View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
January 27, 2021

US insurtech Rhino receives financial boost of $95m

New York-based insurtech Rhino has raised $95m in a financing round led by Tiger Global Management to fuel growth.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

An investment firm, Tiger Global Management focuses on public and private firms in the global Internet, software, consumer, and fintech sectors.

Tiger Global Management partner Scott Shleifer said: “Security deposit insurance is still in its early days, but we believe it will become an increasingly popular product for renters.”

Rhino, founded in 2017, replaces cash security deposits with affordable insurance.

The firm has expanded significantly over the past 18 months, increasing its staff headcount three-fold to 100.

It has also expanded from 200,000 homes to more than one million homes during this period and helped save more than $250m for renters.

Plans are on to help renters save over $500m pand double its workforce to more than 200 this year.

The company’s Contracted Annual Recurring Revenue (ARR) in January 2021 stands at $60m, versus $4m in January 2019.

The security deposit insurance pioneer intends to use the fresh capital to provide its offering to more renters, roll out new products, and make housing more affordable, noted its chairman Ankur Jain.

Rhino CEO Paraag Sarva said: “We advocate for renter-friendly legislation like Renter’s Choice because nearly half of Americans are unable to afford a $400 emergency expense and that makes housing affordability one of the most pressing issues in America right now.

“With $45 billion sitting locked away in escrow accounts, unusable for both renters and property owners alike, we need common-sense legislation that can put that money back into the pockets of people who need it the most–renters.”

Recently, another New York-based insurtech Zipari – a consumer experience platform designed for health insurance – received a strategic growth investment from private equity firm Thoma Bravo.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Life Insurance International