The Hartford acquires Y-Risk, insurer for sharing economy
The Hartford has bought Y-Risk, an MGA specializing in the sharing and on-demand economy.
After the purchase from former owner Allstar Financial Group, The Hartford’s goal is to become the leading position insurer to this customer segment of the ‘new economy’. The unit will be managed under the Hartford’s Strategy & Ventures group, with the goal of improving proficiency and offerings to meet these customers’ needs and expectations.
Located in Unionville, Connecticut, Y-Risk will operate independently of The Hartford’s business and continue operating as an entrepreneurial company. Though the company will keep their brand name and location, Y-Risk employees are employed by The Hartford and now benefit joining a well-established insurer.
Y-Risk offers insurance solutions through wholesalers and strategic retail agents, tailor-made coverages and usage-based pricing for commercial auto, general liability, property, inline marine, cyber and professional liability products. The Hartford said in an e-mail to Digital Insurance that no changes are currently planned to Y-Risk’s distribution strategy.
“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,” shared John Wilcox, head of Strategy & Ventures at The Hartford. “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.”
Bernie Horovitz, CEO of Y-Risk shared, “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.”