Business
Greenlight Re Innovations Announces Investment in Cargo Insurance Platform Otonomi
GRAND CAYMAN, Cayman Islands, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Greenlight Re Innovations ("GRI"), part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE)
About this update from Greenlight Reinsurance, Ltd.
[{"type":"text","content":"GRAND CAYMAN, Cayman Islands, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Greenlight Re Innovations (\"GRI\"), part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (\"Greenlight Re\" or the \"Company\"), has announced an investment in Otonomi, Inc. (\"Otonomi\"), a New York-based parametric cargo insurance platform. In recent years, globalization and technological advancements have led to a significant increase in global trade, increasingly exposing supply chain vulnerabilities. Otonomi is addressing this global challenge by developing parametric coverage for air, ground, and marine cargo and freight delays. With most companies experiencing supply chain disruptions, particularly since the onset of the COVID-19 pandemic, Otonomi works with aviation, freight forwarders, and logistics partners to provide a simple, point-of-sale insurance offering on a per-shipment basis to mitigate interruptions that ultimately create delays and higher prices for consumers. Additionally, Otonomi’s platform uses blockchain technology to administer the policies while enabling automated claims payments, reducing the claims adjudication processing time from an industry average of 45 days to under 45 minutes. Simon Burton, Chief Executive Officer at Greenlight Re, said, “Cargo delays and other supply chain issues have been key topics of discussion recently. Investing in Otonomi's flexible per-shipment digital cargo delay product was an easy decision as we believe their vision will help alleviate this global problem.” Yann Barbarroux, Co-Founder and Chief Executive Officer at Otonomi, said, \"Otonomi is bringing a first-to-market parametric cargo delay coverage for the shippers, logistics, 3PLs, and freight forwarders while also creating tremendously effective operating models for its insurance underwriter partners. We've found in Greenlight Re Innovations a fantastic partner on both the insurance and the capital management sides. We're incredibly grateful for their support as part of our seed financing.\" About Greenlight Capital Re, Ltd. Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditiona...