DUAL North America has teamed up with Homebound Insurance Exchange to expand its personal lines insurance offerings. This partnership aims to enhance coverage for manufactured homes, dwelling fire, and homeowners insurance, especially as the insurance market undergoes significant changes.
The collaboration will initially focus on Texas, with plans to extend services to other states in the future. Specific details about the coverage options will be revealed as the partnership develops.
Andy Swindall, the chief personal lines officer at DUAL, expressed that this partnership enables them to provide tailored insurance solutions that meet their clients’ needs. The agreement introduces a member surplus contributions model, which is designed to ensure financial stability and long-term security for policyholders. This move comes at a time when many insurance carriers are reducing their market presence.
Despite some companies pulling back, the personal lines insurance market in the U.S. has shown promising growth. In 2024, the property and casualty insurance industry reported an 8% increase in direct premiums written, largely driven by auto and homeowners’ insurance.
DUAL North America itself achieved over $1.3 billion in gross written premium in 2024, across more than 40 different insurance products. The personal lines segment saw a significant turnaround, contributing to an underwriting profit of $3.8 billion in the first half of 2024. This marked a recovery from previous losses, with the industry’s combined ratio improving to 94.2% in early 2024, thanks to multiple rate increases that outpaced claims costs.
This partnership with Homebound Insurance Exchange is a strategic move for DUAL as it seeks to adapt to the evolving insurance landscape and better serve its clients.