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Corgi launches an admitted insurance carrier for small businesses
The new admitted carrier may give policyholders access to state guaranty association protection that was not available through Corgi's prior non-admitted structures.
Corgi has launched Corgi Insurance Company, Inc., an admitted insurance carrier that extends the company's existing structure beyond its risk retention groups, reinsurers, captives, and managing general agencies. The insurer said policies written through the new admitted carrier may be eligible for protection from the applicable state guaranty association, subject to statutory limits and exclusions.
The company filed its first products for the new carrier, targeting customer segments that differ from the venture-backed AI startups Corgi previously focused on. Planned offerings include coverage for technology companies, professional and administrative offices, retail stores and personal services businesses such as salons, dry cleaners, and repair shops, as well as self-storage facilities, restaurants, wholesalers and distributors, condominium and homeowners associations, and small apartment buildings and residential rental properties.
Insurance Business reports that Corgi has spent the past two years marketing itself as a full-stack carrier for startup clients, underwriting coverage such as cyber, tech errors and omissions, and directors and officers insurance through a technology risk retention group. That structure, the outlet said, can be less suited to smaller, less sophisticated businesses, because risk retention groups can only sell liability coverage to member-owners and do not provide state guaranty fund backing if the RRG becomes insolvent.
By moving to an admitted carrier, Corgi said it is removing those limitations and enabling it to write property and casualty coverage for small businesses with regulatory protections and guaranty fund backstops similar to traditional admitted insurers. The outlet also noted the contrast between the new customer list and Corgi's prior reputation among AI and tech startups.