By Globalfinserve Business Desk
March 2025
ShoreOne Insurance, a provider of comprehensive coastal homeowners’ insurance, has announced a strategic partnership with Trisura Specialty Insurance Company. The collaboration is expected to enhance ShoreOne’s capacity to serve homeowners in coastal regions, leveraging Trisura’s financial strength and underwriting expertise.
The partnership adds a third carrier to ShoreOne’s portfolio, strengthening its ability to offer combined homeowners and flood insurance policies. Industry experts believe the deal will benefit independent insurance agents by providing improved underwriting capabilities and broader coverage options for coastal property owners.
Strategic Partnership Aims to Expand Coastal Coverage
The partnership between ShoreOne and Trisura comes at a time when coastal homeowners face rising risks from flooding, hurricanes, and extreme weather events. By teaming up with Trisura Specialty Insurance, ShoreOne aims to:
- Expand its market reach in coastal regions.
- Improve financial stability through Trisura’s backing.
- Offer more comprehensive insurance products, combining homeowners and flood coverage in a single policy.
“We take our role as stewards of insurance and reinsurance capital quite seriously and look forward to building on the track record we have established to date,” said Cameron Rhodes, Chief Operating Officer and President of ShoreOne.
“The professional team at Trisura has been an absolute delight to work with, and we are grateful to share this coastal homeowners program (including flood) with them.”
About ShoreOne: Innovating Coastal Homeowners’ Insurance
Founded in 2019, ShoreOne Insurance specializes in coastal homeowners’ coverage with a unique approach:
- The company offers a single policy that covers both traditional homeowners’ perils (such as fire, theft, and wind damage) and flood insurance.
- This comprehensive coverage model streamlines protection for homeowners in flood-prone regions, which typically require separate policies.
- By combining flood and property coverage, ShoreOne offers simplified claims processing and eliminates the coverage gaps common in separate policies.
Trisura’s Role: Financial Strength and Underwriting Expertise
Trisura Specialty Insurance Company, a subsidiary of Trisura Group, brings significant financial capacity and underwriting capabilities to the partnership.
- Trisura Group is listed on the Toronto Stock Exchange (TSX) and operates in surety, risk solutions, corporate insurance, and fronting.
- The group has investments in subsidiaries conducting insurance and reinsurance operations across Canada and the US.
- Trisura US Programmes CEO Michael Beasley emphasized the company’s selective approach to the homeowners’ insurance market.
“We have been very selective in our approach to homeowners business over the last few years, and we are very excited about our new partnership with ShoreOne,” Beasley said.
“We find them to be a very talented team with a demonstrated track record of success in this space. We look forward to a long and successful partnership with the ShoreOne team.”
Benefits for Independent Insurance Agents
The ShoreOne-Trisura partnership is expected to deliver significant benefits to independent insurance agents operating in coastal markets.
- Improved underwriting capabilities: Agents will gain access to enhanced tools and resources for more accurate risk assessments.
- Comprehensive coverage options: The combination of homeowners and flood insurance in a single policy simplifies coverage for both agents and customers.
- Increased policy flexibility: Agents will be able to offer customized insurance solutions tailored to the unique needs of coastal homeowners.
The Growing Need for Coastal Homeowners’ Insurance
The US coastal property market faces rising risks from climate change, hurricanes, and flooding. According to FEMA, over 40% of flood insurance claims in recent years have come from low- to moderate-risk areas, highlighting the need for expanded flood protection.
Rising Risks in Coastal Regions:
- Hurricane damage: The 2024 Atlantic hurricane season caused $78 billion in damages, with Florida, Louisiana, and Texas among the hardest-hit states.
- Flooding frequency: NOAA reported a 57% increase in flooding events over the past decade, creating higher insurance claims and coverage demands.
- Insurance gaps: Many coastal homeowners lack sufficient flood coverage, exposing them to significant financial losses.
The ShoreOne-Trisura collaboration addresses these risks by streamlining flood protection into homeowners’ insurance policies, ensuring broader and more reliable coverage.
ShoreOne’s Growth Strategy and Future Plans
The partnership with Trisura is part of ShoreOne’s broader growth strategy to expand its market presence.
- The company plans to increase its footprint in coastal states, including Florida, Texas, Louisiana, and the Carolinas.
- ShoreOne aims to enhance its product offerings by integrating additional risk solutions and customized policy options.
- The company is expected to leverage Trisura’s financial capacity to scale its operations and offer more competitive pricing.
Market Implications and Industry Impact
The ShoreOne-Trisura partnership is expected to have a positive impact on the coastal homeowners’ insurance market by:
- Enhancing competition: The combined strength of ShoreOne and Trisura introduces a stronger player in the coastal insurance market, challenging established carriers.
- Reducing coverage gaps: By combining homeowners and flood insurance, the partnership reduces coverage fragmentation, benefiting both homeowners and insurers.
- Increasing insurance accessibility: The collaboration may improve affordability and accessibility for coastal homeowners by streamlining policy options.
Key Takeaways
- ShoreOne Insurance has partnered with Trisura Specialty Insurance Company to enhance coastal homeowners’ insurance offerings.
- The collaboration adds financial strength and underwriting expertise, expanding ShoreOne’s capacity.
- The partnership benefits independent agents by improving underwriting capabilities and simplifying coastal coverage.
- Trisura’s financial backing will support ShoreOne’s expansion plans and increase its competitiveness in flood-prone regions.
- The combined policy model offers greater protection for coastal homeowners, addressing the rising risks of flooding and hurricanes.
Conclusion
The ShoreOne-Trisura partnership marks a significant step forward in the coastal homeowners’ insurance market. By combining homeowners and flood coverage, the collaboration offers more comprehensive protection and streamlines the insurance process for both agents and homeowners.
As climate risks continue to rise, partnerships like this will be crucial in providing stable and reliable coverage for coastal properties. With expanded capacity and improved underwriting capabilities, ShoreOne and Trisura are well-positioned to meet the growing insurance demands of coastal homeowners.
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