Hartford Purchases Y-Risk
Hartford has purchased Y-Risk, a managing general underwriter specializing in the sharing and on-demand economy, from Allstar Financial Group.
“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. 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.” – Head of Strategy & Ventures at Hartford, John Wilcox.
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 products. The company’s customer mix includes transportation-network companies, automobile-sharing platforms, on-demand-services platforms and space-sharing platforms. Y-Risk offers its insurance solutions through wholesale brokers and retail agents.
Y-Risk will keep its brand name and will operate independently of Hartford’s core businesses.
Recall insurance-related acquisitions here.