SiriusPoint, a global specialty insurer and reinsurer, has invested in Samos Insurance, a US and Canadian MGA platform which offers a first-of-its-kind accidental death insurance product.
Samos specialises in risk management solutions and Accident Death and Dismemberment (AD&D) insurance, which is a policy that pays out on the accidental death of the insured and is often added to a health insurance policy. Samos was founded as the first ‘on-demand’ AD&D product for elective surgeries in the US and Canada.
The product covers planned surgical procedures including scheduled caesarean sections, joint replacements, heart surgery and cancer diagnostic procedures.
Samos founder and CEO Eric Blondeel identified a gap in the market when he underwent his own surgery and realised that, having just left his job, he was no longer covered by the group, life, or AD&D benefits of his previous company. Samos was established 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 Canada and the US for the accident-based product, and the insurance will cover those in care from admission to discharge.
Tom Leonardo, US Head of accident & health at SiriusPoint, said, “Samos is responding to a gap in the Accident & Health market which urgently needs addressing. The company offers a tech-based insurance and risk management product that deals with a real problem faced by many people going into hospital.”
Another insurer providing protection for unexpected deaths is GoodTrust. The company, which calls itself a ‘deathtech’ raised $5m in a seed round last year.
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