The Hartford has purchased Y-Risk, a managing general underwriter specializing in the sharing and on-demand economy, from Allstar Financial Group, Inc.

The Hartford said in a statement that the addition of Y-Risk to its strategy and ventures group's portfolio is part of the company's ongoing focus on driving innovation and growth through new capabilities and offerings to better meet the changing needs and expectations of customers.

“As a recent start-up, Y-Risk operates on the leading edge of the insurance industry, combining deep underwriting expertise with a strong understanding of the fast-paced world of the tech-enabled economy,” said John Wilcox, head of strategy and ventures at The Hartford. “We are pleased to welcome the Y-Risk team to The Hartford. This is the latest example of how The Hartford is expanding its capabilities and talent to more effectively compete in a quickly changing marketplace.”

Y-Risk offers products for the sharing and on-demand economy, with tailor-made coverages and usage-based pricing for commercial auto, general liability, property, inland marine, cyber, and professional liability products. The company's customer mix includes transportation-network companies, automobile-sharing platforms, on-demand-services platforms, and space-sharing platforms. Y-Risk offers its insurance solutions through knowledgeable wholesale brokers and strategic retail agents.

“Allstar has been an excellent partner helping to bring the Y-Risk vision to life,” said Y-Risk's chief executive officer, Bernie Horovitz. “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.”

The Hartford said that Y-Risk will keep its brand name and remain located in Unionville, Connecticut. Y-Risk will operate independently of The Hartford's core businesses and Mr. Horovitz will report to Mr. Wilcox. All of the company's employees have been hired by The Hartford. The purchase price will not have a material impact on The Hartford's financial results, The Hartford said.