SureChoice Underwriters Reciprocal Exchange (SURE), in partnership with SageSure, a managing general underwriter focused on catastrophe-exposed markets, has entered the Californian market with the launch of its surplus lines homeowners insurance.
The new product addresses critical capacity gap amid a retrenching market – seven of the state’s largest insurers have restricted coverage or retrenched due to wildfire risk driving growths in demand for private-market capacity.
“California’s residual market has nearly doubled in recent years, illustrating the gap left by private insurers and the need for financially stable, reliable coverage options,” said Ed Konar, President of SURE. “SURE was built to bring innovative solutions where they are needed most. We look forward to serving this state for years to come.”
Underwritten and distributed by SageSure, SURE’s surplus lines homeowners product accommodates an expanding segment of high-quality business in a region with limited standard market options.
“SageSure’s producer partners are on the front lines of a rapidly changing market, and our role is to help them succeed despite the volatility,” said Terrence McLean, CEO of SageSure.
Adding: “SageSure has served the California market since 2013 and is uniquely positioned to respond to the strong demand for both Demotech-rated capacity and surplus lines solutions in the state. Our partnership with SURE and our expertise in catastrophe-exposed markets enable us to develop the products our producers want to sell.”
According to the announcement, the introduction of its new product has made SURE one of the first Demotech-rated insurers to offer surplus lines homeowners in the California market, joining nearly 80 licensed Demotech-rated carriers serving the needs of Californians
Demotech has been the financial analysis firm of choice for regionally focused and specialty insurers since it became the first to review and rate independent, regional, and specialty insurers in 1989.
Joseph L. Petrelli, Co-founder and President of Demotech, stated: “Demotech is proud to leverage our experience and capabilities to identify financially stable insurers to assist consumers in California.
“For four decades, Demotech has been the trusted financial analysis firm for independent insurers that serve challenging regions. We are excited to see SURE and SageSure bring their substantial expertise and experience to this market and to demonstrate the national scope of carriers securing Demotech’s Financial Stability Ratings.”
