ProSight Expands Into Captive Market; Founder Beneducci Resigns to Form Agency

ProSight Global, Inc. (PROS) is expanding its insurance portfolio into the captive insurance market as part of a what it described as a strategic move that includes ProSight’s founder and former CEO Joe Beneducci stepping down from his current role as executive chairman to form an independent agency, Altruis Group.

Following Beneducci’s departure from ProSight, effective Feb. 1, 2020, 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.

ProSight has appointed current lead director of the board Steven Carlsen as chair.

Carlsen has been a member of ProSight’s board for nine years and is president of Shadowbrook Advising. He is an industry veteran with nearly four decades of experience. Throughout his career, Carlsen has founded multiple insurance entities, and has held leadership roles at organizations such as CAT Limited, Endurance Specialty Holdings, and Orchid Underwriters Agency.

The underwriting members of the ProSight Specialty Insurance group include New York Marine and General Insurance Co., Southwest Marine and General Insurance Co., and Gotham Insurance Co. Based in Morristown, N.J., ProSight has regional offices in Los Angeles, Petaluma, Calif., Alpharetta, Ga., Fort Lauderdale, Fla., and New York, N.Y.