Tower Hill Insurance Group, based in Gainesville, Florida, has announced the formation of its newest risk-bearing entity, Tower Hill Insurance Exchange (THIE). THIE will be a reciprocal insurer whereby the policyholders, also known as subscribers, will insure each other and share in the underwriting profits generated via subscriber savings accounts.
Tower Hill Risk Management will serve as the Attorney-in-Fact for THIE.
An initial capital commitment in excess of $200 million for THIE is being led by entities controlled by Gallatin Point Capital with additional capital support being provided by Vantage Group Holdings, Ltd. and RenaissanceRe. Funding for THIE was arranged via TigerRisk Capital Markets & Advisory.
years. THIE will be a Florida-domiciled reciprocal and will be owned by Florida policy holders.
Pending approval from the Florida Office of Insurance Regulation, THIE anticipates writing personal lines business in Florida no later than January 1, 2022.
Tower Hill has served as a provider of residential property coverage to the Florida market for 50 years.
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