SiriusPoint Ltd, the Bermudian-headquartered global specialty re/insurer, has announced a strategic investment in PolicyMe Corp, a digital life insurance provider specialising in Canadian individual term life insurance.

The company said PolicyMe aims to modernise and improve the process of buying life insurance with streamlined customer experience including automated underwriting.

SiriusPoint’s strategic investment will support the development of PolicyMe’s product offering and allow the life insurer to take advantage of the growing Canadian life insurance market, including expansion into critical illness, non-medical life, travel, individual health and benefit, and group health and benefit business lines, it said.

The company said the transaction provides SiriusPoint with direct access to the life re/insurance market in Canada.

“We are delighted to partner with PolicyMe – a company that has shown strong innovation, growth and market traction to date,” said Prashanth Gangu, SiriusPoint’s chief operating officer and president, Insurance and Services.

He added: “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 per cent 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.”

Andrew Ostro, chief executive officer and co-founder, PolicyMe, said: “We are very excited to have SiriusPoint join our team of investors.

“Access to SiriusPoint’s insurance and reinsurance capabilities, and collaboration with their team on future products and solutions makes 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.”