SiriusPoint Invests in Honeycomb, a Disruptive US 'People-Focused, Tech-Driven' Multi-Family Home Insurer
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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."
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).
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.
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.
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.
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 202212:43:26 UTC.