Everspan Partners With TheGuarantors to Improve Rental Accessibility and Affordability

Rhea-AI Summary

Everspan Group has launched a partnership with TheGuarantors, a fintech company, to provide innovative insurance products for renters and landlords. This program includes support for TheGuarantors' Lease Guarantee and Security Deposit Replacement products. The partnership aims to enhance tenant default protection and offer affordable alternatives to cash security deposits, making insurance more accessible. Everspan will offer these policies nationally through TheGuarantors' real estate network. The collaboration is expected to drive innovation in the real estate sector and improve service for renters and landlords.

Positive

• Partnership with TheGuarantors enhances insurance offerings for renters and landlords.
• Launch of Lease Guarantee and Security Deposit Replacement products expands market reach.
• Everspan's national policy offering positions it competitively in the fintech insurance market.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Everspan Group, Rated A- (Excellent) by AM Best, today announced it has launched a program partnership with TheGuarantors, a fintech company providing innovative insurance products and financial solutions for renters and landlords.

Everspan, a specialty program property and casualty insurer, will support TheGuarantors’ flagship Lease Guarantee and Security Deposit Replacement products. Lease Guarantee is a tech-enabled tenant default protection product allowing renters to qualify for the unit they want and Security Deposit Replacement acts as a direct and highly affordable substitute to a cash security deposit. In both cases, renters pay a small upfront or monthly fee and TheGuarantors insures the landlord for lost rent and/or damages.

Everspan policies will be offered nationally on an admitted basis through TheGuarantors’ established network of real estate partners.

Steve Dresner, Chief Underwriting Officer of Everspan Group, said, “We are proud to partner with TheGuarantors, a leading fintech firm whose products and platform are reshaping the real estate space. At Everspan, we believe insurance should be a force for good. TheGuarantors shares that value and puts it into practice through its innovative Lease Guarantee and Security Deposit Replacement products. We are excited to provide support to this exceptional team.”

“Everspan is a trusted name in insurance and we are thrilled to add them to our roster of A-rated carriers," said Julien Bonneville, CEO and founder of TheGuarantors. "Their risk capacity and operational excellence enable us to continue innovating and support our vision of providing best-in-class products to our renters and real estate partners."

About Everspan Group
Everspan Group is a specialty property and casualty insurance platform that operates nationwide on an admitted and non-admitted basis. The companies which comprise the Everspan Group are wholly-owned subsidiaries of Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company. For more information, please refer to www.everspangroup.com.

About TheGuarantors
TheGuarantors is a technology company that improves affordability and accessibility for the 46 million American households that rent their homes. Through its platform and partnerships with multiple A-rated carrier partners, TheGuarantors offers a unique suite of insurance, qualification, and protection products to renters and landlords. The company ranks on the lists of The Inc. 5000, Forbes’ Best Startup Employers, and The Financial Times’ Fastest Growing Companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220503005327/en/

Kate Smith

Director, Corporate Communications

212-208-3452

ksmith@ambac.com

Source: Everspan Group

FAQ

What is the purpose of Everspan Group's partnership with TheGuarantors?

The partnership aims to provide innovative insurance products, including Lease Guarantee and Security Deposit Replacement, for renters and landlords.

When was the partnership between Everspan Group and TheGuarantors announced?

The partnership was announced on May 3, 2022.

What new products are being offered through the Everspan and TheGuarantors partnership?

The partnership offers Lease Guarantee and Security Deposit Replacement products.

How will Everspan policies be distributed through TheGuarantors?

Everspan policies will be offered nationally on an admitted basis through TheGuarantors' established network of real estate partners.

What is the stock symbol for Ambac Financial Group?

The stock symbol for Ambac Financial Group is AMBC.