Demotech, Inc. Assigns a Financial Stability Rating® of A, Exceptional, to Steadily Insurance Company
Steadily activates its insurance carrier with the goal of expanding into several new states this year
AUSTIN, Texas, November 21, 2024 (Newswire.com) - Steadily, a provider of landlord property insurance for real estate investors, today announces that its carrier, Steadily Insurance Company, has received a Financial Stability Rating® of A, Exceptional from Demotech, Inc. and has issued its first bound policy.
Steadily was founded in 2020 to provide fast, fair, and affordable insurance to single-family rentals, small apartments, vacation rentals, and fix-and-flips nationwide. Today, its subsidiaries include an independent agency, three MGA programs, and its admitted carrier.
With today’s announcement, Steadily is actively writing new business on the carrier with the goal of expanding into several new states over the coming year.
Darren Nix, CEO at Steadily, shares: "Investing in our carrier will add capacity alongside our MGA programs and step closer to our end goal: saying ‘yes’ to 95% of the landlords across the country at rates that are sustainable for the industry and affordable for the customer. Now is the right time to become a risk-bearing entity because we’ve reached a $200M GWP run rate with four consecutive years of profitable risk underwriting. Nothing says ‘we believe in the product we’ve built’ more strongly than underwriting risk as the carrier.”
In addition, Steadily brought claims in-house this year for a substantial portion of its book, which resulted in a 55% decrease in time-to-first-payment and commensurate increase in customer satisfaction.
Steadily’s existing MGA programs will continue to grow at a historical pace alongside the carrier, and customers will benefit from having one more arrow in their quiver of options.
About Steadily
Steadily specializes in landlord property insurance for single-family rentals, small apartments, vacation rentals, and fix-and-flips across the United States. Steadily was founded in 2020 and serves more than 100,000 rental property owners in all 50 states from its dual headquarters in Austin, TX and Overland Park, KS.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning Financial Stability Ratings® (FSRs). Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than on financial size. Demotech was the first to review and rate independent regional and specialty Property and Casualty insurers. Demotech’s consistently expanding list of accreditations and acceptances has resulted in rating and reviewing 440 insurers operating in the U.S. As of July 11, 2022, Demotech, Inc. is registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Learn more at www.demotech.com.
Source: Steadily
