ProSight Specialty to Rebrand as Coaction
Morristown, New Jersey – March 14, 2022 – ProSight Global, Inc. (ProSight), a privately-owned specialty property and casualty (P&C) insurance company, is pleased to announce that effective April 19, 2022, the company will be rebranding as Coaction Global, Inc. (Coaction). Until that date, the company will continue to be known as ProSight.
Following a go-private transaction completed in August of 2021 with investment management firm TowerBrook Capital Partners and private-equity firm Further Global Capital Management, ProSight’s rebranding to Coaction will capitalize on the company’s ambition to be known as a world-class specialty insurer and reflect corporate values that prioritize collaboration and analytics-driven decision making.
ProSight will continue to be based in Morristown, New Jersey with offices in Glendale, California, and New York City. There are no planned changes in ownership or company leadership going forward.
“Our company is undergoing a strategic transformation,” said Jonathan Ritz, CEO of ProSight. “We have chosen to rebrand as Coaction to reflect the authentic, collaborative, and results-oriented culture being created as part of this transformation. This effort includes the recent strengthening of our existing team with new leadership and proven talent, particularly in the underwriting and claims functions. The transformation and addition of talent supports our growth from a ‘niche’ program administrator to a full specialty underwriter across our product verticals in open brokerage and delegated underwriting authority platforms. We aim to use this rebrand to communicate what those changes mean to the market.”
The company, soon-to-be-known-as Coaction, follows a focused approach of providing specialty insurance coverage across property, casualty, entertainment, executive liability, and multi-line verticals. The goal of this approach is to combine product, analytics, and underwriting capabilities with strong industry knowledge and partnerships to develop real-world solutions to customers’ unique challenges. Based on its mission, the company aims to, “Coact with customers and industry partners to rationally manage risk so businesses and communities can build a more ambitious, confident, and sustainable future.”
“This rebrand as Coaction reflects our belief that by using data-driven insights and collaborating with our partners, we can achieve shared success,” said Tim Ryan, president of ProSight. “We rely on analytic ability and practical reasoning to develop innovative insurance products with our insureds and distribution partners which help our customers rationally manage risk and ultimately realize their individual objectives. This rebrand is our first step in demonstrating to our partners, our customers, and the market as a whole that we are committed to achieving this goal.”
Founded in 2009 and headquartered in Morristown, New Jersey, ProSight Global, Inc. is the parent of ProSight Specialty Insurance Group, Inc., a specialty property and casualty (P&C) insurance holding company, providing a range of property and casualty solutions to customers across the United States. As of April 19, 2022, ProSight will be known as Coaction Global, Inc. The member companies of ProSight Specialty Insurance Group, Inc. are rated “A-” (Excellent) by A.M. Best. To learn more about ProSight and the upcoming rebrand, please visit www.prosightspecialty.com.
St. Nick Media Services