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)
("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 ( 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.

About Otonomi

Otonomi ( 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.

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 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

Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623