Greenlight Re Innovations, a unit of re/insurer and strategic investor Greenlight Re, has entered into a partnership with Aanika Biosciences Inc., a Brooklyn-based biotechnology company.
Through the partnership, Aanika will be able to expand and grow its bio-backed insurance offerings, which will drive major footprint for the firm.
Founded in 2018 in Brooklyn, New York, Aanika has attracted a wide variety of different investors such as W11 Capital, SOSV, Draper Associates, Adit Ventures, Gaingels, Plug and Play Ventures, and Alex Chung the founder of Giphy.
The company uses genetic engineering to create novel technologies that are used to improve food safety in the supply chain. This allows for the company to offer their customers food recall/contamination insurance that is less expensive, more efficient, and more comprehensive than competitive policies.
Additionally, Aanika also uses its microbial tagging technology to mitigate the probability and magnitude of a claim and underwrite the risk on behalf of capacity providers.
The company completed its first insurance transaction with Satur Farms, where they managed to insure tens of thousands of pounds of fresh produce.
Elsewhere, Aanika is currently developing novel antimicrobial peptides and biocontrol agents to further improve its vast variety of different risk mitigation tools and insurance offerings.
“Finding an insurance carrier with a history of financing forward thinking technology companies, and that was nimble enough to find a creative solution for our atypical capital needs was challenging. Greenlight Re took the time to understand our technology and what we are trying to do. It’s a testament to their innovative mindset” said Vishaal Bhuyan, Founder and CEO of Aanika.
Meanwhile, in its Q422 results, Greenlight Re reported net income of $34.8 million, which was a major improvement from $24.3 million from the prior year quarter.
