Counterpart Adds Additional A-Rated Carrier to Expand Management Liability Insurance to More Small Businesses

Partnership with Aspen Insurance and Markel Insurance Company brings Counterpart’s innovative risk management products and services to a broader market

LOS ANGELES--(BUSINESS WIRE)-- Counterpart, the management liability insurtech, today announced the launch of their partnership with Aspen Insurance to bring Aspen’s management liability products to small businesses across a broader array of industries and geographies. Aspen joins a member company of Markel®, as another A-rated carrier that is supporting the Counterpart platform.

More than 5.4 million new business applications were filed last year, surpassing the record set in 2020 of 4.4 million, according to the U.S. Census Bureau. This comes at a time of costly employee, management and regulatory related claims that can easily bankrupt a small business. Counterpart brings the first of its kind insurance platform that pairs proprietary data and cutting edge technology to underwrite management liability insurance to companies with up to 250 employees.

“From vaccine mandates to hybrid workplaces to supply chain constraints, small businesses and their key stakeholders are facing a completely new risk paradigm,” said Tanner Hackett, CEO of Counterpart. “However, legacy carriers have done little to adapt to the needs of modern businesses beyond the four corners of a pdf application and insurance policy - their failure to embrace digitization and data science has made management liability more expensive and less accessible while businesses need it more than ever. We’re teaming up with forward-thinking carriers like Aspen and Markel to transform management liability insurance by combining their strong balance sheets and respected teams with Counterpart’s data and product expertise.”

Counterpart’s gross written premium grew more than 400% over the last 12 months and is forecast to quadruple again in 2022. The company now works with more than 1,000 of the largest and most respected brokers in the country and has one of the industry’s best loss ratios. Counterpart’s unique risk selection and mitigation capabilities leverage more than 3,000 data points in addition to traditional insurance application questions.

“Counterpart is optimized for a constituency of small businesses that many other insurance carriers have struggled to support,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance. “I have been thoroughly impressed with Counterpart’s innovative technology, novel data infrastructure and strong distribution partnerships. Aspen is excited to support Counterpart’s mission to transform management liability insurance.”

“Markel has believed in the approach and leadership at Counterpart from day one, and the performance has continued to exceed our expectations,” said Scott Whitehead, Managing Director, Markel. “It has been exciting to work with an insurtech that is utilizing AI to increase the efficiency at which they serve small businesses.”

Counterpart raised $30 million in a Series B financing round in March, bringing the company’s total financing to $40 million.

Learn more about the Counterpart suite of management liability products and services at www.yourcounterpart.com

About Counterpart
Counterpart is the management liability insurance platform for the 21st century workplace. The company has built the most advanced management liability rating system in the industry to measure small business risk exposures. Counterpart uses these insights to offer insurance products, broker tools and HR services that help small businesses be the best version of themselves. For more information, visit yourcounterpart.com

About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2020, Aspen reported $13.2 billion in total assets, $7.2 billion in gross reserves, $3.0 billion in total shareholders’ equity and $3.7 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.

About Markel
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Markel® is a registered trademark of the Markel Corporation. Visit Markel on the web at markel.com.

Media assets and Press kit. Visit here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005140/en/

Gregory Papajohn
Archie Group for Counterpart
[email protected]
+1.917.287.3626

Source: Counterpart

You May Also Be Interested In

• NovaBay Pharmaceuticals Receives a NYSE American Notice Regarding Stockholder Equity
• Implementing AIOps: Blueprint for Enhanced IT Operations and Business Efficiency Published by Info-Tech Research Group
• ASLAN Pharmaceuticals Announces Receipt of Nasdaq Notice