Greenlight Re Invests in Sana Benefits, Galileo Platforms
Greenlight Re Innovations, part of Greenlight Capital Re, a specialist P&C reinsurance company headquartered in the Cayman Islands, has announced it has invested in Sana Benefits , an Austin-based third party administrator (TPA) focused on the self-insured health market in the US.
The startup, launched in Sep. 2018, has developed a technology-enabled platform to allow small-to-medium sized businesses better access to benefit plans and the potential to achieve significant savings by self-insuring their employees.
“We are pleased to support Will, Nathan, and the growing team at Sana as they apply their expertise in employee benefits, customer experience and software development to address the needs of an underserved market. Sana is one example of a great opportunity to use tech to transform the customer experience and we’re delighted to be partnering with them.” – Greenlight Re CEO, Simon Burton.
“We are delighted that Greenlight Re is leading our seed round. Small group stop loss insurance is broken on so many levels; underwriting, administration, distribution, member experience. Greenlight Re understands and supports Sana’s vision for building a fully integrated, tech-forward experience to fix it.” – Sana founders Will Young and Nathan Hackley.
The Sana transaction marks the second investment announced by Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets. On September 28, it unveiled a strategic investment in Galileo Platforms , a Hong Kong-based insurance and reinsurance Platform as a Service (PAAS) business which is focused on emerging markets in Asia.