Reinsurance News

SiriusPoint helps create new Floridian insurer VYRD

14th December 2021 - Author: Charlie Wood

A new insurer serving homeowners in Florida has launched as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolt.

VYRD is set to deploy cutting-edge technology in its efforts to bring more choice and new solutions to customers in Florida.

Residents in the state have faced rising prices as litigation costs compound the impact of hurricanes and other weather-related loss activity.

VYRD sees these challenges as an opportunity to create a new technology-enabled property insurance company able to alleviate the pressure on existing insurers and offer the market comprehensive coverage at competitive rates.

The new company is the first Florida-domiciled P&C insurer in three years and will initially distribute its products through an independent agency network and affiliated partners.

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David Howard, who will lead as Chief Executive Officer, noted, “As a 35-year resident of Florida, I understand the challenges facing homeowners and agents and look forward to creating a new carrier that provides solutions for both as we experience some of the best and worst weather that Mother Nature has to offer.”

Howard added that VYRD aims to combine deep expertise, financial strength and the latest technology to meet the unique needs of Florida homeowners.

SiriusPoint has extensive experience in Florida, and has been reinsuring the Florida homeowners market since 1980. Among the roughly 150 carriers Bolt serves as a key technology partner for, 19 are Florida homeowners insurers, another 13 offer condo coverage in Florida, and 12 offer Florida auto.

VYRD is set to partner with over a dozen companies based in Florida or with deep roots in the the state to provide services including actuarial rate development, underwriting, policy and claims administration and inspections.

“The timely launch of VYRD offers the homeowners of Florida much needed choice when protecting their homes,” said Sid Sankaran, CEO of SiriusPoint.

“In partnership with bolt, we are responding to market needs and building on our commitment to investing in technology-enabled businesses that are game-changers in the insurance market.”

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