SiriusPoint has announced an investment into technology firm Honeycomb.
The investment is part of Honeycomb’s latest round of funding, which has seen the firm raise $19m. The additional funds will reportedly be used to further deepen the company’s technological moat and help it expand into multiple additional states in the US.
According to a press statement, Honeycomb is a commercial real estate insurance company that uses technology to help owners of multi-family properties find better coverage at a lower price.
Prashanth Gangu, chief operating officer and president of insurance and services at SiriusPoint, said that Honeycomb was an excellent fit within SiriusPoint’s partnership portfolio.
He added: “The Honeycomb team are taking a disruptive and entrepreneurial approach to addressing customer needs in multi-family property insurance – entering a ‘no-man’s land’ for the traditional insurance industry. This is a market that is currently underserved. Commercial multi-family properties are places where many people live, work and visit and have specific insurance needs for their owners – it’s seen as too complex a risk by some insurers, or too niche by others – leaving a gap in insurance that needs to be filled.”
The company did not release details on how much its investment into Honeycomb stands at.
