December 3, 2018

The Hartford acquires 'sharing economy' startup

PHOTO | Contributed
PHOTO | Contributed
The Hartford's headquarters.

The Hartford Financial Services Group on Monday announced it has acquired a Unionville-based startup that helps insurers price policies for the "sharing and on-demand economy," targeting platforms like Airbnb, Uber and Lyft.

The Hartford did not disclose what it paid for Y-Risk, but said the amount is not material to its financial results.

Founded in 2015, Y-Risk also helps manage the underwriting of policies for delivery, valet, storage and other services, as well as cybersecurity.

The seller is Georgia-based Allstar Financial Group. The Hartford said Y-Risk will be a part of its Strategy & Ventures group's portfolio, will remain in Unionville under its existing brand and with its existing workforce.

Y-Risk CEO Bernie Horovitz will report to The Hartford's John Wilcox, head of strategy and ventures.

"Allstar has been an excellent partner helping to bring the Y-Risk vision to life," Horovitz said in a statement. "Being part of The Hartford brings new opportunities and the support and resources we need to accelerate our growth. We are excited to further extend The Hartford's reach to a customer base in the sharing and on-demand economy."

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