By Isha Marathe
July 15 - (The Insurer) - Honeycomb, a digital landlord and condo association insurance provider, has expanded its non-admitted program to all 18 states where it writes business, increasing its total insured property limits from $10 million to $25 million.
The enhanced program covers properties that sit outside Honeycomb’s traditional admitted appetite, such as risks with non-standard electrical breakers or panels, roofs in below-average condition or properties with short coverage lapses. Additionally, Honeycomb Specialty can now accommodate per-policy TIVs up to $25 million in all of its active states.
Customers and partners can now submit, bind and manage multiple properties, inclusive of both admitted and specialty risks, through a single flow. In some cases, Honeycomb offers the ability for certain risks to migrate from the non-admitted to the admitted program when specific criteria are met.
The company now insures over $55 billion in real estate value.
“We built Honeycomb to make insurance easier, faster, and fairer for everyone involved: from brokers to building owners,” said Itai Ben-Zaken, CEO and cofounder of Honeycomb Insurance.
“The success of our specialty program shows just how much the market needs accessible coverage options that don’t compromise on quality. With this expansion, we’re making it even simpler to manage diverse portfolios on a single platform, with the confidence that the coverage will be there when it’s needed most.”
In September 2024, Program Manager reported that Honeycomb had partnered with Builders to secure up to $24 million of E&S premium capacity, offering $10 million of property limit and $1 million/$2 million general liability limit, with the Atlanta-based insurer retaining around 20% of the risk supported by a reinsurance panel led by Hannover Re.
At that time, the MGA was on course to write $130 million in insurance premiums in 2024.
In May last year, Honeycomb secured a $36 million Series B funding led by Oren Zeev, which is understood to have seen founding investor SiriusPoint exit as a capital backer but remain a capacity provider on its reinsurance panel.
The Series B brought the total funding to $55 million since the MGA was founded, Program Manager reported.