Greenlight Re Innovations Announces Investment in Cargo Visibility and Risk Management Platform Paxafe
June 04 2021 - 8:30AM
Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re,
Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), has
announced an investment in Paxafe, Inc. (“Paxafe”), a supply-chain
visibility and analytics platform focused on high value and
perishable cargo.
Shippers and insurers have historically lacked certain basic
insights into shipments’ location, condition, and custody. Paxafe
introduces innovative solutions to these challenges. Using IoT
sensors that advise of the cargo’s location, Paxafe’s ‘CONTXT’
platform provides an interactive timeline that displays a full
chain of custody.
The platform also tracks environmental data such as temperature,
humidity, pressure, tilt, shock, and light to identify conditions
in which there is an elevated risk of cargo damage. When such
conditions arise, the platform communicates actionable information
to the affected parties to prevent or mitigate adverse events that
might otherwise occur.
Simon Burton, Chief Executive Officer at Greenlight Re, said,
“The ability to monitor the location of cargo and its environment
in real-time has the potential to transform cargo risk
underwriting. We look forward to working with Paxafe as they bring
this innovative approach to the cargo market.”
Ilya Preston, Chief Executive Officer at Paxafe, said, “Risk and
loss through the supply chain don’t just negatively impact shippers
and logistics companies, but also cargo insurers. Technology
providers focus on visibility, whereas we see an opportunity to
predict where risk is prevalent and prevent that loss altogether.
We’re thrilled to lean on Greenlight’s insurance expertise as we
look to bridge the gap between cargo insurance and the supply
chain.”
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multi-line
property and casualty reinsurance through its licensed and
regulated reinsurance entities in the Cayman Islands and Ireland.
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, risk capacity, and access to a broad
insurance network.
About Paxafe
Paxafe is a venture-backed startup that predicts adverse supply
chain events to de-risk B2B shipments and enables intelligent cargo
insurance. Paxafe has developed an intelligence platform, ‘CONTXT’,
that leverages telematics, third-party, and ERP data to enable
shippers, 3PLs/carriers, and insurance providers to intercept
at-risk shipments, automate claim diagnosis and root cause
analysis, and minimize future losses. Paxafe's platform decreases
cargo loss while improving operational efficiencies. For further
information visit: https://www.paxafe.com/.
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 behalf of the
Company. 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.
For further information contact:
Investor Relations
Adam Prior The Equity Group Inc. (212) 836-9606
IR@greenlightre.ky
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