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 Open Road Insurance