Greenlight Re Innovations (GRI), a unit of Greenlight Capital Re, has made an undisclosed investment in insurance startup Garentii.

Germany-based Garentii is a security deposit replacement insurance managing general agency and platform.

Landlords rely on security deposits to protect themselves from property damage and unpaid rent. However, this method is believed to be an administrative burden for landlords and an inefficient method of utilising renters’ capital.

Garentii seeks to address this issue through an insurance-based alternative. It offers security deposit insurance within the existing framework when a lease is signed.

Greenlight Re CEO Simon Burton said: “Security deposit replacement insurance has already seen success in the US 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.”

Garentii co-founder and CEO Michael Hazoume 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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Earlier this year, GRI made an undisclosed investment in AuditCover Australia, a tax audit insurtech.

Greenlight Re provides multi-line property and casualty reinsurance through its reinsurance entities in the Cayman Islands and Ireland.