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
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-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 capital, risk
capacity, and access to a broad insurance network.
Otonomi (www.otonomi.ai) is a blockchain-enabled parametric cargo insurance
platform that supercharges operations with three proprietary technologies:
decentralized oracle API triggers, claim automation via smart contracts, and
algorithmic underwriting risk analytics.
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 the Company's behalf.
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.
Investor Relations Contact
Vice President, The Equity Group Inc.