ShoreOne Insurance Managers, Inc., a provider of specialised insurance solutions for homeowners and agencies, has been acquired by Totalis Program Underwriters. The terms of the deal were not disclosed.
According to the announcement, ShoreOne will continue to operate as an independent business unit within Totalis, with Cameron Rhodes succeeding Nick Steffey as chief executive officer.
Both Rhodes and Steffey founded ShoreOne to offer a differentiated homeowners product that integrates comprehensive flood coverage in coastal areas.
They currently serve markets in South Carolina, New Jersey, New York, Massachusetts and Rhode Island.
The company enhances the Totalis platform by contributing respected expertise in coastal homeowners underwriting, which are backed by sophisticated analytics, exclusive risk selection tools, and rigorous portfolio management.
These capabilities enable more precise pricing and underwriting performance in complex, flood-exposed markets.
It was noted that BrightShore Insurance Company, founded by ShoreOne, is not part of the transaction and will retain its current ownership.
BrightShore will continue to support ShoreOne as a key carrier partner, alongside American European Insurance Company and Trisura Specialty Insurance Company.
“Totalis is the ideal partner to support our next phase of growth,” said Steffey. “I look forward to continuing my involvement with ShoreOne as Executive Advisor, while maintaining my role as Chairman of BrightShore.”
Mahoney said: “We are delighted to welcome Cameron, Nick, and the ShoreOne team to Totalis. ShoreOne has developed an important solution to address a significant protection gap for coastal homeowners.
“Our platform is designed to empower program businesses like ShoreOne to operate independently while benefiting from shared capital, resources, and strategic support. With our growing portfolio of specialty businesses, Totalis is well positioned to serve the evolving needs of our distribution and carrier partners.”
ShoreOne was advised on the transaction by Dowling Hales, who acted as its exclusive financial advisor.
