(Mt. Cook, New Zealand. Image credit: Siggy Nowak/MemoryCatcher.)
Greenlight Re Innovations part of Greenlight Capital Re, Ltd., a specialist property and casualty reinsurance company headquartered in the Cayman Islands, has announced it has made a strategic investment in Cove Limited (Auckland, New Zealand), a personal lines digital MGA. Cove represents the ninth strategic investment made by Greenlight Re Innovations.
Launched in September 2018, Cove is built to enable consumers to purchase insurance products online through a user-friendly interface that operates on mobile and desktop platforms. Cove reports that it has re-engineered every step of the process by which people buy insurance, making it simple and affordable.
“We believe Cove’s technology-driven business model has the potential to transform New Zealand’s insurance market,” Simon Burton, CEO, Greenlight Capital Re. “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.”
Accelerating the Pace of Development
“We are delighted to welcome Greenlight Re as a partner on our mission to bring a world leading insurance experience to New Zealand,” comments Andy Coon, CEO, Cove. “Cove is excited to be a part of Greenlight Re’s InsurTech ecosystem and we look forward to establishing partnerships to accelerate our pace of development.”