Ondo Insurtech Regulatory News (ONDO)

21 February 2023

Ondo InsurTech Plc

("Ondo" or the "Company")

Contract announcement

Selective Insurance Group sign contract to offer LeakBot to eligible Homeowner Policyholders in the United States

Ondo InsurTech Plc (LSE: ONDO), the London-listed leader in water damage claims prevention technology for home insurers, is pleased to announce that it has signed an agreement with Selective Insurance Group ("Selective") the US-based Property and Casualty carrier for Selective to offer LeakBot to its eligible homeowners policyholders.

Craig Foster, Ondo CEO, said: "We are pleased to add another well-known US insurer to our list of partners and we share the same ambitions and aspirations as Selective - to use technology to protect the homes of families and reduce the risk of property water damage."

Allen Anderson, Senior Vice President, Personal Lines, Selective stated: "We provide customized risk management solutions to help serve our customers' unique needs and actively seek innovations that help them mitigate risk. LeakBot's innovative technology can help our customers reduce the risk of water-related property damage".   

Enquiries

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

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. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 15 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc

(LSE:ONDO) and holds the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.

For more information, visit www.ondoplc.com

About Selective Insurance

Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2023 and certification as a Great Place to Work® in 2023 for the fourth consecutive year. For more information about Selective, visit www.Selective.com.