Initially operating as a Managing General Agency (MGA), Joyn will be focused on the underserved needs of businesses looking for risk transfer solutions.
The company is also expected to deliver a one-of-a-kind commercial insurance experience and underwrite Excess and Surplus (“E&S”) products in six industry verticals.
SiriusPoint will be a founding investor in the venture, providing insurance capacity backed by a strong reinsurer panel.
The specialty re/insurer will also assist in bolstering Joyn’s strategic direction and shape of its intended growth trajectory.
CEO Seraina Macia, the founder of Joyn, said, “With the launch of Joyn, we are removing the pain points and operational inefficiencies experienced by commercial insurance brokers and underwriters.
“Our technology and data services provide Joyn underwriters the opportunity to deliver quotes when they are needed, real-time rating and policies at bind, and deep insights into the risks and insured needs.
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“We can think of no better partner in this mission than SiriusPoint – with their partnership, we are taking an old, painful, and operationally expensive process and turning it into a joyful one.”
“SiriusPoint has the playbook to create and scale tech-driven insurance businesses. We can deploy the fullness of our platform and services such as multi-year reinsurance terms, product expertise and paper, to support insurtechs in the path to creating long-term sustainable enterprise value” said Sid Sankaran, Chief Executive Officer and Chairman, SiriusPoint.
Prashanth Gangu, SiriusPoint President, Insurance and Services, added, “The small and lower middle US commercial insurance market is underserved, ripe for disruption and ready to apply tech and data to eliminate the current inefficiencies brokers face.
“We are delighted to partner with Joyn to provide investment, paper, balance sheet support and expertise to launch a unique experience in the marketplace.”
Source: Reinsurance News
