GAINESVILLE, Fla., Sept. 7, 2021 /PRNewswire/ — Tower Hill Insurance plan Group, based in Gainesville, Florida, is delighted to announce the formation of its most recent chance-bearing entity, Tower Hill Insurance Exchange (THIE). THIE will be a reciprocal insurance company whereby the policyholders, also known as subscribers, will insure each and every other and share in the underwriting revenue created by way of subscriber savings accounts. Tower Hill Hazard Management will serve as the Attorney-in-Point for THIE.
An first funds motivation in excess of $200 million for THIE is getting led by entities managed by Gallatin Place Funds with supplemental money guidance getting supplied by Vantage Group Holdings, Ltd. and RenaissanceRe. Funding for THIE was organized by means of TigerRisk Funds Marketplaces & Advisory.
Getting into our 50th yr as a provider of residential residence coverage to the Florida marketplace, Tower Hill is happy to provide this added potential to the Florida household assets market throughout this unsettled time of drastically climbing premiums and declining protection availability. THIE will be a Florida-domiciled reciprocal and will be owned by Florida policyholders (subscribers), not outside the house stockholders, and even further cements Tower Hill’s prolonged-phrase motivation to progressive residence insurance policy solutions for Floridians.
Pending acceptance from the Florida Business of Insurance Regulation, THIE anticipates crafting private strains company in Florida no later than January 1, 2022.
About Tower Hill: Founded in 1972, Tower Hill Insurance policy is a chief among the residential and professional house insurers in the Southeast. Financial toughness, merchandise know-how, a in depth reinsurance plan, and outstanding statements service are main enterprise approaches of the corporation.
Source Tower Hill Insurance coverage Team