SiriusPoint Announces Strategic Partnership with Nirvana Insurance

HAMILTON, Bermuda. December 12, 2023 - SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a global specialty insurer and reinsurer, and Nirvana Insurance ("Nirvana"), an AI and Technology-powered insurance provider specializing in US commercial auto insurance, have today announced a new strategic partnership.

Since launching in 2022, San Francisco-based Nirvana has changed how fleets with 10 or more power units buy insurance by leveraging telematics data to pass savings of up to 20% to fleets based on safety. Backed by SiriusPoint paper, Nirvana is expanding its offering with a new non-fleet program, designed for fleets with fewer than 10 power units.

Patrick Charles, Head of North America Insurance at SiriusPoint, said: "We have been providing capacity to Nirvana since January 2022, so we were already familiar with its capabilities. During our working relationship, Nirvana has proven to be a high-quality underwriter of risk and demonstrated how the thoughtful use of telematics can better align driver behavior with underwriting risk. We believe Nirvana's business model is promising and its offering ties into our purpose of providing security and resilience to those we work with."

By collecting billions of data points from sensors and internet-of-things (IoT) devices within trucks, Nirvana tailors its rates to individual fleets. Fleets also have access to Nirvana's Safety Platform which aggregates safety data, along with artificial intelligence (AI)-powered safety insights to help them improve safety year-round.

"Our fleet program launched in January 2022 and has unbelievable traction," said Rushil Goel, Co-Founder and Chief Executive Officer of Nirvana. "Nirvana is changing the paradigm by proving how a better customer experience - lower rates, faster turnarounds for quotes, and access to a full safety platform - all of this results in a fundamentally stronger business, reflected in our market-leading loss ratio.

"The launch of our new non-fleet program is the next step in our evolution. We have a shared vision with SiriusPoint to be 'best-in-class' underwriters, and this partnership will enable us to lead the way in utilizing telematics to underwrite customers' risk more accurately. The increased use of data and telematics are critical to the risk management of the auto sector and the evolution of its insurance coverage."

About SiriusPoint

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm, and other locations, 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 Program Managers within our Insurance & Services segment. With over $3.0 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.

About Nirvana Insurance

Nirvana was founded in early 2021 with the intent of bringing the analog commercial insurance landscape into the modedigital world, using vast troves of IoT data derived from sensors already aboard most heavy trucks. The company is using telematics data to transform the stubbornly analog world of truck insurance to help fleets mitigate risk, improve driver performance, drop costs, and make the insurance process easier for everyone. The upside is improved safety for everyone on the road.

Nirvana is based out of San Francisco, CA. Leamore at: https://www.nirvanatech.com/

Forward-Looking Statements

We make statements in this press release 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 the forward-looking statements. These risks and uncertainties include, but are not limited to, 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, 2022. 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 press release.

Contacts

Investor Relations Dhruv Gahlaut, SiriusPoint
[email protected]
+44 7514 659 918

Media James Milne, Rein4ce
[email protected]
+44 7867 484854

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Disclaimer

SiriusPoint Ltd. published this content on 12 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 December 2023 14:00:30 UTC.