Greenlight Re invests in embedded insurance platform
Greenlight Capital Re through its Greenlight Re Innovations, the insurtech unit of Cayman-based specialist property/casualty reinsurer Greenlight Re, has invested in an embedded insurance platform.
Minneapolis-based Vertical Insure addresses distribution inefficiencies by embedding insurance in vertical Software as a Service (SaaS) platforms, targeting the SaaS platforms' business clients and the underlying customers of those businesses.
The firm also works with managing general agents and carriers to provide additional distribution streams while providing its SaaS partners with a new source of revenue.
Simon Burton (pictured), chief executive officer at Greenlight Re, said: "We believe that Vertical Insure will generate unique underwriting opportunities for Greenlight Re by tailoring embedded insurance products for industry-specific SaaS platforms and their clients."
Brock Noland, co-founder and chief executive officer of Vertical Insure, said: "Greenlight Re has a strong track record of successfully supporting technology innovators in the (re)insurance space. We're looking forward to bringing game-changing insurance products to market together."
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