By James Thaler
March 16 - (The Insurer) - Counterpart’s head of insurance Mike Levins has left his post after five years with the management liability insurtech MGA.
A spokesperson for Counterpart confirmed Levins’ departure in a statement to The Insurer.
Levins had been with Counterpart since joining the company in 2019 from Hiscox, where he had last served as head of U.S. broker relations.
His six years at Hiscox came after spending eight years with CNA and five years with Liberty International Underwriters. Sources said Levins is exploring the potential of launching his own underwriting business.
Los Angeles-based Counterpart was launched as management and professional liability MGA in 2019 by founder and CEO Tanner Hackett, who has said the insurtech is focused on leveraging AI in both underwriting and claims handling.
Commenting on the exit of the company’s head of insurance, Hackett said: “Mike Levins has been an amazing partner for the last five years, helping Counterpart bring management and professional liability into the future."
“Our underwriting and brokers services are second to none thanks to Mike's efforts, and he has been a key proponent of our Agentic Insurance systems that we announced last week,” he added.
The company has written over 13,000 policies with a suite of products ranging from private and non-profit D&O to EPL, fiduciary and crime coverages, along with professional and general liability, with capacity backing from Aspen, Markel and Westfield Specialty.
Since its inception, Counterpart has secured nearly $60 million in funding from venture capital firms, including Susa Ventures, Valor Equity Partners and Vy Capital, including a $30 million Series B funding round announced three years ago.
Hackett has said that the company uses AI to pick up “signals” in order to react to trends more quickly and that the use of third-party data in underwriting has “been solved for a large part”.
Last week the insurtech introduced Agentic Insurance, a platform offering underwriting, broker services, risk mitigation and claims management.
The platform's broker services supports brokers through more than 20 API partnerships and programs, providing tools, intelligence and personalised support.
Its risk mitigation identifies unique exposures and equips policyholders with tools and guidance to proactively reduce risks, including zeroHR for EPLI policyholders.
Agentic Claims Management offers streamlined claims handling, proprietary prediction models and expense management processes.
Well-placed sources said that Counterpart is in active discussions to bring in additional experienced, senior industry talent across a range of senior roles.
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