Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd. has announced an investment in Garentii GmbH (“Garentii”), a security deposit replacement insurance MGA and platform based in Germany.
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Security deposits have long been the standard form of landlords’ security against property damage and unpaid rent. However, security deposits represent an inefficient use of renters’ capital and an administrative burden for landlords. Garentii, a Munich-based insurtech, provides an insurance-based alternative, offering security deposit replacement insurance within existing workflows when a lease is signed.
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Simon Burton, Chief Executive Officer at Greenlight Re, said, “Security deposit replacement insurance has already seen success in the U.S. and is a great product for replication in other markets. By developing a tech platform for landlords to distribute and administer policies, Garentii will make renting an apartment smoother for both landlord and tenant.”
Michael Hazoume, Co-founder and Chief Executive Officer at Garentii, said, “On our journey to make renting easier, accessible, and more sustainable to millions of renters, we are thrilled to partner with Greenlight Re, which is one of the most innovative and active reinsurance companies out there. We look forward to learning from their experience and growing our market footprint.”
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