Greenlight Re Invests in New Zealand-Based Digital MGA Cove

Cove is built to enable consumers to purchase insurance products online through a user-friendly interface that operates on mobile and desktop platforms.

(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.

Simon Burton, CEO, Greenlight Capital Re.

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.”

Leading through Insurance Transformation: Communication is Key

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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