TRUE would provide owner-occupied homeowners insurance, along with bundled, optional coverages and a private flood solution for medium-to-high-value homes
Orchid Underwriters Agency, a speciality underwriter of catastrophe-exposed property insurance, and property insurer Homesite have partnered to form a new insurance firm TRUE.
Domiciled in Tampa, Florida, TRUE (trusted resource underwriters exchange) is created to protect the homeowners in coastal states.
TRUE would provide owner-occupied homeowners insurance, along with bundled, optional coverages and a private flood solution for medium-to-high-value homes, starting from this month.
The products are planned to be distributed through select agent partners, initially in Florida and expanding into the Gulf, Southeast and Mid-Atlantic states.
As part of the launch, former Homesite chief financial officer Michael Lorion is appointed as chief executive officer for TRUE.
Lorion said: “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.”
Lorion will lead the strategy and operations of the company, serving the firm’s board alongside executives from Orchid, TowerBrook Capital Partners and American Family Insurance.
Apart from Lorion, TRUE has recruited experienced management team including former Tower Hill Insurance chief actuary Stephen Russell as chief underwriting officer, and Scott Soderstrom as its chief operating officer.
The organisation is structured as a reciprocal insurance company, which is an unincorporated association owned by its policyholder-members who exchange insurance policies to distribute the risk by pooling the money.
Delaware-based Trusted Resource Underwriters will serve as attorney-in-fact for TRUE.
TRUE has adopted a unique service model, which uses advanced technology in underwriting, claims, and catastrophe exposure management.
Orchid Underwriters president and chief executive officer Brad Emmons said: “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.”