Greenlight Re backs AuditCover

Greenlight Re Innovations, part of Greenlight Capital Re, announced an undisclosed investment in AuditCover , an Australian startup for tax audit insurance and risk mitigation.

Founded in 2019, AuditCover offers a digital insurance solution, underwritten by Lloyds, to enable accountants to quickly and easily manage tax audit insurance for their portfolio of clients to protect them against the rising cost and frequency of tax audits.

“In many nations, growth in the gig economy and digital assets has caused increases in the complexity of tax returns and the frequency of tax audits. We believe that by leveraging advancements in technology, AuditCover is well-positioned to service this expanding market and provide a superior experience for all parties involved.” – Simon Burton, CEO at Greenlight Re .

“We’re living in an era where the tax office has edged far ahead of the free market in terms of data-matching capabilities. AuditCover is on a mission to even the playing field by accessing the real-time data feeds that will determine greater risk accuracy and prevent the severity of an audit in the first instance. This is a global challenge faced by most developed nations and we’re excited to have strategic capital partners Greenlight Re on our journey. Their global footprint and innovative approach to reinsurance are well aligned with our vision for the company and the broader insurance landscape.” – Gil Snir, Founder and CEO at AuditCover.