Orchid, Homesite partner to establish new insurance carrier TRUE
Orchid Underwriters Agency , a specialty underwriter of catastrophe-exposed property insurance, and Homesite , a national property insurer, announced the creation of Tampa-based TRUE , a new reciprocal insurance company to protect homeowners in coastal states.
Starting this month, TRUE will offer owner-occupied homeowners insurance, as well as bundled, optional coverages and a private flood solution, for medium-to-high-value homes. The products will be distributed through select agent partners, beginning in Florida and eventually expanding into the Gulf, Southeast and Mid-Atlantic states.
“TRUE is designed to provide superior protection and service to customers in catastrophe-prone areas who are actively involved in protecting their properties. With strong financial backing, broad coverage offerings and a commitment to best-in-class service, TRUE offers insurance solutions through a collaborative relationship with homeowners to help prevent and mitigate risks. Customers want a claims process that is responsive, hassle-free, and compassionate, and that’s what we intend to deliver. In the event of large-scale catastrophic events, TRUE will have the resources on call to quickly provide the necessary support to help our customers recover and rebuild.” – TRUE’s chief executive officer and former chief financial officer of Homesite, Michael Lorion.
Orchid will begin offering TRUE to select agent partners.
“We are blazing our own trail. Given what we are seeing in the market, we are proactively developing new admitted products that meet the needs of risk-conscious customers and agency partners. We are excited about the partnership between Orchid Insurance and Homesite and believe that our collaboration will offer exceptional benefits to our member-owners.” – President and CEO of Orchid Underwriters, Brad Emmons.
At the center of TRUE’s service model is its use of technology in underwriting, claims, and catastrophe exposure management, all designed to ensure long-term success in higher-risk areas. TRUE has obtained an initial financial strength rating of A- with a stable outlook from A.M. Best. TRUE’s rating is supported by its strong capitalization, sound loss reserving practices, a prudent reinsurance program and excellent operational capabilities. TRUE will immediately leverage the scale and operational capabilities of both Homesite and Orchid to deliver a premier level of service to members and agents.
TRUE’s focus is on customers who have a keen interest in both preventing and limiting damages from hurricanes and other severe weather events in addition to preventing non-weather losses, with explicit discounts for shuttered windows, wind-resistant glass, water detection devices and alarm systems. When a claim occurs, TRUE will work with the member on additional loss-control measures to reduce the chances of similar claims happening in the future.