US-based insurtech firm Rhino has formed an alliance with AmTrust Financial to offer $60m in new premium-writing capability for its core product platform.

As part of the partnership, AmTrust Financial, which provides property and casualty insurance solutions worldwide, is set to become part of Rhino’s current network of insurance carriers and reinsurers.

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The partnership is expected to help Rhino to increase the size of its total premium-writing capability to more than $200m.

It is also anticipated to enable Rhino to expand its business as well as support the use of its advanced security deposit insurance solutions and upgrade rental practices.

The collaboration will serve both the property owners and renters, said the company.

AmTrust Financial North America specialty risk head Jeff Fenster said: “Partnering with Rhino, the forerunner in security deposit insurance, is a natural fit for AmTrust’s customer-centric culture.”

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Based in New York, AmTrust Financial currently has a workforce of around 6,000 employees across the globe.

Rhino co-founder and chief risk officer Benjamin Lantos said: “As the upfront cost of renting continues rising to unprecedented levels, renters are increasingly turning to innovative solutions, like security deposit insurance, to remove barriers to finding affordable, quality housing.

“Rhino’s partnership with AmTrust Financial will help a growing base of renters save money and give property owners the financial protections they need to operate sustainable businesses.”

In January last year, Rhino announced that it had secured $95m in a funding round to drive expansion.

Tiger Global Management, an investment company, had led the round.