LuckyTruck, Corp. (“LuckyTruck”), a digital broker and aggregator specializing in commercial trucking insurance, and SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, today announced a strategic partnership which will see SiriusPoint invest in and partner with the specialist trucking broker.
LuckyTruck is a niche broker and aggregator that makes the purchase of insurance for trucking fleets in the United States more transparent, customized, affordable, and convenient. The company aims to disrupt commercial trucking insurance brokerage, offering an alternative to slow, difficult, paper-heavy processes. LuckyTruck offers truckers a range of insurance products specifically tailored to their needs and a transaction can be completed online in minutes, rather than the weeks it has historically taken to secure insurance.
SiriusPoint’s partnership with LuckyTruck will generate insights and understanding into the evolution and behavior of the small commercial trucking segment, and create opportunity for the companies to develop insurance products in the space. LuckyTruck aims to continue its expansion of business operations across the US, through adding new licensing, expanding the company’s talented producer base, solidifying new partnerships with key members of the ecosystem (e.g., MGA’s, Carriers and Trucking Groups) and building out its specialized trucking digital distribution platform.
“We welcome LuckyTruck to our growing portfolio of partnerships focused on driving disruptive change in the Insurance industry” said Patrick Charles, Head of Americas P&C at SiriusPoint. “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 customer experience in an underserved and growing area of the US business insurance market.”
CEO and Founder of LuckyTruck, Devin Bostick, added: “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.”