Speciality re/insurer SiriusPoint has formed a partnership with LuckyTruck, a digital insurance broker and aggregator with a focus on the commercial trucking industry.
The tie-up will see SiriusPoint invest in and partner with LuckyTruck, which will allow the digital broker to grow its platform across the US.
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LuckyTruck will also use the proceeds to acquire a new license, expand the producer base, form new partnerships and build its specialised digital distribution platform.
The investment seeks to generate insights and understanding about the small commercial trucking space and create an opportunity for insurers to develop offerings for the trucking industry.
Specialist broker LuckyTruck aims to make the process of buying insurance for fleets in the US more ‘transparent, customised, affordable, and convenient.
Its coverage options are available online to truckers that are designed to fit their needs.
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By GlobalDataSiriusPoint head of Americas P&C Patrick Charles said: “We welcome LuckyTruck to our growing portfolio of partnerships focused on driving disruptive change in the Insurance industry. We are excited to partner with LuckyTruck to accelerate innovation in the commercial trucking insurance space.
“Our strategic partnership is an opportunity to drive change where it’s needed, to improve insurance coverage and the customer experience in an underserved and growing area of the US business insurance market.”
LuckyTruck CEO and founder Devin Bostick said: “Commercial trucking is undergoing a fundamental shift. There’s a heavy infusion of capital in this area, that translates to a vibrant and growing logistics ecosystem. At LuckyTruck, we are excited to strategically partner with SiriusPoint and enable small fleets to experience a truly world-class risk management experience.”
