01/18/2022 | Press release | Distributed by Public on 01/18/2022 11:33
HAMILTON, Bermuda. January 18, 2021 -- SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a global specialty insurer and reinsurer, has continued its financing of innovative and disruptive insurtechs by investing in Lukka, an institutional crypto data and software provider.
The investment takes the number of partnerships and investments in SiriusPoint's growing portfolio to over 20.
"SiriusPoint is on a mission to invest in truly innovative and disruptive companies and support entrepreneurial startups that will change the narrative of the insurance and reinsurance markets," said Ming Zhang, Chief Investment Officer, SiriusPoint.
Lukka, which is now valued at over $1.3 billion, has just raised $110 million in its latest round of financing. SiriusPoint is one of the lead investors. Lukka is the only crypto asset data and software provider that meets industry security standards, such as Type II AICPA's System and Organization Controls (SOC), and the investment will allow the company to expand its offering to institutional investors who are increasing their interest in, and exposure to, this nascent asset class.
"The crypto and blockchain industries are constantly maturing, rapidly being adopted as a part of the mainstream economy by investors, and opening new doors. Lukka's proven institutional grade data and software products will allow businesses to deliver crypto solutions and embrace digital assets, and we at SiriusPoint look forward to partnering with Lukka to bring first-rate crypto capabilities to continued innovations in insurance and reinsurance solutions," said Ming.
"We couldn't be more excited to partner with SiruisPoint as the adoption of crypto assets expands to more industries," said Robert Materazzi, CEO of Lukka. "SiruisPoint's commitment to innovation in the insurance industry combined with their global footprint makes them an obvious partner to Lukka. We are thankful for the opportunity to work with the SiriusPoint team and to have them as an investor in Lukka."
This latest fundraise was led by Marshall Wace LLP, and included new investors such Miami International Holdings, Inc., and Summer Capital. Existing investors are: Soros Fund Management, Liberty City Ventures, S&P Global, and CPA.com (subsidiary to the AICPA), who also significantly contributed to this round. This fundraise follows Lukka's Series D round of fundraising, which raised more than $53 million in March of 2021.
Founded in 2014, Lukka serves the largest digital asset institutions with middle and back-office software and data solutions. Lukka bridges the gap between the complexities of blockchain data and traditional business needs. Its customers include crypto asset exchanges and trading desks, CPA and accounting firms, fund and financial auditors, fund administrators, miners, protocols, individuals, and any other businesses interacting with crypto assets. All of Lukka's products are created with institutional standards, such as AICPA SOC Controls, which focus on accuracy and completeness. Lukka is based in New York City.
For information about Lukka, visit https://lukka.tech/.
SiriusPoint Ltd. (SiriusPoint) is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Specialty, Property and Runoff, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital, SiriusPoint's operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
Clare Kerrigan, SiriusPoint
Sarah Hills, Rein4ce
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws including with respect to Lukka's software products enabling businesses to deliver crypto solutions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint's Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.