OpenRoad Enters the Classic Car Insurance Market
The company was founded by insurance industry veteran Richard Hutchinson...
Open Road Insurance LLC (OpenRoad) announces its formation as a managing general agency specializing in collector vehicle auto insurance. The company has received 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. “OpenRoad is led by an 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, a member of Great American Insurance Group 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 Hutchinson. “Our program is different as it was designed with specialized coverages and services tailored for the unique needs of enthusiast owners. We are proud to offer the community more choice, comprehensive coverage, and the fair pricing that they deserve.”
