ProSight Specialty® Insurance Recasts the Global Film Finance Model with COMPLETE®, The World's Only All-In-One Solution for Insurance and Bond
ProSight Innovation Helps Bring On Animation Studios' The Little Prince to Screens at the Cannes Film Festival and Around the World
MORRISTOWN, N.J., April 23, 2015 /PRNewswire/ -- ProSight Specialty® Insurance (ProSight), the only company in the world to offer film production insurance and bond under one roof, is recasting the model for how global films are made with its one-of-a-kind COMPLETE® solution. ProSight's COMPLETE, which combines both production portfolio insurance and completion bond in one seamless product, helped to simplify the closing process for On Animation Studios, part of On Entertainment, for its production of the first-ever animated feature film adaptation of Antoine de Saint-Exupéry's iconic masterpiece, The Little Prince. ProSight and On Animation Studios will celebrate the companies' more than two-year partnership on the production at this year's Cannes Film Festival, where The Little Prince will be screened for the first time. ProSight, which insures and bonds films with large budgets, globally, will participate in the film market sector at the Festival from May 13 through May 18, 2015.
Truly an international production, The Little Prince had many complexities that would only be further complicated with two separate insurance and bond companies – from animation factors and production taking place in France and Canada, to versioning the film for distribution in multiple countries and languages. COMPLETE and the ProSight team helped to simplify the film production and bond process for On Animation Studios, and anticipated exposures and complications associated with producing and financing an international animation feature. The ProSight team's extensive insurance and bond experience not only helped to plan for potential obstacles during the production of The Little Prince, but they were able to assist with obtaining tax credits in France and Canada for On Animation Studios saving the production company both money and time in the end.
"No other company offers the kind of expertise and service on insurance and bond that ProSight provides its customers," said Dimitri Rassam, producer of The Little Prince. "The production process was flawless with COMPLETE and the unwavering partnership and equal level of trust with the ProSight team was an invaluable asset for The Little Prince. We at On Animation Studios never had to give up on creative ambitions in order to get bonded and close."
"The Little Prince was a one-of-a-kind production that exemplifies exactly what we do best at ProSight because it aligns so well with our own innovative approach to insuring and bonding a film of this scope," said Joe Finnegan, Customer Group President, ProSight Specialty Insurance. "The film touches on many production and financial complexities and the beauty of it is that the ProSight team and COMPLETE were built for films just like this."
ProSight's COMPLETE solution works to save production companies time and money globally while eliminating gaps in coverage by accelerating the closing process to avoid costly cash outlay that may be impossible to recoup if the film is unable to close. ProSight continues to be the global insurer of choice for film production companies that demand world-class coverage and accelerated timetables to get movies created with products like COMPLETE.
For more information about COMPLETE or to book an appointment with ProSight at Cannes, contact Scott Nicolaides.
ProSight Disclaimer: This material is for general informational purposes only, and does not take into account personal circumstances or objectives. The description of any coverage herein is a summary only. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Issuance of coverage is subject to eligibility and underwriting by ProSight Specialty Insurance.
About ProSight Specialty Insurance
ProSight Specialty Insurance was founded by CEO Joseph Beneducci in 2009. The company focuses on niche markets where it has differentiated underwriting and claims expertise, and partners exclusively with specialist distributors who have a deep understanding of their customers. It underwrites on the paper of ProSight Specialty Insurance's group of insurance companies, which hold financial strength ratings of "A" from AM Best and A+ from Standard & Poor's. Based in Morristown, NJ, ProSight Specialty Insurance has regional offices in Los Angeles, New York and Santa Rosa and owns and manages Syndicate 1110 at Lloyd's of London. More information about ProSight Specialty Insurance and its member insurers can be found at http://www.prosightspecialty.com.
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SOURCE ProSight Specialty Insurance
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