Loggerhead Insurance, Powered by Socotra, Brings Much-Needed Capacity to Florida Homeowners Market
Insurer Agrees to Deal Offering Replacement Coverage Powered by Socotra Solutions to Customers Issued Non-Renewals by Progressive Home
AUSTIN, Texas–(BUSINESS WIRE)–#fintech–Leading insurance core technology provider Socotra announced today that Loggerhead Insurance, a Florida-based provider of homeowners insurance coverage in the state, has struck a deal to offer replacement coverage to those who will be issued policy non-renewal notices by Progressive Home.
“It’s been tough for Floridians to find reliable homeowners insurance lately. We saw it firsthand – and we wanted to provide an alternative. So we gathered a knowledgeable team of Florida insurance experts to transform the way Floridians experience insurance,” said Todd Dixon, Co-Founder of Loggerhead Insurance. “Loggerhead is powered by modern technology, led by people who share a commitment to trust, empathy, and always doing what’s right. With so many people here finding themselves in search of a new insurance provider they can trust, we have found a niche in which we can thrive while covering our customers when they need us most, and we are proud to partner with Socotra to offer this essential peace of mind to Floridians now and into the future.”
With Progressive Home set to non-renew some 115,000 policies in the state of Florida in an effort to rebalance their portfolio, Loggerhead stepped in to negotiate a deal with the incumbent to offer these customers a viable alternative. The Florida-based carrier will be able to provide uninterrupted coverage to these customers thanks to their partnership with Austin, TX – based technology provider Socotra, whose solutions underpin Loggerhead’s policy administration system and allow it to tailor its products to the unique needs of homeowners in the state.
“With big names in the insurance industry announcing reductions in coverage or even complete withdrawals from regions that have been negatively impacted by climate change, the time is right for nimble, innovative carriers to harness the power of technology and step in to help those in need,” said Ekine Akuiyibo, Chief Business Officer of Socotra. “What Loggerhead has done to fill the coverage gap in Florida is commendable, and this step represents a significant inroad in their journey towards ever-greater coverage in the state. We are honored to be their technology partner for this important initiative and for all of their growth and future success.”
Loggerhead first announced this move in early October of 2023. The insurer plans to send their policy offers in early 2024 with policies taking effect from May 2024 onwards.
About Socotra
Uniquely agile and scalable, Socotra empowers insurers of all sizes to think, act, and grow more effectively and efficiently with the industry’s only proven, mature enterprise platform. Businesses running Socotra experience fast and easy implementations, effortless upgrades, and lower TCO. The Socotra App MarketPlace™ unlocks access to the full power of the insurtech ecosystem, and Socotra CorePlus™ provides ready-to-use, complete solutions for personal auto and homeowners. With a relentless focus on tomorrow, Socotra offers the ability to put insurance and innovation hand in hand. Socotra serves P&C and life insurers worldwide. Learn more at socotra.com.
About Loggerhead
Loggerhead Insurance was founded in 2022 and is a Florida homeowners reciprocal headquartered in Tampa, FL. It has a Financial Stability Rating of ‘A’ Exceptional from Demotech. Loggerhead’s mission is to be Florida’s premier property insurance provider, recognized for advanced technology and exceptional customer experiences. It is named after the loggerhead sea turtle often found nesting on Florida beaches; the loggerhead is known for its strength, longevity, and protective shell.
Contacts
Paige Comish
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