ShoreOne Insurance Managers, Inc. ("ShoreOne") Has Been Acquired by Totalis Program Underwriters ("Totalis")

Business Wire

One agent. One policy. One deductible. One claim adjuster.

BOSTON--(BUSINESS WIRE)--
ShoreOne Insurance Managers, Inc. (“ShoreOne”) has been acquired by Totalis Program Underwriters (“Totalis”). Founded by Cameron Rhodes and Nick Steffey, ShoreOne will continue to operate as an independent business unit within Totalis and Cameron Rhodes will succeed Nick Steffey as chief executive officer. Rhodes will report to John Mahoney, head of Programs, Totalis.

“Totalis’ underwriting-first philosophy and entrepreneurial culture are a natural fit for ShoreOne,” said Rhodes “As a long-term capital partner, Totalis enables us to focus on disciplined, profitable growth while continuing to deliver value to our insurer, reinsurer, and distribution partners.”

Founded by Cameron Rhodes and Nick Steffey, ShoreOne offers a differentiated homeowners product that integrates comprehensive flood coverage, serving coastal markets across South Carolina, New Jersey, New York, Massachusetts and Rhode Island. ShoreOne brings highly regarded coastal homeowners underwriting expertise to the Totalis platform, supported by advanced analytics, proprietary risk selection tools, and disciplined portfolio management capabilities that enable more precise pricing and underwriting performance in complex, flood-exposed markets.

BrightShore Insurance Company (“BrightShore”), founded by ShoreOne, is not part of the transaction and will retain its current ownership. BrightShore will continue to support ShoreOne as a key carrier partner, alongside 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 as Executive Advisor, while maintaining my role as Chairman of BrightShore.”

“We are delighted to welcome Cameron, Nick, and the ShoreOne team to Totalis,” said Mahoney. “ShoreOne has developed an important solution to address a significant protection gap for coastal homeowners. Our platform is designed to empower program businesses like ShoreOne to operate independently while benefiting from shared capital, resources, and strategic support. With our growing portfolio of specialty businesses, Totalis is well positioned to serve the evolving needs of our distribution and carrier partners.”

Dowling Hales served as the exclusive financial advisor to ShoreOne on the deal. Terms of the transaction were not disclosed.

About ShoreOne Insurance

ShoreOne Insurance Managers, Inc. (“ShoreOne”) wrote its first policy in 2021 to address the significant coverage gap that flood-exposed coastal homeowners face. Rather than placing the burden on homeowners to piece together coverage for their properties, ShoreOne provides one policy that covers traditional homeowners’ perils in addition to flood. ShoreOne policies are distributed through independent insurance agents with strong technical expertise and experience in solving coastal insurance problems. ShoreOne is backed by some of the largest reinsurers and ILS markets in the world. Bringing together experienced leadership and proprietary technology all while grounded in a family-friendly way of doing business, ShoreOne is taking better care of coastal homeowners.

About Totalis Programs

Totalis Program Underwriters (“Totalis”) is a scaled and integrated platform, providing specialty expertise and solutions for challenging and underserved areas of the market. With a growing collection of highly regarded specialty programs in multiple industries, Totalis is leveraging opportunities to enhance and innovate solutions for today's most complex risks. Totalis specialty programs are all built to deliver superior customer service, disciplined underwriting expertise, and long-term profitability and sustainable ability for our valued distribution and carrier partners and insureds. Dedicated to continually elevating the breadth of knowledge and depth of experience essential to driving business growth, Totalis is where industries turn for solutions.