Speciality re/insurer SiriusPoint has forged an alliance with PolicyMe, a digital life insurance provider, to tap into the Canadian life re/insurance market.

Under the partnership, SiriusPoint will make a strategic investment in PolicyMe, which seeks to modernise and streamline the process of buying life insurance.

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PolicyMe will use the proceeds to enhance its platform and support the development of its product offerings.

The insurer specialises in Canadian term life insurance and plans to expand into critical illness, non-medical life, travel, individual health and benefit, and group health and benefit business lines.

SiriusPoint COO and president, insurance and services Prashanth Gangu said: “The Canadian life insurance market is ripe for disruption. Life insurance sales in the country have seen a dramatic rise since the onset of COVID-19, with 24% of uninsured adults reportedly purchasing, or considering purchasing, life insurance, since the onset of the pandemic.

“We believe PolicyMe is perfectly positioned to take advantage of this rise in demand and we look forward to working with the team to create new products and solutions for the Canadian marketplace.”

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PolicyMe CEO and co-founder Andrew Ostro said: “Access to SiriusPoint’s insurance and reinsurance capabilities, and collaboration with their team on future products and solutions make this a valuable partnership as we continue our growth in the Canadian market. The investment will be used to accelerate our marketing plans and continue innovating on our product suite.”

Last week, SiriusPoint announced an investment in a digital insurance broker and aggregator for the trucking industry LuckyTruck.