Greenlight Re Invests in Healthcare Benefits Administrator

Cayman Islands-based Greenlight Capital Re, Ltd. (Greenlight Re), has invested in Sana Benefits, an Austin-based third-party administrator startup focused on the self-insured healthcare market in the United States.

In a statement, Greenlight Re said Sana Benefits helps small-to-medium-sized businesses access employee benefit plans to self-insure their employees. Will Young and Nathan Hackley, who have previous experience with Google, Barrel, and, most recently, the tech-enabled benefits firm Justworks, co-founded Sana.

Greenlight Re Chief Executive Officer Simon Burton said, "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. Sana is one example of a great opportunity to use tech to transform the customer experience."

Sana founders Will Young and Nathan Hackley said, "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 transaction marks the second investment announced by Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets. On September 28, it unveiled a strategic investment in Galileo Platforms, a Hong Kong-based insurance and reinsurance platform focused on emerging markets in Asia.