New US Contract with Selective Insurance

Ondo InsurTech Plc (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce that following a successful initial launch in New Jersey earlier this year, Selective Insurance ("Selective") has signed a new contract to facilitate a rollout across four more U.S. states.

LeakBot will now also be available to Selective's eligible homeowners policyholders in Virginia, Pennsylvania, Indiana, and Ohio, making LeakBot a key part of the insurance company's value-added risk management services in these states.

Consistent with other commercial deals, the order is structured to fund the working capital requirements of the expansion.

Craig Foster, Ondo CEO, said: "This new contract with Selective Insurance represents another significant step in our U.S. expansion, reinforcing LeakBot's position as a proven solution for reducing water damage claims - one of the largest claims costs for home insurers. Following the successful launch in New Jersey, we're delighted to see Selective scaling the rollout to Virginia, Pennsylvania, Indiana, and Ohio. With LeakBot now reaching homeowners in a total of 18 states through our U.S. partners, we are delivering tangible value by preventing costly claims and enhancing policyholder satisfaction. This expansion highlights the growing confidence in our technology among U.S. insurance carriers."