Coaction Specialty Insurance Group, Inc.
TypePrivate
IndustryInsurance
FoundedNew Jersey, United States (2009 (2009))
Headquarters
Morristown, New Jersey
,
United States
Key people
Jonathan Ritz (CEO)
OwnerTowerBrook Capital Partners and Further Global
Websitewww.coactionspecialty.com

Coaction Specialty Insurance Group, Inc. is a privately owned property and casualty insurance company based in Morristown, New Jersey with offices in Glendale, California; and New York City.[1] The company is owned by TowerBrook Capital Partners and Further Global Capital Management.[2] Prior to April 2022, the company was known as ProSight Specialty Insurance Group, Inc..

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, ProSight was downgraded from A to A− Financial Rating.

Company history

In 2009, Joseph Beneducci founded ProSight Specialty Insurance Holdings, Inc. The name changed to ProSight Specialty Insurance Group, Inc. in November 2010.[1]

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.[1] 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.[6]

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

In January 2021, TowerBrook Capital Partners and Further Global agreed to be acquire ProSight for $586 million.[7] The transaction was closed in August 2021.[8]

In April 2022, ProSight rebranded itself as Coaction Specialty Insurance Group.[9]

Products and 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.[10] These cameras monitor and record events such as crashes, hard braking, and lane departures to improve safety and reduce the corresponding accident claims.[11]

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.[12][13]

References

  1. 1 2 3 "Prosight Specialty Insurance Holdings Inc - Company Profile and News". Bloomberg.com. 2019-02-07. Retrieved 2020-11-24.
  2. ↑ "TowerBrook and Further Global Complete Acquisition of ProSight and Appoint Jonathan Ritz as CEO". ProSight Specialty Insurance. 2021-08-04. Retrieved 2021-08-09.
  3. 1 2 "Archived copy". Archived from the original on 2015-04-02. Retrieved 2015-03-24.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ↑ "Joseph J Beneducci, Prosight Specialty Insurance Group Inc: Profile and Biography". Bloomberg.com.
  5. ↑ "Archived copy". Archived from the original on 2012-12-11. Retrieved 2015-03-25.{{cite web}}: CS1 maint: archived copy as title (link)
  6. ↑ "ProSight Specialty Insurance Group - Morristown, NJ". Archived from the original on 2015-04-02. Retrieved 2015-03-24.
  7. ↑ G. Simpson, Andrew (January 20, 2021). "ProSight to Become Private Company After Being Acquired by Investors". Insurance Journal.
  8. ↑ "Investors Complete Acquisition of Specialty Insurer ProSight Under Plan to Go Private". Insurance Journal. August 4, 2021.
  9. ↑ "ProSight Specialty is now Coaction Specialty". Coaction Specialty Insurance. 2022-04-19. Retrieved 2022-10-12.
  10. ↑ "ProSight Insurance, SmartDrive form Risk-Management Alliance". www.truckinginfo.com.
  11. ↑ Clevenger, Seth (June 18, 2014). "ProSight Offers SmartDrive Video Safety with Insurance Package". Transport Topics.
  12. ↑ "ProSight Specialty Expands Energy Market Coverage with Three New Programs". Insurance Journal. May 21, 2014.
  13. ↑ "Top Ranking the World's Largest Insurance Markets". beinsure.com.

40°46′17″N 74°30′13″W / 40.77134°N 74.50367°W / 40.77134; -74.50367

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