Greenlight Re Innovations, a division of property and casualty (P&C) reinsurer Greenlight Capital Re, Ltd., has made a strategic investment in New Zealand domiciled personal lines digital managing general agent (MGA), Cove Limited.
Cove was launched in September 2018 and provides consumers with the ability to purchase insurance solutions online via a user-friendly interface that operates on both mobile and desktop platforms.
Cove, which represents Greenlight Re Innovation’s ninth strategic investment, has reportedly re-engineered each step of the insurance purchasing process in order to make it simple and affordable.
Simon Burton, Greenlight Re’s Chief Executive Officer (CEO), commented: “We believe Cove’s technology-driven business model has the potential to transform New Zealand’s insurance market. Consumers are demanding a fully online experience, and Cove has delivered it for motor and mobile phone insurance. We look forward to supporting Cove as it develops new product offerings.”
Andy Coon, CEO of Cove, added: “We are delighted to welcome Greenlight Re as a partner on our mission to bring a world leading insurance experience to New Zealand. Cove is excited to be a part of Greenlight Re’s insurtech ecosystem and we look forward to establishing partnerships to accelerate our pace of development.”
Other, recent strategic investments made by Greenlight Re Innovations include an investment in specialist travel MGA Battleface, Inc., and another in online insurance and consumer dispute resolution start-up, FairClaims.
