Aurenity Company Profile

Background

Aurenity is a tech-enabled Managing General Agent (MGA) established in January 2022, focusing on the Excess and Surplus (E&S) insurance market. The company aims to blend underwriting expertise with advanced analytics to deliver superior risk assessment and pricing strategies. By integrating cutting-edge technology with seasoned industry experience, Aurenity seeks to provide sustainable profitability for carrier partners and exceptional service for brokers.

Key Strategic Focus

Aurenity's strategic objectives include:

Expertise-Led Underwriting: Leveraging a team with over a century of combined experience in executive leadership and underwriting roles at top-tier carriers.

Technology-Enabled Processes: Utilizing sophisticated pricing algorithms and AI-driven process automation to enhance risk selection and underwriting efficiency.

Data-Driven Decision Making: Employing advanced exposure data and experience trending to develop precise technical pricing models.

The company targets the E&S insurance market, focusing on Casualty and Professional Liability products where market dislocation exists between market and technical pricing, and demand outstrips supply due to exposure and experience inflation.

Financials and Funding

In January 2022, Aurenity secured $10 million in seed funding from Agman, a Chicago-based investment firm. This capital supports the development of Aurenity's tech-enabled underwriting platform and the expansion of its product offerings in the E&S market.

Pipeline Development

Aurenity has launched several key products:

Excess Casualty Program: Initiated in September 2022, offering products insured by Fortegra Specialty Insurance Company, with a maximum line of $10 million targeting mid-market products, premises, hospitality, and construction risks.

Primary General Liability (GL) Program: Launched in February 2023, providing AM Best 'A' rated capacity for mid-market construction, hospitality, real estate, premises, and product risks.

Public Entity Program: Introduced in February 2024, backed by Vantage Risk Specialty Insurance Company, focusing on excess coverage for public entities.

Technological Platform and Innovation

Aurenity distinguishes itself through its proprietary technological platforms and innovative methodologies:

'Augment™' Pricing Models: Combining traditional variables with non-traditional proxies to enhance risk segmentation and technical pricing.

Partnership with Verisk: Utilizing Verisk's ISO Risk Analyzer® Businessowners and LightSpeed® Small Commercial tools to apply AI and machine learning for predictive analytics and underwriting insights.

Collaboration with Origami Risk: Developing a core underwriting platform to automate policy lifecycle management and enable real-time adjustments to pricing algorithms.

Leadership Team

Nick Davies, CEO: Over 25 years of experience in the international insurance industry as an underwriter, executive, and investor.

Douglas Trainor, CUO: More than 20 years of underwriting and leadership experience in both the US and London markets.

Patrick Safino, COO: Over 20 years of experience across the insurance value chain, previously Vice President for Strategy and Execution for Travelers Personal Insurance.

Janet Beaver, EVP, Excess Casualty: Leads Aurenity's Excess and Lead Casualty business with extensive experience in the surplus lines’ excess casualty market.

Mark Fuderanan, EVP, Primary Casualty: Over 30 years of industry experience, leading Aurenity's Primary Casualty business.

Kevin Thommes, EVP, Excess Public Entity: Joined Aurenity in 2024 to lead its entry into the Excess Public Entity market.

Leadership Changes

Douglas Trainor: Appointed as Chief Underwriting Officer in June 2022, bringing extensive experience from previous roles at Brit USA, Catlin, and The Hartford.

Janet Beaver: Joined as Executive Vice President in February 2022 to lead the Excess Casualty program, previously National Business Unit Leader for Excess Casualty at Tokio Marine HCC.

Mark Fuderanan: Appointed as Executive Vice President in September 2022 to lead the Primary General Liability program, formerly with Sompo.

Kevin Thommes: Joined as Executive Vice President in February 2024 to lead the Public Entity program.

Competitor Profile

Market Insights and Dynamics

The E&S insurance market is characterized by its ability to underwrite unique or high-risk exposures that standard insurers may decline. This market has seen growth due to increasing demand for specialized coverage and the flexibility it offers in terms of policy customization and pricing.

Competitor Analysis

Key competitors in the E&S MGA space include:

Kinsale Insurance Company: Specializes in providing property and casualty insurance products for small to medium-sized businesses in the E&S market.

James River Insurance Company: Offers a wide range of specialty insurance products, focusing on niche markets requiring tailored underwriting solutions.

Markel Corporation: Provides innovative insurance solutions across various sectors, including E&S lines, with a strong emphasis on underwriting discipline and risk management.

Strategic Collaborations and Partnerships

Aurenity has established significant partnerships to enhance its market position and technological capabilities:

Verisk: Licensed multiple underwriting and rating solutions to develop customized rating plans and predictive analytics for risk assessment.

Origami Risk: Selected as the technology partner to develop Aurenity's core underwriting platform, facilitating automation and real-time analytics.