Greenlight Re backs New Zealand digital MGA

July 23 2019 by InsuranceAsia News Staff

Greenlight Re Innovations, part of Cayman Islands-headquartered Greenlight Capital Re, has made an undisclosed strategic investment in Cove which is a personal lines digital MGA for the New Zealand market.

Launched in September 2018, New Zealand based Cove, which is a Lloyd’s coverholder, enables consumers to purchase motor and home products online. Cove claims it has re-engineered every step of the process by which people buy insurance.

Greenlight Re’s chief executive Simon Burton commented: “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,” said Andy Coon, Cove chief executive. “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.”

Auckland-headquartered Cove has become the ninth strategic investment made by Greenlight Re Innovations.