Before heading headfirst into our third full year, 2024, CrossCover celebrates 2023 as the year we purchased our company back, added several carriers to our panel, and were awarded Coverholder status by Lloyds. It was also the year we wrote $146M premium, one full year ahead of plan. Most of all, we celebrate the results we delivered to our supporters and owners alike.
Staying on Mission
Since inception, our mission has been to leverage CAT capacity entrusted by our panel of insurers/reinsurers, to write risks around the country. This reduced our carrier’s volatility and lowered their reinsurance costs while achieving an excellent return on capital.
A key element of our success is that employees participate in the ownership and profits of the company and that we tie CrossCover’s results to those of our supporters. In a year of strong growth, we were able to achieve an earned loss ratio in the teens.
Strategic Initiatives for 2024
Our continuing growth in 2024 will lie in our commitment to new products and ideas to meet the evolving needs of our insureds and further strengthen our market presence. CrossCover will hire four (4) additional underwriting teams in Houston or our future office in Chicago. A third office is planned in the Northeast later this year. These offices will allow us greater market penetration in those areas.
Expressing Gratitude and Looking Ahead
Finally, we thank our panel of carriers/reinsurers and brokers who produce business for CrossCover. Your partnership and trust in our underwriting depth and products have been crucial to our success. We are committed to enhancing the coverage and anticipating your needs in the years that follow.
Thank you for being a part of the CrossCover family!