RALEIGH, N.C., Aug. 3, 2021 /PRNewswire/ — Synchrono Group Inc., doing business under its trademark SynchronoSure® and Sutton Specialty Insurance Company have expanded their partnership to include coverage for excess liability. SynchronoSure®, through its proprietary underwriting technology, will underwrite and administer the business on behalf of Sutton Specialty throughout the U.S.
“We have a great partnership with the team at Sutton National and Sutton Specialty. We have worked with Sutton to build this excess and umbrella liability facility focused on small business in the U.S. All policies will be written on an E&S basis. Our product appetite, which spans more than 500 eligible class codes, focuses on light to moderate hazard business. We have capacity for limits up to $5 million per occurrence, and we are focused on business with attachment points between $1 million primary and $6 million from ground up. We will operate with a maximum premium per policy in this facility at $35,000, and we anticipate that our average account will likely have limits averaging about $3 million and average premiums of $10,000 or less. We believe we are very well positioned to operate in the small commercial market, leveraging a highly experienced underwriting team and state of the art technology. Our tech stack, including API data, underwriting algorithms and predictive tool integrations, enables our experienced underwriters to very efficiently and effectively underwrite small commercial accounts in minutes rather than hours and days,” commented Steve Hartman, Chairman & CEO of Synchrono.
Shane Haverstick, CEO of Sutton Specialty Insurance Company, stated, “As a program underwriting carrier that retains risk, we look for smart business partners with which we can build long term value propositions, leveraging the best of what we both can bring to the table, for true value chain differentiation. We are very pleased to continue to grow our relationship with SynchronoSure®. They have a unique ability intentionally built at the convergence of great technology, best in class ability to leverage data, and highly experienced underwriting professionals. Given the market correction experienced in excess and umbrella liability over the last few years, we think this partnership is poised for material growth and profitability.”
SynchronoSure®, (www.SynchronoSure.com) is a state of the art InsurTech Managing Underwriter focused on Property & Casualty and Workers Compensation insurance for small businesses in the U.S. The company is uniquely positioned to effortlessly provide insurance solutions to meet the needs of Small Business owners, emerging and high growth industries, and the ever-growing Gig Economy. Its use of artificial intelligence and highly experienced underwriters allow policies to be seamlessly bound in minutes, a fraction of the time normally found in the insurance industry. Follow us on the web at synchronosure.com and on LinkedIn.
About Sutton Specialty Insurance Company:
Sutton Specialty Insurance (www.SuttonNational.com) is domiciled in Oklahoma and is presently authorized in 48 states. With an A.M. Best Rating of A- VIII, Sutton brings unique and valuable resources to drive program success, offering unparalleled underwriting, actuarial, financial, reinsurance, compliance and claims expertise. Sutton Specialty, in conjunction with its subsidiary Sutton National Insurance Company, is part of Brickell Insurance Holdings, a portfolio company of 777 Partners.