8 October 2018Cayman analysis

Greenlight Re invests in TPA with self-insured health focus

Greenlight Re Innovations, part of Cayman Islands-based specialist P&C reinsurer Greenlight Re, has invested in Sana Benefits an Austin-based third party administrator with a focus on the self-insured US health market.

Sana has developed a platform to give small-to-medium sized businesses access to benefit plans and savings opportunities by self-insuring their employees.

The TPA is led by co-founders Will Young and Nathan Hackley who have previous experience with Google, Barrel and most recently, the tech enabled benefits firm, Justworks.

“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,” said Greenlight Re CEO Simon Burton. “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.”

Sana founders Will Young and Nathan Hackley commented: “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.”

The Sana deal is Greenlight Re Innovations’ second investment since its launch in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets.

On September 28, it announced a strategic investment in Galileo Platforms, a Hong Kong-based insurance and reinsurance Platform as a Service (PAAS) business which is focused on emerging markets in Asia.