Specialty insurer files for 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.