Greenlight Re Innovations, a unit of Cayman Islands-based property and casualty reinsurer Greenlight Capital Re, has invested in Sana Benefits, an Austin-based third party administrator focussed on the self-insured health market in the US.
Financial terms of the deal were not revealed. Headed by co-founders Will Young and Nathan Hackley, Sana sells and administers health plans for small and medium businesses. In addition, the business started offering administrative services from 1 September 2018.
“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,” Young & Hackley noted.
The latest deal marks Greenlight Re Innovations’ second deal since its inception in March this year. The unit was launched to seek innovation opportunities in the re/insurance industry also.
Last month, the unit invested in Honk-Kong based insurance and reinsurance platform as a service (PAAS) provider Galileo Platforms.
Greenlight Capital 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.”