Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has announced an investment in TradeCrediTech (Nimbla).
Nimbla is a digital managing general underwriter focusing on the small and medium-sized enterprise (SME) credit insurance market.
Based in London, it provides a technology-centric, highly automated MGA that has API integration capabilities to plug into a vast number of SME financing platforms.
Simon Burton, Chief Executive Officer at Greenlight Re said: “In the current challenging economic environment, trade credit insurance offers valuable protection to businesses. The traditional trade credit underwriting process is cumbersome and Nimbla’s technology has introduced a new level of pricing speed and accuracy to trade credit insurance.”
Elizabeth Jenkin, Chief Commercial Officer at Nimbla added: “Nimbla has turned traditional trade credit insurance on its head with single invoice insurance; quote and bind in less than two minutes which significantly disrupts the traditional model.
“The partnership with Greenlight enables us to widen our reach geographically and build and distribute more complementary products, particularly during this challenging time for businesses. We recently added the ability to insure against credit risks in mainland Europe, responding to the demand from our customers.
“We have also launched our new API which enables funders to make ‘in the moment’ credit wrapped decisions. This speed and agility are trademarks of Nimbla and our partnership with Greenlight enables us to continue to innovate and be market makers rather than followers.”
