Security deposit insurance startup Rhino has announced a partnership with AmTrust Financial to provide an additional $60 million in premium-writing capacity for its core product offering. AmTrust will join Rhino’s existing panel of insurance carriers and reinsurers, bringing Rhino’s total premium-writing capacity to more than $200 million.
The partnership with AmTrust will enhance Rhino’s capacity to support the rapid growth and adoption of its security deposit insurance coverage, the company said.
“We are excited to support Rhino in setting a new standard for the renting experience,” said Jeff Fenster, executive vice president and head of AmTrust North American Specialty Risk. “Partnering with Rhino, the forerunner in security deposit insurance, is a natural fit for AmTrust’s customer-centric culture.”
“As the upfront cost of renting continues rising to unprecedented levels, renters are increasingly turning to innovative solutions, like security deposit insurance, to remove barriers to finding affordable, quality housing,” said Benjamin Lantos, co-founder and chief risk officer at Rhino. “Rhino’s partnership with AmTrust Financial will help a growing base of renters save money and give property owners the financial protections they need to operate sustainable businesses.”
Earlier this year, Rhino announced that its security deposit insurance was now offered in more than 2 million homes, saving American renters more than $800 million in upfront move-in costs.