Real estate technology firm Rhino has signed a series of agreements with a host of re/insurance firms that includes Ally Insurance, ReAlign, and Clear Blue Insurance Group.
These agreements, the details of which have not been released, follow several key milestones earlier this year that demonstrated continued growth and accelerated adoption of its products and services. The firm did say that these new agreements would expand its premium writing capacity for security deposit insurance to over $200m.
Benjamin Lantos, co-founder and chief risk officer of Rhino, said: “Despite a challenging environment across the insurance industry, Rhino’s growth continues to be as robust as ever and we’re seeing tremendous support from our partners across the insurance and housing industries due to the stability and resiliency of our product offerings. Macroeconomic factors are driving renters toward innovative, common-sense solutions, like security deposit insurance.”
He added: “With the backing of our reinsurance partners and brokers, Rhino is poised for continued expansion beyond our partner network of more than six million homes, which will lead to further savings for renters in 2023 and beyond.”
Rhino announced earlier this year that its security deposit insurance is being offered in a partner network of over six million homes and has saved American renters more than $1bn in upfront move-in costs since 2017. It also announced in July that it had signed a strategic partnership with AmTrust Financial.
According to its website, Rhino’s renters’ insurance product is provided by Cover Genius Insurance Services and underwritten by Markel. The firm says that it acts as an agent for Cover Genius in connection with renters’ insurance.
Jerome Breslin, chief executive officer of Clear Blue Insurance Group, said: “We’re excited about the opportunity for continued growth in our partnership with Rhino and the ability to showcase new innovations in Clear Blue’s platform. Our reinsurance partners are very supportive of the program in large part due to Rhino’s track record of risk management and strong underwriting policies.”
