Updated: Jun 08, 2022 12:33 PM
SiriusPoint Ltd, the Bermudian-headquartered global specialty re/insurer, has announced a strategic partnership with Garentii, a tech-enabled managing general agent providing digital home rental insurance.
As part of the partnership, SiriusPoint will provide risk advisory services along with paper and balance sheet.
The company said the partnership builds on the growing number of companies in SiriusPoint’s MGA and insurance services portfolio, and is the second partnership outside the North American and Bermuda business.
Garentii is a Munich-based insurtech/proptech start-up. The company 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.
The company aims to rapidly scale its offering through its business to business to consumer model, to provide renters with the flexibility they are increasingly seeking in the changing economic climate.
Bobby Heerasing, head of international strategic business development at SiriusPoint, said: “Germany is the largest rental market in Europe. The country has 49 million renters, and 9-10 million of those move every year – resulting in around EUR 35 billion of residential cash deposits trapped.
“Garentii’s compelling product has terrific room for growth, both within Germany and into other European countries.”
Michael Hazoume, Garentii’s co-founder and chief executive officer, 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.”
Patrick Charles, global head of property and casualty insurance and 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.”
Bobby Heerasing, head of international strategic business development at SiriusPoint (Photograph supplied)
Michael Hazoume, Garentii’s co-founder and chief executive officer
Patrick Charles, global head of property and casualty insurance and services at SiriusPoint (File photograph)