GRAND CAYMAN, Cayman Islands, Oct. 18, 2022 (GLOBE NEWSWIRE) — Greenlight Re Innovations (“GRI”), a part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), has introduced an funding in SafelyKeep, Inc (“Safely”).
With the rise of reserving platforms reminiscent of Airbnb and Vrbo, the short-term residence rental market has grown quickly, and owners have change into extra conscious of their properties’ revenue-generating potential. However, considerations about the opportunity of property injury and legal responsibility publicity have left many householders reluctant to record their properties.
Safely addresses these friction factors by screening every visitor, decreasing the chance that the house owner will incur a loss. Safely additionally embeds business insurance safety straight into every reservation via its partnerships with property administration techniques. When a declare is made, the property supervisor can simply administer it inside Safely’s platform, which pays almost all claims inside two business days. Safely has amassed greater than two million nights’ value of knowledge, constructing a sturdy view of threat components throughout the short-term rental market and the broader sharing economy.
Simon Burton, Chief Executive Officer at Greenlight Re, mentioned, “The significant growth of the short-term rental market has occurred despite the absence of a suitable insurance product. Safely has the right product to respond to this demand and has prioritized customer experience through their impressive platform.”
Andrew Bate, Founder and Chief Executive Officer at Safely, said, “We are excited to work with Greenlight Re and their just lately launched Lloyd’s syndicate. Greenlight Re rapidly understood the potential of Safely’s residence rental product, and we sit up for collaborating with them to make our program world-class.”
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) supplies multiline property and casualty insurance and reinsurance via its licensed and controlled reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company enhances its underwriting actions with a non-traditional funding method designed to attain greater charges of return over the long run than reinsurance corporations that solely make use of extra conventional funding methods. In 2018, the Company launched its Greenlight Re Innovations unit, which helps know-how innovators in the (re)insurance house by offering funding capital, threat capability, and entry to a broad insurance community.
About Safely
Safely (www.safely.com) is the premier supplier of short-term rental safety. With rigorous visitor screening and complete short-term rental insurance, Safely helps owners and property managers develop income, cut back threat, and confidently present a greater visitor expertise. Based in Atlanta, Safely has protected over $100 billion in house owner legal responsibility over 2 million nights since its inception.
Forward-Looking Statements
This information launch comprises forward-looking statements throughout the U.S. federal securities legal guidelines. The Company intends these forward-looking statements to be lined by the protected harbor provisions for forward-looking statements in the U.S. federal securities legal guidelines. These statements contain dangers and uncertainties that would trigger precise outcomes to vary materially from these contained in forward-looking statements made on the Company’s behalf. These dangers and uncertainties embrace the affect of basic financial circumstances and circumstances affecting the insurance and reinsurance business, the adequacy of our reserves, our capacity to evaluate underwriting threat, developments in charges for property and casualty insurance and reinsurance, competitors, funding market fluctuations, developments in insured and paid losses, catastrophes, regulatory and authorized uncertainties and different components described in the Company’s annual report on Form 10-Ok filed with the Securities and Exchange Commission. The Company undertakes no obligation to replace or revise any forward-looking statements publicly, whether or not because of new data, future occasions, or in any other case.
Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
[email protected]
