CrossCover - We can't fly under the radar any longer...
Did the Company Really Begin in a Barn?
CYPRESS, Texas , March 14, 2024 /PRNewswire/ -- CrossCover's structure was brainstormed by our four founders sitting around a card table in the "Barn" of our CEO, Scott Hanson. "It was a simple concept, but hatched at the onset of Covid as department silos began to develop within companies. You could not advance past one department until you had been approved by another. We faced a myriad of obstacles, especially as a start-up, but eventually gained the trust of five entrepreneurial carriers and reinsurers. Our idea was to leverage CAT capacity to write commercial E&S risks country-wide to reduce our carrier's volatility, lower their reinsurance costs, and deliver top-tier returns. And no, it wasn't exactly a barn, but that was its original purpose, so the name stuck."
Expanding Products
Under the ownership of two reputable corporations, we wrote our first policy in August 2021 and later repurchased the company on April 1st, 2023. Since these sparse beginnings, we have tripled the number of supporters on our panel, focused on specific broker appointments, and expanded our product offerings each year so that today we are two years ahead of our initial plan.
CrossCover's open market has $25 million per risk limits and up to $500 million limits per account ($125 million in Tier 1 counties) which allows us to fill a critical need across the country. We expanded our offering to include Equipment Breakdown and recently introduced Builder's Risk coverage with a $15 million line. Additionally, we developed a legitimate "RealTime" property product for small commercial businesses, $5 million TIV; we will add general liability and umbrella coverage to this portal-based product in the second quarter.
New Offices and Staffing
The accounts that CrossCover targets require in-depth knowledge of a myriad of occupancies and almost perfect risk selection and line setting. To attract confident and technical employees, we offer them the opportunity to share in the company's ownership and the results they help create.
On April 1st, our Chicago office will formally open its doors to complement our Houston office. A third office in Boston is planned in the third quarter. These offices will strengthen our presence and market penetration around the country.
Staying on Mission
The key element to CrossCover's success to date has been the alignment of interests of all parties based on the results we deliver to our panel. We are obsessed with bottom-line performance and in 2022 and 2023 achieved low loss ratios. Our growth in 2024 and beyond lies in our commitment to new products and ideas that meet the evolving needs of our insureds while we continue to attract skilled underwriters in strategic offices around the country.
Expressing Gratitude and Looking Ahead
Finally, we extend our gratitude to our clients and customers as well as those select brokers who produce business for CrossCover. Your trust in CrossCover's underwriting depth and our products has been crucial to our success. We are committed to enhancing coverages and anticipating your needs in the years to come.
Thank you for being a part of the CrossCover family!
SOURCE CrossCover Insurance
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