founding investor in the venture,
providing insurance capacity backed by a strong reinsurer panel.
SiriusPoint will also assist in the strategic direction of Joyn,
helping to shape its growth trajectory.
"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," said Sid
Sankaran, Chief Executive Officer and Chairman, SiriusPoint.
"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."
Prashanth Gangu, SiriusPoint
President, Insurance and Services, commented: "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."
About Joyn
Joyn Insurance Services Inc. is a newly formed Delaware-domiciled, licensed producer and
general agent that operates under its "Joyn"SM and "Joyn
Insurance"SM brands. Joyn is an insurtech
enterprise that will be underwriting commercial insurance in the
small and middle markets. Joyn is powered by technology, data and
expertise to deliver a transparent and trusted experience to
brokers and customers. For more information, please visit
www.joyninsurance.com
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a top 20 global insurer and
reinsurer providing solutions to clients and brokers in almost 150
countries. Bermuda-headquartered
with offices around the world, we are listed on the New York Stock
Exchange (SPNT). We write a global portfolio of Accident and
Health, Specialty, Property and Runoff, combining data and creative
thinking to underwrite risks with skill and discipline. With over
$3 billion total capital,
SiriusPoint's operating companies have a financial strength rating
of A- (Excellent) from AM Best, S&P and Fitch. For more
information, please visit www.siriuspt.com
Forward-Looking Statements
We make statements in this report that are forward-looking
statements within the meaning of the federal securities laws,
including the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements about
SiriusPoint Ltd.'s ("SiriusPoint") intentions to become a
tech-enabled (re)insurer, drive disruptive change in the industry,
build a modern technology and operating platform and maximize the
value of SiriusPoint's insurtech partnerships and investments. The
forward-looking statements are based on the current expectations of
the management of SiriusPoint and speak only as of the date of this
document and are subject to significant risks and uncertainties
outside of our control. You can identify forward-looking statements
by the use of forward-looking terminology such as "plan,"
"believe," "expect," "anticipate," "intend," "outlook," "estimate,"
"forecast," "project," "target," "continue," "could," "may,"
"might," "will," "possible," "potential," "predict," "should,"
"would," "seeks," "likely," and other similar words and
expressions, but the absence of these words does not mean that a
statement is not forward-looking. Among the risks and uncertainties
that could cause actual results to differ from those described in
the forward-looking statements are the following: fluctuation in
the results of operations; pandemic or other catastrophic event,
such as the ongoing COVID-19 outbreak; the costs, expense and
difficulties of the integration of the operations of Third Point
Reinsurance Ltd. and Sirius International Insurance Group, Ltd.;
loss and loss adjustment expense reserves may be inadequate to
cover SiriusPoint's ultimate liability for losses and as a result
its financial results could be adversely affected; SiriusPoint's
investment portfolio may suffer reduced returns or losses; adverse
changes in interest rates, foreign currency exchange rates, equity
markets, debt markets or market volatility could result in
significant losses to SiriusPoint's investment portfolio; legal
restrictions on certain of SiriusPoint's insurance and reinsurance
subsidiaries' ability to pay dividends and other distributions to
SiriusPoint; SiriusPoint has significant deferred tax assets, which
may become devalued if either SiriusPoint does not generate
sufficient future taxable income or applicable corporate tax rates
are reduced; lack of availability of capital; future strategic
transactions such as acquisitions, dispositions, mergers or joint
venture; technology breaches; SiriusPoint's lack of control over
the TP Fund and the allocation and performance of TP Fund's
investment portfolio; SiriusPoint's dependence on Third Point LLC
to implement TP Fund's investment strategy; and Arcadian Risk
Capital Ltd.'s ability to, and success at, writing the business
indicated, its expansion plans and the Company's ability to place
quota share reinsurance on the portfolio. Discussions of additional
risks and uncertainties are contained in SiriusPoint's filings with
the Securities and Exchange Commission (the "SEC"), including risks
identified in SiriusPoint's (f/k/a Third Point Reinsurance Ltd.)
Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the
SEC. Should one or more of these risks or uncertainties
materialize, or should any of the assumptions made by the
management of SiriusPoint prove incorrect, actual results may vary
in material respects from those projected in these forward-looking
statements. Except as required by applicable law or regulation, we
disclaim any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, or new information, data or methods, future
events or other circumstances after the date of this report.
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SOURCE Joyn Insurance