Everspan Group and Specialty Program Group (SPG) have announced a partnership, under which the former will support the latter’s newly launched habitational excess casualty program, HABX.
A joint statement from the two firms says that HABX addresses a gap in coverage for owners of commercial residential properties such as apartment buildings, condominiums, and multi-unit dwellings. Typically, primary insurers offer a limit of $1m per occurrence for habitational insurance coverage, and excess casualty insurers set attachment points at $2m. To bridge that gap, HABX offers $1m in coverage in excess of a $1m primary limit.
Steve Dresner, chief underwriting and reinsurance officer for Everspan Group, said: “HABX fills a void in the market. It is a unique product underwritten by a stellar team. That makes it a perfect fit for Everspan, which places a high value on strong underwriting. We are thrilled to partner with SPG on this program.
The HABX program is led by Derek Schiavone and underwritten by Specialty Underwriting Insurance Solutions (SUIS), which operates as a subsidiary of SPG.
This is not the only partnership that Everspan has signed this year. A month ago, it signed with MGA firm Centrex Underwriters to link up on hospitality focused liability programs.
That followed a partnership in February with auto insurer Branch. And when it has not been partnering in 2022, it has been acquiring—it kicked off the year by taking over the insurance carriers 21st Indemnity Insurance Company, 21st Century Pacific Insurance Company, and 21st Century Auto Insurance Company of New Jersey.
Elsewhere on Reinsurance News this week, SPG announced it was forming a new wholesale insurance division.
