Insurtech Investment: Greenlight Capital Buys a Slice of Cove, NZ Based Start-Up

Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), a specialist property and casualty reinsurance company headquartered in the Cayman Islands, has announced it has made a strategic investment in Cove Limited (“Cove”), a personal lines digital MGA.

Launched in September 2018, New Zealand based Cove enables consumers to purchase insurance products online through a user-friendly interface that operates on mobile and desktop platforms. Cove has re-engineered every step of the process by which people buy insurance, making it simple and affordable.

Greenlight Re Chief Executive Officer Simon Burton said, “We believe Cove’s technology-driven business model has the potential to transform New Zealand’s insurance market. 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.”

“We are delighted to welcome Greenlight Re as a partner on our mission to bring a world leading insurance experience to New Zealand,” Andy Coon, Cove CEO, stated. “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.”

Cove represents the ninth strategic investment made by Greenlight Re Innovations.

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About Greenlight Capital Re, Ltd.

Established in 2004, Greenlight Re (www.greenlightre.com) is a NASDAQ listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re provides risk management products and services to the insurance, reinsurance and other risk marketplaces.  The Company focuses on delivering risk solutions to clients and brokers by whom Greenlight Re’s expertise, analytics and customer service offerings are demanded. With an emphasis on deriving superior returns from both sides of the balance sheet, Greenlight Re manages its assets according to a value-oriented equity-focused strategy that supports the goal of long-term growth in book value per share.

About Cove

Cove is a New Zealand company, founded in 2017 by an intrepid group of technology and insurance enthusiasts, and launched in 2018. Cove’s goal is to make insurance simple, understandable, and digitally-led.

For further information visit: https://www.coveinsurance.co.nz.

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