Coaction Specialty is the new name for ProSight Global, Inc., a specialty underwriter founded in 2009. The parent company is Coaction Global, Inc. Insurance defense law firms that are ProSight panel counsel members will want to educate themselves on the reasons behind the corporate ownership change and what it may mean for the future.
Coaction Lines of Insurance Coverage
First, let’s start with the basics. Below is a fresh look at the insurance lines now offered by Coaction.
Primary Casualty Insurance. Covers general contracting, luxury home builders, specialty construction trades, and transportation operations like taxis and buses.
Commercial Property Insurance. Coverage is available for hotels, motels, condos, apartments, offices, real estate, wholesale, distribution, manufacturing, restaurants, vacant properties, wildfire exposures, and unprotected properties.
Entertainment Insurance for the live and film industries. Target service providers include DICE, TV, film, independents and studios; artists and entertainers; entertainment technology professionals (lighting, rigging, audio, staging); rental houses; promoters; shell corporations; and motorsports.
Executive Liability. Coverage is available for public and private companies, not-for-profit organizations, financial institutions, and credit unions.
Professional Liability insurance for law firms is offered.
Multi-Line Insurance. This program provides comprehensive insurance to corporate insureds. Lines of coverage include general liability, excess liability, property, auto liability and physical damage, inland marine, workers’ compensation, crime, marine, life, and health. Limited coverage is available for pollution and professional liability.
Insurance is issued in all 50 states, Washington D.C., Puerto Rico, and the Virgin Islands.
Management Changes at ProSight / Coaction
The Coaction rebranding announcement indicates to ProSight panel counsel members and others that the management team will remain unchanged. This is a little misleading, however, since the company has been steadily building a new management team over the past year. Many of these executive appointments are on the sales and product development side, but these changes will flow into the claims department as insureds and policies are modified over time.
Some of the key management changes are highlighted below.
- Tim Ryan was appointed as President, effective August 27, 2021. He previously worked as Head of Navigators Wholesale, the E&S division of The Hartford. The previous president and ProSight co-founder resigned from his position.
- Chief Actuarial Officer, formerly at Everest Re, June 2022.
- Senior Vice President of Excess Casualty, previously at Markel, was appointed in December 2021.
- Vice President, Financial Institutions Segment Leader, from Marsh, December 2021.
- Vice President, Commercial Management Liability Segment Leader, formerly at the Ironshore subsidiary of Liberty Mutual, December 2021.
- Executive Vice President, Chief Claims Officer, formerly at Allied World, joined Coaction in July 2021.
Background on the ProSight Transition to Coaction
The ProSight acquisition was first announced in January 2021. TowerBrook Capital Partners L.P., an international investment management firm, and Further Global Capital Management, a private equity firm focused on the financial services industry, agreed to acquire all outstanding shares ProSight common stock in an all-cash transaction valued at approximately $586 million.
TowerBrook Capital Partners is also active in the litigation funding market, among others. Validity Finance, a litigation funding company started in 2018 with the backing of TowerBrook, raised an additional $70 million in September 2021 as betting on lawsuits continues to attract investors.
Coaction will maintain its headquarters in Morristown, New Jersey, as well as offices in Glendale, California, and New York City. Coaction held $3.2 billion in total assets as of 12/31/21.
Coaction is organized as a Public Benefit Corporations (PBC), claiming a first among property and casualty insurers. Delaware was the first state to formalize the public benefit corporation in 2013 legislation. It is defined as a for-profit corporation committed to producing one or more specific public benefits while operating in a “responsible and sustainable” manner. Beneficiaries of the PBC can include “categories of persons, entities, communities, or interests (other than stockholders). Coaction plans to include climate, diversity, and inclusion considerations in its pursuit of profitable growth.
Implications for ProSight Panel Counsel Members
First, make sure you are getting to know new team members as they transition to the Coaction panel program. Equally important is to stay in touch with ProSight panel counsel team members who decide it is time to move to another carrier. A good way to do this is via LinkedIn, which allows you to build and maintain your current relationship while also tracking professionals when they change employment.
Second, a strategic focus on new business development is always a priority. Sometimes the new business goes to the best law firm marketer, not the law firm with the best legal services. It is a best practice to continually be looking for ways to introduce your law firm to prospective new clients.
Offering a continuing education program via webinar or in-person is an ideal business development effort that supports both client retention and client acquisition.
Contact Margaret Grisdela, an insurance defense marketing consultant, at 1-561-266-1030 or via email to discuss a business development campaign for your law firm.
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Contact Margaret Grisdela, an insurance defense marketing consultant, at 561-266-1030 or via email. Connect with Margaret Grisdela on LinkedIn.
This article is provided for educational purposes only. It is not to be interpreted as legal advice or an opinion in regard to any topic discussed. The article should not be used as a substitute for legal advice from a licensed attorney in your state. Every situation is different and circumstances vary widely depending on the governing state law, policy provisions, and related considerations.