Honeycomb Insurance, a leading managing general agent (MGA) specialising in landlord and condo association insurance, has broadened its reach into Washington and Maryland, meaning the firm now insures over $35bn in assets.
This move brings Honeycomb’s active coverage areas to a total of 18 states, reaching over 60% of the U.S. population, according to FF News.
The company is now operating across states including Arizona, California, Connecticut, Georgia, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Texas, Utah, Virginia, Washington, and Wisconsin.
The decision to expand geographically and launch the new E&S program aligns with Honeycomb’s goal of broadening its service offerings to meet evolving market demands.
Rising insurance premiums and limited coverage options in many regions have prompted Honeycomb to offer a solution that meets more specific needs for landlords and condo associations.
Founded in 2021, Honeycomb is known for leveraging computer vision and AI in its underwriting processes. By combining these technologies, the company has developed a digital platform that simplifies the traditionally complex quoting process, enabling landlords, condo association board members, and brokers to obtain insurance quotes with greater speed, accuracy, and cost efficiency.
This innovation not only improves the user experience but also reduces the time and expenses involved in acquiring insurance.
The newly launched E&S program, referred to as ‘E&S Lite,’ is designed to offer expanded eligibility for clients who may not meet the criteria for Honeycomb’s existing admitted insurance programs.
Backed by Atlanta-based insurer Builders, E&S Lite provides a streamlined solution to landlords and condo associations that require insurance options beyond standard admitted programs.
This addition complements Honeycomb’s existing offerings, maintaining the ease of use and technical advancements the company’s platform is recognised for.
This launch is part of Honeycomb’s continued rapid growth trajectory. The company is on track to exceed $100m in insurance premium sales this year and recently secured $36m in funding led by Zeev Ventures, marking the largest funding round for an InsurTech in the U.S. this quarter.
“As the U.S. insurance market grapples with rising premiums, reduced competition, and widespread refusals to insure, Honeycomb is stepping in with a highly differentiated, tailored solution for property owners,” Honeycomb Co-Founder and CEO Itai Ben-Zaken said. “Our advanced technology enables us to tackle these challenges directly, offering more affordable and accessible coverage where it’s needed most.”
