Florida-based Tower Hill Insurance Group has announced the launch of a new reciprocal insurance entity called Tower Hill Insurance Exchange (THIE), which is backed by entities controlled by Gallatin Point Capital, Vantage Group Holdings, and RenaissanceRe.
The new carrier launches with an initial capital commitment of more than USD 200 million led by entities controlled by Gallatin, with additional capital support from both Vantage and RenRe.
Funding for the insurer was arranged via TigerRisk Capital Markets & Advisory.
THIE is still awaiting approval from the Florida Office of Insurance Regulation, but expects to begin writing personal lines insurance in the state no later than January 1st, 2022.
As a reciprocal insurer, THIE’s policyholders will insure each other and share in the underwriting profits via subscriber savings accounts. Tower Hill Risk Management will serve as the Attorney-in-Fact for THIE.
The launch sees Tower Hill bring additional capacity to the Florida residential property marketplace during a challenging time.
“THIE will be a Florida-domiciled reciprocal and will be owned by Florida policyholders (subscribers), not outside stockholders, and further cements Tower Hill’s long-term commitment to innovative property insurance solutions for Floridians,” explains the firm.