ProSight Global to offer captive solutions

ProSight Global announced that it will expand its insurance solutions portfolio into the captive insurance market. As part of this strategic expansion, ProSight’s founder and former CEO Joe Beneducci will be stepping down from his current role as executive chairman, effective February 1, 2020, to form an independent agency, Altruis Group, LLC. Following Beneducci’s departure from ProSight, 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.

ProSight is also announcing that current lead director of the Board, Steven Carlsen, has been appointed to the role of Chair. Carlsen has been a member of ProSight’s Board for nine years and is President of Shadowbrook Advising. Throughout his career, Carlsen has founded multiple insurance entities, and has held leadership roles at organizations such as CAT Limited, Endurance Specialty Holdings, and Orchid Underwriters Agency.

“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. 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. 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. I believe that the energy, dedication, and commitment he demonstrated in founding ProSight will once again result in great success at Altruis. 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.” – ProSight CEO Larry Hannon.