SiriusPoint has invested in commercial real estate insurance MGA Honeycomb, with the Bermudian (re)insurer also serving as the insurtech’s lead underwriting capacity provider.
Honeycomb was founded in 2019 and provides insurance coverage to both apartment building owners and condominium associations. It is an all-digital, AI-enabled, end-to-end insurance platform, and has offices in Denver, San Francisco and Tel Aviv.
SiriusPoint’s investment was part of a $15.4mn Series A funding round led by Ibex Investors.
With this new round, Honeycomb has to date raised $19mn. The additional funds raised will be used to further deepen its technological moat and expand into multiple additional states in the US.
“We are super excited to further enhance our great partnership with SiriusPoint who have been an amazing partner for us throughout our journey and supported us from day one,” said Itai Ben-Zaken, Honeycomb’s Co-founder and CEO.
The MGA in June 2021 announced a $3.3mn raise from Phoenix Insurance, New Era Capital Partners, IT-Farm Corporation and NFP Ventures.
The Insurer in October 2021 revealed that Honeycomb has launched a tech-enabled multi-family habitational program in Arizona with plans to roll out the offering in New Jersey, Texas and Ohio by the end of the year. Those policies are being written by Randall & Quilter-owned Accredited Surety and Casualty Company.
SiriusPoint said its investment and provision of capacity to Honeycomb continues its drive to invest in and partner with innovative MGAs and insurtech companies.
“Honeycomb is an excellent fit for SiriusPoint’s growing partnership portfolio,” said Prashanth Gangu, chief operating officer and president of insurance and services at SiriusPoint. “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.”
SiriusPoint has announced a number of investments in insurtechs in recent months, including digital life insurance provider PolicyMe, commercial trucking broker LuckyTruck, credit insurance-focused MGA Limit Financial, cyber MGA Corvus Insurance, commercial insurance start-up Joyn Insurance, and recreational vehicle and outdoor travel specialist Outdoorsy.
Other strategic partnerships include a joint venture with insurtech Bolt to launch Florida homeowners company Vyrd, a move first revealed by The Insurer in November.