DALLAS, May 16, 2024 – Open Road Insurance LLC (“OpenRoad”) has been established as a managing general agency catering to collector vehicle auto insurance. The company has received its license from the Texas Department of Insurance and is planning a launch across selected U.S. states later this summer, offering a new option for collector vehicle insurance policyholders.
OpenRoad is headed by CEO Richard Hutchinson, an insurance industry veteran with over 30 years of experience, including executive leadership roles at companies such as Progressive, Hagerty, and Forge. The majority investor in OpenRoad 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,” stated Michael Doak, Founder and Managing Partner of Griffin Highline. “We’re also grateful for the opportunity to collaborate with National Interstate Insurance Company (“National Interstate”), a member of Great American Insurance Group (“Great American”). Under Richard’s leadership, we believe there’s a large market opportunity ahead for OpenRoad.”
National Interstate will serve as the provider of underwriting capacity for OpenRoad. National Interstate is a leading specialty property and casualty transportation insurance company and holds an “A+” (Superior) rating from A.M. Best. Furthermore, Great American has made an equity investment in OpenRoad as part of this new collaboration.
Shawn Los, President & COO of National Interstate, remarked, “The OpenRoad team has an exceptional track record, and we’re excited to combine our capabilities and financial strength in specialty transportation insurance with their vision and expertise.”
According to the U.S. Bureau of Labor Statistics, auto insurance has experienced the highest annual cost increase among all items tracked in the Consumer Price Index (CPI). Despite the challenges faced by auto insureds, OpenRoad believes there is an opportunity to better serve the collector community.
Richard Hutchinson, CEO of OpenRoad, noted, “Of the 40 million+ collector vehicles in the United States, most are insured by standard auto insurance generalists. Our program is different because it was designed with specialized coverages and services tailored for the specific needs of auto enthusiast owners. We’re proud to offer the auto enthusiast community more choice, comprehensive coverage, and the fair pricing they deserve.”
About Open Road Insurance LLC
OpenRoad offers auto insurance coverage for classic and modern collector vehicles. The company aims to provide auto enthusiasts with superior insurance coverage at a fair price.
For more information, visit OpenRoad’s LinkedIn Page: www.linkedin.com/company/openroadinsurance
About Griffin Highline Capital LLC
Griffin Highline is a holding company that invests in and actively manages insurance operating businesses. Its strategy focuses on allocating capital to specialized, niche insurance related businesses with a long-term, compounding approach as an industry partner.
For additional information: www.griffinhighline.com
About Great American and National Interstate
National Interstate Insurance Company serves the insurance needs of the transportation industry and is a member of Great American Insurance Group. Policies for OpenRoad are underwritten by National Interstate Insurance Company, 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 more information, visit www.natl.com.
