Florida gets a new home insurer | Insurance Business America
It’s a new offering from insurer’s parent firm…
Property
By
Jonalyn Cueto
Windward Risk Managers, the management entity steering Florida Peninsula and Edison Insurance, has announced the launch of Ovation Home Insurance Exchange, a new addition to Florida’s insurance landscape.
According to a news release, the new insurer is set to start issuing policies in June 2024, promising increased capacity and coverage options at competitive rates.
“Ovation will be greatly beneficial for both homeowners and agents in Florida, by providing new dedicated capital, additional capacity, and coverage options for Floridians at competitive prices,” said Paul Adkins, the CEO of Ovation. “We believe subscribers having an alignment of interests in the exchange creates a sense of community that will lead to better results which ultimately translates into more affordable premiums. This is an exciting proposition for Florida homeowners, and we are thrilled to bring Ovation Home to Florida.”
The operations of Ovation will be managed by the same team responsible for steering Florida Peninsula and Edison Insurance over the past two decades. The management team changed its name to Windward Risk Managers with the launch of Ovation as it aims to evolve into an operational hub for Ovation, Florida Peninsula, and Edison Insurance, overseeing all facets of sales, service, and claims support.
Clint Strauch, president of Ovation, highlighted the commitment to offer innovative pricing and enhanced coverage options.
“We will begin selling policies through our existing agents across Florida in the second quarter of 2024. In addition to organic growth, we look forward to participating in future Citizens assumptions and the Citizens clearinghouse program,” said Strauch.
Since its inception in 2005, Windward Risk Managers has steered Florida Peninsula and Edison Insurance, which have combined written premiums surpassing $1.1 billion and serve over 250,000 policyholders.
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