Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has invested in Coterie Applications, a digital managing general underwriter focusing on the small and medium-sized enterprise (SME) commercial insurance market.
Coterie, based in Cincinnati, Ohio, says it provides a better way for business owners and freelancers to get insurance. It offers API-based commercial insurance, integrating into companies’ existing workflows to make it easier for freelance platforms and lenders to obtain bespoke coverage.
Simon Burton, CEO at Greenlight Re, the specialist property and casualty reinsurance company headquartered in the Cayman Islands, said the SME commercial space in the US has yet to be effectively streamlined by technology and digital distribution. “We share Coterie’s belief that there are significant opportunities to target customers – many of whom do not currently purchase insurance – with insurance products distributed via the platforms they already use,” he said.
The app is flexible enough to be used by an independent contractor finding the next project with an app or a business owner applying for a loan, said David McFarland, founder and CEO at Coterie. Greenlight Re’s reinsurance expertise and industry connections will help Coterie expand its product offerings, he added.
“By coupling customised insurance products with new technology, we’re able to utilise information that has already been provided, enabling entrepreneurs to focus on their businesses rather than on their insurance,” said McFarland.
Greenlight Re Innovations, Coterie Applications, Simon Burton, David McFarland