Property & Casualty insurer ProSight Global is set to expand its insurance solutions portfolio into the captive market.
As part of the move, founder and former Chief Executive Officer Joe Beneducci will step down from his role as executive chairman in order to form an independent agency named Altruis Group.
Altruis Group will become a ProSight distribution partner in new customer niches where the company supports captives, and ProSight will become the agency’s first carrier partner.
“We are excited to add captives to ProSight’s growing list of offerings, again demonstrating our commitment to bringing our customers solutions that they value,” said ProSight CEO Larry Hannon.
“Entering the captive market builds upon the principles that ProSight was founded on a decade ago. As our customers seek or require alternative solutions in the current market environment, we will do what we do best—find ways to profitably, cost-effectively, and creatively meet those needs.”
Concurrently, ProSight has appointed current lead director of the Board, Steven Carlsen to the role of Chair.
Carlsen has been a member of ProSight’s Board for nine years and is President of Shadowbrook Advising.
“On behalf of everyone at ProSight, I’d like to thank Joe for everything he has done over the last decade for our company and our employees,” Hannon added.
“I am confident that his unique understanding of our commitment to customers and innovative approach to creating valued solutions will result in a significant and profitable ProSight–Altruis partnership for years to come.”
