Greenlight Re Innovations invests in Australian start-up AuditCover

Greenlight Re Innovations (GRI), part of Greenlight Capital Re Ltd., has announced an investment in AuditCover Australia Pty Ltd., a tax audit insurance company.

The amount of the investment was not disclosed.

AuditCover is an insurance distribution platform that combines the fundamentals of tax audit insurance with rapid data ingestion and modeling software to enable taxpayers to be instantly covered for business expenses when faced with control.

Audit insurance is available to businesses, individuals and trusts to provide financial protection against professional fees incurred as a result of a tax audit or investigation undertaken by authorized regulatory bodies. An audit assurance policy is traditionally paper-based, laborious and slow, Greenlight Re Innovations explained in a statement.

Conversely, by connecting directly to accountants’ core systems, AuditCover streamlines and automates the quoting and binding process, providing instant coverage to taxpayers for the audit-related professional expenses they incur. AuditCover explained on its website that it protects accounting firms, financial planners. advisors, service providers (intermediaries) and their clients from heavy audit-related expenses.

The company currently offers audit insurance policies in Australia and plans to expand internationally in the near future.

Operating as managing general agent, AuditCover coverage is underwritten by companies such as HDI Global Specialty SE and Insurtech Gateway Australia Pty Ltd.

“In many countries, the growth of the gig economy and digital assets has led to an increase in the complexity of tax filings and the frequency of tax audits,” said Simon Burton, CEO of Greenlight Re.

“We believe that by taking advantage of advances in technology, AuditCover is well positioned to serve this growing market and deliver a superior experience to all parties involved,” he added.

“We live in a time when the tax office has far outstripped the free market in terms of data matching capabilities. AuditCover is on a mission to level the playing field by accessing real-time data streams that will determine greater risk accuracy and prevent the severity of an audit in the first instance,” commented Gil Snir, Founder and CEO of the Sydney-based company. AuditCover.

“This is a global challenge faced by most developed countries and we are delighted to have strategic capital partners Greenlight Re on our journey. Their global footprint and innovative approach to reinsurance are well aligned with our vision for the business and the broader insurance landscape,” Snir continued.

About Greenlight Re

Greenlight Re offers property and casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. The company complements its underwriting business 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 re/insurance by providing investment, risk capacity and access to an extensive insurance network.

Source: Greenlight Capital Re Ltd.

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