Property and casualty insurer the Hartford has announced the purchase of Y-Risk, a managing general underwriter (MGU), from Allstar Financial Group.
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.
The firm delivers its insurance solutions through knowledgeable wholesale brokers and strategic retail agents.
“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.”
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.
“Allstar has been an excellent partner helping to bring the Y-Risk vision to life,” said Y-Risk Chief Executive Officer 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, Connecticut