NEW YORK, July 29, 2022 /PRNewswire/ — Rhino, the leading real estate technology company and pioneer in security deposit insurance, today announced its partnership with AmTrust Financial to provide $60 million in premium writing capability for its core product offering. AmTrust Financial, a global property and casualty insurer, will join Rhino’s existing panel of industry-leading insurers and reinsurers, bringing Rhino’s total premium underwriting capacity to over $200 million.
Rhino’s partnership with AmTrust Financial will further strengthen the company’s ability to support the rapid growth and adoption of its innovative security deposit insurance solution and modernize the rental experience, making it simpler and more effective for landlords and tenants.
“We are thrilled to support Rhino in setting a new standard for the rental experience. Partnering with Rhino, the forerunner of security deposit insurance, is a natural fit for the customer-centric culture of AmTrust,” said Jeff FensterEVP and Head of AmTrust North American Specialty Risk.
“As the upfront cost of renting continues to rise to unprecedented levels, tenants are increasingly turning to innovative solutions, like security deposit insurance, to remove barriers to finding affordable, quality housing,” said Benjamin Lantos, Co-founder and Chief Risk Officer of Rhino. “Rhino’s partnership with AmTrust Financial will help a growing tenant base save money and give landlords the financial protections they need to run sustainable businesses.”
Rhino reaches a milestone earlier this year, announcing that its security deposit insurance was offered in more than 2 million homes, saving U.S. renters more than $800 million in the initial move-in costs.
Rhino was founded to give renters around the world greater financial freedom to plan and enjoy their lives. We eliminate the need for traditional security deposits by replacing them with smart, affordable insurance so tenants can stay in control of their money. Instead of a large cash security deposit, tenants pay Rhino a small monthly fee, and Rhino insures the landlord for any damages that may occur and loss of rent. To date, we’re offered in over 2 million homes with a partner network of 6 million homes, and we’ve saved more tenants $800 million in liquid.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers’ compensation, business owner’s policy (BOP), general liability, and extended warranty and service coverage. With nearly 6,000 employees worldwide, AmTrust has grown to become a leading insurance provider, focusing on insurance solutions for small businesses. AmTrust is rated “A-” (Excellent) with a financial size of “XV” by AM Best. For more information about AmTrust, visit www.amtrustfinancial.com