Cover Whale Partners with Everspan on Commercial Trucking Program

Rhea-AI Summary

Cover Whale Insurance Solutions has partnered with Everspan Indemnity Insurance Company to launch a new Commercial Trucking Program targeting small trucking operations. This program will utilize Everspan's A- rated insurance paper. Cover Whale's proprietary underwriting platform enhances post-binding portfolio monitoring and reporting, providing real-time insights. Both companies see this collaboration as a strategic opportunity to expand their market presence in the commercial automobile sector, leveraging technology and data in their underwriting processes.

Positive

• Strategic partnership with Everspan to launch a Commercial Trucking Program.
• Utilization of Everspan's A- rated insurance paper, enhancing credibility.
• Proprietary underwriting platform allows for real-time portfolio monitoring.

Negative

• None.

NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Cover Whale Insurance Solutions, Inc., an Insurtech focused on the commercial auto space, announces its partnership with Everspan Indemnity Insurance Company ("Everspan"), an excess and surplus lines insurer which is part of Everspan Group, a participatory fronting insurance group Rated A- (Excellent) by AM Best, to offer a Commercial Trucking Program.

Cover Whale offers best-in-class underwriting and data tracking via its proprietary underwriting platform. The platform's powerful use goes beyond the underwriting stage and into the post-binding stage with automatic portfolio data tracking, allowing Cover Whale and its (re)insurance partners to have real-time monitoring, oversight, and reporting in an easy-to-use dashboard.

The Commercial Trucking Program will be written on Everspan's highly rated paper and targets professional owners of small trucking operations including common and contract carrier operations such as commercial truckers, common carriers, contract carriers, freight haulers and intermodal carriers.

Cover Whale CEO Dan Abrahamsen stated, "With continued evolution in the commercial automobile market in recent years there is a significant opportunity for specialist programs. We are excited about our partnership with Everspan as we continue growing our footprint within the commercial auto space."

Wyatt Blackburn, President of Everspan Group, stated "We were initially attracted to Cover Whale's tech-enabled platform for its use of emerging A.I. and underwriting data, which offers an opportunity to profitably underwrite commercial trucking at a strong competitive advantage." Mr. Blackburn continued, "Our partnership with Cover Whale is in alignment with Everspan's core business strategy to expand partner programs with best-in-class MGAs."

About Everspan Group
Everspan Group is a specialty property and casualty insurance platform comprised of Everspan Insurance Company, an admitted insurer and Everspan Indemnity Insurance Company, a surplus lines insurer. Everspan Group operates nationwide on an admitted and non-admitted basis. The companies which comprise the Everspan Group are wholly-owned subsidiaries of Ambac Financial Group, Inc. (NYSE:AMBC), a financial services holding company. For more information, please refer to www.everspangroup.com.

About Cover Whale
Cover Whale, an InsurTech founded by experienced insurance and technology veterans, focuses on underwriting, technology, and data to launch innovative insurance programs. Cover Whale provides the most agent-friendly platform online, providing a simple solution for fast insurance quotes. Products are available exclusively through CoverWhale.com, with capacity from multiple leading insurance markets.

Cover Whale Contact: 
Ian Abrahamsen, Marketing Director
Ian@coverwhale.com 

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SOURCE Cover Whale Insurance Solutions

FAQ

What is the partnership between Cover Whale and Everspan about?

Cover Whale has partnered with Everspan Indemnity Insurance Company to offer a new Commercial Trucking Program aimed at small trucking operations.

How does the new Commercial Trucking Program benefit small trucking operations?

The program provides specialized insurance solutions for small trucking operations, targeting common and contract carriers, freight haulers, and intermodal carriers.

What type of insurance paper will the Commercial Trucking Program use?

The program will be written on Everspan's highly rated A- insurance paper.

What technology does Cover Whale utilize in its insurance offerings?

Cover Whale employs a proprietary underwriting platform that enables automatic portfolio data tracking and real-time monitoring.

When was the partnership between Cover Whale and Everspan announced?

The partnership was announced on September 20, 2021.

What is the stock symbol for Ambac Financial Group?

The stock symbol for Ambac Financial Group is AMBC.