Greenlight Re Innovations Announces Investment in Construction Insurance Start-up Shepherd
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GRAND CAYMAN, Cayman Islands, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), has announced an investment in Shepherd Labs, Inc. (“Shepherd”), a construction insurance MGA focused on providing insurance options to middle-market contractors that devote resources to utilizing technology and data.
The construction industry has historically been a slow adopter of technology solutions. Shepherd is a technology-centric MGA that plans to leverage new construction technologies to optimize all components of the value chain. By integrating with construction management platforms, Shepherd has access to more underwriting data at a significantly faster speed than traditional, manual data collection methods.
Simon Burton, Chief Executive Officer at Greenlight Re, 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.”
Justin Levine, Chief Executive Officer at Shepherd, said, “We’re entering a second wave of innovation in the construction industry and insurance is one of the most important frontiers for new ideas. We believe there is so much available data not being effectively leveraged in today’s underwriting, and contractors aren’t being recognized 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.”
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multi-line property and casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment, risk capacity, and access to a broad insurance network.
Shepherd is a recently launched insurtech MGA focused on the middle-market construction industry. The company will initially target the excess casualty market for Construction General Liability (CGL) insurance but has plans to expand its offerings. The company provides a suite of advanced software products for its retail brokerage distribution partners and leverages data from construction technology platforms to underwrite risks more accurately and efficiently. Shepherd will also provide advancements in risk management capabilities in addition to greater transparency during the claims process. For further information visit: https://withshepherd.com/
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. The Company intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information contact:
Adam Prior The Equity Group Inc. (212) 836-9606 [email protected]
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