ProSight to offer captive insurance services

ProSight Specialty Insurance Group Inc. launched a captive insurance offering Tuesday in conjunction with the formation of an agency specializing in captives led by the Morristown, New Jersey-based insurer’s founder.

ProSight, which was formed in 2009 and offers various specialty coverages, will provide risk management and risk mitigation services to captive owners, according to a ProSight statement. The insurer will provide fronting services and reinsurance to captives.

In addition, ProSight’s founder and former CEO Joe Beneducci will step down from his current executive chairman role to form Altruis Group, an independent agency, effective Feb. 1, the statement said.

“Following Mr. Beneducci’s departure from ProSight, Altruis Group will become a ProSight distribution partner in new customer niches where the company supports captives, and ProSight will become the agency’s first carrier partner,” the statement said.