Hawai’i Insurance Commissioner J. P. Schmidt has approved Universal Insurance Holdings of North America’s (Universal North America) purchase of ICAT Specialty Insurance Co.(ISIC).
Universal North America writes homeowners, dwelling, fire, and flood policies, and has been in the Hawaii market since September 2008. ISIC’s owner, ICAT Holdings LLC, entered the Hawaii market in 2006 and has grown significantly providing hurricane coverage for homeowners.
“ICAT provides hurricane insurance for those Hawaii homeowners who have had difficulty finding coverage,” Schmidt said. “ICAT’s sophisticated underwriting and risk management tools combined with Universal North America’s breadth of coverage options and strong financial position will provide important choices for Hawaii’s homeowners.”
“ISIC will operate under a new name, but will continue to provide stand-alone hurricane coverage”, said ICAT’s CEO Jack Graham.
Universal North America is rated “A-” by A.M. Best. ICAT Holdings LLC is rated “A” by A.M Best Company.
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