The products available through Monomoy Insurance Group are backed by the Spinnaker Insurance Company, which maintains an A- Financial Strength rating from A.M. Best Company and Millennial Specialty Insurance. The policies are 100% re-insured through the Lloyd’s re-insurance markets in London and covered by the State of Massachusetts State Guaranty Fund.
The greatest benefit of having the Monomoy Homeowners Insurance product is to those Cape Cod, Plymouth and other coastal area clients who currently are with the MA Fair Plan. Monomoy’s Homeowners product allows homeowners to purchase better coverage from a financially secure, admitted carrier, at a comparable price.
The homeowners insurance pricing from Monomoy is always the same or in most cases, better than the MA Fair Plan, but it’s ALWAYS better coverage.
What is A.M. Best and why is it important to a policy holder?
A.M. Best is the only global credit rating organization with a unique focus on the insurance industry. Best’s Ratings, which are issued through A.M. Best Rating Services, Inc., are a recognized indicator of insurer financial strength and creditworthiness.
Being financially sound is one of the most important elements of an insurance carrier. When the worst happens, you want to make sure you’re covered and with Monomoy Insurance Group, you are.
Can anyone get Monomoy’s Insurance Products?
Monomoy’s products are available exclusively through their Agency partners or you can request a quote here
Does everyone qualify?
No, just like any other carrier, there are underwriting guidelines that are specific to Monomoy. In addition to obtaining necessary information, Monomoy requires that a home inspection be completed. There will also be an insurance score required to qualify, the insurance score is a soft hit and does not affect a homeowners credit score.
To get an indication of whether or not you will qualify, contact us here!
More about Millennial Specialty Insurance
MSI partnered with Monomoy Insurance on 7/1/21 and they are a tech-enabled MGA fully owned by BRP Group (Nasdaq: “BRP”), a rapidly growing insurance distribution firm that annually places over $5 billion of insurance premium on behalf of clients, including over $200 million of homeowners’ premium
MSI’s existing MGA product set spans both personal and commercial lines
- Multifamily (Renters, Master Tenant Legal Liability, Compliance Tracking)
- Homeowners (via Monomoy and de novo 50 state build-out currently in process)
- Private Flood (multiple E&S products)
- Select commercial lines products via Scale Underwriting (D&O, EPLI, Contract Frustration)
MSI’s proprietary technology stack allows for intelligent underwriting, quote-bind-issue in as fast as 90 seconds, real-time automation of policy documentation and efficient, real-time servicing