A new, Philadelphia-based specialty property and casualty (P&C) insurance and reinsurance brokerage has been launched, called Protecdiv.
The new re/insurance broker is led by experienced insurance industry professionals Kael Coleman as Founder and Chief Executive Officer (CEO) and Paul Little, as Chief Operating Officer (COO).
According to an announcement on the launch, the company has process, technology, and diversity at the core of its business model, and targets reaching $100 million in revenue in just five years. During this time, the broker hopes to expand its workforce to be the most diverse in the re/insurance industry.
Protecdiv is to target Fortune 2000 clients, and will initially focus on auto manufacturers, suppliers and financial institutions. In order to provide specialist insurance solutions, the firm will work with both public and private companies and also governments and government-related entities.
In the reinsurance space, the firm says that it will be focused on providing innovative risk transfer solutions to both large and specialty insurance companies. Protecdiv will also operate in the mortgage arena, delivering credit risk transfer services to U.S. government-sponsored enterprises, mortgage insurers, banks, and other asset holders in the sector.
“We will be the only minority-owned insurance broker that will universally qualify as a tier one broker for Fortune 2000 companies.
“We have created the first minority-owned insurance and reinsurance brokerage with a focus on innovation, data, and technology – all geared towards providing flawless execution and a laser-like focus on customer service. American industry is evolving to encourage greater diversity and Protecdiv is here to meet this need,” said Coleman.
The broker also states that technology will be at the core of its services, adding that it will leverage modern data management and data analytics tools.
“Technology has been a central tenet of our culture since day one, enabling us to be nimble while our competitors, bound by legacy IT systems, are more rigid. As a technology-efficient broker, we can move quickly to seize new market opportunities, allowing us to deliver exceptional service for clients,” said Little.
Prior to Protecdiv, Coleman led the international mortgage reinsurance team at broker Willis Re, the reinsurance division of Willis Towers Watson. He has also served as a senior broker at reinsurance broker Guy Carpenter and at Holborn, where he worked closely with Little.
Little previously founded and was President of Maxfield Risk Consulting, and prior to this, served as the CEO at Ultimate Risk Solutions. He has also served as the President of EQECAT, which is now part of CoreLogic. Little has also worked at reinsurance broker Guy Carpenter as a Managing Director for over two decades.
