Coaction Specialty Insurance
| Company type | Private |
|---|---|
| Industry | Property and casualty insurance |
| Founded | 2009 |
| Founder | Joseph Beneducci |
| Headquarters | Morristown, New Jersey , United States |
Area served | United States, London |
Key people | Joseph Beneducci (founder) |
| Owner | TowerBrook Capital Partners and Further Global Capital Management |
Coaction Specialty Insurance Group, Inc. is a privately owned property and casualty insurance provider based in Morristown, New Jersey, with additional offices located in Glendale, California and New York City. The firm is under the ownership of TowerBrook Capital Partners alongside Further Global Capital Management. Prior to April 2022, it was known as ProSight Specialty Insurance Group, Inc..
Among its notable achievements, ProSight provided coverage for the top-grossing concert event of 2012 within its commercial media and entertainment insurance segment. In October 2017, the company experienced a downgrade in its financial rating from A to A−.
Company history
Established in 2009 by Joseph Beneducci, who previously served as CEO of Fireman's Fund Insurance Company, ProSight Specialty Insurance Holdings, Inc. changed its name to ProSight Specialty Insurance Group, Inc. in November 2010. The business grew quickly, inaugurating an office in Santa Rosa in 2010 and later setting up additional branches in Morristown, New Jersey; London; Glendale, California; and New York City.
In 2014, ProSight was ranked 3,204 on the Inc. 5000 list recognizing the fastest-growing private companies in the United States, with reported revenues of $443.5 million for the year 2013. The company went public on the New York Stock Exchange under the ticker symbol PROS in July 2019.
TowerBrook Capital Partners and Further Global reached an agreement to acquire ProSight for $586 million in January 2021, finalizing the acquisition by August 2021. Following this transaction, the company rebranded as Coaction Specialty Insurance Group in April 2022.
Products and services
In 2014, ProSight incorporated in-cab camera systems into its insurance products aimed at transportation clients. These devices record incidents such as collisions, sudden braking, and lane changes to improve driver safety and help decrease accident-related claims.
That same year, ProSight broadened its portfolio by introducing insurance solutions designed specifically for the energy industry, including coverage for propane and fuel distributors, oil and gas contractors, as well as solar energy contractors.