BrightShore Insurance Company Launches, Offering Comprehensive Homeowners Insurance with Built-in Flood Protection

Business Wire

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BOSTON--(BUSINESS WIRE)--
BrightShore Insurance Company “BrightShore” has announced its launch in New Jersey, offering a solution to coastal homeowners' insurance needs. Addressing the common issue of inadequate flood coverage, BrightShore provides a single policy that combines comprehensive traditional homeowners insurance with full flood protection.

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Managed by the experienced team at ShoreOne Insurance Managers, BrightShore, has been assigned a Financial Stability Rating® of A, Exceptional, by Demotech, Inc. BrightShore builds on ShoreOne’s innovative approach—offering a single policy that integrates traditional homeowners insurance with full limits flood protection. This combined coverage provides an alternative for millions of National Flood Insurance Program (NFIP) policyholders who lack sufficient flood protection. It also simplifies the process for homeowners who do not currently have flood insurance, making it easier to obtain comprehensive coverage.

“Demotech is proud to leverage our experience and capabilities to identify financially stable insurers to assist consumers in coastal New Jersey secure the coverage that they need,” said Joseph L. Petrelli, Co-Founder and President of Demotech. “For four decades, Demotech has been the trusted financial analysis firm for independent insurers who serve challenging regions. We are excited to see ShoreOne and BrightShore bring their substantial expertise and experience to this market.”

Using advanced risk-modeling, BrightShore delivers one of the most sophisticated homeowners insurance policies available. Its segmented pricing system considers geospatial factors and individual risk characteristics, an approach that has earned backing from some of the world’s largest reinsurers, with combined assets exceeding $90 billion. In addition, BrightShore’s thorough inspections ensure accurate policyholder information, verify adequate coverage, and help identify potential hazards that homeowners should address.

"With flood risk rising and underinsurance prevalent, BrightShore is launching in New Jersey to meet the demand of coverage-conscious homeowners," said CEO Nick Steffey. “This compelling opportunity positions us well to continue capturing significant market share in the profitable sectors of the evolving property insurance market."

Bill McMahon, President of McMahon Insurance Agency, Ocean City, New Jersey, notes “There's a significant coverage gap for coastal homeowners. We're pleased to see BrightShore enter New Jersey to support growth in the private flood market.”

About ShoreOne Insurance

Founded in 2019, ShoreOne Insurance Managers addresses the coverage gap faced by flood-exposed coastal homeowners. ShoreOne is the leading managing general underwriter for homeowner’s coverage including full flood in catastrophe-exposed coastal communities. Offering a single policy covering both traditional homeowners’ perils and flood, ShoreOne simplifies insurance for coastal residents. Policies are distributed through independent agents with expertise in coastal insurance challenges. With experienced leadership, proprietary technology, and a customer-focused approach, ShoreOne is committed to better serving coastal homeowners.

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters, with the recent addition of Life and Health insurers. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model, rather than solely on financial size. Demotech was the first to review and rate independent regional and specialty insurers. As of 7/11/2022, Demotech, Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Visit www.demotech.com for additional information.