SiriusPoint takes stake in unique insurtech start-up
SiriusPoint Ltd, the global specialty re/insurer headquartered in Bermuda, has announced its investment in Samos Insurance, a US and Canadian MGA platform, which offers a first-of-its-kind accidental death insurance product.
The product covers planned surgical procedures including scheduled caesarean sections, joint replacements, heart surgery and cancer diagnostic procedures.
Samos specialises in risk management solutions and accident death and dismemberment (AD&D) insurance, which is a policy that pays out on the accidental death of the insured and is often added to a health insurance policy.
SiriusPoint said Ontario-based Samos was founded as the first “on-demand” AD&D product for elective surgeries in the US and Canada.
The company said Samos founder and chief executive officer Eric Blondeel identified a gap in the market when he underwent his own surgery and realised that, having just left his job, he was no longer covered by the group, life, or AD&D benefits of his previous company.
Samos was established to create a quick and cost-effective way to provide insurance in the case of accidental death while undergoing surgery.
The policies will be distributed through urgent care and hospitals in Canada and the US for the accident-based product, and the insurance will cover those in care from admission to discharge.
“Samos is responding to a gap in the accident and health market, which urgently needs addressing.” said Tom Leonardo, US head of accident and health, SiriusPoint.
“The company offers a tech-based insurance and risk management product that deals with a real problem faced by many people going into hospital."
Prashanth Gangu, SiriusPoint’s chief operating officer, and president, Insurance and Services, said: “Samos is a technology-based MGA, which launched with a unique and client-focused product.
“This kind of pioneering, solution-based insurance is a perfect fit for SiriusPoint’s partnership and investment profile. We are very pleased to add them to our growing portfolio of innovative partners.”
Mr Blondeel said: “We are delighted to have SiriusPoint as an investor. They will be able to support the company and help direct the product and the process – getting our services to the people that need it the most. SiriusPoint will be fundamental in our growth process.”