Protecdiv, the first tier-one minority-led insurance and reinsurance broker in the U.S., has launched.
The Philadelphia-based company is led by experienced insurance industry professionals Kael Coleman and Paul Little. As a specialty U.S. Property and Casualty (P&C) brokerage with process, technology, and diversity at the very centre of its business model, the broker has set an ambitious but realistic growth plan to reach $100 million in revenue in five years, with an aim to expand its employee-base to have the most diverse workforce in the industry.
Protecdiv will target Fortune 2000 clients, with an initial focus on auto manufacturers and suppliers and Financial Institutions. Protecdiv will work with these large publicly-traded and privately-held companies as well as government and government-related entities to provide specialty insurance solutions.
In the reinsurance sector, Protecdiv will focus on providing innovative risk transfer solutions to large and specialty insurers. In the mortgage markets, the broker will deliver credit risk transfer services to U.S. government-sponsored enterprises, mortgage insurers, banks and other asset holders.
There is currently a drive in the U.S. by larger enterprises to have greater diversity among their supplier base. Protecdiv’s business model addresses this demand by creating a diverse company that can deliver top tier insurance and reinsurance services.
“We will be the only minority-owned insurance broker that will universally qualify as a tier one broker for Fortune 2000 companies,” said Kael Coleman, Founder and Chief Executive Officer of Protecdiv.
“We have created the first minority-owned insurance and reinsurance brokerage with a focus on innovation, data, and technology – all geared towards providing flawless execution and a laser-like focus on customer service. American industry is evolving to encourage greater diversity and Protecdiv is here to meet this need,” Mr. Coleman said.
Protecdiv will put technology at the core of its services, using modern data management and data analytics tools.
“Technology has been a central tenet of our culture since day one, enabling us to be nimble while our competitors, bound by legacy IT systems, are more rigid. As a technology-efficient broker, we can move quickly to seize new market opportunities, allowing us to deliver exceptional service for clients,” said Paul Little, who joined the Protecdiv’s leadership team as Chief Operating Officer.
Prior to Protecdiv, Mr. Coleman led the global mortgage reinsurance team at Willis Re, the reinsurance arm of Willis Towers Watson, where he placed mortgage risk transfer business into the global reinsurance market for several government-related entities and international banks. He also led the team that built the first broker-developed loan-level mortgage default predictive model. Mr. Coleman was a senior broker at Guy Carpenter and at Holborn, where he met and worked closely with Mr. Little.
Prior to Protecdiv, Mr. Little founded and was President of Maxfield Risk Consulting, which specialized in risk management and analytics consulting. Before forming Maxfield, Mr. Little was CEO at Ultimate Risk Solutions, an economic capital software development company.
Mr. Little has also served as President of EQECAT Inc., a natural hazards software and risk management company, which is now part of CoreLogic. He also worked at brokerage Guy Carpenter, a subsidiary of Marsh & McLennan, as a Managing Director for more than 20 years.