US-based specialty underwriter Orchid Underwriters Agency has partnered with property insurer Homesite Group to launch a new insurance carrier to protect homeowners in coastal states.

Dubbed TRUE, the new insurance company is domiciled in Tampa, Florida.

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It will begin offering owner-occupied homeowners insurance this month, along with bundled, optional coverages and a private flood solution, for medium-to-high-value homes.

These products will be initially available in Florida through select agent partners, and is expected to launch in the Gulf, Southeast and Mid-Atlantic states.

TRUE CEO and former Homesite chief financial officer Michael Lorion said: “TRUE is designed to provide superior protection and service to customers in catastrophe-prone areas who are actively involved in protecting their properties.

“With strong financial backing, broad coverage offerings and a commitment to best-in-class service, TRUE offers insurance solutions through a collaborative relationship with homeowners to help prevent and mitigate risks.”

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Lorion, who has previously worked with Hanover Insurance Group and Travelers Insurance, has around 25 years of experience in the insurance space.

In addition to Lorion, TRUE management team also comprises of chief underwriting officer Stephen Russell and chief operating officer Scott Soderstrom.

Orchid will start offering TRUE, which is structed as a reciprocal insurance company, to select agent partners.

Orchid Underwriters president and CEO Brad Emmons said: “We are excited about the partnership between Orchid Insurance and Homesite and believe that our collaboration will offer exceptional benefits to our member-owners.”

In June this year, Orchid Underwriters Agency launched a new MGU, dubbed CrossCover Insurance Services, in the commercial property market.