Openly adds new carrier partner

Based on insurance filing data, home insurance startup Openly has a new carrier partner – Transverse Insurance Company.

The program carrier, which is part of MS&AD, is currently live with Openly in Wisconsin. Transverse also submitted new programs in Connecticut, New Jersey, Pennsylvania, and Virginia.

Openly is not offering coverage with its long-time carrier partner Rock Ridge Insurance Company in Connecticut, New Jersey, and Virginia. However, the startup has been offering coverage in Wisconsin and Pennsylvania through Rock Ridge. We reached out to Openly to ask if Transverse is replacing Rock Ridge and received the following comment: “Openly is expanding its carrier partnerships to write business through both Transverse and Rock Ridge. Agents and customers can expect to receive the same outstanding coverage, service, and claims support from Openly through both carrier partners.”

Openly generated $301 million in written premiums last year, an 85% increase compared to 2022. However, the startup is being more selective as it looks to achieve positive underwriting results.