Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has announced the launch of a new program to expand wildfire insurance options for California homeowners.
It will also provide full home insurance policies to homeowners currently on the California Fair Access to Insurance Requirements (FAIR) Plan.
According to the announcement, under this agreement, Delos will have increased capacity to underwrite homeowners’ insurance for more than 15,000 FAIR Plan policyholders through the newly created California FAIR Plan Clearinghouse.
Delos highlighted the significance of this program as California homeowners struggle to obtain insurance for wildfire risks and must obtain coverage through the FAIR Plan.
This plan serves as a temporary source of coverage for those who cannot obtain insurance from the traditional market. In June 2021, the California FAIR Plan established a clearinghouse to encourage traditional insurers to offer coverage.
Delos has partnered with A-rated insurance and reinsurance companies, as well as Gallatin Point Capital LLC, to provide backing for its new program.
Kevin Stein, CEO and co-founder of Delos, commented: “As a local company founded by Californians, Delos is committed to bringing significant relief to homeowners in wildfire-stressed areas of the state. We are proud to work with our committed carrier partners, to dramatically expand insurance options for homes struggling to find coverage.”
Matt Botein, co-founder and managing partner of Gallatin Point, noted: “We are excited to partner with Kevin and the Delos team. We have been impressed by the company’s unique vision and underwriting capabilities, which position it as a leader in providing insurance options for the wildfire-distressed California homeowners’ market. We look forward to supporting the company’s growth and journey.”