Socotra has revealed that Loggerhead Insurance, a Florida-based provider of homeowners insurance coverage in the state, has struck a deal to offer replacement coverage to those who will be issued policy non-renewal notices by Progressive Home.
With Progressive Home reportedly set to non-renew some 115,000 policies in the state of Florida, Loggerhead has now stepped in to negotiate a deal with the incumbent to “offer these customers a viable alternative.”
Loggerhead stated it will be able to provide “uninterrupted coverage” to these customers thanks to its partnership with Socotra, whose solutions underpin Loggerhead’s policy administration system.
Todd Dixon, Co-Founder of Loggerhead Insurance, commented, “It’s been tough for Floridians to find reliable homeowners insurance lately. We saw it firsthand – and we wanted to provide an alternative.
“So we gathered a knowledgeable team of Florida insurance experts to transform the way Floridians experience insurance.”
Dixon continued, “Loggerhead is powered by modern technology, led by people who share a commitment to trust, empathy, and always doing what’s right.
“With so many people here finding themselves in search of a new insurance provider they can trust, we have found a niche in which we can thrive while covering our customers when they need us most, and we are proud to partner with Socotra to offer this essential peace of mind to Floridians now and into the future.”
Ekine Akuiyibo, Chief Business Officer of Socotra, added, “With big names in the insurance industry announcing reductions in coverage or even complete withdrawals from regions that have been negatively impacted by climate change, the time is right for nimble, innovative carriers to harness the power of technology and step in to help those in need.
“What Loggerhead has done to fill the coverage gap in Florida is commendable, and this step represents a significant inroads in their journey towards ever-greater coverage in the state.
“We are honoured to be their technology partner for this important initiative and for all of their growth and future success.”
Loggerhead plans to send its policy offers in early 2024 with policies taking effect from May 2024 onwards.
