Windward Risk Managers brings additional capacity to Florida market with new P&C insurer

Windward Risk Managers, the management company behind Florida Peninsula and Edison Insurance, is bringing additional capital and capacity to the Florida market with the launch of Ovation Home Insurance Exchange.

Scheduled to begin writing policies in June of 2024, Ovation will be a Florida domiciled reciprocal insurer that will be an association of its subscribers.

The launch was approved by The Florida Office of Insurance Regulation (FLOIR) and has become the eighth P&C insurer to enter the market following the recent passage of legislative reforms to the state’s insurance laws.

Paul Adkins, CEO of Ovation, commented: “Ovation will be greatly beneficial for both homeowners and agents in Florida, by providing new dedicated capital, additional capacity, and coverage options for Floridians at competitive prices.

“We believe subscribers having an alignment of interests in the exchange creates a sense of community that will lead to better results which ultimately translates into more affordable premiums. This is an exciting proposition for Florida homeowners, and we are thrilled to bring Ovation Home to Florida.”

According to the announcement, the day-to-day operations will be managed by the same seasoned team that have successfully managed both Florida Peninsula and Edison Insurance companies for the past two decades.

Since 2005, Windward Risk Managers has helped both of its carriers grow into two of the largest homeowner carriers in Florida with total written premiums exceeding $1.1bn and over 250,000 policyholders.

With the launch of Ovation, the management company will change its name to Windward Risk Managers and will provide all sales, service, and claims support for Ovation Home Insurance Exchange, Florida Peninsula and Edison Insurance companies.

“Ovation has been created to benefit its subscribers by offering innovative pricing and enhanced coverage options. We will begin selling policies through our existing agents across Florida in the second quarter of 2024. In addition to organic growth, we look forward to participating in future Citizens assumptions and the Citizens clearinghouse program,” said Clint Strauch, President of Ovation.

On related news, Windward Risk Managers’ subsidiary Florida Peninsula has recently debuted its catastrophe bond. It is seeking a capital markets backed source of collateralized Florida named storm reinsurance to cover itself and its subsidiary Edison Insurance Company.

Palm Re Ltd. was established in Bermuda, to issue a series of cat bond notes to benefit Florida Peninsula Insurance and its subsidiaries.

For this first issuance, Palm Re Ltd. will seek to issue $100mn or more in Series 2024-1 Class A notes. These would attach their coverage at $570mn of losses and protect a share of losses up to exhaustion at $870mn.

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