(Kael Coleman and Paul Little, respectively founder and CEO and COO of Protecdiv. Source: Protecdiv. )
Industry veterans Kael Coleman and Paul Little have launched Protecdiv, a Philadelphia-based property/casualty brokerage targeting Fortune 2000 clients, with an initial focus on auto manufacturers and suppliers, and financial institutions. The broker has set a 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 is the only minority-owned insurance broker that will qualify as a tier one broker for Fortune 2000 companies, according to Coleman.
In addition to large publicly-traded and privately-held companies, Protecdiv will work well as government and government-related entities to provide specialty insurance solutions, according to a statement announcing the launch. 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.
“Protecdiv is bringing a high-level team to market with the best of today’s technology and analytics with the aim of delivering top tier insurance and reinsurance services via most diverse workforce in the industry,” comments Coleman, founder and CEO, Protecdiv. “The insurance industry is certainly moving towards becoming more technically savvy, but it’s a challenge for many of the big carriers or brokers who are burdened with complex legacy IT systems. As a newly-formed broker, we can reap the benefits of building in a technology infrastructure from day one across all of the aspects of our business.”
Coleman notes that Protecdiv’s third employee was a chief technology officer who is tasked with overseeing that the tools and the services Proctecdiv is building, and the way it processes data, are designed to create seamless communication to clients and to the markets. “This will be done using data analytics, transparency around data, premium and claims processing and many other modern tools that exist today, without those legacy issues,” he says.
“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,” adds Paul Little, COO, Protecdiv. “As a technology-efficient broker, we can move quickly to seize new market opportunities, allowing us to deliver exceptional service for clients.”
Prior to Protecdiv, Coleman led the global mortgage reinsurance team at Willis Re, the reinsurance arm of Willis Towers Watson (London), 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. Coleman was a senior broker at Guy Carpenter and at Holborn, where he met and worked closely with Little.
Prior to Protecdiv, Little founded and was President of Maxfield Risk Consulting (Englewood, N.J.), which specialized in risk management and analytics consulting. Before forming Maxfield, Little was CEO at Ultimate Risk Solutions (New York), an economic capital software development company.
Little also served as President of EQECAT Inc., an Oakland, Calif.-based natural hazards software and risk management company, which is now part of CoreLogic (Irvine, Calif.). He also worked at brokerage Guy Carpenter, a subsidiary of Marsh & McLennan (both of New York), as a managing director for over 20 years.