DALLAS – May 16, 2024 – Open Road Insurance LLC (“OpenRoad”) has announced its formation as a managing general agency (MGA) focused on providing auto insurance specifically tailored for collector vehicles. The company, licensed by the Texas Department of Insurance, plans to launch in several U.S. states later this summer. The new venture aims to provide a specialized alternative for owners of classic and modern collector vehicles.
OpenRoad is helmed by CEO Richard Hutchinson, a seasoned insurance professional with over three decades of experience. His background includes leadership roles at prominent insurance companies like Progressive, Hagerty, and Forge. The company’s primary investor is Griffin Highline Capital LLC (“Griffin Highline”).
“OpenRoad is led by a specialized, 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 (“National Interstate”), a member of Great American Insurance Group (“Great American”) and believe, under Richard’s leadership, that there is a large market opportunity ahead for OpenRoad.”
National Interstate Insurance Company will provide underwriting capacity for the new venture. National Interstate is a leading specialty property and casualty transport insurance company, boasting an “A+” (Superior) rating from A.M. Best. As part of this collaboration, 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,” stated Shawn Los, President and COO of National Interstate.
According to the U.S. Bureau of Labor Statistics, auto insurance costs have seen a significant increase, outpacing the rise in many other consumer goods. OpenRoad believes there is an opportunity to serve the collector community.
“Of the 40 million+ collector vehicles in the United States, the majority are insured by standard auto insurance generalists,” said Richard Hutchinson, CEO of OpenRoad. “Our program is different as it was designed with specialized coverages and services tailored for the unique needs of auto enthusiast owners. We are proud to offer the auto enthusiast community more choice, comprehensive coverage, and the fair pricing that they deserve.”
About Open Road Insurance LLC
OpenRoad is a provider of auto insurance coverage for classic and modern collector vehicles, offering tailored coverage at competitive prices.
For additional information visit OpenRoad’s LinkedIn Page: www.linkedin.com/company/openroadinsurance
About Griffin Highline Capital LLC
Griffin Highline is a holding company focused on investments in insurance operating businesses. It invests long term in specialized, niche insurance-related businesses.
For additional information: www.griffinhighline.com
About Great American and National Interstate
National Interstate Insurance Company, a member of Great American Insurance Group, serves the transportation industry. Policies for OpenRoad are underwritten by National Interstate Insurance Company.
National Interstate Insurance Company is an authorized insurer in all 50 states and the D.C., and National Interstate Insurance Company of Hawaii, Inc., an authorized insurer in HI, MI, NJ, and OH, headquartered at 3250 Interstate Drive, Richfield, OH 44286. The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG). AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
For additional information visit www.natl.com.
