Business
Greenlight Re Innovations Announces Investment in Cargo Visibility and Risk Management Platform Paxafe
GRAND CAYMAN, Cayman Islands, June 04, 2021 (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, June 04, 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 Paxafe, Inc. (“Paxafe”), a supply-chain visibility and analytics platform focused on high value and perishable cargo. Shippers and insurers have historically lacked certain basic insights into shipments’ location, condition, and custody. Paxafe introduces innovative solutions to these challenges. Using IoT sensors that advise of the cargo’s location, Paxafe’s ‘CONTXT’ platform provides an interactive timeline that displays a full chain of custody. The platform also tracks environmental data such as temperature, humidity, pressure, tilt, shock, and light to identify conditions in which there is an elevated risk of cargo damage. When such conditions arise, the platform communicates actionable information to the affected parties to prevent or mitigate adverse events that might otherwise occur. Simon Burton, Chief Executive Officer at Greenlight Re, said, “The ability to monitor the location of cargo and its environment in real-time has the potential to transform cargo risk underwriting. We look forward to working with Paxafe as they bring this innovative approach to the cargo market.” Ilya Preston, Chief Executive Officer at Paxafe, said, “Risk and loss through the supply chain don’t just negatively impact shippers and logistics companies, but also cargo insurers. Technology providers focus on visibility, whereas we see an opportunity to predict where risk is prevalent and prevent that loss altogether. We’re thrilled to lean on Greenlight’s insurance expertise as we look to bridge the gap between cargo insurance and the supply chain.” 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 b...