SiriusPoint has entered a strategic partnership with Munich-based MGA firm Garentii.
Under the partnership, SiriusPoint will provide risk advisory services along with paper and balance sheet to the firm, which provides digital home rental insurance.
Patrick Charles, global head of property and casualty insurance & services at SiriusPoint, said: “We are very pleased to be partnering with Garentii and to add a second MGA to our international portfolio. There are some compelling opportunities in the international market. By working with partners like Garentii, who are addressing coverage gaps and innovating in the insurance space, we believe we can make an impact on the market and benefit our partners, the end user, and our business, all at the same time.”
Garentii offers renters a flexible alternative to security deposits, while streamlining operations, boosting occupancy, and reducing management costs for real estate landlords. Instead of three months’ rent as a cash deposit, Garentii offers renters an insurance policy for a monthly fee, which starts at three euros.
Although not a new type of policy in Germany, Garentii has attracted interest from the insurance sector. In June, Greenlight Re Innovations announced an investment in the business.
Michael Hazoume, cofounder and CEO of Garentii, said: “Paying a cash deposit is one of the most inefficient uses of capital for renters and an admin burden for landlords. At Garentii, we have built an embedded insurance solution that creates value for both parties. Having the backing of SiriusPoint, which seeks out and supports entrepreneurial thinking, is a great asset to our company. We are looking forward to moving quickly and building a dynamic insurance product in the European real estate market.”