Reinsurance News

VYRD confirms completion of 2023 Florida reinsurance program

1st June 2023 - Author: Kane Wells

VYRD Insurance Co., an admitted Florida-domiciled Property and Casualty insurance firm, has successfully completed its 2023 reinsurance program for the upcoming Atlantic hurricane season.

VYRD suggests that its reinsurance program “exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events.”

The program runs from June 1, 2023, through May 31, 2024, and was secured by entering into contracts with multiple reinsurers and with the State Board of Administration of Florida.

VYRD states that all of the private reinsurers on its program are AM Best rated “A-” (Excellent) or above, or have fully collateralised their obligations to the firm.

It has also partnered with intermediary Guy Carpenter, alongside several of the industry’s most well-known reinsurers to complete its reinsurance program.

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David Howard, Chief Executive Officer of VYRD, commented, “VYRD’s successful reinsurance placement enhances our ability to deliver dependable and much-needed insurance protection for Florida homeowners, offering our policyholders resilience and peace of mind.

Howard added, “Managing our customers’ risks through insurance and technology-driven solutions is why we exist.

“It is a pleasure to work with our partners to fulfil our commitment to providing exceptional coverage and outstanding service to our Florida policyholders.”

VYRD launched in 2021 as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolttech.

The firm’s leadership team has over 183 years of combined experience insuring homes in Florida, and utilises cutting-edge technology and a policyholder-first mentality to “set the new standard in secure home protection.”

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