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July 02, 2018

ICAT Celebrates 20 Years of Innovation in Catastrophe Insurance

July 1 marks 20 years in business for ICAT, the highly specialized underwriter of catastrophe insurance. ICAT was founded in 1998 with the mission to provide property insurance protection for businesses located in hurricane- and earthquake-exposed regions of the United States.

“Twenty years ago, ICAT realized that the catastrophe insurance needs of small commercial property owners were simply not being met. It was an under-served market, which left many either exposed to the hazards of a catastrophe or overcharged for coverage that was not personalized for their needs. We were able to give policyholders peace of mind, and the promise to be there when they needed us most—after a catastrophe. While our business has expanded over the years to include homeowners and additional products, our commitment to our customers remains constant and unwavering,” said Gregory Butler, President and CEO of ICAT.

Throughout the years, ICAT presented an innovative approach to underwriting catastrophe insurance using technology-based approaches to improve the customer experience and streamline the quoting process. ICAT launched its first online quoting platform in 1999, which provided an online platform for brokers to easily quote small commercial accounts. In response to a demanding market, ICAT added both Middle Market and Residential business units. In 2006, ICAT announced the creation of Syndicate 4242 at Lloyd’s of London.

Whether it’s by offering a platform that can quote and bind in minutes, offering ‘live chat’ functionality on the website, adding SOV and ACORD application upload capabilities or leading an external user community, the ICAT Innovators, to give real-time feedback on enhancement ideas, ICAT continues to provide forward-thinking solutions to the ever-changing landscape of the catastrophe insurance market. 

“We could not have achieved this milestone without the support of our employees, customers and partners along the way, and we thank everyone for being a part of our journey. We have been fortunate to have over 650,000 policyholders choose ICAT as their provider over the years, and I look forward to seeing where the next 20 years takes us,” said Ashleigh Cashman, Chief Underwriting Officer at ICAT.

The scope of ICAT’s business has broadened significantly throughout 20 years, while continuing to remain a highly specialized and disciplined underwriter of catastrophe insurance risk. Today, ICAT writes business in 42 states, has $350M in-force premium, protects 90,000 policyholders and has paid out over $1.2B in claims. ICAT employs over 220 people between its main office in Broomfield, Colorado, and remote offices in Hawaii, Texas, Massachusetts and Florida. 

About ICAT
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Business is produced in partnership with select retail agents and wholesale brokers. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 29,000 catastrophe claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Dolly, Ike, Isaac, Sandy, Harvey and Irma. For more information, visit www.icat.com.

 

 

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