Obsidian Announces Partnership with LOOP to Further AI Powered Insurance Products

PR Newswire

NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Obsidian Insurance Company, an A.M. Best rated "A-" hybrid fronting program carrier, is pleased to announce its partnership with LOOP, a mission driven provider of personal auto insurance powered by AI and proprietary technology.

LOOP was founded with the belief that insurance should be honest, transparent and fairly priced. They deliver on this with a very innovative approach to writing personal auto insurance in the U.S. by incorporating the historical and anticipated safety of roads travelled, with the objective of offering a product that more accurately and fairly evaluates the actual exposure. Premiums are determined by how drivers behave on unsafe roads combined with telematics data. Currently, the business is written in the state of Texas with plans to quickly expand into other states.

William Jewett, CEO, Obsidian Insurance Company, commented, "We are thrilled to partner with such a progressive and innovative organization. We worked very closely and collaboratively with LOOP throughout the development of the program and have been very impressed with how they think about and approach the business. The way in which they can determine rates for many insureds that more accurately reflects potential exposure and ultimate loss cost has the potential to meaningfully change segments of the personal auto insurance industry. We are also very pleased that we have a strong panel of key reinsurance partners supporting the program."

Carey Anne Nadeau, Co-Founder and Co-CEO at LOOP, said, "We are grateful to align with a fronting carrier who prides themselves on industry expertise, operational excellence and innovative underwriting solutions."

About Obsidian Insurance Company
Obsidian Insurance Company is a subsidiary of Obsidian Insurance Holdings, Inc., a new fronting insurance holding company that issues policies underwritten by Managing General Agents, Managing General Underwriters, and program managers. Obsidian sources, underwrites, and manages a diverse portfolio of property, casualty, and specialty insurance programs, and reinsures the majority of the business to select reinsurers. Obsidian Insurance Holdings, Inc. was formed in 2020 in partnership with leading insurance industry executives and Genstar Capital. For more information, visit www.obsidianspecialty.com.

About LOOP
LOOP is a Public-Benefit Corporation and Artificial Intelligence-powered insurance provider headquartered in Austin, Texas, founded with a mission to create fair insurance for all. For general inquiries, more information on LOOP, or to join the team, please visit ridewithloop.com.