ProSight Specialty Insurance

ProSight Specialty Insurance Group, Inc.
Private
Industry Insurance
Founded New Jersey (2009 (2009))
Founder Joseph J. Beneducci
Headquarters Morristown, New Jersey
Number of locations
 5
Key people
 Joseph J. Beneducci
(Founder, Chairman, Chief Executive Officer, and President)
Revenue $443.5 M (2013)
Number of employees
 425[1]
Website www.prosightspecialty.com

ProSight Specialty Insurance Group, Inc. is a private specialty insurance company based in Morristown, NJ with offices in London, UK, Glendale, CA, and New York, NY.[2] ProSight Specialty Insurance is backed financially by affiliates of Goldman Sachs Capital Partners and TPG Capital.[3] As a part of their commercial media and entertainment services, ProSight was reported as insuring the highest-grossing concert of 2012.[4] In October 2017, Pro Sight 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.[2] In addition to being the founder, Beneducci is currently the company's CEO, President, and Chairman.[5]

Prior to founding ProSight, Beneducci was the CEO at Fireman's Fund Insurance Company.[4] from January 2, 2007 to June 11, 2007.[5] The specialty property and casualty insurance startup expanded quickly, and in 2010 it opened its Santa Rosa office location.[6] The company now has locations in Morristown, NJ, London, UK, Glendale, CA, and New York, NY.[2] 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.[1]

Products & 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.[7] These cameras monitor and record events such as crashes, hard braking, and lane departures to improve safety and reduce the corresponding accident claims.[8]

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.[9]

International

In addition to its U.S. headquarters and offices, the company also has an international presence with its ProSight Specialty Underwriters Ltd. London office, which focuses on underwriting services and insurance.[10]

References

  1. 1 2 http://www.inc.com/profile/prosight-specialty-insurance-group
  2. 1 2 3 https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=109424937
  3. ↑ http://www.zoominfo.com/s/#!search/profile/company?companyId=347038842&targetid=profile
  4. 1 2 http://www.northjersey.com/news/business/start-up-prosight-specialty-insurance-has-sights-on-growth-1.1141366?page=all
  5. 1 2 https://www.bloomberg.com/research/stocks/private/person.asp?personId=10021968&privcapId=109424937
  6. ↑ http://www.northbaybusinessjournal.com/24534/from-linens-to-insurance-companies-expand/
  7. ↑ http://www.truckinginfo.com/news/story/2014/06/prosight-insurance-smartdrive-form-risk-management-alliance.aspx
  8. ↑ http://www.ttnews.com/articles/basetemplate.aspx?storyid=35279
  9. ↑ http://www.insurancejournal.com/news/national/2014/05/21/329776.htm
  10. ↑ http://www.businesswire.com/news/home/20150226006905/en/ProSight-Specialty-Insurance-Receives-Final-Authorisation-Launch#.VRHg3zTF8fg
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