Property and casualty insurer The Hartford has acquired Y-Risk, a managing general underwriter, from Allstar Financial Group for an undisclosed sum.
The takeover of Y-Risk, which specialises in the sharing and on-demand economy, is part of The Hartford’s plan to concentrate on driving innovation and growth through new capabilities and offerings.
Y-Risk’s customer portfolio comprises transportation-network firms, car-sharing platforms, on-demand-services platforms and space-sharing platforms. It offers commercial auto, general liability, property, inland marine, cyber and professional liability products.
Y-Risk will retain its name and operate independently of The Hartford’s core businesses and maintain its entrepreneurial culture.
The Hartford head of strategy and ventures John Wilcox said: “As a recent start-up, 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.
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 said: “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.”
Horovitz will report to Wilcox. All of the company’s staff has been absorbed by The Hartford.