ShoreOne Insurance Managers Inc. has entered a strategic partnership with Trisura Specialty Insurance Company, adding a third carrier partner to its panel.
The collaboration is intended to increase ShoreOne’s capacity to serve homeowners in select coastal markets, with Trisura providing financial backing for the program.
The agreement is expected to strengthen ShoreOne’s underwriting capacity while offering independent agents broader access to coverage options for clients. Both companies emphasized their intent to respond to changing needs in the coastal homeowners insurance market through the new collaboration.
ShoreOne offers an integrated homeowners policy that includes full-limit flood coverage, designed to streamline protection for properties in high-exposure areas.
Cameron Rhodes, president and chief operating officer at ShoreOne, said that the Trisura team has been collaborative in launching the coastal homeowners program, which includes flood coverage, and expressed optimism about the partnership.
Michael Beasley (pictured above), CEO of US programs at Trisura, said the company has taken a selective approach to entering the homeowners segment.
Trisura recently announced a record-breaking year, reporting an all-time high operating net income of$135.8 million for 2024, with fourth-quarter operating net income reaching $38.2 million.
The announcement comes as demand for coastal homeowners and flood insurance continues to rise, with market participants seeking additional capacity to address coverage gaps.
Coastal regions in the US are experiencing heightened vulnerability due to more severe storms and rising sea levels.
While insurance serves as a critical financial safeguard for homeowners against such risks, the increasing frequency and intensity of natural disasters have led to higher insurance premiums and reduced availability of coverage in these areas.
Notably, Hurricane Helene’s landfall in September 2024 caused total personal property damages estimated between $31 billion and $48 billion. $20 billion to $30 billion of these losses were uninsured flood damages, indicating that insured losses covered only about two-thirds of the total damages.
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