Counterpart, the AI-driven management and professional liability insurtech, has announced a new partnership with Westfield Specialty Insurance, to provide an admitted product for Counterpart’s small business customers and, for the first time, nonprofit organizations, through its network of trusted broker partners. The partnership with Westfield Specialty represents one of three A rated insurance carriers to back Counterpart, which is already supported in the surplus lines by Aspen Insurance and Markel.
The new admitted management liability product significantly extends Counterpart’s offerings to for-profit businesses with less than $350 million in revenue or 500 employees, which represents 99% of U.S. businesses, as well as over one million 501(c) organizations. This expansion not only empowers Counterpart to support its customers as they grow, but also expands the ways in which brokers can service their clients by using Counterpart’s cutting-edge APIs and risk mitigation services.
Counterpart is adding nonprofits to its offering following strong demand from its broker partners. Nonprofits can face many of the same legal challenges as for-profit businesses, including wrongful termination, negligence, harassment, discrimination, as well as many exposures that are unique to their operating model. For example, funds mismanagement and failure to meet regulatory standards can constitute a significant exposure for nonprofits, given their reliance on public and private contributions.
Counterpart, a leading insurtech, combines top insurance expertise with industry-leading underwriting and claims technology to help minimize risks for small businesses. Its management and professional liability insurance products, enhanced by a suite of proactive risk-reduction tools, empower customers to grow with confidence. Should a claim arise, insureds benefit from Counterpart’s world-class claims talent and technology, which helps to minimize any disruption to business operations. Small business owners can obtain Counterpart’s robust coverage through its network of over 2,000 trusted wholesale brokers nationwide.
“Westfield is one of the most recognized brands in insurance and has been an A rated carrier for almost 90 years, making it an ideal partner to support us on our mission to help reduce risk for all businesses operating in all industries,” says CEO of Counterpart, Tanner Hackett. “This partnership combines Westfield’s renowned history and expertise with Counterpart’s leading software and services to set a new standard of excellence in commercial insurance.”
“We are excited to join forces with Counterpart in the small business market,” said Jack Kuhn, President of Westfield Specialty. “They have built an impressive underwriting platform and program capabilities in a short period of time. We think insurance brokers will greatly appreciate the new product offerings as well as the innovation and efficiency Counterpart is bringing to the private company D&O insurance marketplace.”
The new Counterpart/Westfield Specialty admitted product offering is already available in 35 states, complementing Counterpart’s existing program offerings in all 50 states.
About Counterpart
Counterpart pairs trusted insurance experts with AI-driven underwriting and claims technology to enable small businesses to do more, with less risk. Its proprietary management and professional liability insurance products are complemented by a suite of tools and services that help its customers proactively reduce risk and grow with confidence. Counterpart’s Directors & Officers, Employment Practices, Fiduciary, Crime, and Miscellaneous Professional Liability insurance products are backed by Markel and Aspen Insurance. Counterpart has been recognized for its commitment to supporting its people and partners on its journey to transform commercial insurance. Notable honors include the Program Awards 2023, Inside P&C Honors 2023, and Inc. Best Workplaces 2023, among other accolades. For more information, visit yourcounterpart.com.
About Westfield Specialty
Westfield Specialty launched in 2021 and after its acquisition of Lloyd’s Syndicate 1200 in February 2023, Westfield Specialty closed year-end 2023 with $1.2 billion in GWP. Our experienced team brings deep expertise to the specialty market and offers unique insurance solutions for specialized risks. With nearly four hundred employees across the U.S., U.K., and Dubai, being backed by Westfield’s 175 years of financial stability, top-rated industry performance, and a well-capitalized balance sheet, we are positioned to be a leading specialty carrier.
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