What SureChoice Underwriters Reciprocal Exchange does

SureChoice Underwriters Reciprocal Exchange (SURE) is a member-owned reciprocal interinsurance exchange domiciled in Texas and founded in 2021 as the first new reciprocal exchange formed in the state since 2004. The company specializes in coastal property insurance for catastrophe-exposed markets that other insurers have been exiting, offering five core products: homeowners insurance (HO3 and HO5 forms), dwelling fire (DP3), flood, business owners policy (BOP), and landlord coverage. SURE operates exclusively through a founding partnership with SageSure, which serves as the managing general underwriter (MGU), underwriting, distributing, and servicing all SURE products through a network of 11,500+ independent insurance producers and national brokers across 14 coastal states.

The company's technology backbone leverages SageSure's proprietary risk modeling and scoring technology and a market-leading online quoting and binding platform, enabling portfolio-level risk assessment and competitive pricing in markets where carriers have been downgraded or declared insolvent. SURE has built a substantial capital structure on top of $1.4 billion in reinsurance protection and $975 million+ in catastrophe bond capacity issued through seven SEC 144A transactions under the Gateway Re platform since 2022, with an additional $670 million issuance in February 2026. The company holds an A Exceptional Financial Stability Rating from Demotech, Inc., and operates as an independent member-owned entity under management by SURE Risk Management, LLC as Attorney-in-Fact.

SURE's go-to-market is a pure channel partner model with no direct-to-consumer sales; all premiums flow through SageSure's producer network. The company generates revenue through insurance premiums collected from policyholders, with pricing determined by per-property risk assessment on an annual billing cadence. The business has scaled rapidly from 60,000 policyholders and $130 million inforce premium in May 2022 to more than 300,000 policyholders and more than $970 million inforce premium by September 2024, with a current footprint across 8 states: Alabama, California, Florida, Louisiana, Mississippi, North Carolina, South Carolina, and Texas. Recent strategic priorities include California expansion (surplus lines homeowners and non-admitted BOP) and multi-peril catastrophe bond issuance to support continued premium growth.

Name

SureChoice Underwriters Reciprocal Exchange

Legal name

SureChoice Underwriters Reciprocal Exchange

Website

https://sureins.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

SureChoice Underwriters Reciprocal Exchange is a member-owned Texas-domiciled reciprocal insurance exchange founded in 2021 that provides coastal property insurance (homeowners, dwelling fire, flood, BOP, landlord) exclusively through SageSure's MGU partnership to homeowners and small businesses in catastrophe-exposed U.S. coastal states.

Ownership category

akta.pro rank

Product category

Coastal Property Insurance

NAICS

Direct Title Insurance Carriers (524127), Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Agencies, Brokerages, and Other Insurance Related Activities (5242), Claims Adjusting (524291)

SIC

Surety Insurance (6351), Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Title Insurance & Underwriting (BPAJAOAA)

akta.pro secondary industries

Credit & Surety Treaty Reinsurance (FSAOAEAI), Surety & Credit Reinsurance (FSAOABAJ), Surety & Credit Reinsurance (FSAOADAD)

Keywords

• Coastal property insurance
• Homeowners insurance
• Reciprocal insurance exchange
• Catastrophe reinsurance
• Business owners policy

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Technology or R&D, Marketing or Sales, Personnel

Revenue model

1. Insurance Premiums: SURE collects insurance premiums from policyholders for homeowners (HO3 and HO5), dwelling fire (DP3), flood, business owners policies, and landlord coverage. As a reciprocal exchange, policyholders are members who exchange contracts of indemnity with one another. Premiums form the primary revenue stream and first line of defense for paying claims.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

SureChoice Underwriters Reciprocal Exchange (SURE) is a member-owned reciprocal insurance exchange that underwrites and issues coastal property insurance products, including homeowners (HO3/HO5), dwelling fire (DP3), flood, business owners policy (BOP), and landlord coverage. All underwriting, distribution, and servicing are conducted through an exclusive managing general underwriter partnership with SageSure, which leverages a network of 11,500+ independent insurance producers and national brokers across 14 coastal states.

Product overview

SureChoice Underwriters Reciprocal Exchange (SURE) is a member-owned insurance reciprocal exchange offering a portfolio of property and casualty insurance products for coastal property protection. The core product portfolio consists of five main offerings: Homeowners Insurance (HO3 and HO5 policies), Dwelling Fire Insurance (DP3), Flood Insurance, Business Owners Policy (BOP), and Landlord Insurance. All products are underwritten, distributed, and serviced exclusively through a partnership with SageSure. SURE specializes in serving catastrophe-exposed coastal markets that other insurers have abandoned, offering admitted market coverage in most states and surplus lines options where admitted coverage is unavailable. The company has expanded from initial operations in Texas to serve homeowners and business owners across eight states: Alabama, California, Florida, Louisiana, Mississippi, North Carolina, South Carolina, and Texas.

Differentiator

Problem solved

Functional benefit

Brands

• Gateway Re: The catastrophe bond program sponsored by SURE. Gateway Re Ltd. is a Bermuda-based special purpose insurer that provides SURE with reinsurance protection through multiple catastrophe bond issuances (Series 2022-1, 2023-1, 2023-2, 2024-1, 2024-2, and 2026-1).

Products and services

• Homeowners Insurance (HO3 and HO5) Comprehensive coverage for traditional homes protecting against fire, theft, vandalism, wind, hail, and other covered perils. Covers home, other structures, belongings, additional living expenses, personal liability, and medical payments. HO3 provides standard coverage while HO5 offers open-perils coverage for personal property.
• Dwelling Fire Insurance (DP3) Flexible coverage protecting homes against disasters including fire and other perils, with optional coverage for belongings, additional living expenses or loss of rental income, personal liability, and medical payments. Tailored for rental properties, secondary homes, and investment properties.
• Flood Insurance Coverage that protects the home and belongings from flood damage and can be added to a homeowners policy. Addresses the fact that 90% of natural disasters involve flooding and that standard homeowners policies exclude flood damage.
• Business Owners Policy (BOP) Combined property and general liability coverage in one package for small and mid-sized businesses. Available for more than 400 business classes including restaurants, retail, offices, wholesale, lessors, habitational, artisan contractors, hotels, and motels.
• Landlord Insurance Specialized commercial coverage tailored for residential dwellings exclusively occupied by tenants, covering landlord furnishings, loss of rent, other structures, and on-premises liability.

Quantifiable outcome

• Less than 1% chance that an event exceeds program limits in any given year for first-event reinsurance
• +2 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Five partnerships are on record, tiered flagship, core and minor.

• SageSureflagshipChannel Partner/ Reseller/ Distributor · 11 May 2021Exclusive partnership where SageSure serves as managing general underwriter (MGU), underwriting, distributing, and servicing all SURE insurance products. SageSure provides its market-leading online quoting and binding platform, sophisticated risk modeling technology, and access to a network of 11,500+ independent insurance producers and national brokers across 14 coastal states. SageSure also provided tens of millions in capital to fuel SURE's growth.
• Swiss Re Capital Markets CorporationcoreStrategic or Co-development PartnerServed as sole structuring agent and bookrunner for multiple Gateway Re catastrophe bond issuances including the debut $150M (2022), $355M (2023), $250M (2024), $130M (2024), and $670M (2026) transactions. Swiss Re has guided SURE through catastrophe bond issuances and established the Gateway Re capital markets platform.
• TigerRisk Capital Markets & AdvisoryminorStrategic or Co-development PartnerActed as joint structuring agent and joint bookrunner alongside Swiss Re for the debut $150 million catastrophe bond in May 2022.
• SURE Risk Management, LLCflagshipOthersThe Attorney-in-Fact (AIF) that manages day-to-day operations of SURE for the benefit of members. Manages all Exchange books, records, papers, funds, securities, and performs duties under the Attorney-in-Fact Agreement. Continues to serve as long as any principal/interest due under Subordinated Surplus Note remains unpaid.
• Gateway Re Ltd.coreOthersBermuda special purpose insurer established to provide reinsurance capacity for SURE through catastrophe bond structures. Has issued multiple catastrophe bonds for SURE totaling over $975 million in capacity across multiple series (2022-1, 2023-1, 2023-2, 2024-1, 2024-2, 2026-1).

Scale indicators6 records

Recent moves16 records

Expansion highlights6 records

Direct peers

• Heritage Insurance Holdings: Publicly traded specialty P&C insurer focused on personal and commercial property insurance in coastal states including Florida, the Carolinas, and the Northeast. Directly comparable to SURE given coastal geographic focus, homeowners-heavy product mix, and reliance on reinsurance.
• Universal Insurance Holdings: Publicly traded Florida-headquartered holding company writing homeowners and other property insurance primarily through Universal North America. Closely comparable to SURE in coastal Florida exposure, homeowners focus, and admitted/surplus lines strategy.
• HCI Group: Publicly traded Florida-based P&C holding company operating Homeowners Choice and TypTap, focused on Florida coastal property insurance. Comparable to SURE through its catastrophe-exposed homeowner book, reinsurance strategy, and Florida market concentration.

Emerging players

• Slide Insurance: Florida-focused private coastal property insurer founded by industry veterans, offering homeowners coverage through independent agents. Comparable to SURE through its Florida coastal focus, growing scale, and E&S strategy.
• Kin Insurance: Publicly traded coastal-focused insurtech offering homeowners and flood insurance in Florida, California, Texas, and other catastrophe-exposed states. Comparable to SURE through tech-enabled coastal distribution and homeowners product focus.
• Palomar Holdings: Publicly traded specialty insurer offering earthquake and other catastrophe-exposed property insurance including in coastal regions. Comparable to SURE through its use of catastrophe bonds and specialty risk-transfer approach to coastal/peril exposures.

Regional players

• Florida Peninsula Insurance: Florida-domiciled homeowners insurer writing coastal property coverage exclusively in Florida. Comparable to SURE through Florida geographic focus, homeowners product mix, and dependence on reinsurance.
• Tower Hill Insurance Group: Florida-based private property and casualty insurer primarily writing homeowners insurance in Florida and surrounding coastal states. Comparable to SURE through its coastal homeowner focus and admitted market strategy.
• Citizens Property Insurance Corporation: Florida's state-backed residual market insurer providing property coverage to homeowners unable to obtain it in the private market. Comparable to SURE as a market-of-last-resort for Florida coastal homeowners where private carriers have exited or reduced exposure.

Broad incumbents

• Chubb: Large global P&C insurer with significant coastal homeowners and high-value property insurance operations across the U.S. Comparable to SURE as a broad incumbent that competes in coastal property markets but with much greater geographic and product diversification.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SureChoice Underwriters Reciprocal Exchange