SiriusPoint backs new insurtech venture Roamly

Global re/insurer  SiriusPoint has partnered with Outdoorsy, an online RV rental and outdoor travel marketplace, on the launch of its new insurtech business Roamly and will support its development of insurance products.

SiriusPoint, the company formed through the merger of Bermuda-based specialty reinsurer Third Point Re and multi-line re/insurer Sirius Group, has joined a group of investors to provide $120 million in equity and debt financing to Outdoorsy.

The funding includes a $90 million private placement equity round led by SiriusPoint, Moore Strategic Ventures, ADAR1 Partners, Monashee Capital and Convivialite Ventures, the corporate venture group of Pernod Ricard. Existing investors Altos Ventures, iAngels and Greenspring Associates also participated in the equity financing, while Pacific Western Bank provided the $30 million debt facility.

The capital will enable Outdoorsy to scale up its business as the global economy reopens. It will also finance the growth of Roamly, its insurtech business, which was released in beta in the US in 2020.

SiriusPoint will support Outdoorsy on the launch of Roamly Insurance Group, which will offer digital insurance products for travelers and recreational vehicle owners, eliminating the commercial exclusion clause that traditionally inhibits online listing activity. These will be marketed to Outdoorsy’s customers and new and existing purchasers of recreational vehicles in North America.

“We are excited to support Roamly and the fast growth the company is experiencing through our strategic partnership," said Sid Sankaran, chairman and chief executive officer at SiriusPoint. "This includes our participation in the company’s equity round and a commercial agreement to support the development of insurance products that serve their customers' needs."

Sankaran added: "Roamly’s market prospects and the speed of the company's growth are global. The unique approach that Roamly has taken with its product innovation is a first-of-its-kind offering in the global market for recreational assets.”

Jeff Cavins, Outdoorsy’s co-founder and chief executive officer, said: “Before Roamly, RV owners had very few insurance options that would allow them to rent out their RVs without violating the terms of their annual insurance policy. Roamly is solving that problem.”

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