The Hartford snaps up MGU Y-Risk; hires team
US-based The Hartford has purchased Y-Risk, a managing general underwriter (MGU) specialising in the sharing and on-demand economy, from Allstar Financial Group.
Y-Risk offers products for the sharing and on-demand economy, with tailor-made coverages and usage-based pricing for commercial auto, general liability, property, inland marine, cyber and professional liability products. The company’s customer mix includes transportation-network companies, automobile-sharing platforms, on-demand-services platforms and space-sharing platforms. Y-Risk offers its insurance solutions through wholesale brokers and retail agents.
Following the deal, Y-Risk will keep its brand name and remain located in Unionville, Connecticut, according to a corporate statement. It will operate independently of The Hartford’s core businesses and all of the company’s employees have been hired by The Hartford.
The addition of Y-Risk to Hartford’s strategy & ventures group’s portfolio is part of the company’s strategy to drive innovation and growth through new capabilities and offerings. The Hartford does not expect the purchase to have a material impact on its financial results.
“As a recent startup, Y-Risk operates on the leading edge of the insurance industry, combining deep underwriting expertise with a strong understanding of the fast-paced world of the tech-enabled economy,” said John Wilcox, head of Strategy & Ventures at The Hartford.
“We are pleased to welcome the Y-Risk team to The Hartford. This is the latest example of how The Hartford is expanding its capabilities and talent to more effectively compete in a quickly changing marketplace.”
Y-Risk CEO Bernie Horovitz, commented: “Allstar has been an excellent partner helping to bring the Y-Risk vision to life. Being part of The Hartford brings new opportunities and the support and resources we need to accelerate our growth. We are excited to further extend The Hartford’s reach to a customer base in the sharing and on-demand economy.”
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