Greenlight Re Innovations, part of Greenlight Capital Re, Ltd. has announced an investment in the security deposit replacement insurance managing general agent (MGA) start-up, Garentii.
With security deposits having long been the standard form of landlords’ security against property damage and unpaid rent, they do however represent an inefficient use of renters’ capital and an administrative burden for landlords.
In a press release, it addresses how Garentii, a Munich-based insurtech, provides an insurance-based alternative, offering security deposit replacement insurance within existing workflows when a lease gets signed.
Founded in Munich in 2021 by Michael Hazoume (CEO), Dennis Stern (CBDO) and Vitaliy Zhovtyuk (CTO), the company offers the first specialized deposit insurance in Europe that digitizes the complete process of deposit management. The platform is accessible to both landlords and tenants at any time.
“Security deposit replacement insurance has already seen success in the U.S. and is a great product for replication in other markets”, said Simon Burton, Chief Executive Officer at Greenlight Re.
“By developing a tech platform for landlords to distribute and administer policies, Garentii will make renting an apartment smoother for both landlord and tenant.”
Michael Hazoume, Co-founder and Chief Executive Officer at Garentii, added: “On our journey to make renting easier, accessible, and more sustainable to millions of renters, we are thrilled to partner with Greenlight Re, which is one of the most innovative and active reinsurance companies out there. We look forward to learning from their experience and growing our market footprint.”