ProSight Global is set to expand its insurance solutions into the captive insurance market.
The firm said this step marks the “natural evolution” of its product offerings and capabilities.
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 1 February 2020, to form an independent agency, Altruis Group.
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.
In addition, ProSight has appointed the current lead director of the board, Steven Carlsen, to the role of chair.
Carlsen has been a member of the firm’s board for nine years.
ProSight’s CEO Larry Hannon said: “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."
Hannon added: "On behalf of everyone at ProSight, I'd like to thank Joe Beneducci 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.”
"It's a privilege to congratulate Steven Carlsen as our new board chair. His deep understanding of our niche-focused strategy will be key to our continued long-term success.”
