ProSight rebrands to Coaction
Private carrier ProSight Global Inc is rebranding as Coaction Global Inc, reflecting its growth from a niche program administrator to a full specialty underwriter, according to its chief executive officer.
The New Jersey-based specialty property and casualty insurer will switch to its new name on 19 April 2022. It follows the firm going private in a transaction completed in August 2021 with investment management firm TowerBrook Capital Partners and private-equity firm Further Global Capital Management.
In 2020 ProSight expanded its insurance solutions into the captive insurance market.
The firm will remain based in Morristown, New Jersey, with offices in Glendale, California, and New York City. There are no planned changes in ownership or company leadership.
“Our company is undergoing a strategic transformation,” said CEO Jonathan Ritz. “We have chosen to rebrand as Coaction to reflect the authentic, collaborative, and results-oriented culture being created as part of this transformation. This effort includes the recent strengthening of our existing team with new leadership and proven talent, particularly in the underwriting and claims functions.”
“This rebrand as Coaction reflects our belief that by using data-driven insights and collaborating with our partners, we can achieve shared success,” added Tim Ryan, president of ProSight. “We rely on analytic ability and practical reasoning to develop innovative insurance products with our insureds and distribution partners which help our customers rationally manage risk and ultimately realize their individual objectives.”
