U
nited Risk, a managing general agent (MGA), has launched Thriver, a new division aimed at addressing the real estate market's need for alternative security deposit solutions. This product is designed to help renters and property managers conserve resources and manage risks more effectively.
Thriver operates under United Risk Global, an international platform for property and casualty insurance, in collaboration with Applied Underwriters. The company offers a consumer-facing product that provides alternative solutions for security deposits, allowing tenants to pay a reduced amount compared to traditional security deposits.
The new division is led by Matthew Mayberry, CEO of Thriver, who stated that the company is ideally positioned to expand in this growing market and address both tenants' and landlords' needs. Thriver integrates with property management software, enhancing operational efficiency for landlords and property managers.
Thriver's goal is to speed up lease signings, minimize property vacancy periods, and reduce risks associated with rent defaults and property damage. The product will begin writing business in the fourth quarter of this year, focusing on the multi-family residential real estate market in the US.
United Risk chief commercial officer Rick Christofer emphasized that Thriver's success is built on a patient commitment to fundamentals such as distribution through strong branding, solid underwriting frameworks, and superior risk management.
