The Hartford has purchased Y-Risk, a managing general underwriter that specializes in serving sharing and on-demand economy risks, from Allstar Financial Group, an Atlanta-based holding company with multiple specialty managing general agencies across the country.
Unionville, Connecticut-based Y-Risk’s customer mix includes transportation-network companies, car-sharing platforms, on-demand-services platforms and space-sharing platforms. Y-Risk offers its insurance through wholesale brokers and retail agents.
Commercial auto offers a fee and usage-based pricing specifically designed for general liability, property, inland maritime, cyber and professional liability products.
The terms of the transaction were not disclosed. Hartford said the purchase price will have no significant impact on the financial results.
In an article in the insurance news magazine is divided into sections (Sharing Insurance Brokers in the Sharing Economy) Y-Risk was founded in 2016 to solve what they see as founders in the demand big gap ve in the world of insurance for on-demand and sharing economic risks. Aaron Ammar, who is partner with Y-Risk, said, ın What I mean by this is how we can ultimately protect the insurance coverage and arrange insurance pricing for these new models. Y
He told insurance news that carriers are inclined to want to know historical loss information for years, or that they have organizations that cannot react quickly. ”Let’s say, eri Let’s get out and solve the gap and we really need to cooperate with our customers ğu as they are really scaled, we provide the appropriate capacities im.
Among the Y-Risk’s offerings are free and independent contractors online gig.protect.com, which allows online purchase of investment access to product and access options offered by employers, including health coverages, life insurance, professional insurance and general responsibility.
Y-Risk will now be a part of Hartford’s strategy and initiatives group focusing on innovation.
Ata Allstar has been an excellent partner in helping Y-Risk realize its vision, ortak said Bernie Horovitz, CEO of Y-Risk. ”Being part of Hartford brings new opportunities and support and resources we need to accelerate our growth.“
Ler As a new beginning, Y-Risk operates under the leadership of the insurance industry, bringing a deep understanding of the fast-paced world of the technology industry together with deep subtitle expertise, is says Strategy Director John Wilcox and initiatives at Hartford. Dal said The Hartford is an example of “how he developed his talents and abilities to compete more effectively in a rapidly changing marketplace.”
The announcement said Y-Risk would protect its brand name, continue to remain in Unionville, and operate independently of The Hartford’s core business.
CEO Horovitz will report to Wilcox. Hartford said you hired all employees of the company.
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