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.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk