SURE, a member-owned insurance company for coastal homeowners, has expanded to North Carolina, a market that continues to harden.
The coverage will be underwritten by SageSure, the managing general underwriter for SURE, the company said in a news release. SURE has expanded in recent months by specializing in catastrophe-exposed risk, said president Ed Konar.
With 58 storms, North Carolina ranks fourth among U.S. states with the most landfall hurricanes from 1851 to 2020, trailing only Florida (120), Texas (64), and Louisiana (62), according to NOAA. The state has suffered 14 billion-dollar cyclone disaster events in the last 10 years, including Hurricanes Ida, Zeta, Delta, Isaias, and Michael.
SURE, which stands for SureChoice Underwriters Reciprocal Exchange, was founded in 2021 and now has 100,000 policyholders and more than $150 million in premium, the company said. It is a reciprocal insurer, domiciled in Texas.
The expansion comes less than two months after SURE agreed to assume about 14,000 South Carolina homeowner policies from FedNat. Florida-based FedNat pulled out of South Carolina as part of a restructuring.
Topics Windstorm North Carolina
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