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New insurance company launches in Tampa

November 12, 2020 - Orchid Underwriters Agency and Homesite Group have partnered to launch TRUE, a new reciprocal insurance company to protect homeowners in coastal states. TRUE, which stands for Trusted Resource Underwriters Exchange, is based in Tampa. TRUE will offer owner-occupied homeowners insurance, as well as bundled, optional coverages and a private flood solution, for medium-to-high-value homes, a news release said. Agent partners will distribute the products beginning in Florida and eventually expanding into the Gulf, Southeast and Mid-Atlantic states. Michael London is CEO of TRUE. He is former chief financial officer of Homesite, a Boston-based national property insurer. AM Best, a credit rating agency, has assigned a financial strength rating of A- (excellent) and a long-term issuer credit of a- to TRUE with a stable outlook. The ratings reflects TRUE's strong balance sheet, as well as adequate operating performance, limited business profile and approva enterprise risk management, AM Best said.

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