A Progressive Digital Media business
COMPANY PROFILE
Coaction Specialty
Insurance Group Inc
REFERENCE CODE: 8DE009C5-1372-4200-B37B-09CCE31BDA52
PUBLICATION DATE: 02 Jun 2023
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Coaction Specialty Insurance Group Inc
TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview ........................................................................................................3
Key Facts ......................................................................................................................... 3
Business Description .....................................................................................................4
History ............................................................................................................................. 6
Key Employees .............................................................................................................13
Key Employee Biographies .........................................................................................14
Major Products & Services ..........................................................................................16
Top Competitors ...........................................................................................................19
Locations And Subsidiaries ........................................................................................20
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Company Overview
Company Overview
COMPANY OVERVIEW
Coaction Specialty Insurance Group Inc (Coaction) is a provider of property and casualty insurance
products for businesses. The company offers insurance products for various sectors including
entertainment, construction, energy, professional services, real estate, and marine. It offers insurance for
lawyers’ professional liability, credit unions, custom brokers' liability, and accountants’ professional
liability. It also offers excess workers' compensation insurance, lenders misrepresentation insurance,
contractors’ liability insurance, entertainment insurance, construction insurance, ocean marine and cargo
insurance, exploration and production insurance, oil and gas insurance, and propane and fuel dealers
insurance. The company also provides risk management and claim services to its customers. It operates
in the US through its offices in New Jersey, New York, California. ProSight is headquartered in
Morristown, New Jersey, the US.
Key Facts
KEY FACTS
Head Office
Coaction Specialty Insurance Group Inc
Suite 300C
412 Mount Kemble Avenue
Morristown
New Jersey
Morristown
New Jersey
USA
Phone
1 973 5321900
Fax
Web Address
www.coactionspecialty.com
Revenue / turnover ()
Financial Year End
Employees
179
Ticker
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Business Description
Business Description
BUSINESS DESCRIPTION
Coaction Specialty Insurance Group Inc (Coaction) is a specialty property and casualty insurance
company. The company markets sell and distribute its insurance products and services in the US through
its offices and exclusive distribution partners and brokers. It has offices in Los Angeles, Petaluma, and
New York,
Coaction classifies its product offerings into nine segments: Media and Entertainment, Construction,
Consumer Service, Excess Worker's Compensation, Marine and Energy, Professional Services,
Transportation, PEO, and Real Estate.
Under the Media and Entertainment segment, the company offers insurance products for films, live
events, restaurants bars and taverns, nightlife, commercial producers, drones, and entertainment
technology professionals. It also offers solutions such as data protection, rental guard, in-house risk
management, ID Scanner, entertaining safety, data compromise, background checks, and ad council.
Under the Construction Insurance segment, the company offers insurance products and allied services
for luxury homes, construction managers’ professional liability,crane, pest control, and metro buildings. It
also offers scaffold insurance, solar contractors insurance, fire suppression insurance, and commercial
liability insurance for specialty trade contractors.
Under the Marine and Energy insurance segment, ProSight offers insurance products that cover marine
liability cargo, hull and machinery, and marine packages. It also offers insurance products for energy
liability, offshore energy property, general liability, property, inland marine, auto, umbrella, and workers'
compensation. It provides propane and fuel insurance and midstream insurance.
The Consumer Service segment offers insurance products for social service organizations and auto
dealers insurance. Its offerings include general liability insurance, workers compensation, property
insurance, umbrella insurance, auto insurance, equipment breakdown insurance, employee benefits
liability insurance and professional liability insurance. It also focuses on offering franchised car and truck
dealerships.
Under the Excess Workers' Compensation segment, the company offers insurance coverage for out of
state workers compensation and excess workers compensation.
Under the Professional Services segment, the company offers lawyers’ professional liability insurance
and accountant’s errors and omissions insurance. It also offers insurance coverage for credit unions and
lawyers.
Under Real Estate Insurance segment, the company offers insurance coverage for urban and suburban
building owners and managers; and manufactured housing communities. It also offers solutions such as
building and tenant protection plus plans and manufactured housing endorsement plans.
Under the PEOs Insurance segment, the company offers insurance and risk management solutions for
professional employer organizations.
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Business Description
Under Transportation Insurance, the company offers insurance coverage for auto liability, auto physical
damage, auto excess physical damage, auto loan lease gap coverage, employment practices liability,
family emergency travel, driver-assisted technology coverage and physical damage basket deductibles. It
also offers services such as direct billing plans, loss control and risk management.
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
History
History
HISTORY
Acquisitions/Mergers/Takeovers
Year: 2022
In March, ProSight Specialty Insurance Group Inc Rebrand as Coaction Specialty Insurance Group Inc.
Acquisitions/Mergers/Takeovers
Year: 2021
In August, the company’s parent company was acquired by TowerBrook Capital Partners LP and Further
Global Capital Management.
Ownership Changes
Year: 2021
In August, the company was acquired by TowerBrook Capital Partners and Further Global Capital
Management.
Regulatory Approval
Year: 2021
In July, the company secured all requisite regulatory approvals, including approvals from the New York
State Department of Financial Services and the Arizona Department of Insurance and Financial
Institutions to be acquired by TowerBrook Capital Partners L.P. and Further Global Capital Management.
Others
Year: 2020
In December, the company’s subsidiary New York Marine and General Insurance Company was affirmed
with financial strength rating of A- (excellent) and the long-term issuer credit ratings of ‘a-‘, with a stable
outlook by AM Best.
Contracts/Agreements
Year: 2020
In February, the company announced an agreement with eMaxx Assurance Group of Companies to offer
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
History
captive risk solutions to AAA affiliated emergency roadside assistance providers.
Others
Year: 2019
In November, the company’s subsidiary New York Marine and General Insurance Company was affirmed
with financial strength rating of A- (excellent) and the long-term issuer credit ratings of ‘a-‘, with a stable
outlook by AM Best.
New Products/Services
Year: 2018
In November, the company introduced coverage for customers in the fitness and wellness industries
through its online direct-to-consumer platform, ProSight Direct.
New Products/Services
Year: 2018
In May, the company introduced ProSight Direct, an online platform to transform the insurance buying
process.
Others
Year: 2017
In October, the company was affirmed with financial strength rating of ‘A-‘ and long-term issuer credit
ratings of ‘a-‘ with stable outlook by A.M. Best.
Corporate Awards
Year: 2017
In July, the company received Silver Stevie Awards in the 2017 American Business Awards.
New Products/Services
Year: 2017
In July, the company introduced Marine Contractors Insurance Program to Unify all lines of Maritime
Construction Coverage.
Corporate Awards
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
History
Year: 2016
In December, the company was recognized as one of the 50 fastest growing companies in the state by
New Jersey’s leading business journal, NJBIZ.
Corporate Awards
Year: 2016
In December, the company was recognized as a silver winner in Executive Leadership Team of the Year
and gold winner in Most Innovative Company of the Year and at Best in Biz Awards 2016.
New Products/Services
Year: 2016
In September, the company announced to enhance its Solar Contractors program to include Obstruction
of Premises Supplemental (OOPS) coverage.
New Products/Services
Year: 2016
In June, the company introduced Music Mends, which provide coverage to insured performers to
reschedule events that are interrupted or cancelled due to terrorism.
Corporate Awards
Year: 2016
In May, the company was named the winner of three Silver and four Bronze Stevie Awards at the 2016
American Business Awards.
Contracts/Agreements
Year: 2016
In January,ProSight entered into partnership with Patriot National to introduce a new restaurants, bars
and taverns program.
Contracts/Agreements
Year: 2015
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
History
The company partnered with the North American Board of Certified Energy Practitioners to introduce an
exclusive insurance offering for NABCEP certified solar professionals.
Corporate Changes/Expansions
Year: 2015
The company received final authorization from Lloyd’s, the Prudential Regulation Authority and the
Financial Conduct Authority to launch ProSight Specialty Managing Agency Limited, a new managing
agency.
New Products/Services
Year: 2015
The company launched a new insurance product for drone operators to provide coverage that goes
beyond the industry standard.
Contracts/Agreements
Year: 2015
The company partnered with Allied Insurance Brokers, to introduce a Scaffold insurance program for the
construction industry.
Corporate Awards
Year: 2015
The company was honored with ‘2015 Company of the Year Award’ by the Business Intelligence Group
for business highlight outstanding talent and superior performances.
New Products/Services
Year: 2015
The company collaborated with Affinity Agency Group, LLC to launch new insurance products for golf,
country and leisure clubs.
Corporate Awards
Year: 2015
The company was recognized as Gold winner in the 7th Annual 2015 Golden Bridge Awards.
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
History
Corporate Changes/Expansions
Year: 2015
The company collaborated with Allied Insurance Brokers to expand its insurance offerings for construction
industry.
Others
Year: 2015
The company was affirmed with issuer credit rating of bbb with stable outlook by the A.M Best .
Contracts/Agreements
Year: 2014
The company in association with Tangram Insurance Services Inc. launched a package insurance
program serving the propane and fuel dealers industry.
New Products/Services
Year: 2014
The company launched three new insurance programs to support the business needs of solar energy
contractors, propane and fuel dealers, and oil and gas contractors.
New Products/Services
Year: 2014
The company introduced WrapGap, a new production policy endorsement designed for independent
commercial producers.
New Products/Services
Year: 2014
The company launched SecureFleet, a risk management solution for the company’s transportation
customers.
Contracts/Agreements
Year: 2013
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
History
The company entered into a partnership with the Association of Independent Commercial Producers and
became its official insurance partner for 2013 and 2014.
New Products/Services
Year: 2013
The company introduced SecureMed, the entertainment industry’s first digital cast medical service
powered by DocuSign, The Global Standard for eSignature.
Contracts/Agreements
Year: 2013
The company entered into a partnership with CharityNet USA, a leading nonprofit service provider to offer
specially priced grant writing services for ProSight Specialty Insurance customers.
New Products/Services
Year: 2013
The company introduced Builders Reporting Policy (BRP) Program to offer additional cash flow to
residential and commercial contractors through a unique Pay As You Build feature with a low deposit
premium.
Contracts/Agreements
Year: 2013
The company entered into a partnership with PLASA, the global leader in developing technical standards
for the entertainment industries to further strengthen PLASA’s Technical Standards Program for
increasing safety throughout entertainment production.
New Products/Services
Year: 2013
The company, through its subsidiary, Syndicate ProSight 1110, introduced first combined film insurance
for independent filmmakers.
Corporate Changes/Expansions
Year: 2012
The company expanded its international capabilities written through Lloyd's to include marine cargo,
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
History
entertainment and professional liability lines of business.
New Products/Services
Year: 2012
The company introduced a new specialty insurance program designed for third-party logistics customers.
Acquisitions/Mergers/Takeovers
Year: 2011
The company acquired Lloyd's Coverholder TSM Agencies Ltd (TSM) to provide services to the US
customers with global risk.
Contracts/Agreements
Year: 2011
The company partnered with Tangram Insurance Services for its social services insurance and non-profit
workers’ compensation program.
Acquisitions/Mergers/Takeovers
Year: 2010
The company acquired New York Marine and General Insurance Company (Nymagic, Inc.).
Contracts/Agreements
Year: 2010
The company partnered with Bakerjian Insurance Services as the exclusive provider of insurance
services for their newly-launched lenders misrepresentation insurance.
Incorporation/Establishment
Year: 2009
The company was established.
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Key Employees
Key Employees
KEY EMPLOYEES
Name
Job Title
Board
Bob Bailey
Chief Underwriting Officer, Chief Risk
Officer
Senior Management
Frank Papalia
Chief Legal Officer
Senior Management
Joe Finnegan
President-Customer Segment
Senior Management
Kari Hilder
Chief Human Resources Officer
Senior Management
William Sloan
Chief Financial Officer-Coaction
Senior Management
Global, Inc, Executive Vice PresidentCoaction Global, Inc
Jonathan Ritz
Chief Executive Officer
Senior Management
Tim Ryan
President
Senior Management
Hunter Morgan
Senior Vice President-Excess
Casualty, ProSight Global, Inc.
Senior Management
Nestor Lopez
Chief Information Officer
Senior Management
Erin Cullen
President-Customer Segment
Senior Management
Rob Bednarik
President-Customer Segment
Senior Management
Otha Spriggs, III
Director
Non Executive Board
Ric Victores
Chief Sales and Marketing Officer
Senior Management
Sheila Hooda
Director
Non Executive Board
Nico Santini
Chief Investment Officer
Senior Management
Kevin Topper
President-Customer Segment
Senior Management
Lee Lloyd
Field Operations Officer
Senior Management
Anthony Arnold
Director
Non Executive Board
Eric Leathers
Director
Non Executive Board
Bruce W. Schnitzer
Director
Non Executive Board
Richard P. Schifter
Director
Non Executive Board
Clement S. Dwyer Jr
Director
Non Executive Board
Magnus Helgason
Director
Non Executive Board
Anne Waleski
Director
Non Executive Board
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Key Employee Biographies
Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
Bob Bailey
Board:Senior Management
Job Title: Chief Underwriting Officer, Chief Risk Officer
Mr. Bob Bailey serves as the Chief Underwriting Officer and Chief Risk Officer of the company. He is also
one of the co-founders of ProSight Specialty Insurance. Prior to this, he served as the Chief Underwriting
Officer of Commercial Lines at Fireman’s Fund Insurance Co. Earlier, Mr. Bailey worked as a Commercial
Underwriter with Cigna. Mr. Bailey has over 30 years of experience in product development and
underwriting.
Frank Papalia
Board:Senior Management
Job Title: Chief Legal Officer
Mr. Frank Papalia is the Chief Legal Officer of the company. Prior to this, he served as the General
Secretary, General Counsel and a member of the Management Board of PARIS RE Holdings. He also
held various leadership roles at AXA and AXA Re. Previously, he practiced with KPMG as a CPA.
Kari Hilder
Board:Senior Management
Job Title: Chief Human Resources Officer
Ms. Kari Hilder is the Chief Human Resources Officer of the company. Prior to this, she served as
Manager of Human Resources at National Football League Alumni Association. Ms. Kari started her
career in HR with New York University Clinical Cancer Center. She has more than 15 years of corporate
Human Resources experience.
Nestor Lopez
Board:Senior Management
Job Title: Chief Information Officer
Mr. Nestor Lopez serves as the Chief Information Officer of the company. Previously, he served in various
leadership positions at CNA Insurance, General Electric and Fireman’s Fund Insurance Company.
Ric Victores
Board:Senior Management
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Key Employee Biographies
Job Title: Chief Sales and Marketing Officer
Mr. Ric Victores serves as the Chief Sales and Marketing Officer of the company. Previously, he served
at Fireman’s Fund Insurance Company and Golden Eagle Insurance. He has over 30 years of experience
in insurance industry.
Nico Santini
Board:Senior Management
Job Title: Chief Investment Officer
Since:2020
Mr. Nico Santini has been the Chief Investment Officer of the company since March 2020. Prior to this, he
served in served in various positions at NEAM Inc including as Senior Client Strategist and Portfolio
Manager. Previously, he served at several insurance companies within the investment areas.
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Coaction Specialty Insurance Group Inc
Major Products & Services
Major Products & Services
MAJOR PRODUCTS & SERVICES
Coactiont is a specialty insurance company. The key products and services offered by the company
include the following:
Media and Entertainment Insurance:
General Liability Insurance
Workers Compensation Insurance
Crime Insurance
Property Insurance
Umbrella Insurance
Inland Marine Insurance
Population Liability Insurance
Commercial property Enhancement Insurance
Film Insurance
Live Events Insurance
Entertainment Professional Insurance
Commercial producers Insurance
Drone Coverage Insurance
Clubcomplete Insurance
Night Life Insurance
Restaurant Bars and Taverns Insurance
Construction Insurance:
Luxury Home Builders Insurance
Fire Suppression Insurance
Metro Builders Insurance
Specialty Trade Contractors Insurance
Construction Managers Insurance
Identity Recovery Coverage Insurance
Subpoena Expense Coverage Insurance
Cross Suits Coverage Insurance
Commercial Automobile Insurance
Crane Insurance
Pest Control Insurance
Scaffold Insurance
Solar Contractors Insurance
Electronic data Liability
Chemical Exposure Cover Insurance
Construction Defect Coverage Insurance
Care, Custody and Control Coverage
Pollution Grant Insurance
Marine and Energy Insurance:
Protection and Indemnity
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Coaction Specialty Insurance Group Inc
Major Products & Services
Charterer’s Legal Liability
Ship Repairer’s Legal Liability
Stevedore’s Legal Liability
Wharfinger’s or Landing Owner’s Legal Liability
Marine Terminal Operator’s Legal Liability
Marine Products Legal Liability
Marine Contractor’s Legal Liability
Maritime Employer’s Legal Liability
Excess Liability Coverage
Professional Services:
Lawyers
Accountants Errors and Omissions
Credit Unions
Custom Brokers
Management and Security Liability insurance
Real Estate:
Urban Realty Owners Insurance
Manufactured Housing
Real Estate managers Contract Cancellation Insurance
Loss Lease coverage Insurance
Outdoor property Insurance
Consumer Services:
Professional Liability Insurance
Auto Insurance
Crime Coverage Insurance
Medical Payments Insurance
Employment Practices Liability Insurance
Assault and Battery Liability Insurance
Inland Marine Insurance
Equipment Breakdown Insurance
Transportation:
Family Emergency Travel Insurance
Business Interruption
Driver Assisted Technology Coverage Insurance
Auto Loan Lease gap Coverage Insurance
Auto Excess Physical Damage Insurance
Cargo Liability Cover Insurance
Contingent Auto Coverage Insurance
Employment Practices liability
Auto Excess Physical Damage
Excess Workers Compensation
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Coaction Specialty Insurance Group Inc
Major Products & Services
Professional Employment Organizations
Risk Management Services
Claims Services
Direct Billing Plans
Drug Testing Services
Background Checks
Data Protection
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Top Competitors
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Coaction Specialty Insurance Group Inc
American International Group Inc (AIG)
Assurant Inc
CNA Financial Corp
Liberty Mutual Holding Company Inc
The Allstate Corp
The Travelers Companies Inc
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Locations And Subsidiaries
Locations And Subsidiaries
LOCATIONS AND SUBSIDIARIES
Head Office
Coaction Specialty Insurance Group Inc
Suite 300C
412 Mount Kemble Avenue
Morristown
New Jersey
Morristown
New Jersey
USA
Phone:1 973 5321900
www.coactionspecialty.com
Other Locations and Subsidiaries
Coaction Specialty Insurance Group Inc
4th Floor
555 North Point Center
Alpharetta
Georgia
Alpharetta
Georgia
USA
Phone:1 818 2308259
Coaction Specialty Insurance Group Inc
Suite 1000
200 East Broward Boulevard
Fort Lauderdale
Fort Lauderdale
USA
Coaction Specialty Insurance Group Inc
Suite 1200
101 N. Brand Boulevard
Glendale
California
Glendale
California
USA
Coaction Specialty Insurance Group Inc
Suite 2700
59 Maiden Lane
New York
New York
New York
New York
USA
www.prosightspecialty.com
Coaction Specialty Insurance Group Inc
Unit/Suite No: 213
1425 North McDowell Blvd
Petaluma
California
Petaluma
California
USA
New York Marine and General Insurance Company
USA
Coaction Specialty Insurance Group Inc
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Coaction Specialty Insurance Group Inc
Locations And Subsidiaries
Phone:1 707 3245000
Coaction Specialty Insurance Group Inc
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