Mr. Soderstrom is the former co-founder of the Boston-based insurtech FilingMate
Scott Soderstrom, a Boston-based insurance professional has been named the new Chief Operating Officer of TRUE, a new reciprocal insurance company to protect homeowners in coastal states. Mr. Soderstrom joins Michael Lorion, TRUE’s chief executive officer and former chief financial officer of Homesite along with Chief Underwriting Officer Stephen Russell, former chief actuary of Tower Hill Insurance Group and chief underwriting and actuarial officer of American Modern Insurance Group as part of the new carrrier’s executive team.
Many of our readers may remember Mr. Soderstrom as the former co-founder of the insurtech FilingMate. The start-up, he co-founded with Maureen Fidler, is an online platform offering an uncomplicated, efficient, and effective way for carriers, MGAs, or TPAs to handle all of the regulatory filings across the country. For those interested in revisiting our profile of FilingMate and to learn more about Mr. Soderstrom’s own career, please refer to Agency Checklists May 1, 2018 interview entitled “FilingMate: Revolutionizing Regulatory Compliance With Respect To Insurance.”
TRUE is a new insurance carrier focused on protecting homeowners in catastrophe-exposed states
As for the new venture Mr. Soderstrom joins, True, a new national property insurer created through a partnership between Orchid Insurance and Homesite Group Partner domiciled in Tampa, Florida. It is structured as a reciprocal insurance company to align with its customer’s focus and will have no shareholders. The exchange will be managed by Delaware-based Trusted Resource Underwriters, who have been appointed as TRUE’s attorney-in-fact, or AIF.
According to the official launch announcement, TRUE will begin offering owner-occupied homeowners insurance, as well as bundled, optional coverages and a private flood solution, for medium-to-high-value homes. Its products will be sold through select agent partners, beginning in Florida. Eventually, the carrier plans to expand into the Gulf, Southeast, and Mid-Atlantic states.
“TRUE is designed to provide superior protection and service to customers in catastrophe-prone areas who are actively involved in protecting their properties,” said Michael Lorion, TRUE’s chief executive officer, and former chief financial officer of Homesite. “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.”
The soon-to-be launched company has already been rated by AM Best
TRUE’s leadership highlights the company’s ‘unique service model’ and use of sophisticated technology in underwriting, claims, and catastrophe exposure management, all designed to ensure long-term success in higher-risk areas and to distinguish it from other insurers. The company also notes that AM Best already has issued it an initial financial strength rating of A- along with a stable outlook.
“Customers want a claims process that is responsive, hassle-free, and compassionate, and that’s what we intend to deliver,” said Lorion. “In the event of large-scale catastrophic events, TRUE will have the resources on call to quickly provide the necessary support to help our customers recover and rebuild.”
“We are blazing our own trail,” said Brad Emmons, president, and chief executive officer of Orchid Underwriters. “Given what we are seeing in the market, we are proactively developing new admitted products that meet the needs of risk-conscious customers and agency partners. We are excited about the partnership between Orchid Insurance and Homesite and believe that our collaboration will offer exceptional benefits to our member-owners.”