Cayman-based Greenlight Re takes stake in digital managing general underwriter Coterie
Greenlight Re Innovations has acquired a stake in Coterie Applications, a digital managing general underwriter (MGU) focusing on the small and medium-sized enterprise commercial insurance market.
Coterie, based in Cincinnati, Ohio offers application programming interface (API)-based commercial insurance for firms’ workforces. Freelance platforms and lenders have historically had difficulty ensuring participants and vendors are properly insured, said Greenlight, part of Cayman Islands-based Greenlight Re. It said that by integrating directly into these groups’ existing workflows, customers can efficiently obtain tailor-made insurance coverage and platforms can ensure coverage is in place.
“The SME commercial space in the US has not yet been effectively streamlined by technology and digital distribution,” said Greenlight Re chief executive officer Simon Burton. “We share Coterie’s belief that there are significant opportunities to target customers – many of whom do not currently purchase insurance – with insurance products distributed via the platforms they already use.”
He added: “By coupling customised insurance products with new technology, we’re able to utilise information that has already been provided, enabling entrepreneurs to focus on their businesses rather than on their insurance.”
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