Health Special Risk

What Health Special Risk does

Health Special Risk, Inc. (HSR) is a specialty Managing General Underwriter (MGU) and Third-Party Claims Administrator (TPA) focused exclusively on Accident & Health insurance. Founded in 1979 and operating as a wholly integrated division of Brown & Brown, Inc. (an S&P 500 insurance company), HSR distributes twelve specialized insurance programs covering K-12 schools, trucking, college sports, business travel, camps, special events, church groups, student travel, daycares, national governing bodies, youth/adult sports, and participant accident coverage. The company operates through an open-brokerage model with more than 500 independent agents and brokers nationwide, providing underwriting authority on behalf of 15–18 carrier partners rated A or better by A.M. Best.

The technology stack centers on a claims administration platform anchored by a proprietary claims repricing methodology and multiple stakeholder-specific portals — HSR Claim Reports Portal, CSURMA Members Portal, Fast Track Portal, and a Trucking Insurance Portal — that enable online claims submission, tracking, and policy management for agents, policyholders, claimants, and athletic trainers. The proprietary repricing methodology, built on partnerships with medical repricing companies, generates cost savings that reduce carrier losses and translate into lower premiums for end insureds. HSR processes approximately 170,000 claims and administers $110M+ in premiums annually, with a 7–15 day turnaround on claims processing and 95% of quotes delivered within 48 hours.

HSR's business model combines MGU commission revenue on underwritten premiums, TPA service fees on administered claims for fully-insured and self-insured clients, and ancillary underwriting services to carriers. Pricing is quote-based and not publicly disclosed, with billing on an annual cadence and coverage customized to client risk profiles. Revenue is generated through two primary go-to-market motions: a channel-led MGU distribution model via the 500+ agent network, and direct enterprise engagement with insurance carriers for TPA services. The company's revenue is structurally tied to the $110M+ premium volume it administers rather than to its own premium income, since HSR underwrites on behalf of carrier partners rather than retaining risk directly.

Name

Health Special Risk

Legal name

Health Special Risk, Inc.

Website

https://hsri.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

1–10 employees

Short description

Health Special Risk is a Managing General Underwriter and Third-Party Administrator specializing in Accident & Health insurance. The firm distributes twelve specialized insurance programs through 500+ agents and administers $110M+ in premiums annually for 2,500+ organizations and 16 carrier partners.

Ownership category

akta.pro rank

Product category

Accident & Health Insurance Administration

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Claims Adjusting (524291), Insurance Agencies and Brokerages (524210)

SIC

Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Ancillary Benefits TPA (Dental/Vision/Life/Accident/Critical Illness) (HLAEALAN)

akta.pro secondary industry

Workers’ Compensation & Occupational Health TPA (HLAEALAL)

Keywords

• Accident insurance programs
• Third-party claims administration
• Managing general underwriting
• Participant accident coverage
• Excess medical insurance

Headquarters

HQ city

Carrollton

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Administration: HSR administers accident insurance policies and collects premiums on behalf of insurance carrier partners. They process over $110 million in premiums annually.
2. Third-Party Administration (TPA) Services: Claims processing and administration services for insurance carriers. HSR handles eligibility determination, coverage confirmation, and compliance with state regulations.
3. Managing General Underwriting (MGU): Underwriting authority on behalf of multiple insurance carriers, providing customized accident insurance solutions and policy administration.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Health Special Risk operates as a Managing General Underwriter (MGU) and Third-Party Claims Administrator (TPA), underwriting and administering twelve specialized accident insurance programs for organizations such as K-12 schools, trucking companies, colleges, camps, churches, day cares, and youth/adult sports leagues. The company provides customized coverage placement, policy administration, and claims processing on behalf of 16-18 insurance carrier partners rated A, XV or better by A.M. Best, administering over $110 million in premiums and processing approximately 170,000 claims annually.

Product overview

Health Special Risk (HSR) offers a comprehensive suite of accident insurance products and third-party administration services. The core portfolio includes 12 specialized insurance programs covering K-12 schools, trucking, college sports, business travel, camps, special events, church groups, student travel, day cares, national governing bodies, and youth/adult sports. These programs are complemented by TPA/underwriting services and multiple stakeholder-specific portals (CSURMA Members Portal, HSR Claim Reports Portal, Fast Track Portal, and Trucking Insurance Portal) for claims submission, tracking, and policy management. The company operates as both a Managing General Underwriter (MGU) with underwriting authority on behalf of multiple carriers and a Third-Party Claims Administrator (TPA) processing claims for fully-insured and self-insured clients.

Differentiator

Problem solved

Functional benefit

Products and services

• K-12 Student Insurance Accident insurance tailored for public, private, and charter K-12 schools covering students and volunteers during school-sponsored activities including athletics and field trips. Includes Mandatory Plans (excess basis coverage with $25,000 Accident Medical Expense limit), Catastrophic Plans (limits up to $10M with 10-year benefit period), and Voluntary Plans with online enrollment.
• Trucking Insurance Occupational Accident and Passenger Accident Insurance Programs protecting truck drivers and passengers. Covers survivors benefit, paralysis benefit, severe burn benefit, accident medical, temporary total disability, and continuous total disability.
• College Sports Insurance Accident coverage for intercollegiate sports, club sports, and intramural programs at four-year institutions and community colleges. Includes customizable benefit periods and catastrophic medical coverage.
• Business Travel Accident (BTA) Customized Business Travel Accident coverage for small businesses, available for groups as small as two employees. Benefits include accident medical expenses, disability, emergency evacuation, repatriation, out-of-country medical coverage, and 24/7 worldwide travel assistance.
• Camp Insurance Accident insurance for camps covering treatment costs for camper accidents. Covers non-profit camps, sports camps, summer camps, private camps, and youth camps. Coverage can include registered campers, volunteers, and supervised travel.
• Special Events Insurance Accident insurance for special events protecting attendees, participants, volunteers, and guests. Covers fairs, festivals, auctions, parties, trade shows, car shows, charity events, concerts, fundraisers, and holiday events.
• Church Groups Insurance Tailored accident coverage for churches and religious groups covering youth groups, senior groups, church festivals, volunteer groups, service groups, childcare, preschool, and before/after school programming. Group travel options available.
• Student Travel Insurance Travel insurance for students covering trip delays, lost/stolen luggage, repatriation expenses, high school trips, college semester abroad study, and mission/volunteer trips.
• Day Care Insurance Accident medical coverage for day cares protecting children from unforeseen incidents. Covers accidental death and dismemberment, in-home daycares, preschools, church daycares, and Head Start programs.
• National Governing Bodies Insurance Coverage for thousands participating in sanctioned activities nationwide, including Olympic-level athletics and related sports programs.
• Youth and Adult Sports Insurance Participant accident coverage for youth and adult sports including traditional sports (baseball, softball, gymnastics) and emerging sports (ultimate frisbee, pickleball). Includes Excess Medical (standard $25,000, customizable), Catastrophic Medical (limits of $1M or more), and Accidental Death and Dismemberment.
• Participant Accident Coverage Coverage that pays medical bills incurred when participants are injured in a covered accident, responding regardless of fault or negligence. Used as a risk management tool to help protect an organization's General Liability policy and balance sheet.
• Third-Party Administration (TPA) Services Outsourced claims services trusted by insurance carriers. Partners with multiple insurance carriers to provide third-party administration of claims with documented turnaround times of 6-15 days. Includes proprietary cost management and repricing methodology through partnerships with medical repricing companies.

Quantifiable outcome

• Claims processed within 7-15 days turnaround time
• +3 more outcomes

Named customers4 records

Segments12 records

Ideal customer profiles12 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• PMA Companies (PMA Management Corp.): PMA is a national TPA and managed care provider offering claims administration and risk management services to insurers and self-insureds. Directly comparable to HSR's TPA services offering.
• Cannon Cochran Management Services (CCMSI): CCMSI is a large independent TPA providing claims administration, managed care, and risk management services. Comparable to HSR in claims administration capabilities and customer base (insurance carriers and self-insureds).
• Risk Placement Services (RPS): RPS is one of the largest U.S. wholesale brokers and MGUs distributing specialty insurance through agents. Its MGU model and agent distribution closely mirror HSR's open-brokerage MGU approach.
• CorVel Corporation: CorVel is a national TPA and managed care services provider serving insurers, employers, and government entities. It is directly comparable to HSR's TPA services function, though CorVel focuses more heavily on workers' comp and broader claims management.
• K&K Insurance Group: K&K Insurance is a specialty insurance provider focused on sports, leisure, and entertainment risks, including participant accident coverage. It directly competes with HSR in the youth/adult sports, camps, and special events accident niches.
• Helmsman Management Services: Helmsman is a TPA subsidiary of Liberty Mutual providing claims and managed care services to insurance carriers. It is directly comparable to HSR's TPA business, with overlapping claims administration capabilities.
• Burns & Wilcox: Burns & Wilcox is a major wholesale insurance broker and MGU specializing in surplus and specialty lines, distributed through a large agent network. Highly comparable to HSR's MGU/distribution model in specialty niches.

Broad incumbents

• Markel Corporation: Markel is a large specialty insurer with significant exposure to accident, sports, and leisure insurance via Markel Specialty. It competes with HSR across multiple verticals (K-12, college sports, youth sports) but operates as a much broader diversified carrier.
• Sedgwick: Sedgwick is a large global claims management and TPA firm serving insurance carriers across property/casualty, workers' comp, and specialty lines. It competes with HSR in TPA services but at significantly larger scale and broader scope.
• Philadelphia Insurance Companies (PHLY): PHLY is a specialty commercial insurer writing accident, sports, and leisure coverage. It overlaps with HSR in school, sports, and special event accident markets but operates as a much larger carrier with broader P&C lines.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

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 Health Special Risk