Coastal-focused homeowners and flood insurance broker ShoreOne Insurance Managers, Inc. has been acquired by Totalis Program Underwriters, a New York specialty insurance platform that is part of NFP, an Aon company.
Terms of the deal were not disclosed. However, BrightShore Insurance Co., founded by ShoreOne, is not part of the transaction and will retain its current ownership.
Dedham, Massachusetts-based managimg general agent ShoreOne offers a homeowners product that integrates comprehensive flood coverage, serving coastal markets across South Carolina, New Jersey, New York, Massachusetts and Rhode Island. ShoreOne provides a “one-and-done” policy designed to eliminate the need for separate, multiple policies for coastal properties.
ShoreOne brings coastal homeowners underwriting expertise to the Totalis platform, along with advanced analytics, proprietary risk selection tools, and portfolio management capabilities that enable more precise pricing and underwriting in complex, flood-exposed markets.
ShoreOne was founded in 2019 by Cameron Rhodes and Nick Steffey. It will continue to operate as an independent business unit within Totalis.
Rhodes will succeed Nick Steffey as chief executive officer and report to John Mahoney, head of programs, Totalis. Steffey will remain involved with ShoreOne as an executive advisor, while maintaining his role as chairman of BrightShore.
BrightShore will continue to support ShoreOne as a key carrier partner, alongside American European Insurance Co. and Trisura Specialty Insurance Co.
“As a long-term capital partner, Totalis enables us to focus on disciplined, profitable growth while continuing to deliver value to our insurer, reinsurer, and distribution partners,” Rhodes said.
Totalis is a platform focused on underserved, complex and niche risks. It manages a collection of specialty programs in multiple industries. Totalis was launched by NFP in September 2023 to consolidate its managing general agent (MGA) and specialty program businesses.
NFP was acquired by Aon in April 2024 for an estimated $13 billion.
Topics
Mergers & Acquisitions
Flood
Underwriting
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