Bermuda-based (re)insurer SiriusPoint has continued to pursue its partnership strategy despite recent leadership changes with an investment in US and Canadian MGA Samos, a business that specialises in risk management solutions and accidental death and dismemberment (AD&D) insurance.
The MGA bills itself as offering a “first-of-its-kind” accidental death insurance product, which includes coverage for planned surgical procedures including scheduled caesarean sections, joint replacements, heart surgery and cancer diagnostic procedures.
AD&D insurance is often purchased as a supplement to traditional health insurance.The MGA also claims to have developed the first on-demand AD&D product for elective surgeries in the US and Canada.
The company’s founder Eric Blondeel launched the company after he discovered a gap in his own coverage when he went in for surgery. The aim, according to the company, was to create a quick and cost-effective way to provide insurance in the case of accidental death while undergoing surgery.
A statement from Samos said the policies will be distributed through urgent care and hospitals in Canada and the US for the accident-based product, and the insurance will cover those in care from admission to discharge.
“Samos is a technology-based MGA which launched with a unique and client-focused product,” SiriusPoint’s COO and president of insurance and services Prashanth Gangu said in a statement.
“This kind of pioneering, solution-based insurance is a perfect fit for SiriusPoint’s partnership and investment profile. We are very pleased to add them to our growing portfolio of innovative partners.”
Blondeel said his firm was “delighted” to have SiriusPoint as an investor.
“They will be able to support the company and help direct the product and the process – getting our services to the people that need it the most. SiriusPoint will be fundamental in our growth process.”
The announcement of the investment deal comes just weeks after the shock departure of SiriusPoint CEO Sid Sankaran, after only a little more than a year into the role.
Former Third Point Re CEO Dan Malloy has stepped in to serve as chief executive of the company on an interim basis, as the company looks to line up Sankaran’s permanent successor.