North Carolina-based MGA launches expansion plan to meet growing demand in bespoke experience markets with specialty programs and best-in-class loss control technology.
vQuip Specialty, a leading provider of safety and risk management insurance solutions for the specialty insurance markets, today announces an initiative to expand beyond its origins as an embedded marine insurance provider. This initiative reinforces the company as a specialty program architect focused on a variety of adventure markets, powered by proprietary loss control technology to assess, mitigate and transfer risk.
“As vQuip has grown in the recreational rental market, the increased demand for better insurance solutions and the need to diversify our portfolio drove our thinking on the next evolution of the company,” said Cam Serigne, founder and CEO of vQuip Specialty. “Business owners use our proprietary risk management and loss control platform to capture operational data, mitigate liability, and transfer risk. We see this as an opportunity to bring much needed solutions that better address the capacity and risk management challenges in the underserved adventure industry.”
The decision to redefine vQuip’s market position stemmed from a comprehensive situational analysis, which revealed that the adventure sector is jeopardized by a lack of customized insurance products and resources needed to standardize operating procedures and collect data to safeguard operators from negligence claims. vQuip’s market expansion demonstrates its capacity for innovation and adaptive strategy to serve multifaceted risk profiles across industries more effectively.
This announcement follows vQuip’s recent successful entry into the powersports market, which is projected to grow from $39.77 billion in 2023 to approximately $60 billion by 2032. Additionally, vQuip has launched an enhanced digital platform that provides outfitters with a transparent way to understand and better mitigate liability.
“By expanding further into the specialty program space with the assistance of an enhanced risk management technology, vQuip is in a superior position to serve our clients, partners and other stakeholders. With this growth, we will be providing needed, practical and comprehensive insurance solutions that are essential for businesses in the adventure space to operate successfully,” noted Serigne.
vQuip was founded in 2020 to provide recreational rental operators with safety technology, data and per-trip renter coverages to de-risk their businesses by providing affordable, comprehensive commercial insurance coverage.
ABOUT vQUIP
vQuip is a specialty insurance program architect and risk management pioneer, combining best-in-class loss control technology with innovative program solutions tailored to the unique requirements of complex bespoke experience markets. Headquartered in Charlotte, N.C., vQuip partners with innovative MGAs, fronting partners, reinsurers, and distribution partners to launch solutions that serve the needs of capacity-constrained insurance markets. vQuip’s clients use its technology and insurance programs to effectively manage and transfer risk, gaining access to comprehensive and competitive commercial insurance solutions. For more information, visit www.vquip.com.