Greenlight Re Innovations (GRI) has made a strategic investment in Cove, a New Zealand-based personal lines managing general agent (MGA) and Lloyd’s coverholder.

Launched in September last year, Cove allows customers to buy insurance products online via a user-friendly interface that can be used on mobile and desktop platforms.

Every step of the process has been so re-engineered by Cove that people can buy insurance without any difficulty.

Greenlight Re CEO Simon Burton said: “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.”

Cove CEO Andy Coon said that the company is pleased to welcome Greenlight Re as a partner on its mission to bring a world leading insurance experience to New Zealand.

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“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,” Coon added.

Cove said that the latest fund infusion marks the ninth strategic investment made by Greenlight Re Innovations.

Launched in March 2018, GRI is part of Cayman Islands headquartered specialist property and casualty reinsurance company Greenlight Capital Re.