SiriusPoint Announces Investment and Partnership with Tech Company Broker Buddha

Hamilton, BERMUDA, April 28 2022. SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a global insurer and reinsurer, has announced a partnership with commercial insurance technology company Broker Buddha, a platform which simplifies submissions for industry leading brokers and enhances their clients' experience.

Broker Buddha's tech platform aims to transform the commercial insurance market by simplifying the application and renewal processes for insureds, brokers, and carriers. It offers an interactive smart form library with over 10,000 smart forms, and supports the renewal process by highlighting exposure fields and showing prior year values, as well as comparing data across submissions.As a result, agents can be more efficient, create a better experience for their clients, and enable submissions of a much higher quality for carriers.

SiriusPoint led the five million dollar investment round which will enable Broker Buddha to increase sales capacity, enhance the product, develop new offerings, and accelerate the company into a new phase of growth and expansion. As part of the partnership, Darryl Siry, Chief Technology Officer for SiriusPoint, will join the Broker Buddha board.

"We are excited to be partnering with the Broker Buddha team" said Darryl. "They solve a very real problem of facilitating the completion of complex insurance applications between agents and the end customer. The team has a very strong product vision and deep technology expertise which will expand their market opportunities as they continue to grow the core product."

"While many insuretechs focus on solving the problem of submission management for carriers, Broker Buddha is focused on enhancing the efficiency of the independent agent and their customers" he added. "The value of the product is self-evident in revenue retention ratios higher than 100% year over year. Similar to DropBox's early growth, gaining initial adoption with an agent inevitably leads to growth within the agency as people experience the product."

Broker Buddha was set up in 2017 and received Seed funding from Vertex Ventures US in 2019. The company currently has over 100 agencies as clients and its technology replaces email, fax, PDFs, and spreadsheets, resolving inefficiencies for agents and carriers caused by issues such as inaccurate and incomplete submissions.

"Having a key player in the industry like SiriusPoint invest in Broker Buddha is amazing for us," said Jason Keck, Chief Executive Officer of Broker Buddha. "Its partnership and investment experience in insurtechs is unrivaled and provides an exceptional opportunity for us to progress and grow."

ENDS

About SiriusPoint

SiriusPoint is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices in New York, London, Stockholm and other locations around the world, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and technology-driven insurance services companies within our Insurance & Services segment. 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.

Contacts

Investor Relations

Clare Kerrigan, SiriusPoint
[email protected]
+44 7970695959

Media

Mairi Mallon, Rein4ce
[email protected]
+44 7843 076 533

About Broker Buddha

Broker Buddha is a technology platform transforming the commercial insurance submission process for insurance agencies and their clients. For more information, visit https://www.brokerbuddha.com/

Contact

Forward-Looking Statements

We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. SiriusPoint is also subject to risks and uncertainties in connection with its ordinary course business, including the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving retuon investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint's Annual Report on Form 10-K for the period ended December 31, 2021. 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.

Attachments

• Original Link
• Original Document
• Permalink

Disclaimer

SiriusPoint Ltd. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 14:24:14 UTC.