- The Hartford gains a leading position as insurer to a fast-growing segment of the ‘new economy’
- Y-Risk will be able to enhance its capabilities and accelerate its growth as part of a large, well-established insurer
HARTFORD, Conn.--(BUSINESS WIRE)--The
Hartford has purchased Y-Risk, a managing general underwriter
specializing in the sharing and on-demand economy, from Allstar
Financial Group, Inc. The addition of Y-Risk to The Hartford’s Strategy
& Ventures group’s portfolio is part of the company’s ongoing focus on
driving innovation and growth through new capabilities and offerings to
better meet the changing needs and expectations of customers.
“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,” said
John Wilcox, head of Strategy & Ventures at The Hartford. “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.”
Y-Risk offers products for the sharing and on-demand economy, with
tailor-made coverages and usage-based pricing for commercial auto,
general liability, property, inland marine, cyber and professional
liability products. The company’s customer mix includes
transportation-network companies, automobile-sharing platforms,
on-demand-services platforms and space-sharing platforms. Y-Risk offers
its insurance solutions through knowledgeable wholesale brokers and
strategic retail agents.
“Allstar has been an excellent partner helping to bring the Y-Risk
vision to life,” said Y-Risk CEO Bernie Horovitz. “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.”
Y-Risk will keep its brand name and remain located in Unionville, Conn.
Y-Risk will operate independently of The Hartford’s core businesses and
maintain its entrepreneurial culture, while still having the benefits of
being part of a large, well-established insurer. Horovitz will report to
Wilcox. All of the company’s employees have been hired by The Hartford.
The purchase price will not have a material impact on The Hartford’s
financial results.
About The Hartford
The Hartford is a leader in property and casualty insurance, group
benefits and mutual funds. With more than 200 years of expertise, The
Hartford is widely recognized for its service excellence, sustainability
practices, trust and integrity. More information on the company and its
financial performance is available at https://www.thehartford.com.
Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates
through its subsidiaries under the brand name, The Hartford, and is
headquartered in Hartford, Conn. For additional details, please read The
Hartford’s legal notice.
HIG-F
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our 2017 Annual
Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission. We
assume no obligation to update this release, which speaks as of the date
issued.
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material company information. Financial and other important information
regarding The Hartford is routinely accessible through and posted on our
website at https://ir.thehartford.com.
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