ShoreOne Insurance Managers, Inc., a provider of specialty insurance solutions to homeowners and institutions, has been acquired by Totalis Program Underwriters. Terms of the deal were not disclosed.
ShoreOne will continue to operate as an independent business unit within Totalis, with Cameron Rhodes succeeding Nick Steffey as CEO, according to the announcement.
Rhodes and Steffey co-founded ShoreOne to provide a differentiated homeowner product integrating comprehensive flood coverage in coastal areas.
They currently serve markets in South Carolina, New Jersey, New York, Massachusetts, and Rhode Island.
The company enhances the Totalis platform by delivering respected expertise in coastal homeowners underwriting, backed by sophisticated analytics, unique risk selection tools and rigorous portfolio management.
These capabilities enable more accurate pricing and underwriting performance in complex, flood-impacted markets.
Notably, BrightShore Insurance Company, founded by ShoreOne, is not involved in the transaction and will retain its current ownership.
BrightShore will continue to support ShoreOne as primary carrier partners along with American European Insurance Company and Trisura Specialty Insurance Company.
“Totalis is the ideal partner to support our next phase of growth,” said Steffey. “I look forward to continuing my involvement with ShoreOne in an executive advisory capacity while continuing to serve as BrightShore’s chairman.”
Mahoney said: “We are delighted to welcome Cameron, Nick and the ShoreOne team to Totalis. ShoreOne has developed an important solution to address the significant protection gap for coastal homeowners.
“Our platform is designed to enable program businesses like ShoreOne to operate independently while benefiting from shared capital, resources and strategic support. With our growing portfolio of specialized businesses, Totalis is well-positioned to meet the evolving needs of our distribution and carrier partners.”
Dowling Hales, ShoreOne’s exclusive financial advisor, advised on the transaction.
The post Totalis Program Underwriters acquires specialist provider ShoreOne appeared first on ReinsuranceNe.ws.