Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Specialty insurer files for IPO

Reprints
IPO

ProSight Global Inc. filed a registration statement with the U.S. Securities and Exchange Commission Friday for an initial public offering, the Morristown, New Jersey-based specialty insurer said in a statement Friday.

ProSight, which was founded in 2009, is now 49.9% owned by the New York-based Goldman Sachs Group Inc. It operates in seven specialty areas, according to its prospectus: media and entertainment; real estate; professional services; transportation; construction; consumer services; and marine and energy.

Its insurance subsidiaries have an “A-” (excellent) rating by Oldwick, New Jersey-based A.M. Best Co., according to its statement. 

For the first quarter ended May 21, ProSight reported net income of $13.4 million, a 24.5% increase. Gross written premiums increased 2.6% to $255.8 million, driven by a 26.4% increase in its transportation and a 25.5% increase in its consumer services customer segments.

This was offset primarily by an 8.2% decrease in its “other” category, which reflected a planned decline in the excess workers compensation niche, its first-quarter release said.

It reported a 98.2% ratio for the first quarter, vs. 98.8% for 2018’s first quarter.

 

 

 

Read Next