Greenlight Re Innovations Announces Investment in Blueprint Title, a Full-Stack Title Insurance Carrier and Agency
GRAND CAYMAN, Cayman Islands, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), has announced an investment in Blueprint Holding Co., Inc. (“Blueprint”), a full-stack title insurance company with a focus on digitalization and integration of technology.*
The title insurance market has historically experienced outsized expense ratios driven by agency commissions. Blueprint reduces these costs by centralizing underwriting and agency operations under a full-stack carrier, significantly reducing the expenses per file. Blueprint’s modernized title closing platform also facilitates an efficient and seamless closing process.
Simon Burton, Chief Executive Officer at Greenlight Re, said, “Title insurance is the perfect example of an inefficient marketplace with high expense ratios. The title market is well-suited to innovative solutions, and we are pleased to partner with Blueprint as they look to transform this market through innovative technology, automated processes, and competitive pricing.”
Steve Berneman, Chief Executive Officer at Blueprint, said, “Buying real estate has been too difficult for too long. The ‘Single Family Residential’ asset class should be accessible to all, and that’s only possible if title and escrow take a modern approach to transactions. At Blueprint, we use technology, transparency, and innovative insurance models to empower buyers and sellers and to remove friction from the process. The team at Greenlight Re understood that mission from our first conversation - insurance doesn’t have to be complicated and frustrating. I’m thrilled to welcome them to the Company.”
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multi-line property and casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment, risk capacity, and access to a broad insurance network.
Blueprint believes in a world where closing real estate transitions isn't painful. Blueprint owns an agency and underwriter that, combined, help modernize how real estate closings work. Founded in 2017 and headquartered in Nashville, TN, Blueprint's agency, Blueprint Title, is licensed in 26 states and operational in 19.
*Blueprint's subsidiary, Construct Title Company, LLC dba Blueprint Title, is a licensed title insurance agency (NPN 17886901). Blueprint's subsidiary, Southwest Land Title Insurance Company, is a title insurance underwriter (NAIC #15305).
This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. The Company intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.