Risksmith Insurance Services

The need for tailored insurance solutions in underserved and emerging markets—especially in the property and casualty sector—is rising. Evolving risks faced by businesses and individuals in these markets are beyond conventional insurance products, as they cannot adequately address the specific and dynamic risk profiles.

Bridging this gap in the market is Risksmith Insurance Services.

“What sets us apart is our solution-oriented approach. We don’t offer standard capacity; we exclusively focus on solving problems in the insurance marketplace. Whether it’s critical capacity for large shared and layered excess property business or specialized wood frame builders’ risks, we’re here to provide the insurance solutions our clients need,” says Chadd Folkes, president, of Risksmith Insurance Services.

Established six years ago, this core mission remains steadfast and well-defined.

The primary objective is to underwrite profitable business for its trading partners. Risksmith focuses solely on lines of business where it possesses specific and demonstrable industry expertise. It has developed analytical and technological approaches that prioritize underwriting profitability, not just business throughput. Efficiency is valued to maximize underwriting teams' engagement.

“We're a platform built by underwriters for underwriters. Our leadership team is hands-on with underwriting, attracting top talent. We value underwriting profitability and focus on hiring experts who can execute effectively in this environment,” says Ryan Scheinfeld, founder and CEO, of Risksmith Insurance Services.

Risksmith selects underwriting professionals based on their proven track records of profitability and expertise, prioritizing underwriting excellence over revenue chasing. The organization maintains a culture focused on underwriting results as the ultimate goal. This emphasis on aligning with carrier trading partner’s goals ensures excellent underwriting performance.

“Underwriting performance is our raison d'être, as it's crucial for differentiating ourselves and gaining capacity and distribution support. Long-term outperformance within our peer group is our shared goal,” says Stephen Scialdone, chief underwriting officer, of Risksmith Insurance Services.

Risksmith employs its ‘MGA Advantage,’ accessing multiple balance sheets to expand insurance capacity for clients. It recognizes clients' growing need for carrier expertise, focusing on long-term partnerships and stability. The home builder program, for instance, offers professionalism and commitment. For carrier trading partners, Risksmith treats risk as syndicated transfer, distributing customer and insured risk across multiple partner balance sheets, ensuring substantial capacity while mitigating individual company losses.

“In contrast to our downstream customers, our immediate clients are insurance carriers. These carriers face the challenge of catering to the unique and highly specific requirements of their clients and opportunities in the insurance market,” says Aaron Carpenter, chief information officer, of Risksmith Insurance Services.

Risksmith benefits insurance carriers by providing expertise in specific market segments they may lack and bolster underwriting with robust analytical capabilities, cutting-edge technology, advanced analytics, and a team of experts. This enhances efficiency and profitability when bringing insurance products to the market as the firm streamlines the launch of new products for clients, enabling them to introduce offerings in weeks. Its cloud-based infrastructure facilitates rapid scaling and adaptation, allowing quick onboarding of new products and segments, and giving clients a competitive edge.

The firm excels in performing portfolio optimization through meaningful analytics and efficient risk spreading across multiple balance sheets. Leveraging geospatial analytics and robust internal reporting, it fine-tunes portfolios by contracts, carriers, geographies, and perils, setting it apart.

Risksmith aims to be the first and last call for insurance agents and brokers. It provides consultative discussions on insurance problems as the first call and offers definitive solutions as the last call.

In the realm of MGAs, Risksmith Insurance Services distinguishes itself through continuous growth. Its strategic approach involves horizontal diversification, expanding product lines, creating bespoke solutions, and leveraging deep underwriting expertise to identify new opportunities and offer specialized expertise.