After only one year in market, 'Honeycomb Specialty' boasts billions of dollars in insured assets with an outstanding loss ratio, prompting the company, with the support of its top-tier reinsurance partners, to expand the program
CHICAGO, ILLINOIS / ACCESS Newswire / July 17, 2025 / Honeycomb, the AI-powered digital landlord and condo association insurance provider, has expanded its non-admitted program to every state where the company writes business, with higher total insured property limits. The rollout comes after consistent double-digit month-over-month growth, with the program reaching billions of dollars in insured assets within a year of launch, and a superior loss ratio.
The enhanced program covers properties that sit just outside Honeycomb's traditional admitted appetite, such as risks with non-standard electrical breakers or panels, roofs in below-average condition, or properties with short coverage lapses, while preserving the company's data-driven underwriting discipline for above-average risks. Additionally, Honeycomb Specialty can now accommodate per-policy TIVs up to $25 million in all of its active states.
Bringing the admitted and non-admitted programs to geographical and insured limit parity further streamlines the ability for customers to manage their habitational portfolios through Honeycomb's platform. Customers and partners can now submit, bind, and manage multiple properties, inclusive of both admitted and specialty risks, through a single, easy-to-use and multifunctional flow. Additionally, in some cases, Honeycomb uniquely offers the ability for certain risks to migrate from the non-admitted to the admitted program when specific criteria are improved, allowing customers to access more affordable solutions when they invest in their properties.
"We built Honeycomb to make insurance easier, faster, and fairer for everyone involved: from brokers to building owners," said Itai Ben-Zaken, CEO and Co-founder of Honeycomb Insurance. "The success of our Specialty program shows just how much the market needs accessible coverage options that don't compromise on quality. With this expansion, we're making it even simpler to manage diverse portfolios on a single platform, with the confidence that the coverage will be there when it's needed most."
This rollout comes at a time of heightened volatility in the commercial property market. Traditional carriers are scaling back coverage or exiting high-risk geographies altogether. AIG, for example, has pulled back in over 200 ZIP codes across key states, while Allstate and State Farm have paused new policies in California. According to the American Property Casualty Insurance Association, U.S. commercial property insurers paid out $90 billion in catastrophe losses over the past two years, leading to reduced capacity and tighter underwriting standards across the board.
Honeycomb, by contrast, has more than doubled its revenue in 2024 and now insures over $55 billion in real estate value with an industry-leading loss ratio that supports stable, consistent coverage and pricing through the ability to select risks in a custom, granular manner.
About Honeycomb
Honeycomb Insurance is a deep-tech property and casualty digital insurer specializing in providing tailored coverage for landlords and condominium associations. Using advanced computer vision and AI developed by insurance industry experts, Honeycomb has developed a best-in-class underwriting engine that delivers competitive pricing and customized policies for a diverse range of properties often overlooked by traditional carriers, all while maintaining an industry-leading loss ratio. Its intuitive, streamlined platform eliminates the need for lengthy approval processes and physical property inspections, making the insurance process faster and more efficient. Headquartered in Chicago, Illinois, with additional offices in the United States and Israel, Honeycomb operates across 18 major states, reaching 60% of the U.S. population, and manages insured assets exceeding $55 billion.
Contact Information
Mia Balaban
Tell NY
mia@tellny.com
SOURCE: Honeycomb
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/honeycomb-expands-its-non-admitted-product-to-all-18-states-and-incr-1049580
