The Hartford, a P&C insurer has acquired Y-Risk, a managing general underwriter specializing in the ‘on-demand’ economy, from Allstar Financial Group. The acquisition is part of Hartford’s ongoing focus on driving innovation and growth through new capabilities and offerings to better meet the changing needs and expectations of customers.
Y-Risk offers tailor-made products for the sharing and on-demand economy, and usage-based pricing for commercial auto, general liability, property, inland marine, cyber and professional liability products. The client list includes transportation-network companies, automobile-sharing platforms, on-demand-services platforms and space-sharing platforms. The insurance solutions are offered through knowledgeable wholesale brokers and strategic retail agents. Y-Risk’s risk management services include an in-depth look at your company to identify trouble spots, evaluate potential liabilities and mitigate concerns.
“Allstar has been an excellent partner helping to bring the Y-Risk vision to life. Being part of The Hartford brings new opportunities and the support and resources we need to accelerate our growth. We are excited to further extend The Hartford’s reach to a customer base in the sharing and on-demand economy,” said Bernie Horovitz, CEO Y-Risk.
With the deal, The Hartford gains an immediate footprint in the burgeoning on-demand marketplace in the US.
In Feb’19, Y-Risk partnered with HyreCar Inc which is the carsharing marketplace for ridesharing drivers – to provide a comprehensive, multi-faceted liability insurance program. The renewed insurance program, is underwritten by The Hartford. The insurance program significantly reduced the costs, secured increased capacity and enhanced insurance features which allowed two new service tiers to address the customer needs. The insurance fills a coverage gap during the time the vehicles are rented on the HyreCar platform but are not yet in service for Transportation Network Companies (TNC) like Lyft, Uber and food or package delivery services such as Postmates, Grubhub and other similar delivery platforms.