26 March 2021Insurance

Greenlight Re invests in Nimbla, a credit insurance provider for SMEs

Greenlight Re Innovations (GRI), part of Cayman-based specialist property and casualty reinsurer Greenlight Capital Re, has made an investment in Nimbla, a digital managing general underwriter offering credit insurance to small and medium-sized enterprises (SME).

Nimbla is a technology-centric and automated MGA based in London. It has API integration capabilities that allow it to plug into other SME financing platforms, allowing it to offer the immediate quote and bind of credit insurance at a single invoice level. It analyses credit risk in real-time and prices insurance to reflect the current credit risk an SME has more accurately.

Simon Burton, chief executive officer at Greenlight Re, emphasised the importance of trade credit insurance in today’s difficult economic environment. “The traditional trade credit underwriting process is cumbersome and Nimbla’s technology has introduced a new level of pricing speed and accuracy to trade credit insurance,” he said.

Elizabeth Jenkin, chief commercial officer at Nimbla, said: “Nimbla has turned traditional trade credit insurance on its head with single invoice insurance; quote and bind in less than two minutes, which significantly disrupts the traditional model.”

Partnering with Greenlight will allow Nimbla to widen its reach geographically and build and distribute more complementary products, she said. It has already been building up the offering, recently adding coverage for credit risks in mainland Europe.

“We have also launched our new API which enables funders to make 'in the moment' credit wrapped decisions,” added Jenkin. “This speed and agility are trademarks of Nimbla and our partnership with Greenlight enables us to continue to innovate and be market makers rather than followers.”

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