Rhino, a real estate technology company and “pioneer of security deposit insurance”, has partnered with insurance carriers and reinsurers Ally Insurance, ReAlign and Clear Blue Insurance Group.
Rhino partnered with the panel of insurance carriers and reinsurers with the support and guidance of Guy Carpenter’s brokerage and advisory services.
The company’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.
Rhino said it reached several key milestones earlier this year that demonstrates its continued growth and accelerated adoption of its products and services.
For example, as of 2022, the company said it has offered in over two million homes with a six million home partner network, and consequently saved renters over $1bn in cash.
These accomplishments, Rhino added, demonstrate the degree to which Rhino is transforming and streamlining the rental experience for both renters and multifamily property owners and operators.
Benjamin Lantos, co-founder and chief risk officer of Rhino, said, “Despite a challenging environment across the insurance industry, Rhino’s growth continues to be as robust as ever and we’re seeing tremendous support from our partners across the insurance and housing industries due to the stability and resiliency of our product offerings.
“Macroeconomic factors are driving renters toward innovative, common-sense solutions, like security deposit insurance. With the backing of our reinsurance partners and brokers, Rhino is poised for continued expansion beyond our partner network of more than six million homes, which will lead to further savings for renters in 2023 and beyond.”
Earlier this year, Rhino partnered with AmTrust Financial to provide an additional $60m in premium-writing capacity for its core product offering.
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