Greenlight Re invests in NZ-based insurtech start-up

Greenlight Re invests in NZ-based insurtech start-up | Insurance Business

Greenlight Re invests in NZ-based insurtech start-up

Greenlight Re Innovations (GRI), part of specialist property and casualty reinsurance company Greenlight Capital Re, has announced that it invested in New Zealand-based insurtech start-up Cove Limited.

Cove, a personal lines digital managing general agent, allows consumers to easily purchase insurance products via mobile or desktop. It has a restructured and user-friendly interface that makes the process of buying insurance simpler and affordable.

Read more: Cove extends its service beyond Facebook

“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,” said Simon Burton, chief executive officer at Greenlight Re.

In a statement, Cove said that the partnership with Greenlight Re could help them bring the best insurance experience to New Zealand.

“We’re 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,” said Andy Coon, chief executive officer at Cove.

Cove is the ninth strategic investment made by GRI.