The High Definition Vehicle Insurance (HDVI) Group, the next-generation commercial auto insurance business, has formed new relationships with Munich Re Specialty Insurance and Spinnaker Insurance Company.
HDVI has also expanded into Illinois, Indiana, Ohio, and Minnesota, and reveals additional states will be announced soon.
Munich Re Specialty Insurance will support and collaborate with HDVI around its innovative risk solutions, while Spinnaker will serve as the insurance company for the HDVI programme.
HDVI’s captive, which is managed through Mangrove Insurance Solutions, a protected cell company (PCC) facility operated by leading insurance broker Marsh, will retain a portion of the risk.
HDVI suggests the combination of innovation, global insurance support, and expansion puts the firm in a position to build “a successful commercial auto insurance company while providing a compelling value proposition to its customers”.
Chuck Wallace, CEO and co-founder of HDVI Group, says: “While rapid innovation is occurring in every other segment of insurance, there’s also a clear opportunity to build a new type of commercial auto insurance company that incorporates advanced technology and data into everything it does.”
He adds: “Building a world-class commercial auto insurance company is filled with both challenges and significant opportunities, and Reid and I are proud to have Munich Re Specialty Insurance and Spinnaker working closely with us to build HDVI. With this team, we’re poised to tackle the enormous market potential.”
Dave Ingrey, CEO of Spinnaker, notes: “Spinnaker is committed to supporting innovation within the insurance industry. We look forward to supporting HDVI as they use technologies like telematics to revolutionise the commercial auto industry.”
