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New Zealand InsurTech Startup Cove Draws Investment From Greenlight Re.

New Zealand InsurTech Startup Cove Draws Investment From Greenlight Re

Greenlight Re Innovations (GRI), a subsidiary of specialist property and casualty re/insurer Greenlight Capital Re Ltd., announced it has made a strategic investment in Cove Ltd., a New Zealand-based personal lines managing general agent and Lloyd's coverholder.

The amount of the investment was not disclosed.

Launched in September 2018, Auckland-based Cove enables consumers to purchase insurance products online through a user-friendly interface that operates on mobile and desktop platforms, said Cayman Islands-based GRI. Cove pitches itself as having re-engineered every step of the process by which people buy insurance, aiming to make it simple and affordable.

"We believe Cove's technology-driven business model has the potential to transform New Zealand's insurance market," said Greenlight Re Chief Executive Officer Simon Burton.

"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," Burton added.

Cove represents the ninth strategic investment made by GRI, which was launched in March 2018. The unit supports technology innovators in the insurance/reinsurance by providing investment, risk capacity and access to an insurance network.

Source: Greenlight Re

*This story ran previously in our sister publication Insurance Journal.

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Publication:Carrier Management
Date:Jul 23, 2019
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