SynchronoSure has entered into a partnership with Sutton Specialty Insurance Company to underwrite and administer excess and surplus lines products geared for the gig economy and truckers general liability.
Raleigh, North Carolina-based SynchronoSure is an insurtech managing underwriter run by Steve Hartman, the former CEO of James River fronting subsidiary Falls Lake. Through its proprietary underwriting technology it will write on behalf of Sutton Specialty in its authorised footprint.
Sutton Specialty is the E&S platform of Shane Haverstick-run Sutton National, an A- rated hybrid program fronting carrier owned by Brickell Insurance Holdings with financial backing from 777 Partners that officially launched earlier this year with over $100m in combined surplus.
The gig economy cover is aimed at insureds that are home based, operate out of small offices as tenants or co-working spaces, or operate kiosks at the local mall.
The product is broader than what is available through a few of the popular home-based business insurers, which tend to have a smaller eligible class plan and a significantly lower limit on the number of employees,” commented Hartman.
The product is extended up to a maximum of $5mn in revenue and up to 25 employees for roughly 80 class codes, which Hartman said is “essentially positioning us to handle the needs of homebased businesses through smaller commercial enterprises that do not own the building out of which they operate”.
SynchronoSure will also underwrite, quote and bind trucker general liability insurance for small truck firms with up to 25 power units.
“The trucker GL business is a bit of a forgotten line of insurance, often bypassed by the auto liability writers for trucking due to the very low policy premiums,” Hartman noted. “The reality is that trucking firms that occupy any commercial space have GL exposure.”
Hartman was president and CEO of James River subsidiary Falls Lake from 2012 to October 2018, before founding SynchronoSure last year.
Dania Beach, Florida-based Sutton National focuses on property casualty program business, offering admitted capacity through Sutton National Insurance and E&S cover through Sutton Specialty Insurance.
“We believe in the approach and technology being developed and deployed at SynchronoSure,” said Sutton National CEO Haverstick.
“The combination of a highly experienced underwriting team with a tech forward platform is a clear differentiator, enabling a very efficient customer and producer experience.”
Former Third Point Re executive Haverstick left program fronting start-up Transverse in October 2019 before re-emerging at Sutton National at the start of this year.
This publication revealed in October that Sutton National will seek to differentiate itself in the fronting space with its ability to take up to 20 percent of the risk on certain programs as the startup addresses an attractive pipeline of deals after securing its A- AM Best rating.
Its admitted platform is licensed in 17 states and its newly formed E&S platform, Sutton Specialty, is currently eligible in 27 states, enabling the operation to offer a wide range of options to MGAs and program administrators.
Sutton National is actively in the process of expanding its admitted licenses and E&S eligibility and expects both carriers to be close to a national footprint by mid-2021.
SynchronoSure’s partnership with Sutton Specialty follows it earlier this week announcing an expansion of its previously announced partnership with American European Insurance Group to include coverage for trucker general liability insurance for small trucking companies in 14 states.
The general liability product includes enhanced built-in coverage specifically crafted to meet the
needs of trucking companies, including limit options up to $1mn.
SynchronoSure will soon be launching workers’ compensation and excess/umbrella liability product lines and has plans for additional product development focused on gig economy and small commercial enterprises, including general liability and occupational accident insurance in
According to reports, the insurtech raised $2.6mn in seed funding from 16 investors earlier this