Rhino Announces 2023 Partnerships with Key Reinsurers, Expands Premium Writing Capacity for Security Deposit Insurance to Over $200 Million

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Nov 09, 2022, 08:30 ET

NEW YORK, Nov. 9, 2022 /PRNewswire/ -- Rhino, the leading real estate technology company, innovator in streamlining the rental experience, and pioneer of security deposit insurance, announced today agreements with a robust panel of industry-leading insurance carriers and reinsurers, including Ally Insurance, ReAlign, and Clear Blue Insurance Group with the support and guidance of Guy Carpenter's brokerage and advisory services.

"Despite a challenging environment across the insurance industry, Rhino's growth continues to be as robust as ever and we're seeing tremendous support from our partners across the insurance and housing industries due to the stability and resiliency of our product offerings," said Benjamin Lantos, Co-founder and Chief Risk Officer of Rhino. "Macroeconomic factors are driving renters toward innovative, common-sense solutions, like security deposit insurance. With the backing of our reinsurance partners and brokers, Rhino is poised for continued expansion beyond our partner network of more than six million homes, which will lead to further savings for renters in 2023 and beyond."

Rhino reached several key milestones earlier this year that demonstrated continued growth and accelerated adoption of its products and services, announcing that its security deposit insurance is offered in a partner network of over six million homes and saved American renters more than $1 billion in upfront move-in costs since 2017. These accomplishments demonstrate the degree to which Rhino is transforming and streamlining the rental experience for both renters and multifamily property owners and operators.

"We're excited about the opportunity for continued growth in our partnership with Rhino and the ability to showcase new innovations in Clear Blue's platform," said Jerome Breslin, Chief Executive Officer of Clear Blue Insurance Group. "Our reinsurance partners are very supportive of the program in large part due to Rhino's track record of risk management and strong underwriting policies."

About Rhino

Rhino was founded to give renters everywhere greater financial freedom to plan and enjoy their lives. We eliminate the need for traditional security deposits by replacing them with smart, affordable insurance so renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small fee, and Rhino insures the property owner for damages that might occur and lost rent. In addition, Rhino offers a Renters Insurance product, allowing property managers to offer competitive rates for renters across multi-region portfolios while giving renters the convenience of managing their policies in one self-serve platform and the ability to provide proof of insurance seamlessly. As of 2022, we are offered in over two million homes with a six million home partner network, and we have saved renters over $1 billion in cash.

SOURCE Rhino