Greenlight Re backs insurtech Cove to ‘potentially transform New Zealand market’

Reinsurance firm Greenlight Re has made a strategic investment in insurtech start-up Cove Limited, which is based in New Zealand.

The Cayman Islands based reinsurer has backed Cove, a personal lines digital managing general agent (MGA) because its “technology-driven business model has the potential to transform New Zealand’s insurance market”, said Greenlight Re CEO Simon Burton.

Cove, which launched in September 2018, enables consumers to buy insurance products online through their mobile phone or computer. The insurtech said it has “re-engineered every step of the process by which people buy insurance, making it simple and affordable”.

Burton said: “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.”

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

“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 is the ninth strategic investment made by Greenlight Re Innovations, the company unit set up in March 2018 to support tech innovators in the re/insurance space with investment, risk capacity, and access to a broad insurance network.

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