(Image source: Loggerhead Insurance reception page for Progressive Home policyholders.)
Socotra, a provider of modern, cloud-based technology for insurers worldwide, has announced that its client Loggerhead Insurance, a Tampa, Fla.-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 (a business of Progressive Insurance, Mayfield, Ohio).
“It’s been tough for Floridians to find reliable homeowners insurance lately,” observes Todd Dixon, Co-Founder, Loggerhead Insurance. “We saw it firsthand, and we wanted to provide an alternative. So we gathered a knowledgeable team of Florida insurance experts to transform the way Floridians experience insurance.”
“Loggerhead is powered by modern technology, led by people who share a commitment to trust, empathy, and always doing what’s right,” Dixon continues. “With so many people here finding themselves in search of a new insurance provider they can trust, we have found a niche in which we can thrive while covering our customers when they need us most, and we are proud to partner with Socotra to offer this essential peace of mind to Floridians now and into the future.”
With Progressive Home set to non-renew some 115,000 policies in the state of Florida in an effort to rebalance its portfolio, Loggerhead stepped in to negotiate a deal with the incumbent to offer these customers a viable alternative, according to a Socotra statement. The Florida-based carrier will be able to provide uninterrupted coverage to these customers thanks to their partnership with 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, the vendor reports.
Filling the Coverage Gap in Florida
“With big names in the insurance industry announcing reductions in coverage or even complete withdrawals from regions that have been negatively impacted by climate change, the time is right for nimble, innovative carriers to harness the power of technology and step in to help those in need,” comments Ekine Akuiyibo, Chief Business Officer, Socotra. “What Loggerhead has done to fill the coverage gap in Florida is commendable, and this step represents a significant inroad in their journey towards ever-greater coverage in the state. We are honored to be their technology partner for this important initiative and for all of their growth and future success.”
Loggerhead first announced its intention to fill the coverage gap faced by non-renewed policyholders in early October of 2023. The insurer plans to send its policy offers in early 2024 with policies taking effect from May 2024 onwards.