Little and Coleman form tech-focused broker Protecdiv targeting Fortune 2000 firms
Two well known brokers in the US have formed a new insurance and reinsurance broker that they claim will qualify as a tier one broker for Fortune 2000 companies. They are targeting reaching $100 million of revenue in five years.
Protecdiv has been formed by Kael Coleman, the former head of the global mortgage reinsurance team at Willis Re, and Paul Little, the former president of Maxfield Risk Consulting, which specialized in risk management and analytics consulting.
They worked together and met while working at Holborn and Guy Carpenter though Little was also previously the CEO at Ultimate Risk Solutions, an economic capital software development company, and the president of EQECAT, now part of CoreLogic.
They describe Protecdiv as a specialty property/casualty brokerage with process, technology, and diversity at the centre of its business model. The broker has a growth plan to reach $100 million in revenue in five years, with an aim to expand its employee-base to have the most diverse workforce in the industry.
Protecdiv will target Fortune 2000 clients, with an initial focus on auto manufacturers and suppliers and financial institutions. It will work with these large publicly-traded and privately-held companies as well as government and government-related entities to provide specialty insurance solutions.
In the reinsurance sector, Protecdiv will focus on providing innovative risk transfer solutions to large and specialty insurers. In the mortgage markets, the broker will deliver credit risk transfer services to US government-sponsored enterprises, mortgage insurers, banks and other asset holders.
They claim there is currently a drive in the US by larger enterprises to have greater diversity among their supplier base. Protecdiv’s business model addresses this demand by creating a diverse company that can deliver top tier insurance and reinsurance services, the founders say.
“We will be the only minority-owned insurance broker that will universally qualify as a tier one broker for Fortune 2000 companies,” said Coleman, CEO of Protecdiv.
“We have created the first minority-owned insurance and reinsurance brokerage with a focus on innovation, data, and technology - all geared towards providing flawless execution and a laser-like focus on customer service. American industry is evolving to encourage greater diversity and Protecdiv is here to meet this need.”
Little added: “Technology has been a central tenet of our culture since day one, enabling us to be nimble while our competitors, bound by legacy IT systems, are more rigid. As a technology-efficient broker, we can move quickly to seize new market opportunities, allowing us to deliver exceptional service for clients.”
