SiriusPoint Invests in Honeycomb, a Disruptive US 'People-Focused, Tech-Driven' Multi-Family Home Insurer – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance News
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Articles
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
Sign in or register to be an INNsider.
  • Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
  • Insider Pro
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
January 20, 2022 Newswires No comments
Share
Share
Tweet
Email

SiriusPoint Invests in Honeycomb, a Disruptive US 'People-Focused, Tech-Driven' Multi-Family Home Insurer

U.S. Regulated Equity Markets (Alternative Disclosure) via PUBT

Hamilton, Bermuda, 20th January, 2022. SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a global insurer and reinsurer has invested in Honeycomb, a commercial real estate insurance company that uses technology to help owners of multi-family properties find better coverage at a lower price.

SiriusPoint will be the US MGA's lead underwriting capacity provider. This investment and provision of capacity continues SiriusPoint's drive to invest in and partner with innovative MGAs and insuretech companies.

"Honeycomb is an excellent fit for SiriusPoint's growing partnership portfolio," said Prashanth Gangu, Chief Operating Officer and President of Insurance and Services at SiriusPoint. "The Honeycomb team are taking a disruptive and entrepreneurial approach to addressing customer needs in multi-family property insurance - entering a 'no-man's land' for the traditional insurance industry. This is a market that is currently underserved. Commercial multi-family properties are places where many people live, work and visit and have specific insurance needs for their owners - it's seen as too complex a risk by some insurers, or too niche by others - leaving a gap in insurance that needs to be filled."

Related stories

  • AM Best Affirms Credit Ratings of Sofimex, Institucion de Garantias S.A.
  • Child Education Insurance Market to See Huge Growth by 2027 : Aviva, Edelweiss Tokio, Future General, AEGON life

Honeycomb, which provides insurance coverage to both apartment building owners and condominium associations, is an all-digital, AI-enabled, end-to-end insurance platform. It allows multi-family property owners to use their mobile phone to conduct a virtual property inspection by taking photos of assigned internal and external features of the property, and receive an immediate, bindable quote.

With this new round, Honeycomb has to date raised $19 million. The additional funds raised will be used to further deepen its technological moat and expand into multiple additional states in the US.

"We are super excited to further enhance our great partnership with SiriusPoint who have been an amazing partner for us throughout our journey and supported us from day one. We appreciate the strong vote of confidence from SiriusPoint, and look forward to continuing to push the boundaries of what's possible in real estate insurance together" said Itai Ben-Zaken, Honeycomb's Co-Founder and CEO.

"It is good news for both the consumer and the insurance company," said Patrick Charles, Head of Americas Property and Casualty (P&C) Insurance at SiriusPoint. "The speed and convenience of the underwriting process is the main hook for customers and the virtual inspection process should significantly reduce underwriting expenses. The collected data also allows Honeycomb to differentiate properties, reward better quality risks with unique discounts, and continuously improve its underwriting engine."

Honeycomb, which describes itself as "people-focused, tech-driven", combines the knowledge of industry veterans with artificial intelligence and big data. The company is led by Itai Ben-Zaken (CEO), Dr. Nimrod Sadot (CTO), Adam Cherubini (CRO) and Ben Piening (CUO).

About Honeycomb

Honeycomb is a reinsurance-backed MGA providing simple, fair, and affordable multi-family property insurance through its end-to-end digital platform. With offices in Denver, San Francisco and Tel Aviv, Honeycomb leverages proprietary user-generated data, advanced AI, and computer-vision to automate the normally arduous and costly underwriting process. Honeycomb significantly improves the customer experience and provides tailored coverage at a competitive price point and at improved profit margins through its real-time rate/quote/bind offering and its data-driven "right-pricing" advantage.

Honeycomb is backed by top institutional and private investors including IBEX Investors, SiriusPoint, Phoenix Insurance, New Era Capital Partners, IT-Farm Corporation, Sure Ventures, and Distributed Ventures (FKA NFP Ventures). For more information on Honeycomb, visit honeycombinsurance.com.

About SiriusPoint

SiriusPoint Ltd. (SiriusPoint) is a 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.

Contacts

Investor Relations Clare Kerrigan, SiriusPoint
[email protected]
+44 7970695959

Media

Sarah Hills, Rein4ce
[email protected]
+44 7718882011

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 statementsto 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. These risks and uncertainties include 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 Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 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 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 12:43:26 UTC.

Older

Kin Insurance Exceeds 2021 Goal for Total Managed Premium, Achieves 320% Year-Over-Year Growth

Newer

Travelers: Q4 Earnings Snapshot

Advisor News

  • Fed slows rate hikes even as Powell says there's more work to do
  • Mortgage rates in U.S. fall again, hit 6.09%
  • 1 in 3 Americans struggling financially but goal-setting is a game-changer
  • Advisors bet on US stocks to outperform in 2023 amid tech rebound
  • Investors want more ESG information from companies
More Advisor News

Annuity News

  • Study: Does pessimism really suppress annuity sales?
  • Sweet streams of income: ChatGPT, the bard of annuities
  • F&G Annuities & Life announces equity investment in life IMO SYNCIS
  • Investors scrambling to lock in rates propel annuity sales to record highs
  • North American and Annexus launch new fixed index annuity
Sponsor
More Annuity News

Health/Employee Benefits News

  • State: all insurers failed to comply with Oregon Reproductive Health Equity Act
  • Will plan fix California health care?
  • Insurance giant Elevance to move into 15th state
  • Medicare card scam targets seniors for personal info
  • Yes, states are re-checking Medicaid and CHIP eligibility starting in April
More Health/Employee Benefits News

Life Insurance News

  • Chris Wilson tells court former friend Murdaugh confessed he was ‘stealing money’
  • State's motive testimony could prolong Alex Murdaugh murder trial
  • Equitable expands portfolio in VUL market
  • New date set for billionaire suspect accused of bribing state cabinet member
  • House approves bill protecting life insurance payouts from bankruptcy
More Life Insurance News

- Presented By -

Top Read Stories

  • Chicago news roundup: PPP fraud uncovered in Chicago, informant reveals $100K bounty on FBG Duck and more
  • Gov. Carney: Enrollment on Delaware's Health Insurance Marketplace for 2023 Reaches All-Time High
  • 25 people charged in fake nursing diploma operation
  • Missouri Department of Insurance: Over $24 Million Returned To Missouri Insurance Consumers In 2022
  • Connecticut addressing broker shortage amid The Great Unwinding
More Top Read Stories >

FEATURED OFFERS

Meet Encova Life
We know agents matter. You can count on our life team to be high tech, high touch and responsive.

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus

Top Sections

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2023 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.