LeaseLock and QBE North America Partner to Eliminate Deposits in U.S. Rental Housing Market
LeaseLock and QBE North America today announced a strategic partnership, with QBE's world-class customized and comprehensive insurance solutions powering LeaseLock Zero Deposittm. LeaseLock is the first and only nationwide lease insurance provider, backed by A-rated carriers to help eliminate security deposits, surety bonds, and guarantors in rental housing. LeaseLock's partnership with QBE, a leading program underwriter in the US, delivers enhanced rent loss and damage protection to apartment communities while also creating more affordable leasing for renters.
LeaseLock coupled with QBE's customized solutions, insurance expertise and ease of doing business will facilitate best-in-class product innovation to meet the unique needs of enterprise multifamily portfolios.
LeaseLock enterprise clients currently manage or own over 2 million rental units. Leading multifamily operator clients include Greystar, Pinnacle, Alliance, FPI, Avenue5, Bell Partners, Harbor Group, The Bainbridge Companies and LMC. Top ownership clients include UBS, Goldman Sachs, BlackRock, ColRich, Olive Tree, PGIM, TruAmerica, Eaton Vance, and Goodman Real Estate.
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"We are proud of our new partnership with QBE, who is committed to supporting our leadership position in the $20 billion U.S. deposit replacement category," said Reichen Kuhl, Founder, and Chief of Insurance for LeaseLock. "What excites us most is how QBE's Alternative Markets business?the alternative distribution arm of QBE North America?is supportive of our continuous innovation process as we refine and scale our first-to-market lease insurance product."
Powerful Insurance Technology
LeaseLock delivers a modern lease experience with insurance technology. Powered by technology, data science, and deep integration with enterprise property software systems, LeaseLock deploys a proprietary risk platform that allows multifamily communities to fully eliminate deposits and market themselves as Zero Deposit while maintaining a seamless experience within enterprise workflows. Renters pay a small monthly deposit waiver fee and the property obtains $5,000 of insurance coverage for rent loss and damage. Renters could save up to thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt and eliminate deposit administration and liability.
"LeaseLock is on the leading edge of one of the largest trends in multifamily: the replacement of security deposits to modernize leasing and mitigate risk," said Glenn Skrynecki, Senior Vice President ? Program Business, QBE NA. "We're excited to partner with LeaseLock to empower customers and further diversify our $1B+ Alternative Markets Program portfolio by investing in an all-new category of insurtech."
LeaseLock Highlights:
- LeaseLock typically sees an average adoption of 95% or more on every new lease where deposit alternatives in the form of surety bonds experience fractional adoption.
- LeaseLock experienced 100% growth in launched apartment homes over the last four quarters.
- LeaseLock is installed across more than 160,000 apartment units nationwide.
- LeaseLock has insured leases totaling $500 million in value to-date.
- LeaseLock is integrated with all major property management systems, including Yardi, RealPage, Entrata and MRI.
About LeaseLock
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock fully eliminates deposits to deliver a modern lease experience in rental housing?faster, simpler, and more affordable.
Headquartered in Marina Del Rey, Calif., LeaseLock has insured over $500 million in leases and is backed by insurance rated A (Excellent) by A.M. Best. LeaseLock has secured $25 million from leading insurance, technology, and real estate venture funds including Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners, and Moderne Ventures. For more information, please visit www.leaselock.com.
About QBE
QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2019 of $4.6 billion. QBE Insurance Group's 2019 results can be found at www.qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us, or follow QBE North America on Twitter.
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