iCat

What iCat does

ICAT (International Catastrophe Insurance Managers, L.L.C.) is a US-based Managing General Underwriter (MGU) that underwrites catastrophe property insurance for hurricane-, wind-, and earthquake-exposed regions of the United States. Founded in 1998 and headquartered in Broomfield, Colorado, the company is a subsidiary of Victor Insurance Holdings (part of Marsh McLennan) following its 2017 acquisition. ICAT underwrites four core product lines — Commercial All Risk Including Wind (Gulf, Florida, Eastern Seaboard, Hawaii), Commercial Earthquake (Western US and New Madrid states), Coastal Homeowners (up to $4.3M TIV, Gulf and Eastern Seaboard), and Residential Hurricane (Hawaii) — distributed exclusively through appointed wholesale brokers and retail agents. The company also operates Boulder Claims, a wholly-owned claims subsidiary founded in 2005 that has processed 43,000+ claims and paid out over $3.4B across 70+ catastrophe events.

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

101–250 employees

Short description

ICAT is a US Managing General Underwriter providing catastrophe property insurance—hurricane, wind, earthquake—to coastal homeowners and small/mid-market commercial property owners, distributed via wholesale brokers and retail agents through the ICAT Online digital platform.

Ownership category

akta.pro rank

Product category

Catastrophe Property Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Catastrophe Excess-of-Loss (XoL) Reinsurance (FSAOACAH)

Keywords

• Catastrophe property insurance
• Hurricane wind insurance
• Earthquake insurance coverage
• Excess surplus lines MGU
• Coastal homeowners insurance

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices3 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 earns premium revenue by underwriting catastrophe insurance policies (commercial and residential) for properties in hurricane- and earthquake-exposed regions. Policies are underwritten on behalf of strong carrier partners and Lloyd's of London syndicates, with the Victor Insurance Exchange providing additional capacity.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

ICAT is a Managing General Underwriter that underwrites and distributes specialized catastrophe property insurance — including commercial all-risk with wind, commercial earthquake, coastal homeowners, and residential hurricane coverage — to property owners in hurricane- and earthquake-exposed US regions, delivered through appointed wholesale brokers, retail agents, and the ICAT Online digital quoting platform. Claims are administered in-house by wholly-owned subsidiary Boulder Claims, with additional capacity provided by the Victor Insurance Exchange reciprocal exchange.

Product overview

ICAT (International Catastrophe Insurance Managers) is a catastrophe property insurance Managing General Underwriter (MGU) providing specialized insurance products for hurricane- and earthquake-exposed regions of the United States. The product portfolio is organized around ICAT's core catastrophe insurance offerings (Commercial All Risk Including Wind, Commercial Earthquake, Coastal Homeowners, Residential Hurricane) delivered through the ICAT Online digital platform, supplemented by the Victor Insurance Exchange for additional capacity. The company also offers claims handling through its Boulder Claims subsidiary, and provides access to broader Victor Solutions products including Builder's Risk, Cyber, and specialty commercial lines. Recent expansions include Victor Property Pro (VPP) for middle-market property risks and an Investor-Owned Rental Portfolio Product for single-family rental consolidation.

Differentiator

Problem solved

Functional benefit

Brands

• Boulder Claims: Wholly-owned subsidiary of ICAT providing comprehensive claims services on policies underwritten by ICAT, including commercial property, commercial general liability, and residential property and liability claims.
• Victor Insurance Exchange

Products and services

• Commercial All Risk Including Wind Commercial property insurance providing All Other Perils coverage to commercial property owners and tenants in the Gulf, Florida, Eastern Seaboard and Hawaii; Wind/Hail Only coverage may be available on a Named Peril basis. Written on an Excess & Surplus Lines basis through appointed wholesale brokers.
• Commercial Earthquake Commercial Earthquake coverage offered to commercial property owners in the Western United States and the New Madrid states, distributed through wholesale brokers with quotes available via ICAT Online.
• Coastal Homeowners Non-Admitted Homeowners product offering full Homeowners coverage for coastal Tier 1 and Tier 2 homes in the Gulf and Eastern Seaboard, including primary and secondary/seasonal properties, with coverage up to $4.3M total insured value per policy (up to $3M Coverage A/Dwelling).
• Residential Hurricane Residential Hurricane coverage offered to residential property owners in Hawaii, written on an admitted basis using a Named Peril form.
• Victor Property Pro (VPP) Middle-market property solution providing up to $100 million in capacity per location, developed with Marsh's Qualified Solutions Group and targeting organizations with substantial property portfolios.
• Investor-Owned Rental Portfolio Product Property coverage solution addressing property managers overseeing multiple single-family rentals, allowing consolidation under one policy to streamline administration and reduce costs.
• Boulder Claims Services Wholly-owned subsidiary providing comprehensive claims services including nationwide third-party claims administration for commercial property, commercial general liability, and residential property claims using state-of-the-art electronic claims technology and same-day electronic payments.
• Builder's Risk Victor's Builder's Risk coverage protecting buildings under construction from fires, theft, and natural disasters; includes QuickCover option for single-family dwellings up to $1.5M and standard coverage up to $15M for various construction types.

Quantifiable outcome

• Over 43,000 commercial and residential claims handled successfully
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and major.

• Victor Insurance ExchangecoreStrategic or Co-development Partner · 23 June 2023Victor Insurance Exchange is an innovative reciprocal insurance exchange created by ICAT and Victor to deliver additional US property catastrophe capacity. The Exchange is rated A- (Excellent) by AM Best and is managed by Victor Attorney-in-Fact (VAIF).
• Boulder ClaimscoreStrategic or Co-development Partner · 1 January 2005Boulder Claims is a wholly-owned subsidiary of ICAT founded in 2005 to provide comprehensive claims services on claims from policies underwritten by ICAT and other select partners. Provides claims administration and adjusting services to Lloyd's of London syndicates, Victor Insurance Exchange, and domestic insurance companies.
• Victor Attorney-in-Fact (VAIF)coreImplementation/ SI/ Consulting PartnerVAIF acts on behalf of Victor Insurance Exchange, entering into vendor contracts, approving all company action, and overseeing compliance with regulatory requirements.
• Marsh McLennan CompaniesmajorChannel Partner/ Reseller/ DistributorICAT operates within the Marsh McLennan ecosystem. Victor is a global managing general underwriter with roots tracing back over 65 years, having pioneered professional liability coverage for architects in 1957. Marsh's Qualified Solutions Group partnered with ICAT for Victor Property Pro middle-market solution.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Amwins Group: Amwins is one of the largest specialty wholesale distributors and MGUs in the US, with broad E&S product offerings including property catastrophe. It is comparable as a much larger incumbent operating across many specialty lines where ICAT focuses narrowly on catastrophe.
• Markel Group: Markel is a large specialty insurer with significant E&S property and catastrophe capabilities across the US. While it operates at much greater scale and across many specialty lines, it competes for similar broker relationships and catastrophe-exposed property risks as ICAT.

Direct peers

• SkyCover Insurance: SkyCover is an emerging specialty E&S carrier focused on catastrophe-exposed coastal property risks, partnering with brokers in a similar distribution model to ICAT. It targets the same hard-to-place coastal residential and small commercial property segment ICAT serves.
• Palomar Specialty Insurance Company: Palomar is a publicly traded specialty property and catastrophe insurer that underwrites earthquake, hurricane, and other specialty perils through its own carrier platform. Like ICAT, it focuses on catastrophe-exposed geographies where standard markets retreat, making it a directly comparable specialty property MGU/carrier.
• RPS (Ryan Specialty): RPS is a major specialty wholesale broker and MGU platform within Ryan Specialty, offering delegated authority underwriting across many specialty lines including property catastrophe. It is directly comparable as both a competitor and a potential distribution partner to ICAT in the E&S marketplace.
• Kinsale Capital Group: Kinsale is a specialty E&S insurer with a digital underwriting platform (Kinsale Connect) focused on small commercial excess and surplus lines. It mirrors ICAT's broker-driven E&S distribution and digital-first underwriting ethos, although Kinsale is more diversified across lines than ICAT's catastrophe specialization.

Regional players

• Heritage Property & Casualty Insurance: Heritage is a Florida-focused residential property insurer writing homeowners coverage in hurricane-exposed areas. It is a regional peer competing for the same coastal homeowner customer that ICAT serves through wholesale brokers.
• Citizens Property Insurance Corporation: Citizens is Florida's state-backed insurer of last resort for residential property in catastrophe-exposed coastal areas. It is a regional competitor in the same coastal homeowner catastrophe market where ICAT's Coastal Homeowners product is most active, with different economics (assessment power) but directly overlapping risks.
• Florida Peninsula Insurance Company: Florida Peninsula is a Florida-domiciled property insurer focused on personal lines catastrophe-exposed residential property. It is a regional peer directly competing in the same hurricane-exposed coastal residential market ICAT targets.

Emerging players

• Accelerant Holdings: Accelerant is a specialty insurance platform that enables MGUs and program managers with capital, data, and analytics. It overlaps with ICAT's MGU operating model and addresses similar specialty E&S segments including property catastrophe, positioning it as a competitor and ecosystem partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors7 records

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