Two specialty lines insurance organizations announced different types of transformations in recent days. Amalgamated Casualty Insurance Company is becoming Forge Insurance Company, and ProSight Specialty is rebranding as Coaction Global Inc.
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Forging Ahead in Commercial Auto
Forge Group, Inc. said it completed the sale of 2,050,000 shares of common stock at $10 per share on March 11, for a total gross offering of $20.5 million.
The offering was conducted in connection with the conversion of Amalgamated Casualty Insurance Company from a mutual to stock insurance company.
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Amalgamated, being renamed Forge Insurance Company, is now a wholly owned subsidiary of Forge Group.
Participants in the offering included Amalgamated policyholders, an employee stock ownership plan, directors, officers, employees, and members of the general public. The offering was significantly over-subscribed, Amalgamated Specialty Group said in a statement.
Amalgamated Casualty was founded in 1938 and is based in the Washington, D.C. metropolitan area. Authorized to operate in 30 states, Amalgamated Casualty specializes in providing commercial auto insurance to small businesses.
Historically, Amalgamated has focused on the public auto segment but the company expects to its commercial auto product suite to include artisan contractors and other small businesses in 2022, the statement said.
Forge also completed the acquisition of Amalgamated’s affiliated agency, American Risk Management, Inc., which will be renamed Forge Risk Management, Inc.
Forge common stock is expected to be quoted on the Over-the-Counter Pink marketplace in the coming weeks.
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ProSpecialty Becomes Coaction
ProSight Global, Inc., a privately-owned specialty property and casualty insurance company, said it will rebrand as Coaction Global, Inc., effective April 19.
The move follows a go-private transaction completed in August 2021 with investment management firm TowerBrook Capital Partners and private-equity firm Further Global Capital Management. ProSight said that rebranding to Coaction will capitalize on the company’s ambition to reflect corporate values that prioritize collaboration and analytics-driven decision making.
The company provides specialty insurance coverage across property, casualty, entertainment, executive liability, and multi-line verticals, aiming to combine product, analytics, and underwriting capabilities with strong industry knowledge and partnerships to develop real-world solutions for customers.
Based on this mission, the company aims to, “Coact with customers and industry partners to rationally manage risk so businesses and communities can build a more ambitious, confident, and sustainable future,” ProSight said in a statement.
The soon-to-be renamed company will still be based in Morristown, N.J., where ProSight is now, with offices in Glendale, Calif. and New York City, and there no changes in ownership or company leadership planned.
“Our company is undergoing a strategic transformation,” said Jonathan Ritz, chief executive officer of ProSight, in a media statement, highlighting some recent hirings in the underwriting and claims functions.
“The transformation and addition of talent supports our growth from a ‘niche’ program administrator to a full specialty underwriter across our product verticals in open brokerage and delegated underwriting authority platforms,” Ritz said.
Sources: Amalgamated Specialty Group; ProSight