Insurtech firm Counterpart has gone into partnership with Aspen Insurance and Markel to give small businesses access to the former’s management liability products.
In a statement, Counterpart said that Aspen was joining as a member company of Markel.
Tanner Hackett, CEO of Counterpart, said: “From vaccine mandates to hybrid workplaces to supply chain constraints, small businesses and their key stakeholders are facing a completely new risk paradigm. However, legacy carriers have done little to adapt to the needs of modern businesses beyond the four corners of a pdf application and insurance policy – their failure to embrace digitisation and data science has made management liability more expensive and less accessible while businesses need it more than ever.”
He added: “We’re teaming up with forward-thinking carriers like Aspen and Markel to transform management liability insurance by combining their strong balance sheets and respected teams with Counterpart’s data and product expertise.”
The firm said that its insurance platform pairs proprietary data and cutting-edge technology to underwrite management liability insurance to companies with up to 250 employees.
Counterpart raised $30m in a Series B financing round in March, bringing the company’s total financing to $40m.