REG - Ondo InsurTech PLC - New Partnership with PURE Insurance

Ondo InsurTechAnnouncement

08/08/2023 07:30

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RNS Number : 6284I  Ondo InsurTech PLC  08 August 2023

8(th) August 2023

 

Ondo InsurTech Plc ("Ondo" or "the Company")

 

 

Ondo InsurTech Announces New Partnership with PURE Insurance

 

 

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention
technology for home insurers, is pleased to announce a new partnership with
PURE Insurance, a U.S.-based property and casualty insurance company designed
exclusively for successful, responsible families.

 

PURE opened for business more than 15 years ago with the goal of offering
something different in the insurance space: a company focused on doing what's
right for its membership (policyholders), one that promotes transparency and
alignment of interests, and delivers greater value. Today, PURE is the
most-awarded insurer in its category and serves a membership of more than
100,000 individuals and families across the U.S.

 

"We're placing a greater emphasis on risk management and working hard to find
solutions that can aid in reducing the occurrence of preventable claims for
our membership-like those relating to water damage," said Jason Metzger, Head
of Risk Management at PURE Insurance. "Technologies like LeakBot allow our
members to play an even greater role in loss prevention by identifying small
leaks before they turn into large claims."

 

PURE plans to pilot a program where it will distribute Ondo's LeakBot system
to a portion of its membership in select states.

 

"We are very pleased to announce this new agreement today which demonstrates
further validation by U.S. insurers," said Craig Foster, CEO of Ondo InsurTech
Plc. "We look forward to working with PURE."

 

 

Enquiries

 

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

 Ondo InsurTech Plc              Jim Strickland,                   +001 817 807 8962

                                 General Manager - North America
 SI Capital Ltd                  Nick Emerson                      +44 (0) 1483 413500

 (Company Broker)                Jon Levinson                      +44 (0) 20 3143 0600
 Cassiopeia Services Ltd         Stefania Barbaglio                +44 (0) 7949 690338

 (PR & Investor Relations)

 

 

About PURE

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's low cost
of capital, careful member selection and proactive risk management all
contribute to highly competitive rates and 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. ©2023 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/) . Follow PURE on Twitter,
LinkedIn, Instagram and Facebook.

 

 

 

About Ondo InsurTech PLC

 

Ondo InsurTech Plc is a world leading provider of claims prevention technology
for home insurers. Ondo's focus is on the global scale-up of LeakBot - claims
prevention technology that prevents water damage claims in houses. Water
damage is the single biggest cause of home insurance claims, accounting for
$17bn of claims every year in the USA and UK combined. LeakBot is a patented
self-install solution that connects to the home wireless network and, if it
detects a leak, notifies the customer via the LeakBot mobile app and provides
access to a team of expert LeakBot engineers to 'find and fix' the problem.
Recent independent research by Consumer Intelligence found LeakBot can reduce
the cost of water damage claims by 70%.

 

LeakBot partners with 13 insurance carriers - including Admiral, Direct Line
Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe
and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo
InsurTech Plc (LSE:ONDO).

 

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

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