CHICAGO (PRWEB) March 25, 2021
High Definition Vehicle Insurance (HDVI) Group, the next-generation commercial auto insurance business, today announced new relationships with Munich Re Specialty Insurance and Spinnaker Insurance Company as well as expansion into four new states, signaling the company’s early momentum in providing innovative solutions for the trucking insurance market. Currently available in Tennessee and Alabama, HDVI is also launching in Illinois, Indiana, Ohio, and Minnesota, with additional states coming soon.
Last year, HDVI announced that it had raised $16 million in Series A funding led by 8VC and Munich Re Ventures, the venture capital investment arm of Munich Re. Munich Re Specialty Insurance will support and collaborate with HDVI around its innovative risk solutions. Spinnaker will serve as the insurance company for the HDVI program. HDVI’s captive, which is managed through Mangrove Insurance Solutions, a protected cell company facility operated by leading insurance broker Marsh, will retain a portion of the risk.
Co-founded by Chuck Wallace, a co-founder of Esurance, and Reid Spitz, a former investor in insurtech and logistics at 8VC, HDVI focuses on data-driven technology to deliver a new commercial insurance solution that helps trucking fleets improve safety, compliance, and operations. HDVI was created to provide fleet operators with an integrated suite of hardware, software, and services as well as a next-generation insurance product that rewards fleets and drivers for operating safely. HDVI includes a holding company, operating subsidiaries, and a captive.
Having established itself as an emerging leader in bringing technology and data-centric innovation to commercial auto insurance, HDVI’s new relationships provide the capacity required to continue this innovation while rapidly expanding into new states across the country. The combination of innovation, industry-leading global insurance support, and expansion puts HDVI in a position to build a successful commercial auto insurance company while providing a compelling value proposition to its customers. HDVI-insured fleets enjoy the benefits of HDVI’s technology and innovation with insurance backed by highly-rated industry leaders with deep financial strength.
“Spinnaker is committed to supporting innovation within the insurance industry,” said Dave Ingrey, CEO of Spinnaker. “We look forward to supporting HDVI as they use technologies like telematics to revolutionize the commercial auto industry.”
“While rapid innovation is occurring in every other segment of insurance, there’s also a clear opportunity to build a new type of commercial auto insurance company that incorporates advanced technology and data into everything it does,” said Chuck Wallace, CEO and co-founder of HDVI Group. “Building a world-class commercial auto insurance company is filled with both challenges and significant opportunities, and Reid and I are proud to have Munich Re Specialty Insurance and Spinnaker working closely with us to build HDVI. With this team, we’re poised to tackle the enormous market potential.”
To learn more, visit: https://hdvi.com
To learn more about agency partnerships, visit: https://hdvi.com/for_agents/.
About HDVI Group
HDVI is the next-generation commercial auto insurance business. The company provides commercial fleets with an innovative, flexible insurance product alongside powerful, easy-to-use tools to help them improve safety, compliance, and profitability. HDVI is headquartered in Chicago, Illinois, with additional offices in Greenville, South Carolina, Austin, Texas, and San Francisco, California. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, visit http://www.hdvi.com.
About Munich Re Specialty Insurance
Munich Re Specialty Insurance is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. Munich Re Specialty Insurance offers its clients innovative risk and claims solutions powered by advanced technology and analytics, superior service and enhanced responsiveness to clients’ needs.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
About Spinnaker Insurance Company
Spinnaker Insurance Company is a national property and casualty insurer rated A- by A.M. Best Company. With the ability to offer admitted insurance products in 50 states and the District of Columbia, Spinnaker utilizes program administrators and managing general agents to access niche markets and provide value-added fronting programs, focusing on short-tail business in personal, commercial and specialty lines. Learn more at http://www.spinnakerins.com.