Greenlight Re Innovations has invested an undisclosed amount into cargo insurance administration and analytics platform Redkik.
The investment, said Greenlight Re in a statement, is in an API-embedded solution designed for cargo owners who cannot accurately predict the frequency and value of future shipments, eliminating pricing inefficiencies.
Simon Burton, CEO of Greenlight Re, said, “Some time ago, we identified cargo insurance as an ideal candidate for a more granular and data-driven approach to underwriting and pricing, that’s more responsive to the needs of small and large enterprises alike. Redkik’s product perfectly matches our vision for the future of cargo insurance and we’re excited to play a role in their development.”
The Finland-based Redkik was incorporated in 2020 and filed its patent the following year in May 2021, launching its SaaS product a month later. It has since announced partnerships with Roanoke Insurance Group and MeisterPrep.
Greenlight Re, meanwhile, has backed title insurtech Blueprint in recent months. Under that deal, the firm invested in a company that promised to reduce the historically-outsized expense ratios associated with title insurance by centralising underwriting and agency operations under a full-stack carrier.
It also invested, in September last year, into the firms Paxafe and Shepherd Labs.
Meanwhile, Greenlight Re has also received ‘in-principle’ approval from Lloyd’s to establish an insurtech-focused syndicate that is slated to commence operations in Q2 2022.
