Greenlight Re Innovations announces investment in short-term rental insurance startup Safely

Greenlight Re Innovations announces investment in short-term rental insurance startup Safely

Published: 19-10-2022 12:19:00 | By: Pie Kamau | hits: 3222 | Tags:

Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in SafelyStay (Safely), the provider of short-term rental insurance.

With the rise of booking platforms such as Airbnb and Vrbo, the short-term home rental market has grown rapidly, and homeowners have become more aware of their homes’ revenue-generating potential. However, concerns about the possibility of property damage and liability exposure have left many homeowners reluctant to list their properties.

Safely addresses these friction points by screening each guest, reducing the likelihood that the homeowner will incur a loss. Safely also embeds commercial insurance protection directly into each reservation through its partnerships with property management systems. When a claim is made, the property manager can easily administer it within Safely’s platform, which pays nearly all claims within two business days. Safely has accumulated more than two million nights' worth of data, building a robust view of risk factors within the short-term rental market and the broader sharing economy.

Simon Burton, Chief Executive Officer, Greenlight Re: "The significant growth of the short-term rental market has occurred despite the absence of a suitable insurance product. Safely has the right product to respond to this demand and has prioritized customer experience through their impressive platform.''

Andrew Bate, Founder and Chief Executive Officer, Safely: ''We are excited to work with Greenlight Re and their recently launched Lloyd’s syndicate. Greenlight Re quickly understood the potential of Safely’s home rental product, and we look forward to collaborating with them to make our program world-class.''

www.greenlightre.com
www.safely.com