Company Research Report: Coaction Specialty Insurance Group

Company Overview

• Name: Coaction Specialty Insurance Group

• Mission: Coaction's mission is to coact with customers and industry partners to manage risk so businesses and communities can build a more ambitious, confident, and sustainable future.

• Founded: Originally founded in 2009 as ProSight; rebranded as Coaction Specialty Insurance Group in April 2022.

• Headquarters: Morristown, New Jersey, with additional offices in Glendale, California, and New York City.

• Number of Employees: No information is available.

• Revenue: $1.1 billion in 2022 premium.

• Known For: Coaction is known for being a specialty property and casualty insurance company that provides bespoke insurance solutions across major verticals.

Key People

• CEO: Jonathan Ritz

• Chairman of the Board: John Berger

• Previous Chairman: Stan Galanski

• General Counsel: Erin Bagley

• CFO: William (Bill) Sloan

• Chief Actuarial Officer: Ellen Edmonds

Products

Specialty Insurance Verticals

1. Primary Casualty

• Coverage designed to protect businesses from legal liabilities.

2. Entertainment

• Tailored solutions for various entertainment industry activities.

3. Excess Casualty

• Provides additional liability coverage beyond primary policies.

4. Professional Lines

• Insurance for professional services firms.

5. Marine, Energy, & Transportation

• Specialized coverage for marine and energy sectors.

6. Property

• Protection against risks to physical properties.

7. Binding Authority

• Custom insurance policies crafted through delegated authorities.

Key Features Across Products:

• Underwriting Expertise developed from extensive industry experience.

• Focused Distribution through partnerships with industry experts.

• Differentiation with innovative products and services.

• Modern Technology designed to meet current customer needs.

Recent Developments

• New Leadership Appointments:

• John Berger was appointed as Chairman of the Board effective May 23, 2024.

• Christopher Cavallaro was appointed to the Board of Directors in May 2024.

• Erin Bagley named as Executive Vice President and General Counsel on June 29, 2023.

• William Sloan appointed as CFO on May 30, 2023.

• Strategic Partnerships:

• Tangram Insurance Services partnered with Coaction to provide an insurance program for franchised equipment dealers (March 28, 2024).

• Certification and Rebranding:

• Achieved B Corp Certification, the first commercial P&C insurer to do so (March 15, 2023).

• Rebranded from ProSight to Coaction Specialty (effective April 19, 2022).

• Financial Growth:

• Secured approximately $200 million in growth capital (September 7, 2023).

Conclusion

Coaction Specialty Insurance Group has evolved from its origins as ProSight into a premier specialty insurance provider, reflecting a strategic focus on tailored solutions across seven key industry verticals. The company continually enhances leadership, strengthens partnerships, and expands its offerings to align with its mission of enabling a sustainable future for their clients.