Coastal Insurance Underwriters announces new carrier partnership
Coastal Insurance Underwriters announces new carrier partnership | Insurance Business America
Property
Coastal Insurance Underwriters announces new carrier partnership
Collaboration to begin in July
Property
By
Kenneth Araullo
Coastal Insurance Underwriters (CIU), a program administrator specializing in insurance products for condominium associations, homeowner associations, and golf and country clubs, has announced a new carrier partnership with Superior Specialty Insurance Company (SSIC), a State National Insurance Company surplus lines insurer.
SSIC, rated A (Excellent) by AM Best with a Financial Category Size of X (Ten), provides surplus lines coverage for insurance programs. This partnership, effective July 1, 2024, will benefit CIU’s association programs.
Kim Bushong Petrillo, CIU co-president and chief operating officer, said that working with Superior Specialty reinforces CIU’s commitment to partnering with financially sound carriers for continued stability in the community association market and encourages additional participation from reinsurers.
Sim Bridges, co-president and chief underwriting officer also expressed enthusiasm about the long-term partnership with SSIC.
“This relationship lends greater continuity to our current product offerings while providing more flexibility for product expansion such as higher property limits for our condominium association product and Difference in Conditions (DIC) programs,” Bridges said.
Since its inception, CIU has grown to become one of the largest managing general underwriters in the United States, focusing on community association products, with over 10,000 homeowners and condominium associations currently insured.
Coastal Insurance Underwriters is a division of Starwind Specialty Insurance Services, LLC, which is a subsidiary of CRC Insurance Services, LLC.
Elsewhere in condominium insurance…
In other recent developments in the condominium insurance space, the National Institute of Standards and Technology investigators revealed that the Florida condominium tower collapse involved many faulty support columns.
The tragedy, which happened three years ago, killed 98 people and resulted in more than $1 billion in payouts resulting from lawsuits.
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