NEW YORK, July 29, 2022 /PRNewswire/ -- Rhino, the leading real estate technology company and pioneer of security deposit insurance, announced today its partnership with AmTrust Financial to provide an additional $60 million in premium-writing capacity for its core product offering. AmTrust Financial, an international property and casualty insurer, will join Rhino's existing panel of industry-leading insurance carriers and reinsurers, bringing Rhino's total premium-writing capacity to over $200 million.
Rhino's partnership with AmTrust Financial will further enhance the company's capacity to support the rapid growth and adoption of its innovative security deposit insurance solution and modernize the rental experience, making it easier and more efficient for both property owners and renters.
"We are excited to support Rhino in setting a new standard for the renting experience. Partnering with Rhino, the forerunner in security deposit insurance, is a natural fit for AmTrust's customer-centric culture," said Jeff Fenster, EVP and Head of AmTrust North American Specialty Risk.
"As the upfront cost of renting continues rising to unprecedented levels, renters are increasingly turning to innovative solutions, like security deposit insurance, to remove barriers to finding affordable, quality housing," said Benjamin Lantos, Rhino Co-Founder and Chief Risk Officer. "Rhino's partnership with AmTrust Financial will help a growing base of renters save money and give property owners the financial protections they need to operate sustainable businesses."
Rhino hit a milestone earlier this year, announcing that its security deposit insurance was offered in more than 2 million homes, saving American renters more than $800 million in upfront move-in costs.
Rhino was founded to give renters everywhere 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 renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small monthly fee, and Rhino insures the property owner for damages that might occur and lost rent. To date, we are offered in over 2 million homes with a 6 million home partner network, and we have saved renters over $800 million in cash.
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 service and warranty coverage. With nearly 6,000 employees worldwide, AmTrust has grown to become an industry-leading insurance provider, focusing on small business insurance solutions. AmTrust is rated "A-" (Excellent) with a Financial Size of "XV" by A.M. Best. For more information about AmTrust, visit www.amtrustfinancial.com