Greenlight Capital Re’s unit Greenlight Re Innovations has invested in Sana Benefits, a third party administrator (TPA) focused on the self-insured health market in the US.
Sana Benefits started offering administrative services from September this year. The company’s technology-based platform offers small-to-medium sized businesses better access to quality benefit plans and the potential to achieve significant savings by self-insuring their employees
It is the second investment by Greenlight Re Innovations, which was launched in March this year to invest in technology and innovation opportunities in reinsurance and insurance markets. Investment details have not been disclosed.
In September, Greenlight Re Innovations invested in Galileo Platforms, an insurance and reinsurance Platform as a Service (PAAS) business in Hong Kong, which focuses on emerging markets in Asia.
Greenlight Re CEO Simon Burton said: “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.”
Sana Benefits is headed by co-founders Will Young and Nathan Hackley who have previously worked with Google, Barrel and most recently in Justworks, a tech enabled benefits firm.
Young and Hackley said: “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.”
Established in 2004, Greenlight Re is a Cayman Islands and Ireland-based company offering risk management products and services to the insurance, reinsurance and other risk marketplaces.
It focuses on delivering risk solutions to clients and brokers. The company claims to manage its assets as per a value-oriented equity-focused strategy that supports the goal of long-term growth in book value per share.