Florida Peninsula and Windward Risk Managers Sponsor Ovation Home Insurance Exchange

Windward Risk Managers, LLC (“Windward”) has announced the formation of Ovation Home Insurance Exchange (“Ovation”)

• Windward is the management company behind Florida Peninsula Holdings, LLC (“Florida Peninsula”) headquartered in Boca Raton, Florida
• Ovation is a Florida-domiciled reciprocal insurance carrier scheduled to begin writing policies in June 2024

With the launch of Ovation, Windward will provide all sales, service, and claims support for Ovation, Florida Peninsula Insurance Company (“FPIC”) and Edison Insurance Company (“EIC”)

• The day-to-day operations will be managed by the same team that has successfully managed FPIC and EIC for the past 20 years

Ovation will benefit both homeowners and agents in Florida by providing new dedicated capital, additional capacity, and coverage options for Floridians at competitive prices

Since 2005, Windward has helped its carriers, FPIC and EIC, grow into two of the largest homeowner carriers in Florida

• FPIC and EIC have total written premiums exceeding $1.1bn and over 250,000 policyholders
• Windward has helped each of its carriers maintain a Financial Stability Rating® of A, Exceptional, from Demotech
  • Windward adheres to disciplined and conservative underwriting principles and conservative reinsurance protection, while offering policyholders an exceptional customer experience, competitive rates and customizable policy options

HCMA acted as advisor to Florida Peninsula and Windward in the formation and structuring of Ovation; key roles and responsibilities included:

• Assistance in preparing Ovation’s business plan and financial projections
• Assistance in reinsurance structuring
• Assistance throughout the organizational formation and regulatory approval process
• Provided objective advice and acted as a confidant to Florida Peninsula and Windward throughout the process

This transaction further solidifies HCMA as a market leader in reciprocal exchange formations

• Including the formations of Vault Reciprocal Exchange, Noblr Reciprocal Exchange, Kin Interinsurance Network, Trusted Resource Underwriters Exchange, American Mobile Insurance Exchange, Tower Hill Insurance Exchange, Victor Insurance Exchange, and Laulima Exchange