MGA Risk Theory has secured capacity from ProSight Specialty to launch a new offering targeting downstream energy contractors, The Insurer can reveal.

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Dallas, Texas-based Risk Theory said it had launched the new specialty insurance unit called Carbon Underwriters to be underwritten on an admitted and non-admitted by an unspecified AM Best A- rated carrier.

Market sources told this publication that the carrier providing its paper to the new Carbon Underwriters program is ProSight Specialty.

In a statement to The Insurer, ProSight confirmed the arrangement and said it “is proud to partner with Carbon Underwriters to deliver critical insurance solutions to downstream energy contractors”.

“The combined industry and underwriting expertise of Carbon Underwriters and ProSight demonstrate that we understand the unique risks facing refinery and petrochemical contractors, and more importantly, how to craft coverage solutions that provide value to help protect and power their businesses,” ProSight added.

The new platform provides what Risk Theory said are “essential products” for downstream energy contractors.

These include coverages such as business auto, commercial general liability, commercial excess liability, commercial property and commercial inland marine for insureds working in petrochemical plants and refineries that are based in California, Illinois, Louisiana, Ohio, Oklahoma, Pennsylvania, Texas and Washington.

Carbon Underwriters is led by vice-president Jonathan Doke. He first joined Risk Theory in November last year, having previously spent just over four years with Travelers as an oil and gas account executive.

This publication understands that Carbon Underwriters has been accepting risks since July.

Risk Theory opened for business in 2012 and is led by founder and CEO Bryan Wilburn. He had previously founded Southwest Risk in 2004 which he sold four years later.

With the addition of Carbon Underwriters, Risk Theory manages 10 programs including auto dealership focused Risk Point and commercial auto carrier Striker Insurance Services.