Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in Coterie Applications, a digital managing underwriter focused on the SME commercial insurance market.
Greenlight Re Chief Executive Officer Simon Burton explained that the SME commercial space in the US has not yet been effectively streamlined by technology and digital distribution.
“We share Coterie’s belief that there are significant opportunities to target customers – many of whom do not currently purchase insurance – with insurance products distributed via the platforms they already use.”
“Business owners and freelancers need a better way to get insurance,” added Coterie Founder and CEO David McFarland.
“Whether it’s an independent contractor finding the next project with an app or a business owner applying for a loan, Coterie can provide personalized coverage quickly and inexpensively.
“By coupling customized insurance products with new technology, we’re able to utilize information that has already been provided, enabling entrepreneurs to focus on their businesses rather than on their insurance.
“Greenlight Re’s reinsurance expertise and industry connections will help us expand our product offerings to meet the needs of our customers and partners.”