SpottedRisk + TigerRisk Coronavirus Production Insurance Wins Insurance Insider 2021 ‘Broking Initiative of the Year’

Coronavirus Production Insurance for Film & TV earns TigerRisk 'Broking Initiative of the Year' award at Insurance Insider Honours 2021.

BOSTON, MA, USA, October 6, 2021 /EINPresswire.com/ -- The SpottedRisk Coronavirus Production Insurance for Film & TV, developed with broker partner TigerRisk, won the ‘Broking Initiative of the Year’ accolade at this year’s Insurance Insider Honours. The innovative product was created to protect Film & TV production companies and studios from COVID-19 exposures.

The Coronavirus Production Insurance product launched in July 2020 when COVID-19 pandemic was rampant and vaccine availability was months away. The product was the result of a rigorous, many months long product development phase, intensive market research, and complex data analysis. SpottedRisk’s in-house Data Science team created sophisticated models to project a given production’s likely infection rates and the filming location’s future likelihood of Civil Authority mandates and shutdowns. This insurance enabled critical film financing to resume, restarting film & TV production that had been stalled by the pandemic.

SpottedRisk brought the product to market in partnership with TigerRisk, which proved successful in the entertainment industry and profitable to the program’s panel of A and A- supporting markets. The joint initiative demonstrated the strength of pairing industry expertise with analytical methodology, providing protection to small independent productions up to large-scale feature films and TV series

“We knew it was going to be an uphill battle from the beginning, as some of the biggest brokers in the world had attempted to secure COVID capacity for the Film & TV sector early in the pandemic but to no avail,” said Janet Comenos, CEO and co-founder of SpottedRisk. “Through our in-house film insurance and film bonding experts and a whole lot of creativity from our data science and research team, we– along with Tiger– were able to build a product that was well-received by the markets.”

“Spotted and Tiger worked together to build a program that meaningfully reduced the COVID exposure for the program’s supporting markets,” said Rod Fox, CEO of TigerRisk Partners. “Strict on-set protocols, stringent eligibility criteria and the short-duration nature of the policy (generally 60-90 days) enabled us to secure much-needed capacity for the Film & TV industry that generated strong returns for the markets.”

SpottedRisk’s ability to model unique and emerging exposures has facilitated the firm’s development of specialty solutions for risks that other insurers are unwilling or unable to adequately cover. As SpottedRisk continues to expand into other lines of business, its nimble and analytical approaches to product development are expected to generate continued success.

About SpottedRisk

SpottedRisk is a private-equity backed specialty analytics and underwriting firm founded in 2016 by two former technology industry executives who built an expert team consisting of data scientists, research analysts, and veteran underwriters. The company focuses on building new data-driven insurance products that address the gaps in coverage in the entertainment, event, and other industries. SpottedRisk uses defensible analytics to improve the underwriting and evaluation of emerging and specialty risks, taking advantage of time-sensitive market dislocations. SpottedRisk’s analytics have been featured in dozens of stories written by top-tier publications such as The New York Times, Variety, The Hollywood Reporter, and Adweek. To learn more, visit www.spottedrisk.com

About TigerRisk Partners

TigerRisk Partners LLC is a leading risk, capital and strategic advisor to the insurance and reinsurance industries founded in 2008. TigerRisk Capital Markets & Advisory (TCMA), a broker dealer registered with the U.S. Securities and Exchange Commission, a member of FINRA and a member of SIPC, is a wholly owned subsidiary providing clients strategic advice on mergers, acquisitions, capital markets products and transactions. For more information visit TigerRisk.com.

Lexi Giannandrea SpottedRisk
lexi@spotted.us