RCS - Ondo InsurTech PLC - PURE expands LeakBot program

Ondo InsurTechAnnouncement

17/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250217:nRSQ3270Xa&default-theme=true

RNS Number : 3270X  Ondo InsurTech PLC  17 February 2025

17 February 2025

 

 

Ondo InsurTech Plc

("Ondo" or the "Company")

 

PURE Insurance Adds Six New States to its LeakBot Program

 

 

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology
for home insurers, announced today that Privilege Underwriters Reciprocal
Exchange ("PURE Insurance"), a member-owned property and casualty insurer, is
expanding its LeakBot program beyond just downstate New York to now also
include Indiana, North Carolina, New Jersey, Ohio, Pennsylvania and
Washington.

 

LeakBot is an easy-to-install sensor that clips onto a pipe near a home's main
water supply and detects hidden leaks before they become significant claims.
PURE offers LeakBot and their plumbing repair service to eligible members at
no cost.

 

Craig Foster, Ondo CEO, says: "PURE Insurance is a great partner. Their
commitment to proactive risk management and a shared risk model is driving
member engagement that is significantly higher than we see in most other
insurance companies.  We look forward to continuing to provide compelling
results as we transition from a pilot project in a single state to a wider
test of the LeakBot solution for  PURE Insurance members across seven
states."

 

Jack Willis, Head of Loss Prevention Solutions at PURE Insurance, says: "We're
delighted to expand the LeakBot program to even more PURE members following a
successful pilot program in New York.  Year over year, water damage is the
most common and costly cause of loss for our membership. Our partnership with
Ondo gives eligible members a promising tool in the battle against water
damage."

 

Enquiries

 

For further information, please visit (http://www.ondoplc.com) www.ondoplc.com
(http://www.ondoplc.com)   or contact the following:

 

 Ondo InsurTech Plc                 Craig Foster, CEO       +44 (0) 800 783 9866

                                    Kevin Withington, CFO
 Dowgate Capital Ltd                Russell Cook            +44 (0) 20 3903 7715

 (Broker & Financial Advisor)       Nick Chambers

                                    Charlie Hall
 Cassiopeia Services Ltd            Stefania Barbaglio      +44 (0) 7949 690338

 (PR & Investor Relations)

 

About Ondo InsurTech PLC

 

Ondo is a world-leading provider of claims prevention technology for home
insurers. Ondo's focus is on the global scale-up of LeakBot, technology that
prevents water damage claims in homes. Water damage is the single biggest
cause of home insurance claims, accounting for $17 billion annually in the USA
and UK combined. LeakBot is a patented, self-install solution that connects to
a home's wireless network and alerts the homeowner via the LeakBot mobile app
if a leak is detected, offering access to a team of expert engineers to locate
and fix the issue.

Ondo partners with 23 insurance carriers, including Nationwide, Liberty
Mutual, Admiral, Direct Line Group, Hiscox, Länsförsäkringar, and
TopDanmark, across Europe and the USA.

Ondo holds the London Stock Exchange Green Economy Mark, awarded to companies
deriving the majority of their income from green activities.

For more information, visit www.ondoplc.com (http://www.ondoplc.com/)

 

About PURE Insurance

Privilege Underwriters Reciprocal Exchange (PURE) is dedicated to creating an
exceptional experience for responsible high net worth families, providing
customizable coverage for high-value homes, automobiles, jewelry, art,
personal liability, watercraft, flood, fraud and cyber fraud. PURE holds a
Financial Strength Rating of "A (Excellent)" from A.M. Best Company, Inc. PURE
has sustained at least 15% annual growth in each year since its inception and
now serves more than 100,000 members across the United States.

 

PURE is a Florida-domiciled reciprocal insurer. PURE Risk Management, LLC
(PRM), a for-profit entity serves as PURE's attorney-in-fact for a fee. PRM is
a subsidiary of Privilege Underwriters, Inc., a member of the Tokio Marine
Group of Companies. This material is descriptive only. The precise coverage
offered is subject to the terms and conditions of the policies issued. PURE
membership requires an executed Subscriber's Agreement & Power of Attorney
(Agreement). Allocations to Subscriber Savings Accounts is subject to the
terms of the Agreement and approval of the Florida Office of Insurance
Regulation. You can view the Agreement and obtain additional information at
pureinsurance.com.

 

Trademarks are property of PRM and used with permission. ©2025 PRM. All
Rights Reserved. 44 South Broadway, Suite 301, White Plains, New York 10601.

 

For more information or to find a local independent broker, visit
pureinsurance.com (http://www.pureinsurance.com/) .

 

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRADGGDDUXBDGUL