ProSight ‘first’ commercial P&C insurer to convert to PBC amid push for ESG

ProSight Global has changed its name to Coaction Specialty, a wholly-owned subsidiary of Coaction Global, and become the “first” commercial property/casualty (P&C) insurer to convert to Public Benefit Corporation (PBC).

Coaction says the move demonstrates its commitment to addressing environmental, social, and governance (ESG) issues.

The PBC structure will enable Coaction to consider emerging, important issues, such as climate, diversity, and inclusion, in decision-making while continuing to strive to achieve profitable growth for its key constituents.

The company believes it will provide increased diversification benefits, enhanced competitiveness in the marketplace, and the opportunity to sustainably serve new customers.

“Coaction remains committed to its existing distribution relationships and expects to further expand its strategic wholesale partnerships to support its vertical alignment in casualty, multi-line, executive liability, property, and entertainment businesses,” said Jonathan Ritz, chief executive officer of Coaction.