This Week in Programs: Landlord & Homeowners

Thoma Bravo agrees to take Accelerant private for more than $4 billion. Thoma Bravo agreed on August 13 to acquire Accelerant for more than $4 billion, paying $20.25 per share in cash, a 49% premium to Accelerant's August 12 closing price, with the deal expected to close in the first half of 2027. Accelerant runs the Accelerant Risk Exchange, which connects specialty underwriters with risk-capital providers and placed $1.32 billion of exchange written premium in the first half of 2026, up 23% year over year. Altamont Capital Partners, which holds about 82% of the voting rights, and Accelerant's founders intend to keep equity alongside Thoma Bravo. (Thoma Bravo, Reinsurance News)

→ For MGA operators and PE-VC investors: Accelerant's exchange placed $1.32 billion of premium in six months, and a private-equity buyer just valued that capacity-matching platform above $4 billion, a direct mark on what a scaled MGA-to-capital marketplace is worth to the program underwriters who run their books across it.

American Integrity posts a record Florida quarter while barely touching Citizens. American Integrity Insurance Group reported record second-quarter net income of $34.1 million, or $1.74 per diluted share, on August 10, with a 63.4% combined ratio, improved from 72.9% a year earlier. Gross premiums written rose 13.8% to $326.6 million, policies in force grew 15.7% to 461,714, in-force premium reached $1.029 billion, and book value per share reached $18.86, up 22.3%. The company sold about 43,000 voluntary new-business policies, up 54% from the prior-year quarter, and assumed just 81 policies from Florida Citizens, saying fewer Citizens policies met its underwriting and profitability standards. (BusinessWire)

→ For state entrants and PE-VC investors: American Integrity wrote 43,000 voluntary Florida policies while taking only 81 out of Citizens, so a reform-era Florida homeowners specialist is now growing in the open market rather than through depopulation, and its 63.4% combined ratio shows the voluntary book underwriting well.

Kin's two reciprocal exchanges clear $25 million on $701 million of in-force premium. Kin Insurance reported second-quarter gross written premium of $218.9 million, up 15%, on August 13, with premium in force reaching $701.1 million, up 23%. Combined adjusted net income across its two managed reciprocal exchanges topped $25 million for the quarter. Kin now operates in 14 states and is attaching auto to its homeowners book, with auto premium reaching $10 million in the quarter. (PR Newswire)

→ For MGA operators and reinsurers/ILS: Kin's two reciprocal exchanges cleared $25 million of combined quarterly net income on $701.1 million of in-force premium, evidence that the managing-attorney-in-fact reciprocal model earns underwriting profit at scale in catastrophe-exposed states, the same structure a residential MGA can stand up instead of buying a carrier.

Amynta buys the attorney-in-fact behind a reciprocal exchange. Amynta Group agreed on August 12 to acquire Southern States Underwriters and SSC Insurance Agency, the insurance operations of Southern States Cooperative and a commercial property and casualty managing general underwriter. Southern States Underwriters serves as attorney-in-fact and exclusive distribution partner for the Southern States Insurance Exchange, a reciprocal. Terms were not disclosed, and the deal is expected to close in the fourth quarter of 2026 subject to regulatory approval. (PR Newswire)

→ For program administrators and PE-VC investors: Amynta is buying the attorney-in-fact that controls the Southern States Insurance Exchange, which hands it the reciprocal's underwriting pen and policyholder distribution in one transaction, a cleaner way to take on a book than chartering a carrier.

A.M. Best upgrades the California Casualty homeowners and auto reciprocal to B+. A.M. Best upgraded the California Casualty Group on August 17, raising the financial strength rating of The California Casualty Indemnity Exchange and its affiliates to B+ (Good) from B (Fair) and the long-term issuer credit ratings to bbb- from bb+. Best cited improved operating results, a stronger capital position, a realignment of the reciprocal's book toward stronger-performing affinity groups, and its exit from underperforming regions. (Insurance Journal)

→ For reinsurers/ILS and fronting carriers: California Casualty's move to B+ pulls the homeowners and auto reciprocal back above the rating floor many reinsurance and fronting counterparties require, so a carrier that realigned toward affinity business and exited weak regions has restored the paper's acceptability.

Presurance collapses to a single-state Texas homeowners writer. Presurance Holdings narrowed to Texas homeowners alone, reporting second-quarter gross written premium of $13.1 million, down 38% year over year, as it winds down commercial lines that had run a combined ratio above 250%. Texas homeowners now accounts for the entire book. (Insurance Business America)

→ For state entrants and program administrators: Presurance cut a commercial book that was paying out roughly $2.50 for every $1 of premium and retreated to Texas homeowners, the kind of forced monoline exit that clears a competitor out of a state's admitted market and leaves the renewals for a disciplined program to pick up.

National homeowners rate approvals slow to about 1.8% as states diverge. S&P Global Market Intelligence data reported on August 13 put the effective approved homeowners rate change at about 1.8% for 2026 through July, down from about 6.3% for all of 2025 and about 13.6% for 2024. State dispersion widened: Minnesota's approved increases fell to 1.6% from 17.8%, and Colorado's to 0.8% from 16.6%, while North Carolina still recorded increases. (Insurance Journal)

→ For program administrators and reinsurers/ILS: With approved homeowners increases down to about 1.8% nationally through July, the double-digit rate run that lifted 2024 and 2025 results is over, so 2026 margin now depends on risk selection and expense control, and a residential MGA pitching rate-led growth needs a new pitch.

A federal wildfire-mitigation bill stalls while California's residual market keeps swelling. The Fix Our Forests Act, S. 1462, remained stalled in the Senate as of August 10 after passing the House in early 2025, leaving federal wildfire-mitigation policy unresolved. The California FAIR Plan's insured exposure has grown from $50 billion in 2018 to $458 billion in 2024, insurers non-renewed more than 2.8 million homeowners policies in fire-prone ZIP codes between 2020 and 2025, and FAIR Plan enrollment rose 43% between September 2024 and December 2025. (Insurance Business America)

→ For state entrants and reinsurers/ILS: A FAIR Plan carrying $458 billion of exposure and adding 43% more enrollment in fifteen months is both the assessment liability admitted carriers must reserve for and the depopulation premium a new entrant or reciprocal can bid on, and with S. 1462 stalled that exposure has no federal mitigation relief coming in 2026.