Prestige Trucking Insurance, a retail brokerage and parent company of CSMV Underwriters, has continued its expansion with the acquisition of Mulligan, an artificial intelligence-based insurance automation platform.
The platform will now be offered under the name Insure Stack, led by Prestige Trucking’s Christina Torres as CEO, Daniel Hausman as chief operating officer, and David Zhang as chief technical officer.
Mulligan was developed by Y Combinator and Pyq Inc. Pyq founder Aman Raghuvanshi will serve in an advisory role, and members of Pyq’s team will now join the Insure Stack team, the companies said.
It’s the latest business expansion move for Tamarac, Florida-based Prestige, which was named Insurance Journal’s Best Agency to Work For in the Southeast in 2024. Prestige launched CSMV late last year as a broker and program manager.
Prestige was an early adopter of the Mulligan technology, finding that it transformed workflows by automating quoting, policy comparison, proposal generation and commission reconciliation. So, leadership decided to bring the tech in-house and distribute it to other brokers, the company said.
A property insurer is on solid ground in applying depreciation to actual cash value, as long as the policy makes that plan clear, a federal appeals court said in shooting down a proposed class-action lawsuit against Cincinnati Casualty Co.
The policyholder, a Florida-based investment firm with property in Kentucky, also purchased an additional policy that would have covered the $45,000 depreciation deduction. But the firm blew it by failing to make repairs within two years of the loss, as required by the policy, the U.S. 6th Circuit Court of Appeals wrote in a March 25 opinion in Schoening Properties vs. Cincinnati Casualty.
Schoening’s argument in the appeal “ignores the basic principle that ‘insurance which covers the full cost of repair without deduction for assured depreciation’ demands a higher premium, as it ‘force[s] [the insurer] to pay for erecting what is in effect a new building,'” the court wrote, quoting from previous federal court decisions and a treatise on the issue.
The commercial policies for Schoening make it clear that the policyholder may not claim a payment without deduction for depreciation, the court noted. “It may claim only a payment for actual cash value, less a ‘deduction that reflects depreciation.'”