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October 19, 2022

Greenlight Re invests in short-term rental insurer SafelyStay

Greenlight Re Innovations, part of property and casualty insurer Greenlight Capital Re, has confirmed an investment in startup SafelyStay to tap the short-term rental space. 

The Atlanta-based startup offers short-term rental protection to homeowners concerned about potential damage to property and liability exposure.

SafelyStay minimises the possibility of homeowners facing losses by assessing each guest who books a specific property.

Once owners list their properties, SafelyStay embeds commercial insurance protection into the bookings through its tie-ups with various property management systems.

This enables a property manager to seamlessly administer claims within the startup’s platform.

According to SafelyStay, its platform pays nearly all claims within a maximum of two business days.

Greenlight Re CEO Simon Burton said: “The significant growth of the short-term rental market has occurred despite the absence of a suitable insurance product.

“Safely has the right product to respond to this demand and has prioritised customer experience through their impressive platform.”

SafelyStay founder and CEO Andrew Bate said: “We are excited to work with Greenlight Re and their recently launched Lloyd’s syndicate.

“Greenlight Re quickly understood the potential of Safely’s home rental product, and we look forward to collaborating with them to make our programme world-class.”

Since its inception, Safely is said to have protected nearly $100bn in homeowner liability over two million nights.

Earlier this year, Greenlight Re Innovations made an investment in a tax audit insurtech AuditCover Australia. The end-to-end digital audit insurance platform helps in eliminating most of the friction experienced in the industry.

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