What Evolution Risk Partners does

Evolution Risk Partners (ERP) is a U.S.-domiciled Managing General Underwriter (MGU) founded in 2018 and headquartered in Evanston, Illinois, specializing in medical stop-loss insurance for self-insured employers with 25 to 10,000 employees. The firm distributes through direct enterprise sales and channel partnerships with insurance brokers, general agencies, and third-party administrators, and underwrites on the paper of A- and A+ rated carrier partners including Pan-American Life (A-rated, $325M stop-loss block) and Companion Life Insurance (A+ rated, $500M+ stop-loss block). Revenue is generated primarily through MGU fees and commissions earned on stop-loss premium placed through these carrier partnerships, with quote-based, multi-year contract pricing that is not publicly disclosed.

ERP's product portfolio is organized around three core lines: Traditional Stop-Loss Insurance (specific and aggregate coverage with flexible contract features such as no-new-lasers-at-renewal, renewal rate caps, and gapless renewals), Alternative Risk Solutions (AI-augmented creative coverage and risk-firming), and the Evolve Captive program, which spans Group Captives (25+ employee groups) and Stand-Alone Captives (250+ employee organizations). Underpinning these offerings is a Technology and Innovation Platform that integrates Gradient AI's SAIL™ underwriting solution for predictive risk assessment and pricing, plus a claims-management capability that advertises a 4.6-day average payment time through dedicated claims analysts.

The firm is led by co-founders George Lemmon (CEO) and Chad Parker (President), with a senior team drawn from major carriers including Voya Financial, Berkshire Hathaway, AIG, Anthem, Sun Life Financial, and CIGNA, and a board that includes former Berkshire Hathaway Specialty Insurance medical stop-loss head John Snyder, Lake Capital co-founder Paul Yovovich, and Summit Trail Advisors partner Joe Shenton. ERP remains a privately held LLC with no disclosed institutional funding, M&A, or restructuring history in the available source material.

Name

Evolution Risk Partners

Legal name

Evolution Risk Partners, LLC

Website

https://evolutionrisk.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Evolution Risk Partners is a U.S. medical stop-loss Managing General Underwriter founded in 2018, underwriting traditional stop-loss, alternative risk solutions, and captive programs for self-insured employers with 25-10,000 employees through broker, TPA, and general agency channels.

Ownership category

akta.pro rank

Product category

Medical Stop-Loss Insurance Underwriting

NAICS

Direct Health and Medical Insurance Carriers (524114), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Accident & Health Insurance (6321)

akta.pro primary industry

Self-Funded (ASO) Group Health Plans & Stop-Loss (FSAIAFAB)

akta.pro secondary industry

Life & Health Reinsurance Underwriting, Actuarial & Risk Analytics Services (FSAOAAAI)

Keywords

• Medical stop-loss insurance
• Managing general underwriting
• Captive insurance solutions
• Alternative risk transfer
• Self-funded health plans

Headquarters

HQ city

Causeway Bay

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Managing General Underwriting (MGU) Fees: As a Managing General Underwriter, ERP earns fees and commissions from carrier partnerships for underwriting stop-loss insurance policies on behalf of A and A+ rated insurance carriers. Premium is based on employer risk profiles and claims history.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Evolution Risk Partners is a Managing General Underwriter that underwrites medical stop-loss insurance on behalf of A and A+ rated carrier partners (Pan-American Life, Companion Life Insurance). The firm delivers three interconnected product lines — Traditional Stop-Loss, Alternative Risk Solutions powered by AI/predictive analytics, and Evolve Captive programs (Group and Stand-Alone) — to self-insured employers with 25 to 10,000 employees, distributing primarily through insurance brokers, general agencies, and third-party administrators.

Product overview

Evolution Risk Partners is a Managing General Underwriter (MGU) providing a comprehensive suite of medical stop-loss insurance solutions. The company's portfolio consists of three interconnected core product lines: Traditional Stop-Loss Insurance (specific and aggregate coverage with flexible contract features), Alternative Risk Solutions (AI-powered creative coverage with predictive analytics), and Evolve Captive (self-insurance programs including Group Captives for mid-sized employers and Stand-Alone Captives for larger organizations). These offerings are supported by dedicated service capabilities in claims management (4.6-day average payment time), underwriting excellence (flexible contract options with direct underwriter access), and a technology platform leveraging AI and predictive analytics for risk assessment and decision-making. The company serves self-insured employers, insurance brokers, general agencies, and third-party administrators, backed by A and A+ rated carrier partnerships.

Differentiator

Problem solved

Functional benefit

Brands

• Evolve Captive: A self-insurance solution combining control and long-term savings of self-funding with shared risk and expedited onboarding process
• Alternative Risk Solutions

Products and services

• Traditional Stop-Loss Insurance Flexible specific and aggregate stop-loss insurance coverage providing financial stability through robust contractual features designed to offer consistent protection against catastrophic claims year after year for self-insured employers.
• Alternative Risk Solutions Creative stop-loss coverage that leverages AI and predictive analytics for risk assessment, offering flexible pricing, enhanced risk management capabilities, and a competitive edge through proactive risk identification for brokers and self-insured employers.
• Evolve Captive A simplified path to self-insurance combining the control and potential long-term savings of self-funding with the security of shared risk, wrapped in an expedited onboarding process. Includes Group Captives and Stand-Alone Captives options.
• Group Captives Collaborative insurance solutions where multiple businesses pool resources to gain advantages of self-insurance, designed for self-funded organizations seeking to manage rising healthcare costs while sharing risk with like-minded partners. Suitable for mid-sized employers with 25+ employees.
• Stand-Alone Captives Fully customized, autonomous risk management solutions for individual businesses seeking benefits of self-insurance without pooling risk with other entities, providing complete control over claims, costs, and customizable contracts. Ideal for larger organizations with 250+ employees.

Quantifiable outcome

• 4.6-day average claims payment time vs. industry average
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• Pan-American LifecoreOthersPan-American Life has over three decades of stop-loss experience managing a $325 million block of stop-loss business. Backed by 100+ years heritage, $6 billion in assets, and A ratings from AM Best and Fitch Ratings. Provides underwriting capacity for ERP's stop-loss solutions.
• Companion Life InsurancecoreOthersCompanion Life Insurance maintains an A+ rating from A.M. Best and has over $500 million block of stop-loss business, serving stop-loss clients since 1994. Recognized as a trusted partner and industry leader providing financial stability for ERP's stop-loss offerings.
• Gradient AIcoreTechnology or IntegrationERP enhanced its risk assessment capabilities by implementing Gradient AI's SAIL™ underwriting solution. This AI-powered platform provides advanced risk projection capabilities for more accurate underwriting and pricing of stop-loss insurance.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Skyward Specialty Insurance Group: Skyward Specialty is a specialty insurer and MGU platform with stop-loss capabilities, serving mid-sized commercial risks through broker distribution — directly comparable in scale and go-to-market to ERP.
• Amwins Group: Amwins is a specialty insurance distributor and MGU with a dedicated stop-loss practice, serving the same broker channel and self-funded employer customers as ERP.
• Risk Placement Services (RPS): RPS is a wholesale specialty broker and MGU platform with a dedicated stop-loss practice, competing with ERP for broker-led placement of employer stop-loss and captive programs.
• Tokio Marine HCC: Tokio Marine HCC is one of the largest specialty stop-loss insurers and MGUs in the U.S., directly comparable to ERP in offering specific and aggregate stop-loss coverage to self-funded employer plans with broker-driven distribution.
• Imagine360: Imagine360 is a stop-loss and self-funded health plan administrator focused on mid-sized employer groups, offering captive and reference-based pricing solutions that overlap with ERP's Evolve Captive product set.

Others

• Gradient AI: Gradient AI is the third-party provider of ERP's SAIL™ underwriting platform; while not a competitor, it is a critical technology partner that also serves other stop-loss and group health insurers, shaping the broader insurtech competitive landscape relevant to ERP.

Broad incumbents

• Voya Financial (Stop-Loss): Voya's stop-loss unit — previously led by ERP's current CUO Kris Grahl — is a major incumbent in employer stop-loss, competing for the same 25–10,000 employee self-funded employer segment through broker distribution.
• Sun Life Financial (U.S. Stop-Loss): Sun Life's U.S. Stop-Loss division is a major direct competitor and one of the largest stop-loss MGUs, offering similar specific and aggregate coverage, captive solutions, and AI-enhanced underwriting to mid- and large-sized employers.
• Cigna Healthcare (Stop-Loss): Cigna's stop-loss business is a legacy incumbent in the self-funded employer stop-loss market, offering both specific and aggregate coverage through broker and consultant channels comparable to ERP's go-to-market.
• Anthem (Stop-Loss / Specialty Benefits): Anthem's stop-loss and specialty benefits division serves self-funded employer plans with comparable product features and broker distribution, and employs several of ERP's directors as alumni.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/evolution-risk-partners-llc
• Xx.com/LlcEvolution

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evolution Risk Partners