DALLAS, May 16, 2024
/PRNewswire/ -- Open Road Insurance LLC ("OpenRoad") is pleased to
announce its formation as a managing general agency
specializing in collector vehicle auto insurance.
The company has received
its license from the Texas
Department of Insurance
and plans to launch across select
U.S. states later this summer as a new alternative for
collector vehicle insurance policyholders. OpenRoad is led by CEO
Richard Hutchinson, an insurance
industry veteran with over three decades of experience including
executive leadership roles at Progressive, Hagerty, and Forge.
OpenRoad is capitalized by majority investor, Griffin
Highline Capital LLC ("Griffin Highline").
"OpenRoad is led by a specialized,
experienced team, and we are excited to support the
formation of a best-in-class collector automobile insurance
provider," said Michael Doak, Founder and
Managing Partner of Griffin Highline. "We are also
grateful for the opportunity to collaborate with National
Interstate Insurance Company ("National Interstate"), a member of
Great American Insurance Group ("Great American") and believe,
under Richard's leadership, that there is a large market
opportunity ahead for OpenRoad."
National Interstate will provide underwriting capacity
to OpenRoad. National Interstate is a leading specialty
property and casualty transportation insurance company and is rated
"A+" (Superior) by A.M. Best. As part of this new relationship,
Great American has made an equity investment in OpenRoad.
"The OpenRoad team has an exceptional track record and we're
excited to pair our capabilities and financial strength in
specialty transportation insurance with their vision and
expertise," said Shawn Los,
President & COO of National Interstate.
According to the U.S. Bureau of Labor
Statistics, auto insurance has seen the highest
annual cost increase of all items tracked in the Consumer
Price Index (CPI). While it is a challenging period for auto
insureds, OpenRoad believes there is opportunity to better serve
the collector community.
"Of the 40 million+ collector vehicles in the United States, the majority are insured by
standard auto
insurance generalists," said Richard Hutchinson, CEO of OpenRoad. "Our program is different
as it was designed with specialized coverages and
services tailored for the unique needs of auto enthusiast owners.
We are proud to offer the auto enthusiast community more choice,
comprehensive coverage, and the fair pricing that they
deserve."
About Open Road Insurance LLC
OpenRoad is
a provider of auto insurance
coverage for classic
and modern collector vehicles. OpenRoad provides
auto enthusiasts superior insurance coverage at a fair price.
For additional information visit OpenRoad's LinkedIn Page:
www.linkedin.com/company/openroadinsurance
About Griffin Highline Capital LLC
Griffin Highline is a holding
company that invests in and actively manages insurance operating
businesses. Its strategy focuses
on allocating capital
to specialized, niche insurance-related businesses
with a long-term, compounding approach as an industry partner.
For additional information: www.griffinhighline.com
About Great American and National Interstate
National Interstate Insurance Company serves the insurance
needs of the transportation industry and is a member
Great American Insurance Group. Policies for OpenRoad are
underwritten by National Interstate Insurance Company, an
authorized insurer in all 50 states and the D.C., and National
Interstate Insurance Company of Hawaii, Inc., an authorized insurer in HI, MI,
NJ, and OH, headquartered at 3250 Interstate Drive, Richfield, OH 44286.The members of Great
American Insurance Group are subsidiaries of American Financial
Group, Inc. (AFG). AFG's common stock is listed and traded on the
New York Stock Exchange under the symbol AFG.
For additional information visit www.natl.com.
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SOURCE Griffin Highline Capital