SiriusPoint Ltd, the Bermudian-headquartered global specialty insurer and reinsurer, has announced a strategic partnership with Nirvana Insurance, the San-Francisco-based AI and technology-powered insurance provider specialising in US commercial auto insurance.

Since launching in 2022, Nirvana has changed how fleets with ten or more power units buy insurance by leveraging telematics data to pass savings of up to 20 per cent to fleets based on safety.

Backed by SiriusPoint paper, Nirvana is expanding its offering with a new non-fleet programme, designed for fleets with fewer than ten power units.

Patrick Charles, head of North America insurance at SiriusPoint, said: “We have been providing capacity to Nirvana since January 2022, so we were already familiar with its capabilities.

“During our working relationship, Nirvana has proven to be a high-quality underwriter of risk and demonstrated how the thoughtful use of telematics can better align driver behaviour with underwriting risk.

“We believe Nirvana’s business model is promising and its offering ties into our purpose of providing security and resilience to those we work with.”

By collecting billions of data points from sensors and internet-of-things devices within trucks, Nirvana tailors its rates to individual fleets.

Fleets also have access to Nirvana’s safety platform, which aggregates safety data, along with artificial intelligence-powered safety insights to help them improve safety year-round.

“Our fleet programme launched in January 2022 and has unbelievable traction,” said Rushil Goel, cofounder and chief executive of Nirvana.

“Nirvana is changing the paradigm by proving how a better customer experience — lower rates, faster turnarounds for quotes, and access to a full safety platform — all of this results in a fundamentally stronger business, reflected in our market-leading loss ratio.

“The launch of our new non-fleet programme is the next step in our evolution. We have a shared vision with SiriusPoint to be ‘best-in-class’ underwriters, and this partnership will enable us to lead the way in utilising telematics to underwrite customers’ risk more accurately.

“The increased use of data and telematics are critical to the risk management of the auto sector and the evolution of its insurance coverage.”