Reinsurer involved in Florida start-up
VYRD, a new insurance company serving homeowners in Florida, has today launched as a joint venture between Bermudian-based SiriusPoint Ltd, the global specialty re/insurer, and bolt, the insurtech company.
The company said it will use cutting-edge technology to bring more choice and innovative solutions to customers in Florida, where demand for homeowners’ insurance capacity outpaces supply.
VYRD said Florida residents have faced rising prices resulting from the cost of hurricanes and other weather-related loss activity, worsened by the increased cost of litigation in the Sunshine State.
These challenges, it said, create an opportunity for a new, technology-enabled property insurance company to alleviate the pressure on existing insurers and offer the market comprehensive coverage at competitive rates.
VYRD said it will initially distribute these innovative new products through the independent agency network and affiliated partners.
The company said it is the first Florida-domiciled property and casualty insurer licensed in the state in three years.
Led by CEO David Howard, VYRD said, its leadership team has more than 75 years of combined experience insuring homes in Florida and the Gulf Coast.
SiriusPoint has extensive experience in Florida, and has been reinsuring the Florida homeowners market since 1980.
Among the approximately 150 carriers bolt serves as a key technology partner for, VYRD said, 19 are Florida homeowners’ insurers, 13 offer condo coverage in the state and 12 offer Florida auto.
VYRD said it is partnering with more than a dozen companies based in Florida or with deep roots in the Sunshine State to provide services including actuarial rate development, underwriting, policy and claims administration and inspections.
Mr Howard said: “As a 35-year resident of Florida, I understand the challenges facing homeowners and agents and look forward to creating a new carrier that provides solutions for both as we experience some of the best and worst weather that Mother Nature has to offer.
“VYRD aims to combine deep expertise, financial strength and the latest technology to meet the unique needs of Florida homeowners.”
Sid Sankaran, CEO of SiriusPoint, said: “The timely launch of VYRD offers the homeowners of Florida much-needed choice when protecting their homes.
“In partnership with bolt, we are responding to market needs and building on our commitment to investing in technology-enabled businesses that are game-changers in the insurance market.”