Global insurer and reinsurer SiriusPoint has invested in the autonomous vehicle revolution technology via a partnership with managing general agent (MGA) Avinew.
Avinew, which was set up in 2016, is an underwriting platform that can directly underwrite and appropriately price for semi-autonomous and autonomous motor usage. The insurance product covers AI-enabled vehicles and is looking to plug the knowledge gap in the market caused by a lack of ability to understand and track autonomous automobile usage.
SiriusPoint, through its Insurance & Services Division, has strategic partnerships with over 30 MGAs and technology enabled insurance services companies.
The insurer will offer fronting services, reinsurance, and strategic advice to Avinew, and the investment will allow Avinew to grow its product offering and develop its technology to gain market share.
Dan Peate, founder and chief executive officer of Avinew, said, “SiriusPoint for us offers more than just investment – it gives us expertise in insurance and technology, experience and knowledge.
“This is an exceptional opportunity for us to grow and flourish and allow Avinew to become the preferred partner in this space – giving better, seamless customer experiences and the right coverage for AI-enabled vehicles.”
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