The Hartford has acquired Y-Risk, a managing general underwriter focused on the sharing and on-demand economy, from Allstar Financial Group Inc.
Neither side is disclosing financial terms.
Y-Risk will join The Hartford’s Strategy & Ventures group’s portfolio, as part of its ongoing focus on driving innovation and growth through new capabilities and offerings to better meet the changing needs and expectations of customers.
“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,” John Wilcox, head of Strategy & Ventures at The Hartford, said in prepared remarks.
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 products and services through wholesale brokers and strategic retail agents.
Plans call for Y-Risk to keep its brand name and remain in Unionville, Conn. Y-Risk will operate independently of The Hartford’s core businesses and maintain its entrepreneurial culture while still having the benefits of being part of a large, well-established insurer. Y-Risk CEO Bernie Horovitz will report to Wilcox.
All Y-Risk’s employees have been hired by The Hartford.
The purchase price will not have a material impact on The Hartford’s financial results, the company said.
Source: The Hartford