The Hartford Acquires Sharing Economy Insurance Specialist Y-Risk

The Hartford has purchased Y-Risk, a managing general underwriter that specializes in serving sharing and on-demand economy risks, from Allstar Financial Group, an Atlanta-based holding company with multiple specialty managing general agencies across the country.

Unionville, Connecticut-based Y-Risk’s customer mix includes transportation-network companies, car-sharing platforms, on-demand-services platforms and space-sharing platforms. Y-Risk offers its insurance through wholesale brokers and retail agents.

It offers tailor-made coverages and usage-based pricing for commercial auto, general liability, property, inland marine, cyber and professional liability products.

Terms of the transaction were not disclosed. The Hartford said the purchase price will not have a material impact on its financial results.

Y-Risk, which is profiled in an article (Insurance Brokers Sharing in the Sharing Economy) in Insurance Journal magazine, was founded in 2016 to solve what its founders see as “a massive gap” in the insurance world for on-demand and sharing economy risks. “What I mean by that, is ultimately how can we craft insurance coverage and tailor insurance pricing for these new models?” said Aaron Ammar, a partner with Y-Risk.

He told Insurance Journal that carriers tend to want years of historical loss information or have organizations that may not be able to react quickly. “So, we said, ‘Let’s go out and solve the gap and really partner with our clients … really provide the appropriate coverages as they grow in scale.”

Among Y-Risk’s offerings is an online hub,, that lets freelancers and independent contractors purchase products and access investment choices typically offered by employers including healthcare coverages, life insurance, professional insurance, and general liability.

Y-Risk will now become part of The Hartford’s Strategy & Ventures group’s portfolio, which is focused on innovation.

“Allstar has been an excellent partner helping to bring the Y-Risk vision to life,” said Y-Risk CEO Bernie Horovitz. “Being part of The Hartford brings new opportunities and the support and resources we need to accelerate our growth.”

“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,” said John Wilcox, head of Strategy & Ventures at The Hartford. He said the deal is an example of how The Hartford is “expanding its capabilities and talent to more effectively compete in a quickly changing marketplace.”

The announcement said that Y-Risk will keep its brand name, remain located in Unionville and operate independently of The Hartford’s core businesses.

CEO Horovitz will report to Wilcox. The Hartford said it has hired all of the company’s employees.