Global specialty insurer and reinsurer SiriusPoint has announced an investment in Samos Insurance, a US and Canadian managing general agent (MGA) platform that offers a first-of-its-kind accidental death insurance product. The product covers planned surgical procedures, including scheduled caesarean sections, joint replacements, heart surgery and cancer diagnostic procedures.
Samos specializes in risk management and accidental death and dismemberment (AD&D) insurance, which pays out on the accidental death of the insured and is often added to a health insurance policy. The company was founded as the first “on-demand” AD&D product for elective surgeries in the US and Canada.
Eric Blondeel, founder and CEO of Samos, identified this gap in the market when he underwent surgery and realized that, having just left his job, he was no longer covered by his previous company’s group, life, or AD&D benefits. Blondeel founded Samos to create a quick and cost-effective way to provide insurance in the case of accidental death while undergoing surgery.
The policies will be distributed through urgent care and hospitals in the US and Canada for the accident-based product. The insurance will cover those in care from admission to discharge.
“Samos is responding to a gap in the accident and health market which urgently needs addressing,” said Tom Leonardo, US head of accident and health at SiriusPoint. “The company offers a tech-based insurance and risk management product that deals with a real problem faced by many people going into hospital.”
“Samos is a technology-based MGA which launched a unique and client-focused product,” said Prashanth Gangu, chief operating officer and president of insurance and services at SiriusPoint. “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.”
“We are delighted to have SiriusPoint as an investor,” Blondeel said. “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.”
