This Week in Programs: Landlord & Homeowners

Starwind Specialty launches a standalone builders risk for high-value homes. Starwind Specialty launched Starwind Private Client, a high-net-worth platform whose first product is a standalone owner-named builders risk policy covering completed values up to $30 million on A.M. Best A- or better paper. Starwind Specialty is part of CRC Group. The cover targets ground-up construction, major renovations, and rebuilds following homeowner losses on catastrophe-exposed properties. (Coverager)

→ For HNW incumbents and wholesalers: Starwind's standalone builders risk to $30 million of completed value gives wholesalers a dedicated market for high-value rebuilds after wildfire and hurricane losses, the exact exposure admitted homeowners carriers are shedding.

Green Shield extends its high-value homeowners program into California and Colorado. Green Shield Risk Solutions expanded its Guardian Elite Home program into California and Colorado, offering non-admitted HO-3 coverage in every ZIP code of both states with Coverage A limits up to $7 million and total insured values up to $10 million on A.M. Best A+ rated Lloyd's paper. It also launched Compass, a digital agent portal running submissions from indication through binding. (Beinsure)

→ For HNW incumbents and MGA operators: Green Shield writing every California and Colorado ZIP to $10 million of insured value on Lloyd's paper is surplus-lines capacity filling the high-value gap admitted carriers left in two wildfire-exposed states, and its Compass portal is built to carry the placement volume.

Allstate shifts Florida homeowners protection toward catastrophe bonds. Allstate placed its 2026 Florida reinsurance program at a $934 million per-occurrence limit, down from $1.1 billion in 2025, while raising its catastrophe-bond cover to $380 million from $216 million. The bond layer runs through Sanders Re II and Sanders Re III, including a $200 million and a $30 million 2026 issuance, above a $30 million retention and a $149 million Florida Hurricane Catastrophe Fund placement. (Artemis)

→ For reinsurers/ILS and fronting carriers: Allstate cut its traditional Florida tower by roughly $166 million and added about $164 million of catastrophe-bond limit through Sanders Re, so capital-markets investors, not treaty reinsurers, funded the growth in its Castle Key homeowners protection this year.

Trisura crosses $1.0 billion of book value at an 84.9% combined ratio. Trisura Group, which reports in Canadian dollars, posted second-quarter net income of C$42.8 million, or C$0.89 per diluted share, on August 6, with an 84.9% combined ratio, and its total book value passed C$1.0 billion. Gross premiums written reached C$870.3 million across its fronting and specialty operations, and it expanded US surety licensing to 48 states. (GlobeNewswire)

→ For MGA operators: Trisura passing C$1.0 billion of book value while holding an 84.9% combined ratio is a fronting carrier with the balance sheet and the underwriting result to take on more programs, one of the larger paper options for a residential MGA shopping for capacity.

Mercury General absorbs fresh California wildfire development. Mercury General reported second-quarter net income of $263.5 million and an 89.9% combined ratio on August 4, with catastrophe losses net of reinsurance of $75 million for the quarter. For the first six months, catastrophe losses net of reinsurance were $168 million, which the company attributed largely to about $80 million of adverse reserve development on the January 2025 Palisades and Eaton wildfires and about $72 million of losses from storms in Texas and Oklahoma. Net premiums written reached $1.56 billion, and homeowners policies in force grew to 938,000 from 883,000 at the end of 2025. (Mercury Insurance)

→ For reinsurers/ILS and HNW incumbents: Mercury recognized about $80 million of adverse development on the January 2025 Palisades and Eaton wildfires in the first half of 2026, so treaties covering that California accident year are developing worse than their original loss picks.

Kingstone posts a record quarter at a 70.2% combined ratio. Kingstone Companies reported record second-quarter net income of $15.5 million, or $1.05 per diluted share, on August 6, with a net combined ratio of 70.2%, improved 1.3 points. Direct premiums written grew 18.7% to $72.5 million, policies in force rose 9.9% to 84,570, and book value per share reached $8.69, up 35%. The company reaffirmed full-year guidance of $2.20 to $2.90 in diluted net income per share and continued to advance a California homeowners entry. (Investing.com)

→ For state entrants: Kingstone's 70.2% combined ratio and 35% book-value growth give it the surplus to enter California, where Mercury just reported about $80 million of further Palisades and Eaton wildfire development, so Kingstone's opening rates and limits will price what a fresh entrant thinks post-fire homeowners risk is worth.

HCI Group prints a record on its Florida homeowners book. HCI Group reported record second-quarter net income of $82.9 million, or $5.60 per diluted share, on August 6, on gross premiums written of $382.3 million and a gross loss ratio of 22.2%. Its homeowners segment wrote $228.2 million of gross premium, about 60% of the company total, with growth driven by higher policy count. (GlobeNewswire)

→ For PE-VC investors and program administrators: HCI's 22.2% gross loss ratio and Heritage's 64.9% combined ratio, both records reported a day apart, show reform-era Florida homeowners still earning underwriting profit in a light-catastrophe quarter, the benchmark a takeout carrier or reciprocal sponsor has to underwrite against.

Heritage lets its Florida commercial residential book shrink. Heritage Insurance Holdings reported record second-quarter net income of $61.7 million, or $2.05 per diluted share, on August 5, with a 64.9% combined ratio and book value per share of $19.09. Personal residential premium in force grew 1.2% to $1.16 billion even as personal residential policies fell 5.2% to 338,817, while commercial residential premium in force fell 12.7% to $236.7 million, which the company attributed to competitive pricing pressure in Florida. (PR Newswire)

→ For program administrators and HNW incumbents: Heritage let commercial residential premium fall 12.7% rather than match Florida condo pricing, the same softening American Coastal cited the same week, so Florida condo and HOA rates are now declining from their peak.

American Coastal defends margin as Florida condo pricing softens. American Coastal Insurance reported second-quarter net income of $21.9 million, or $0.44 per diluted share, on August 5, with a 74.3% combined ratio and a 68.7% underlying combined ratio. Its new excess-and-surplus commercial property book generated $28.7 million of premium year to date. The chief executive said the company was prioritizing underwriting profitability over volume as market conditions soften. (GlobeNewswire)

→ For MGA operators and wholesalers: American Coastal is holding a 74.3% combined ratio by prioritizing margin over volume, and its $28.7 million excess-and-surplus commercial property build marks where the dominant Florida condominium insurer now expects growth as admitted condo rates fall.

Palomar grows specialty property premium 27% and starts a dividend. Palomar Holdings reported second-quarter net income of $52.6 million, up 13%, or $1.94 per diluted share, on August 5, with gross written premium of $630.5 million, up 27%. Its combined ratio was 83.3%, its catastrophe loss ratio ran to negative 0.1% on favorable development, and it initiated its first dividend. (GlobeNewswire via Manila Times)

→ For PE-VC investors and reinsurers/ILS: Palomar grew premium 27% to $630.5 million while running a negative catastrophe loss ratio and beginning a dividend, the profile of a specialty property writer turning hard-market earthquake and flood rates into distributable capital.

Louisiana homeowners rates flatten as Citizens keeps shrinking. Louisiana homeowners rate filings tilted toward cuts in 2026, with nine carriers filing for decreases against four filing for increases so far this year, and the state's average homeowners rate rose 0.1% for the year through June, down from 4.2% in 2025 and 16.2% in 2022. Louisiana Citizens, the insurer of last resort, has fallen to about 114,000 policies from roughly 122,000 last November and a 2022 peak near 140,000. (InsuranceNewsNet, FOX 8)

→ For state entrants and program administrators: Louisiana Citizens shedding about 26,000 policies from its 2022 peak of 140,000, alongside nine carrier filings for rate decreases this year, is the depopulation opportunity new carriers and reciprocals are entering the state to write.

Washington homeowners non-renewals double as Spokane burns. Washington homeowners non-renewals and cancellations have doubled since 2021, rising from 11,763 to 24,106, the state insurance office reported, as a wildfire outbreak near Spokane destroyed roughly 700 buildings and forced about 65,000 evacuations in early August. (Insurance Business America)

→ For state entrants and E&S wholesalers: Washington's doubling of homeowners non-renewals to 24,106 opens the same admitted-market gap that preceded surplus-lines growth in California, and a Spokane wildfire loss this severe pulls excess-and-surplus and program capacity into the state faster.