ProSight and Altruis, the new firm being created by ProSight founder and former CEO Joe Beneducci, will offer captives a full range of services, including policy and documentation, servicing, premium collection, recordkeeping, claims handling and loss control.
Services will be unbundled, with customers free to select the ones they need.
ProSight, which will serve as the carrier for Altruis, as previously reported by Captive International, will offer a suite of captive solutions to suit the specific needs of the client. It already provides existing clients with structuring alternatives, fronting arrangements, reinsurance, claims management and loss control, all of which it believes will be invaluable in serving captive clients.
ProSight prides itself on creating bespoke solutions that are tailored to customers in specific segments. It aims to build up deep expertise in the sectors in which its customers operate, believing this gives it a deeper understanding of their needs than its competitors can offer.
The insurer believes its holistic understanding of its customers as groups, rather than as customers of a particular line of insurance, gives it a similar mindset to a captive insurer, giving it an advantage in a business it believes represents a significant growth opportunity.
Details about where Altruis will be based are not yet available.
ProSight, Altruis, Joe Beneducci