8^th August 2023

Ondo InsurTech Plc ("Ondo" or "the Company")

Ondo InsurTech Announces New Partnership with PURE Insurance

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce a new partnership with PURE Insurance, a U.S.-based property and casualty insurance company designed exclusively for successful, responsible families.

PURE opened for business more than 15 years ago with the goal of offering something different in the insurance space: a company focused on doing what's right for its membership (policyholders), one that promotes transparency and alignment of interests, and delivers greater value. Today, PURE is the most-awarded insurer in its category and serves a membership of more than 100,000 individuals and families across the U.S.

"We're placing a greater emphasis on risk management and working hard to find solutions that can aid in reducing the occurrence of preventable claims for our membership-like those relating to water damage," said Jason Metzger, Head of Risk Management at PURE Insurance. "Technologies like LeakBot allow our members to play an even greater role in loss prevention by identifying small leaks before they turn into large claims."

PURE plans to pilot a program where it will distribute Ondo's LeakBot system to a portion of its membership in select states.

"We are very pleased to announce this new agreement today which demonstrates further validation by U.S. insurers," said Craig Foster, CEO of Ondo InsurTech Plc. "We look forward to working with PURE."

Enquiries

For further information, please visit www.ondoplc.com or contact the following: 

About PURE

Privilege Underwriters Reciprocal Exchange (PURE) is dedicated to creating an exceptional experience for responsible high net worth families, providing customizable coverage for high-value homes, automobiles, jewelry, art, personal liability, watercraft, flood, fraud and cyber fraud. PURE's low cost of capital, careful member selection and proactive risk management all contribute to highly competitive rates and a Financial Strength Rating of "A (Excellent)" from A.M. Best Company, Inc. PURE has sustained at least 15% annual growth in each year since its inception and now serves more than 100,000 members across the United States. 

PURE is a Florida domiciled reciprocal insurer. PURE Risk Management, LLC (PRM), a for-profit entity serves as PURE's attorney-in-fact for a fee. PRM is a subsidiary of Privilege Underwriters, Inc., a member of the Tokio Marine Group of Companies. This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. PURE membership requires an executed Subscriber's Agreement & Power of Attorney (Agreement). Allocations to Subscriber Savings Accounts is subject to the terms of the Agreement and approval of the Florida Office of Insurance Regulation. You can view the Agreement and obtain additional information at pureinsurance.com.  

Trademarks are property of PRM and used with permission. ©2023 PRM. All Rights Reserved. 44 South Broadway, Suite 301, White Plains, New York 10601. 

For more information or to find a local independent broker, visit pureinsurance.com. Follow PURE on Twitter, LinkedIn, Instagram and Facebook. 

About Ondo InsurTech PLC

Ondo InsurTech Plc is a world leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - claims prevention technology that prevents water damage claims in houses. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 13 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).

For more information, visit www.ondoplc.com