Hartford buys sharing economy MGU

Hartford Financial Services Group Inc. has purchased Y-Risk LLC, a managing general underwriter specializing in the sharing and on-demand economy, from Atlanta-based Allstar Financial Group, Inc., Hartford announced Monday.

Terms of the transaction were not disclosed. In a statement, Hartford said “the purchase price will not have a material impact on The Hartford’s financial results.”

According to the statement, Unionville, Connecticut-based Y-Risk offers products offers coverage and usage-based pricing for commercial auto, general liability, property, inland marine, cyber and professional liability products.

The statement said that Y-Risk’s clients include transportation network companies and companies offering automobile sharing, on-demand services and space sharing.

The statement said that Y-Risk will keep its brand name and that all its employees have been hired by Hartford.