ProSight Specialty Insurance announced that Joe Beneducci will be taking over the role of executive chairman for the insurer. Larry Hannon, who has been serving as ProSight’s chief operating officer, will succeed Beneducci as chief executive officer, effective immediately. Beneducci will remain as chairman until May 2020.
“I have decided that this is the right time for a new leader to step in as the company enters the next phase of its journey,” said Beneducci of the digital niche insurance company he, Hannon and Bob Bailey formed 10 years ago.
Hannon has 28 years of experience in the insurance industry. At ProSight, he has had responsibility for underwriting, brokerage, business development, marketing, IT and customer experience. Prior to joining ProSight, Hannon held senior underwriting, marketing and operational roles at Chubb and Fireman’s Fund.
ProSight Specialty includes New York Marine and General Insurance Co., Southwest Marine and General Insurance Company, and Gotham Insurance Co. It sells direct as well as via brokerage.
For 2018, ProSight reported that its gross written premiums were $895.1 million, compared to $836.3 million for 2017. The company said the increase was due to growth in the construction, transportation and consumer services customer segments. Underwriting income was $24.4 million for 2018, compared to $2.2 million for 2017. The increase resulted in an improved combined ratio of 96.7 for 2018, compared to 99.7% for 2017. The company also reported net income of $53.7 million for 2018, compared to a net loss of $6.9 million for 2017.
ProSight Specialty Insurance is backed financially by affiliates of Goldman Sachs Capital Partners and TPG Capital.
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