Reinsurance News

SiriusPoint announces partnership with Workers’ Comp MGA Insurate

22nd September 2022 - Author: Kassandra Jimenez-Sanchez

Global specialty re/insurer SiriusPoint and Insurate Inc, a newly launched Managing General Agent (MGA), have announced a partnership aimed to improve workers’ compensation insurance, Insurate’s specialisation.

siriuspoint-logoAccording to the announcement, SiriusPoint will provide capacity and collaborate with the MGA in underwriting and developing insurance products in the workers’ compensation medium to high-hazard space.

Insurate is focused on small and mid-sized US industrial businesses with an established culture of safety. The start-up uses analytics and data science to offer more affordable workers’ compensation premiums to safer-than-average companies operating in medium to high-hazard industries such as manufacturing, transportation, energy and construction.

Insurate is able to provide more accurate insights into a company’s risk profile by complementing standard underwriting tools and processes with additional granular safety and operational data not currently used in the evaluation of industrial risk, the firm explained.

Its proprietary Safe-Tier algorithm identifies a company’s underlying risk profile and rewards companies evidencing a strong safety culture with more attractive insurance costs.

AmericanAg - Global Reinsurance Solutions

Patrick Charles, SiriusPoint’s Global Head of Property and Casualty Insurance Services, commented: “Insurate’s data driven approach to highly specialised workers’ compensation, its experienced management team, and market-leading underwriting make this partnership an excellent fit for SiriusPoint.

He added: “We see great potential to better support high quality companies in a misunderstood and underserved portion of the workers’ compensation insurance space through this partnership.

“Given the significant fragmentation in the medium to high hazard workers’ compensation landscape, we believe that Insurate has the product, team and value proposition to be a market leader in this sector. We look forward to working with them.”

Joe McILhon, Founder and Chief Executive Officer of Insurate said: “We are thrilled to be working with SiriusPoint. The Company’s underwriting and MGA incubation expertise will allow us to capitalise on our data-driven business model to deliver superior workers’ comp cover to our clients. With backing from SiriusPoint, we are executing on our mission to reinvent workers’ comp as we know it.”

Print Friendly, PDF & Email

Recent Reinsurance News