Did the Company Really Begin in a Barn?
CrossCover’s structure was brainstormed by our four founders sitting around a card table in the “Barn” of our CEO, Scott Hanson, “It was a simple concept, but hatched at the onset of Covid as department silos began to develop within companies. You could not advance past one department until you had been approved by another. We faced a myriad of obstacles, especially as a start-up, but eventually gained the trust of five entrepreneurial carriers and reinsurers. Our idea was to leverage CAT capacity to write commercial E&S risks country-wide to reduce our carrier’s volatility, lower their reinsurance costs and deliver top-tier returns. And no, it wasn’t exactly a barn, but that was its original purpose, so the name stuck.”
Expanding Products
We wrote our first policy in August 2021 and were owned by two reputable corporations before we repurchased CrossCover April 1st, 2023. Since these sparse beginnings, we have tripled the number of supporters on our panel, focused on specific broker appointments, and expanded our product offerings each year so that today we are two years of ahead of plan.
CrossCover’s open market has $25 million per risk limits and up to $500 million limits per account ($125 million in Tier 1 counties) which allows us to fill a critical need across the country. We expanded our offering to include Equipment Breakdown and recently introduced Builder’s Risk coverage with a $15 million line. Additionally, we developed a legitimate “RealTime” property product for small commercial business, $5 million TIV; we will add general liability and umbrella coverage to this portal-based product this quarter.
New Offices and Staffing
The accounts that CrossCover targets require in-depth knowledge of a myriad of occupancies and exceptional risk selection and line setting. To attract confident and technical employees, we offer them the opportunity to share in the company’s ownership and the results they help create.
Our Chicago office formally opened its doors earlier this month to complement our Houston office. We recently hired three senior executives in Boston whose names will be released soon. These offices and people will strengthen our presence and market penetration around the country.
Staying on Mission
The key element to CrossCover’s success to date has been the alignment of interests of all parties based on the results we deliver to our panel. We are obsessed with bottom-line performance and in 2022 and 2023 achieved low loss ratios. Our growth in 2024 and beyond lies in our commitment to new products and ideas that meet the evolving needs of our insureds while we continue to attract skilled underwriters in strategic offices around the country.
Expressing Gratitude and Looking Ahead
Finally, we are grateful to our clients and customers as well as those select brokers that produce business for CrossCover. Your trust in CrossCover’s underwriting depth and our products has been crucial to our success. We are committed to enhancing coverages and anticipating your needs in the years to come.
More to come…
For more information:
CrossCover Insurance Services, LLC
17302 House & Hahl, Suite 200
Cypress, TX 77433