iCat

What iCat does

ICAT (legal entity: International Catastrophe Insurance Managers, L.L.C.) is a US-based Managing General Underwriter founded in 1998 and headquartered in Broomfield, Colorado. The company specializes in catastrophe property insurance for homeowners and commercial property owners located in hurricane- and earthquake-exposed regions of the United States, including the Gulf Coast, Florida, Eastern Seaboard, Hawaii, the Western US, and the New Madrid states. Its core product portfolio comprises four catastrophe lines: Commercial All Risk Including Wind, Commercial Earthquake, Coastal Homeowners, and Residential Hurricane (Hawaii).

The company distributes exclusively through appointed wholesale brokers and retail agents via ICAT Online, its proprietary 24/7 digital quoting and underwriting platform that delivers instant quotes (in under 5 minutes for qualifying risks) and, as of August 2025, handles Total Insured Values up to $25M for wind business. Underwriting is differentiated by AI and sensor-based location-level attribute analysis, aerial imagery for property assessment, advanced catastrophe modeling built on 25+ years of proprietary claims data (43,000+ claims), and a web-based self-service inspection platform (eSurvey). Boulder Claims, a wholly-owned subsidiary founded in 2005, administers all claims in-house and has handled 72+ catastrophe events.

ICAT was acquired by Victor Insurance Holdings in 2017 and now operates as a division of Victor. Commercial products are written on an Excess & Surplus Lines basis while residential products are underwritten through Victor Insurance Exchange, an A- (Excellent) AM Best-rated reciprocal insurance exchange launched in June 2023. Revenue is generated through insurance premiums collected annually on subscription policies, with Victor Insurance Exchange and Syndicates at Lloyd's of London providing underwriting capacity. The company insures over 50,000 customers and reports a Net Promoter Score of +46. Recent expansion has included the launch of Victor Property Pro (VPP) and an Investor-Owned Rental Portfolio Product in 2025, signaling upward movement into middle-market and rental portfolio segments.

Name

iCat

Legal name

International Catastrophe Insurance Managers, L.L.C.

Website

https://icat.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

251–500 employees

Short description

ICAT is a US Managing General Underwriter founded in 1998 that specializes in catastrophe property insurance (hurricane and earthquake) for homeowners and commercial property owners, distributed exclusively via wholesale brokers and retail agents through its ICAT Online digital underwriting platform.

Ownership category

akta.pro rank

Product category

Property Catastrophe Insurance

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

Keywords

• Catastrophe property insurance
• Hurricane wind insurance
• Commercial earthquake coverage
• Coastal homeowners insurance
• Managing general underwriting

Headquarters

HQ city

Boulder

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Property Insurance Premiums: ICAT generates revenue through insurance premiums collected from policyholders. The company underwrites catastrophe insurance policies including commercial all risk, commercial earthquake, coastal homeowners, and residential hurricane coverage. Premiums are collected annually or as specified in policy terms. The company operates as a Managing General Underwriter (MGU) writing on behalf of strong carrier partners and Syndicates at Lloyd's of London, as well as Victor Insurance Exchange.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

ICAT is a Managing General Underwriter (MGU) that underwrites and distributes catastrophe property insurance products for hurricane, wind, hail, and earthquake-exposed regions of the United States. Its offerings include Commercial All Risk Including Wind, Commercial Earthquake, Coastal Homeowners, and Residential Hurricane coverage, all quoted and bound through the proprietary ICAT Online digital platform and supported by the Boulder Claims subsidiary for in-house claims administration.

Product overview

ICAT is a Managing General Underwriter (MGU) specializing in catastrophe property insurance, providing coverage for hurricane- and earthquake-exposed regions of the United States. The product portfolio comprises four core catastrophe products: Commercial All Risk Including Wind, Commercial Earthquake, Coastal Homeowners, and Residential Hurricane (for Hawaii). These are delivered primarily through ICAT Online, the company's proprietary online quoting and underwriting platform. ICAT operates as a division of Victor Insurance and leverages Victor Insurance Exchange (rated A- by AM Best) for additional capacity. Boulder Claims, a wholly-owned subsidiary, handles all claims administration. Recent expansions include self-service inspections for homeowners, increased online quoting limits up to $25M TIV, and new products like Victor Property Pro and Investor-Owned Rental Portfolio coverage. The company also offers various additional commercial products through Victor's broader platform (V²) covering specialty lines including cyber, professional liability, builders risk, and more.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial All Risk Including Wind Commercial catastrophe property insurance offering All Other Perils coverage to commercial property owners and tenants in Gulf, Florida, Eastern Seaboard and Hawaii. Written on Excess & Surplus Lines basis.
• Commercial Earthquake Commercial earthquake coverage offered to commercial property owners in the Western United States and New Madrid states. Written on Excess & Surplus Lines basis with TIV limits up to $10M for seismic Zones A, B, and PNW, and up to $15M for other zones.
• Coastal Homeowners Non-Admitted Homeowners product offering full homeowners coverage for coastal Tier 1 and Tier 2 homes in the Gulf and Eastern Seaboard. ISO-Based HO3 and HO5 policies with coverage up to $4.3M total insured value per policy. Covers primary residences, secondary/seasonal properties, and short-term rentals.
• Residential Hurricane Residential hurricane coverage offered to residential property owners in Hawaii. Written on an admitted basis using a Named Peril form.
• Additional Commercial Products Additional commercial catastrophe insurance products covering various property types and occupancies including offices, retail shops, churches, restaurants, and habitational properties such as condos and apartments.
• ICAT Online ICAT's proprietary online quoting and underwriting platform available to appointed agents and brokers 24/7 for instant quotes, accessing tools and resources, and chat support. Handles Commercial All Risk, Commercial Earthquake, and Coastal Homeowners products.
• Victor Insurance Exchange A-rated reciprocal insurance exchange created by ICAT and Victor to deliver additional US property catastrophe capacity to ICAT policyholders. Rated A- (Excellent) by AM Best.
• Boulder Claims Wholly-owned subsidiary of ICAT providing comprehensive claims services including commercial property, commercial general liability, and residential property and liability claims. Founded in 2005 with over 450 years of combined staff experience; has handled 43,000+ claims and managed 72+ catastrophe events.
• Victor Property Pro (VPP) Middle-market property solution developed in partnership with Marsh's Qualified Solutions Group, providing up to $100 million in capacity per location for organizations with substantial property portfolios.
• Investor-Owned Rental Portfolio Product Insurance solution for property managers overseeing multiple single-family rentals, allowing consolidation of coverage under one policy to streamline administration and reduce costs.
• Builders Risk Builders Risk coverage that safeguards homes and buildings under construction against fires, theft, and natural disasters. Victor's solution features competitive rates, favorable limits, and coverage exceeding standard forms.
• ICAT Small Commercial Consolidated small commercial wind catastrophe product combining ICAT Small Commercial and ICAT Online Small Commercial into one platform with TIVs up to $25M for effective dates August 1, 2025 and later.
• Self-Service Homeowners Inspections (eSurvey) Web-based self-service inspection platform (eSurvey) allowing homeowners to complete inspections without an inspector visiting the property. No app download required, with an opt-out option for traditional inspections.

Quantifiable outcome

• Over 50,000 insureds protected across catastrophe-exposed regions
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Victor Insurance ExchangecoreStrategic or Co-development Partner · 23 June 2023Victor Insurance Exchange is a reciprocal insurance exchange created by ICAT and Victor to deliver additional US property catastrophe capacity to ICAT policyholders. Rated A- (Excellent) by AM Best. The Exchange's operations are managed by Victor Attorney-in-Fact (VAIF). ICAT makes no money from surplus contributions which go directly to the Exchange for future claims and premium stabilization.
• Syndicates at Lloyd's of LondoncoreStrategic or Co-development PartnerBoulder Claims, ICAT's subsidiary, provides claims administration and adjusting services to numerous Lloyd's of London syndicates in addition to Victor Insurance Exchange and domestic insurance companies underwritten by ICAT.
• Boulder ClaimscoreOthersBoulder Claims is a wholly-owned subsidiary of ICAT founded in 2005 that provides comprehensive claims services including commercial property, commercial general liability, and residential property and liability claims. Has over 450 years combined experience among staff. Has handled 43,000+ claims and managed 72+ events.
• Victor Attorney-in-Fact (VAIF)coreImplementation/ SI/ Consulting PartnerVAIF manages the operations of Victor Insurance Exchange on its behalf, including entering into vendor contracts, approving all company action, and overseeing compliance with regulatory requirements.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• AmRisc: AmRisc is a specialty catastrophe MGU writing commercial property E&S for hurricane, wind, and earthquake-exposed risks, now part of Risk Placement Services (RPS). It is the closest direct comparable to ICAT in business model, distribution via wholesale brokers, and concentration in U.S. catastrophe-exposed property.
• GeoVera Holdings: GeoVera is a specialty MGU focused on earthquake insurance for residential and commercial properties in high-seismic U.S. states. It directly overlaps with ICAT's commercial earthquake product line and shares the E&S/wholesale-broker distribution model.
• Palomar Holdings: Palomar is a publicly traded specialty insurer whose largest line is earthquake insurance, with expansion into hurricane and other specialty property. It competes directly with ICAT for earthquake-exposed risks and increasingly in coastal catastrophe-exposed property.
• Florida Peninsula Insurance Company: Florida Peninsula is a Florida-focused homeowners insurance carrier concentrated in catastrophe-exposed coastal counties. It competes head-to-head with ICAT's Coastal Homeowners product in ICAT's core Florida/Gulf footprint.
• Heritage Property & Casualty Insurance: Heritage P&C is a Florida-focused personal property insurer with significant coastal exposure. It directly overlaps with ICAT's residential hurricane and coastal homeowners offerings in catastrophe-prone regions.
• Tower Hill Insurance Group: Tower Hill is a Florida-domiciled homeowners and commercial property insurer with significant coastal catastrophe exposure. It serves overlapping agents and risks with ICAT in the Florida catastrophe market.

Emerging players

• Kin Insurance: Kin is a tech-enabled, direct-to-consumer homeowners insurer focused on catastrophe-exposed states such as Florida, California, and Louisiana. It represents an emerging digitally native competitor targeting the same coastal homeowner segment as ICAT's Coastal Homeowners product.

Broad incumbents

• Citizens Property Insurance Corporation: Citizens is Florida's state-backed insurer of last resort for residential property. While not a direct competitor in normal market conditions, it sets the residual-market baseline against which ICAT's Coastal Homeowners pricing and appetite are benchmarked, and absorbs risks private carriers decline.
• Chubb: Chubb is one of the largest U.S. property insurers with significant coastal catastrophe and high-net-worth property exposure. Its Masterpiece and commercial property offerings compete with ICAT for larger coastal commercial and affluent residential risks.
• AIG: AIG's Private Client Group and Lexington Insurance (E&S) write significant catastrophe-exposed residential and commercial property business. AIG is a broad incumbent competitor in the same end markets ICAT serves and historically employs many of the same underwriting leaders (e.g., Charles Williamson's prior AIG tenure).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/icatinsurance
• Facebookfacebook.com/icatinsurance
• LinkedInlinkedin.com/company/icat

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

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 iCat