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, TX – January 3, 2024 – 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.
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.
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.