Greenlight Re Innovations (GRI), a unit of Greenlight Capital Re, has invested in construction insurance MGA Shepherd Labs.

The investment amount was not revealed.

Shepherd CEO Justin Levine said: “We believe there is so much available data not being effectively leveraged in today’s underwriting, and contractors aren’t being recognised for the investments they’re making in tech to help mitigate risk.

“We believe contractors should be underwritten not only based on the nature of their work, but also the behavioral data that exists about the way they deliver projects. The team at Greenlight understood our vision immediately and is already helping us expand upon it. We’re grateful for their support as part of our seed financing.”

Shepherd Labs specialises in the middle-market construction sector.

The firm claims that it has access to more underwriting data at a significantly faster speed than traditional, manual data collection methods.

Greenlight Re CEO Simon Burton said: “Underwriting construction businesses has historically been a lengthy and inefficient process due to extensive data collection and entry requirements.

“We are excited to partner with Shepherd, as we believe they are able to provide enhanced underwriting data in a fraction of the time seen in the industry today.”

Other GRI investments

Greenlight Re offers multi-line property and casualty reinsurance via its licensed and regulated reinsurance entities in the Cayman Islands as well as Ireland.

In June this year, GRI made an undisclosed investment in Paxafe, a supply-chain visibility and analytics platform focused on high value and perishable cargo.

In April, GRI invested in Ao1 Holdings (Player’s Health), a risk services and insurance firm serving the amateur sports organisation market.

This March, GRI invested in TradeCrediTech, a London-based digital managing general underwriter that trades as Nimbla and focuses on the SME credit insurance space.