SAN FRANCISCO, Nov. 13, 2023 /PRNewswire/ — Foresight Risk and Insurance Services (“Foresight”), the innovative workers’ compensation specialist that strives to reduce claim frequency with proprietary safety technology and services, today announced a new strategic partnership with QBE North America (“QBE”), part of QBE Insurance Group Limited, a global insurance leader. The new partnership enables Foresight to write on select QBE entities’ paper1 effective November 1, 2023.
Launched in 2020, Foresight began underwriting in California and grew to be among the top 100 providers of workers’ compensation insurance, nationally2. Foresight distributes insurance through leading national commercial broker partners. With this partnership, Foresight is working on expanding into new territories.
“We are delighted to announce our partnership with Foresight,” said James Haggerty, Head of Commercial Programs, QBE North America. “Foresight’s unique safety technology and services represent a milestone in workers’ compensation innovation. Together, we look forward to unlocking enormous value for both our companies, our broker partners, and our customers.”
Foresight currently focuses on the safety-critical industries of construction, manufacturing, and agriculture. The partnership will create the opportunity for Foresight to expand into additional industries over the coming year. Policyholders will continue to be provided with Foresight’s proprietary digital risk management application and coaching services, which actuarial studies have shown to reduce claims frequency by 17%, on average.
“By combining our revolutionary, technology-driven vision with QBE’s long-standing reputation as a global carrier, this partnership paves the way to reshape the future of workers’ compensation coverage,” said David Fontain, CEO and co-founder of Foresight. “Together we will work towards reducing workplace injuries and driving savings on insurance costs to deliver unparalleled value to both our national broker partners and our insureds.”
Committed to helping customers solve unique risks, QBE offers tailored solutions across multiple lines of coverage, supported by underwriting and claims.
Credit Suisse acted as strategic financial advisor and placement agent for Foresight Group and its investors.
Foresight is a national workers’ compensation provider that sees a future where workplace injuries are a thing of the past. Through a proprietary, data-driven, safety engagement app and coaching program, Foresight reduces claims frequency by 17% on average for mid-sized businesses in construction, agriculture, and manufacturing. Co-founded by David Fontain and Peter Grant in 2020, Foresight is led by insurance and tech executives with decades of collective experience in underwriting and risk management. Learn more about Foresight at getforesight.com or on LinkedIn.
QBE is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in the first half of 2023 of $5 billion. QBE Insurance Group’s results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn and Facebook.
The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued.
1 Policies are underwritten by QBE Insurance Corporation, Praetorian Insurance Company, and North Point Insurance Company.
2 According to S&P Global’s S&P Capital IQ report 2023