Bermuda-based speciality re/insurance firm SiriusPoint has formed an alliance with Garentii, which offers digital home rental insurance.
The tie-up will see SiriusPoint offer risk advisory services to Garentii along with paper and balance sheets.
Garentii is a Munich-based managing general agent (MGA) engaged in providing alternative solutions to security deposits and aiding real estate landlords in streamlining operations and cutting costs.
Renters can avail Garentii’s policy instead of paying three months’ rent as a cash deposit.
SiriusPoint’s collaboration with Garentii, which seeks to scale its offering through its business to business to consumer model to cater to the needs of renters, is its second partnership outside the North American and Bermuda business.
SiriusPoint head of international strategic business development Bobby Heerasing 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 €35bn of residential cash deposits trapped. Garentii’s compelling product has terrific room for growth, both within Germany and into other European countries.”
Garentii co-founder and CEO Michael Hazoume 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.”
Earlier this month, SiriusPoint announced a strategic investment in Samos Insurance, which offers risk management and Accident Death and Dismemberment (AD&D) solutions.