Global specialty re/insurer SiriusPoint Ltd announced a strategic partnership with Gigasure, an insurtech startup focused on personalized travel insurance.
Launched in August 2024, Gigasure offers travelers and backpackers the ability to tailor their insurance coverage to suit their specific needs and budgets.
Gigasure allows customers to customize their policies beyond standard options, offering additional coverage through the Gigasure app. Policyholders can enhance their coverage with post-purchase benefits and gain access to GigaShield Flight and Baggage Delay benefits, which provide real-time claim support. These travel delay services were developed in partnership with Blink Parametric.
Under this partnership, SiriusPoint will underwrite Gigasure's policies, while International Medical Group, Inc (IMG), a SiriusPoint subsidiary, will handle claims and assistance services.
Chris Price (pictured above), head of travel in the accident and health team at SiriusPoint, said the ability for policyholders to customize their coverage on the go and receive real-time flight and baggage delay support via parametric products makes Gigasure’s offering distinctive. He added that SiriusPoint looks forward to supporting the insurtech in its growth.
Gigasure’s chief executive officer, Ernesto Suarez, said that the company's goal is to offer insurance that fits travelers' plans, providing personalized coverage in an uncertain world.
He stated that SiriusPoint, with its understanding of the managing general agent (MGA) market and its partners' needs, was the right fit to help Gigasure achieve its goals. Suarez also expressed enthusiasm about collaborating to bring more innovative products to the market.
In July, SiriusPoint also announced a new strategic partnership with Hellenic Hull Management (HMA), a marine hull and machinery underwriter based in Greece and Cyprus.
Under the partnership, SiriusPoint will provide underwriting capacity for a selected portfolio of high-quality hull and machinery risks, as well as ancillary covers. SiriusPoint holds a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, and an A3 rating from Moody’s.
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