CHICAGO, July 20, 2016 /PRNewswire/ -- Insureon, the nation's leading online agent for small-business insurance, today announced the formation of Insureon Underwriting Managers, a managing general agent (MGA) operating under Insurance Noodle, the company's wholesale brokerage subsidiary.
The formation of Insureon Underwriting Managers follows the company's tribunalization with Lloyd's of London earlier this year.
Ted Devine, CEO of Insureon Holdings, acknowledged that Insureon Underwriting Managers marks a strategic evolution of the company.
"We greatly appreciate and understand the power of our primary carrier relationships and their ability to support clients," he said. "These relationships will not change and will only continue to grow. At the same time, we saw a big appetite in the market for hard-to-place and unique risks that primary carriers don't want. Insureon Underwriting Managers allows us to build capacity to meet those customers' needs."
Insureon Underwriting Managers' launch is supported by more than $3 billion of capacity it recently secured from various Lloyd's of London syndicates. It offers coverage for coastal homeowners, including named-storm coverage, and for home-based business risks. Insureon Underwriting Managers is powered by Insureon's leading-edge bind-to-quote insurance management software, TRUDI.
"Insureon Underwriting Managers represents the logical next step in our strategy," Devine noted. "Insureon's primary carriers write 80 percent of the risk in the United States, but for the remaining 20 percent, we need to offer bespoke capital solutions. Serving both groups is only possible thanks to TRUDI, whose multi-carrier, app-to-bind agency management technology is the best in the industry. The additional capacity afforded by Insureon Underwriting Managers just makes TRUDI that much better."
"It's an exciting evolution for Insureon Holdings as we bring new specialty risk capacity to the marketplace," said Ralph Blust, president of Insurance Noodle. "As Ted noted, primary carriers will always be our lifeblood, but this new capacity will allow us to better serve the 1,400 verticals our customers represent, including niche risks."
The products offered by Insureon Underwriting Managers are available only to Insureon's clients, to select agents via Insurance Noodle membership, and through Insureon's exclusive retail channels.
About Insureon Holdings
Insureon Holdings is an insurtech company composed of Insureon, a retail small-business insurance agency; Insurance Noodle, a wholesale brokerage; and Insureon Underwriting Managers, an MGA. Powered by TRUDI, its proprietary software system, the company connects hundreds of thousands of small businesses and individuals with essential insurance policies to protect their families' financial futures and livelihoods.