DUAL North America has announced a strategic alliance between DUAL Personal Lines and Homebound Insurance Exchange, aiming to enhance its capacity offerings and broaden its geographic footprint in response to the evolving insurance landscape.
This collaboration will primarily focus on coverage for manufactured homes, dwelling fire, and homeowners insurance. The initial phase of expansion is set to launch in Texas, with plans to extend to additional states in the near future. Specific coverage details will be disclosed as the company advances its expansion efforts.
A key component of this partnership is the introduction of a member surplus contributions model, designed to bolster financial stability and provide long-term security for policyholders. The agreement comes at a time when several insurance carriers are scaling back or exiting certain markets, underscoring the significance of this initiative.
Growth in the US Personal Lines Insurance Sector
Despite the industry-wide trend of carrier withdrawals, the US personal lines insurance sector has experienced significant financial growth, market recovery, and ongoing challenges.
In 2024, the US property and casualty insurance industry recorded an approximate 8.0% increase in direct premiums written, largely driven by personal lines, including auto and homeowners insurance.
DUAL North America itself reported gross written premiums exceeding $1.3 billion in 2024 across more than 40 insurance products, reinforcing its strong market presence.
Moreover, the personal lines segment experienced a notable turnaround, contributing to an underwriting profit of $3.8 billion for the property and casualty industry in the first half of 2024. This marked a significant recovery from prior losses.
The industry’s combined ratio improved to 94.2% in the first quarter of 2024, driven by multiple rate increases in the personal lines sector that outpaced rising claims costs.
As DUAL North America and Homebound Insurance Exchange move forward with this strategic initiative, the partnership is expected to provide enhanced stability and expanded options for policyholders navigating the shifting insurance market.
