Insurtech Joyn Insurance Secures Insurance Partnership and Investment from SiriusPoint Ltd.

PR Newswire

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.