Otso and Assurely Partner With Accelerant to Offer Industry-First A-Rated Insurance for Commercial Leases
Fintech and Insurtech startups align with major insurer to create a new category of commercial lease insurance. This innovative new product is focused on accelerating commercial leasing velocity and reducing risk for landlords while significantly increasing liquidity for tenants.
AUSTIN, Texas, Aug. 30, 2021 /PRNewswire/ -- Two Texas companies, Otso and Assurely, have partnered to create the commercial real estate industry's first insurance for lease security. The policies are 100% backed by AM Best A- (Excellent) rated Accelerant, whose technology empowers MGUs to more effectively and confidently serve SMBs. The innovative insurance allows landlords to significantly reduce the risks of leasing while saving tenants of commercial property essential capital when leasing property for their businesses.
"This is a pivotal moment for Otso's story. We've proven the demand for alternative lease securitization nationally with over $12 million in applications this year alone. Landlords and tenants all over the country are leveraging us to improve leasing experiences and outcomes in their assets. By partnering with Assurely and Accelerant, we're enhancing the strength of our solutions while expanding the size of the securitization supported; it's a win-win," said Josh Feinberg, CEO of Otso.
"I have seen this story before ... and it's big," said Ty Sagalow, Assurely's co-founder and Chief Insurance Officer and one of Lemonade's founding members. "The commercial real estate industry is rapidly changing and adjusting to new market demands. Assurely was built for just such times; it's where we shine. As the program's Managing General Underwriter, we are thrilled to partner with Otso, Accelerant, and key CRE players to enable landlords and tenants to succeed in such a changing environment."
"It's exciting to see a new specialty insurance ecosystem emerging," said Jeff Radke, CEO of Accelerant. "Commercial real estate's insurance policies have long lagged behind for lease security, much to the detriment of landlords and tenants across the country. That's why we're excited to partner with Otso and Assurely to bring innovation to this space and support policies that will reduce the risks of leasing."
The program's lease insurance is the first A-rated, multi-year policy for commercial real estate securitization providing a fully digital experience. Decisioning for prospective tenants is powered by Otso's technology, which uses over 800 credit factors including exclusive banking history, enabling most applications to be activated in a matter of minutes.
ABOUT OTSO
Founded in 2019, Otso offers an alternative to traditional cash deposits and letters of credit, protecting landlords with increased coverage against lease default while unlocking essential capital for tenants. The policies are currently available in 40 states for commercial real estate office, retail, and industrial/flex properties covering lease security needs from $1,000-$500,000.
ABOUT ASSURELY
Assurely provides insurance products for changing customers, new industries and innovative marketplaces, faster and more precisely than existing insurance providers. Assurely supports today's new normal of businesses with custom insurance offerings through a data-driven, consultative process.
ABOUT ACCELERANT
Accelerant is a technology-fueled insurance platform that empowers Managing General Underwriters to more effectively and confidently serve small and medium enterprises. Accelerant is rebuilding the way that underwriters share and exchange risk by aligning incentives to improve outcomes for everyone, with a focus on the SMBs that power the global economy and their niche insurance needs. As the non-carrier carrier, Accelerant offers a full-service risk exchange that supports a carefully selected, best-in-class network of underwriting teams focused on serving the needs of small and medium-sized businesses, with a particular emphasis on property and casualty insurance. Accelerant leverages granular data to deliver unprecedented insight into opportunities and is proud to have been awarded an AM Best A- (Excellent) rating. For more information, please visit accelins.com.
PRESS CONTACT
Chelsea Allison
Cmand.co
[email protected]
Related Files
Otso_ Accelerant_Assurely_Partnership_vFINAL_082621.docx
Related Images
otso-logo.png
Otso Logo
https://Otso.io
SOURCE Otso
Share this article