Vouch for SiriusPoint strategic partnership
SiriusPoint Ltd, the Bermuda-headquartered global specialty re/insurer, has agreed to a strategic partnership with Vouch Insurance, the fully-digital business insurance platform for start-ups.
SiriusPoint said it is providing multiyear underwriting capacity and investing in the insurtech company’s Series C funding round.
The company said Vouch is a new kind of insurance platform for start-ups, offering fully-digital, tailored coverage that takes minutes to activate.
SiriusPoint said the company provides comprehensive property and casualty insurance to meet the unique and fast changing needs of start-ups.
Vouch’s coverages include business property, general liability, directors & officers, employment practice liability, cyber coverage and a new “work from anywhere” policy launched in response to new working practices created by the Covid-19 pandemic.
SiriusPoint said the capital raised gives Vouch the ability to invest in their technical capabilities, build embedded insurance with its partners and create a seamless experience for their clients.
Prashanth Gangu, chief operating officer and president, Insurance and Services, SiriusPoint, said: “Start-ups play a critical role in the US economy and traditional insurers have struggled to underwrite these risks and offer solutions to meet the ever-changing needs in this space. We are delighted to support Vouch in providing comprehensive business insurance solutions to the start-up sector.
“We welcome Vouch to our growing portfolio of technology and customer focused partnerships driving disruptive change in the insurance industry.”
Sam Hodges, CEO and co-founder of Vouch, said: “Multi-year underwriting capacity and investment from a company such as SiriusPoint is a key factor in our plans to scale up. It will allow us and our talented and driven team to grow our market position significantly.”
Vouch has offices in San Francisco and Chicago.
The company said it works directly with its clients to provide insurance and help manage and avoid risks, rather than brokering their insurance out to legacy carriers, so founders can focus on building their business.
Vouch said it is backed by Y Combinator, Ribbit Capital, and Index Ventures, and is backed and trusted by Silicon Valley Bank to serve its client base.