Honeycomb Insurance Doubles 2024 Sales with Trisura Partnership Enhancing Admitted Footprint
Honeycomb Insurance, a digital insurer specializing in property and casualty coverage tailored to landlords and condominium associations, has more than doubled its sales in 2024 while maintaining loss ratios below the industry average. The company’s growth is supported by its proprietary underwriting engine that leverages advanced AI and computer vision to precisely assess risk without the need for physical inspections, enabling faster and more efficient policy issuance. Honeycomb recently expanded its admitted capacity through a partnership with Trisura Insurance Company, further solidifying its presence across 18 U.S. states covering more than 60% of the population.
The partnership with Trisura diversifies Honeycomb’s carrier base and enhances its ability to scale operations with admitted insurance solutions. Trisura, a specialty insurance provider active in the U.S. and Canadian markets, supports Honeycomb’s strategy to provide customized, competitively priced policies with a focus on underwriting discipline and long-term profitability. This collaboration aligns two companies emphasizing innovation, stability, and growth in the specialty insurance segment.
Honeycomb’s AI-driven underwriting platform allows it to target properties often overlooked by traditional insurers, not due to elevated risk but due to previous underwriting limitations. This technology-driven approach facilitates precise risk selection, maintaining strong loss ratios while meeting demand for specialized coverage products. The company’s model reduces operational friction and supports rapid policy issuance, which is a significant factor in its accelerated sales growth.
Operating from Chicago with additional offices in the U.S. and Israel, Honeycomb manages over $55 billion in insured assets. The company’s emphasis on scalable digital underwriting and AI integration positions it well to meet future capacity needs and support expanding market share. The involvement of Trisura enhances Honeycomb’s admitted footprint, a key factor in regulatory compliance and growth in new states.
Trisura Group Ltd., listed on the Toronto Stock Exchange, brings extensive expertise in specialty insurance lines including surety, warranty, corporate insurance, and program business. Its investment in Honeycomb’s capacity reflects confidence in Honeycomb’s market approach and potential for sustained growth. The collaboration forms part of an emerging trend of partnerships between innovative digital carriers and traditional insurers looking to expand specialty insurance offerings through technology.