28 January 2020USA analysis

ProSight branches out into captives market

Specialty insurer ProSight Global is entering the captive insurance market in a move the company described as “a natural evolution of ProSight’s product offerings and capabilities.”

ProSight’s founder and former CEO Joe Beneducci will step down from his current role as executive chairman on February 1 and form an independent agency called Altruis Group. Altruis will then become a ProSight distribution partner in new customer niches where the company supports captives. ProSight will be its first carrier partner.

Larry Hannon, CEO of ProSight, said: “Entering the captive market builds upon the principles that ProSight was founded on a decade ago. As our customers seek or require alternative solutions in the current market environment, we will do what we do best—find ways to profitably, cost-effectively, and creatively meet those needs.”

Hannon added: “The energy, dedication, and commitment [Beneducci] demonstrated in founding ProSight will once again result in great success at Altruis.”

Steven Carlsen, the current lead director of ProSight’s board, replaces Beneducci as chair at ProSight.