Greenlight Capital Re has received Lloyd’s approval for a new innovation underwriting syndicate which will provide insurance capacity to insurtechs within its growing portfolio of insurance tech partnerships.

NASDAQ-listed Greenlight provides property and casualty reinsurance through its entities in the Cayman Islands and Ireland. It launched its innovations unit in 2018, which supports technology innovators in insurance by providing investment, risk capacity and access to a broad network.

“I am delighted that Greenlight Innovation Syndicate 3456 has commenced underwriting,” CEO Simon Burton said. “Our Innovations unit is central to the company’s strategy, and the syndicate will help us support our existing partnerships as well as grow our insurtech portfolio.”

Third-party managing agent at Lloyd’s Asta Managing Agency managed the syndicate and CEO Julian Tighe says Greenlight Re’s focus on insurtech fits well with Lloyd’s focus on innovation.

“This syndicate highlights the flexibility and strength of the framework which provides a swift and efficient route for aspiring new entrants into Lloyd’s,” he said.