Ensura Environmental Insurance
Environmental Services - Englewood, Colorado, United States
Ensura Environmental Insurance Employees
Ensura Environmental Insurance Details
Ensura was founded by Pat McGuckin to transform environmental due diligence in the commercial real estate industry. Due diligence for property buyers consisted of getting a Phase I environmental site assessment, but even a good Phase I can miss hidden contamination. When that happens, the buyer has little recourse but to sue the Phase I provider. The situation is similar to the early days of the title industry, when buyers could only get an opinion and not insurance.Ensura's mission was to change the industry to an insurance-based model. Pat raised $2 million in two rounds of private offerings; hired an environmental insurance veteran, underwriters, and salespeople; obtained licenses to sell insurance in 37 states; acquired a first of its kind underwriting model; won backing from one of the world's largest insurers, Zurich Insurance; developed a website and marketing campaign; and began selling policies.A large round of private equity funding was expected to close on September 15, 2001, but after 9/11 the funding fell through and private equity dried up. Ensura was forced to close its doors. However, with Zurich's help, Pat was able to sell Ensura's concept and assets to another managing general agency, Americana Financial Services (www.amwins.com). Unwilling to relocate to Americana's headquarters, Pat remained in Denver and founded Satisfi. Americana modified the marketing strategy for the Ensura concept and was unable to make it successful. The industry still relies on a Phase I opinion-based model.
