Rhino, a real estate technology company and “pioneer of security deposit insurance”, has partnered with AmTrust Financial to provide an additional $60m in premium-writing capacity for its core product offering.
Rhino’s mission is to give renters greater financial freedom, by eliminating the need for traditional security deposits by replacing them with smart, affordable insurance. Instead of a large upfront cash security deposit, renters pay Rhino a monthly fee, and Rhino insures the property owner for damages that might occur and lost rent.
The partnership will also see AmTrust Financial, an international property and casualty insurer, join Rhino’s existing panel of insurance carriers and reinsurers, bringing Rhino’s total premium-writing capacity to over $200m.
Jeff Fenster, EVP and head of AmTrust North American Specialty Risk, said, “We are excited to support Rhino in setting a new standard for the renting experience. Partnering with Rhino, the forerunner in security deposit insurance, is a natural fit for AmTrust’s customer-centric culture.”
Benjamin Lantos, Rhino co-founder and chief risk officer, said, “As the upfront cost of renting continues rising to unprecedented levels, renters are increasingly turning to innovative solutions, like security deposit insurance, to remove barriers to finding affordable, quality housing. Rhino’s partnership with AmTrust Financial will help a growing base of renters save money and give property owners the financial protections they need to operate sustainable businesses.”
Earlier this year Rhino raised $95m in a funding round, which was led by Tiger Global Management.
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