MORRISTOWN, N.J. and PEABODY, Mass., Feb. 5, 2020 /PRNewswire/ -- ProSight Specialty Insurance (ProSight), an expert in differentiated specialty insurance solutions, and eMaxx Assurance Group of Companies (eMaxx), a provider of insurance program administration, risk management, and technology today announced an agreement to offer captive risk solutions to emergency roadside assistance providers that are affiliated with AAA. This offering will enable providers that join the captive to achieve their long-term insurance and risk management goals with ProSight and eMaxx.
"eMaxx has seen a dramatic reduction in frequency and significant impact in the severity of claims outcomes when companies assume risk in a captive and utilize risk management technologies," said Timothy Kolojay, President of eCaptiv LLC. "ProSight's focus on underwriting profitability through loss prevention and claims management, along with the technology programs built by eMaxx, will be key components that will be beneficial to emergency roadside assistance providers."
eMaxx will provide technology platforms that providers will leverage to reinforce and positively impact driver behavior. These technologies include Telematics Exchange that integrates telematics data from multiple service providers, and eLive Connect, an online learning program. The providers that participate in the captive programs will be required to utilize risk management tools including telematics and forward and rear facing cameras for unloading and loading.
"We are pleased to see emergency roadside assistance providers that are affiliated with AAA taking proactive and judicious responses to challenging market conditions," said Bob Bailey, Chief Underwriting and Risk Officer at ProSight. "These customers are taking active steps to control and participate in their own risk management and mitigation. ProSight is proud to support and help guide providers' objectives through the intelligent use of a captive."
ProSight will provide a comprehensive array of captive solutions including excess reinsurance protection, claims service, and credit and collateral management for the member-owned captive through eCaptiv LLC, a Vermont domiciled captive insurance company sponsored by eMaxx. These solutions, built specifically for AAA preferred service providers, will provide captive members with the tools and long-term sustainability they need to effectively manage their risk.
"Our providers are experiencing an increasingly difficult insurance environment, with fewer carriers able to provide appropriately-priced coverage," said Zekia Sweet-Washington, Manager of Insurance Services at AAA. "The combination of eMaxx risk management technologies, ProSight's expertise, and the meaningful risk assumption by participants in the captive programs will help solve this issue by delivering solutions which will provide greater control of their total cost of risk over the long run."
About ProSight Specialty Insurance
ProSight Specialty Insurance is an innovative property and casualty insurance company that helps customers solve their unique business problems. Focusing on select niche industries, ProSight deploys differentiated underwriting and claims expertise and then works exclusively with specialized distributors to deliver value. ProSight is fueled by a cultural desire to succeed at uncommon challenges, making the business performance of its customers a top priority. The underwriting members of the ProSight Specialty Insurance (ProSight) group, New York Marine and General Insurance Company, Southwest Marine and General Insurance Company, and Gotham Insurance Company, are rated "A-" (Excellent) by A.M. Best. Based in Morristown, NJ, ProSight has regional offices in Los Angeles, CA, Petaluma, CA, Alpharetta, GA, Fort Lauderdale, FL and New York, NY. More information about ProSight and its member insurers can be found at www.prosightspecialty.com.
eMaxx Assurance Group of Companies, Inc. is an InsurTech that has four operating companies. The companies include: eMaxx Insurance Services, LLC (Insurance Program Administrator), eCaptiv (Vermont- Domiciled Captive Insurance Company), eRisk Solutions, LLC (Loss Prevention / Safety, Claims Investigational & Oversight, and Litigation Management) and eTech Services, LLC (Loss Expense Reducing Technology Systems and Platforms including Telematics Exchange and eLive Connect). More information can be found at: https://www.emaxxgroup.com.
This release contains forward-looking statements. Forward-looking statements include statements relating to future developments in ProSight business or expectations for ProSight's future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "should," "seek," "continue," and other words and terms of similar meaning. ProSight's management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Except as required by law, ProSight undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. ProSight cautions you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this release. For a discussion of some of the risks and important factors that could affect ProSight's future results and financial condition, see our filings with the U.S. Securities and Exchange Commission (SEC) , including, but not limited to, the risks and uncertainties included under the captions "Risk Factors" in ProSight's Quarterly Report on Form 10-Q for the period ended September 30, 2019 filed on November 6, 2019. References to "we," "us," "our," the "Company," and "ProSight", refer to ProSight Global, Inc. and its consolidated subsidiaries.
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SOURCE ProSight Specialty Insurance