ProSight Specialty Insurance

ProSight Specialty Insurance Group, Inc. is a publicly listed specialty insurance company based in Morristown, New Jersey with offices in London; Glendale, California; and New York City.[2] ProSight Specialty Insurance is backed financially by affiliates of Goldman Sachs Capital Partners and TPG Capital. As a part of their commercial media and entertainment services, ProSight was reported as insuring the highest-grossing concert of 2012.[3] In October 2017, Pro Sight was downgraded from A to A- Financial Rating.

ProSight Specialty Insurance Group, Inc.
Public
Traded asNYSE: PROS
IndustryInsurance
FoundedNew Jersey, United States (2009 (2009))
FounderJoseph J. Beneducci
Headquarters
Morristown, New Jersey
,
United States
Number of locations
5
Key people
Joseph J. Beneducci
(Founder)
Revenue$443.5 M (2013)
Number of employees
425[1]
Websitewww.prosightspecialty.com

Company history

In 2009, Joseph Beneducci founded ProSight Specialty Insurance Holdings, Inc. The name changed to ProSight Specialty Insurance Group, Inc. in November 2010.[2]

Prior to founding ProSight, Beneducci was the CEO at Fireman's Fund Insurance Company.[3] from January 2, 2007 to June 11, 2007.[4] The specialty property and casualty insurance startup expanded quickly, and in 2010 it opened its Santa Rosa office location.[5] The company now has locations in Morristown, New Jersey; London; Glendale, California; and New York City.[2] In 2014, ProSight Specialty was featured on The 2014 Inc. 5000 list of the fastest-growing private American companies, ranking 3,204 with a $443.5 M revenue in 2013.[1]

Prosight went public in July 2019 and is traded as PROS on the New York Stock Exchange NYSE.

Products & Services

In 2014, ProSight invested heavily in the use of in-cab camera technology as a part of their new insurance package for transportation customers.[6] These cameras monitor and record events such as crashes, hard braking, and lane departures to improve safety and reduce the corresponding accident claims.[7]

In May 2014, the firm announced an expansion of their services into the energy market with insurance programs focused on propane and fuel dealers, oil and gas contractors, and solar energy contractors.[8]

International

In addition to its U.S. headquarters and offices, the company also has an international presence with its ProSight Specialty Underwriters Ltd. London office, which focuses on underwriting services and insurance.[9]

References
  1. http://www.inc.com/profile/prosight-specialty-insurance-group
  2. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=109424937
  3. http://www.northjersey.com/news/business/start-up-prosight-specialty-insurance-has-sights-on-growth-1.1141366?page=all
  4. https://www.bloomberg.com/research/stocks/private/person.asp?personId=10021968&privcapId=109424937
  5. http://www.northbaybusinessjournal.com/24534/from-linens-to-insurance-companies-expand/
  6. http://www.truckinginfo.com/news/story/2014/06/prosight-insurance-smartdrive-form-risk-management-alliance.aspx
  7. http://www.ttnews.com/articles/basetemplate.aspx?storyid=35279
  8. http://www.insurancejournal.com/news/national/2014/05/21/329776.htm
  9. http://www.businesswire.com/news/home/20150226006905/en/ProSight-Specialty-Insurance-Receives-Final-Authorisation-Launch#.VRHg3zTF8fg
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.