OpenRoad Announces Entry into Collector Vehicle Insurance Market

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May 16, 2024, 09:05 ET

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.

SOURCE Open Road Insurance