Loggerhead Reciprocal Interinsurance Exchange homeowners insurance

Overview

Loggerhead Reciprocal Interinsurance Exchange is a Tampa-based Florida property insurer organized as a reciprocal exchange: the policyholders, called subscribers, own the exchange, and a management company acting as attorney-in-fact runs it for a fee. It writes owner-occupied homeowners (HO-3) and rental dwelling (DP-3) policies in Florida through independent agents. Loggerhead ranked #99 among U.S. homeowners insurance groups by 2025 direct premiums written, with $177.2 million (0.09% of the national market), according to NAIC market share data.

Its size today comes largely from one transaction. When Progressive decided in 2023 to nonrenew roughly 100,000 Florida policies to cut its exposure in the state, Loggerhead was the company that offered those customers replacement policies. Florida Office of Insurance Regulation (OIR) data show Loggerhead with 72,422 personal residential policies in force on July 31, 2026: 61,036 owner-occupied homeowners policies and 11,386 dwelling policies.

If you became a Loggerhead customer through a Progressive or Bankers Insurance nonrenewal, you are now a subscriber in a reciprocal, not a customer of either of those companies.

History

Former executives of AAA's Auto Club Insurance Co. of Florida decided in early 2021 to start a new Florida property insurer, before the Legislature's 2022 and 2023 reforms of claims litigation (see florida's 2022–2023 property insurance reforms explained). OIR's list of new entities shows Loggerhead authorized as a domestic reciprocal insurer on September 13, 2022. Co-founder and chief executive Jim Santo told Insurance Journal in January 2024 that the exchange launched with a $30 million surplus note from its sole lead investor, Francis Chou of Chou Associates, who also owns the workers' compensation insurer Stonetrust Commercial.

Loggerhead built its HO-3 product on the Socotra policy and billing platform in 2022 and grew by taking over books other carriers were shedding:

• Bankers Insurance. After Bankers exited Florida homeowners insurance in 2022, Loggerhead made about 20,000 replacement offers to Bankers customers, and Santo said about 60% converted.
• Citizens takeouts. Loggerhead assumed 380 policies from Citizens Property Insurance in December 2022, 999 in August 2023 and 1,520 in November 2023, according to Citizens' takeout reports. OIR approved it in September 2023 to take up to 6,000. Citizens' 2024 to 2026 takeout reports show no further Loggerhead assumptions.
• Independent agency sales. New business through independent agencies began in May 2023, and the exchange had about 21,000 policies at the end of 2023.
• Progressive. In September 2023 Progressive announced it would nonrenew about 100,000 Florida policies, including its entire DP-3 book, starting in 2024, and named Loggerhead as the replacement carrier. Loggerhead built a DP-3 product for the deal and used quota-share reinsurance to support the added book.

Homeowners coverage

Loggerhead writes two products: an HO-3 homeowners policy for owner-occupied single-family homes and a DP-3 dwelling policy for rental and non-owner-occupied homes. Florida OIR data show no condo (HO-6) or renters policies. Nearly all of its policies include windstorm coverage, so a separate hurricane deductible applies. Florida insurers must offer hurricane deductibles of $500, 2%, 5% and 10% of the dwelling limit (the $500 option is not required at $250,000 and up); on a $350,000 dwelling limit, a 2% hurricane deductible means $7,000 out of pocket before the policy pays for storm damage.

Loggerhead does not publish its forms and endorsements online. The replacement policies offered to Progressive and Bankers customers were priced from data transferred by the previous carrier, without new inspections, and Santo described the re-underwritten Bankers book as good-quality homes with newer roofs. Ask your agent how the policy settles roof claims, what your hurricane and all-other-perils deductibles are, and which wind mitigation credits you receive (see wind mitigation inspections and discounts).

Discounts and savings

Florida law requires residential property rate filings to include discounts, credits or deductible reductions for wind-resistant features such as roof-to-wall connections, roof covering and opening protection, and since October 2023 insurers must describe those hurricane mitigation discounts on their websites. A current wind mitigation inspection is the most reliable way to lower a Loggerhead premium; ask your agent to confirm the credits are on your declarations page.

For former Progressive customers, Loggerhead used a rate stabilization plan: it matched the expiring Progressive premium when its own price was within about 40% and moved each policy to Loggerhead's filed rates over three years. Policies that came over in 2024 reach full Loggerhead pricing around 2026 and 2027, so expect renewals then to move more than usual, up or down.

Where it sells and recent market moves

Loggerhead writes in Florida only, through independent agencies, and in July 2026 it was still writing new homeowners business. It was the 23rd-largest writer of owner-occupied homeowners policies in Florida by policy count in OIR's July 2026 data, roughly 1.4% of that market, and policy counts were stable between December 2025 (70,561) and July 2026 (72,422).

The big change was the Progressive transfer. Progressive gave nonrenewal notices about 120 days before expiration explaining the Loggerhead offer, and Loggerhead sent a firm offer about 90 days out. OIR did not issue a formal consent order; Santo said the arrangement was worked out in meetings with regulators. Customers who declined had to find coverage elsewhere, and some were expected to land with Citizens.

Claims

Loggerhead's claims contact details are printed on your declarations page and in its customer portal. Report hurricane and water losses promptly, protect the property from further damage, photograph everything and keep receipts. Under Florida law a new or reopened property claim must be reported within one year of the date of loss, and a supplemental claim within 18 months.

OIR data give a sense of claim volume and disputes. In July 2026, Loggerhead opened 256 new claims on its homeowners and dwelling policies, had 590 claims pending at month-end and had 71 open lawsuits. If a claim stalls, the Florida Department of Financial Services runs mediation programs and a consumer helpline at 877-693-5236 (see state mediation programs for homeowners claims).

Ratings and reputation

Loggerhead is a young, single-state carrier. Like most Florida domestic insurers it relies on a financial stability rating your mortgage lender will accept, typically from Demotech rather than AM Best; confirm its current rating with your agent or at demotech.com before you buy (see Demotech ratings and Florida's insurers). Its 2025 results benefited from a quiet Florida hurricane year: NAIC figures show $177.2 million of direct premiums written and a direct loss ratio of about 31%.

Loggerhead is not ranked in J.D. Power's home insurance or property claims studies, and NAIC complaint index data for it were not available.

Who it suits

Loggerhead suits Florida homeowners with well-kept single-family homes and owners of rental houses who buy through an independent agent, and former Progressive or Bankers customers who want to stay with the carrier that replaced their policy. It suits less well condo owners and renters (it does not write HO-6 or HO-4), anyone outside Florida, and buyers who want to compare published coverage forms and discounts or a long financial track record.

• Strengths: policyholder-owned reciprocal with no outside shareholders; underwrites both owner-occupied homes and DP-3 rentals; agency distribution; built mostly from books transferred by Progressive and Bankers rather than Citizens takeouts.
• Weaknesses: operating only since 2022 and Florida-only, so one hurricane season can hit the whole book; limited product line and little public information; former Progressive premiums phased to Loggerhead rates over three years; dependent on reinsurance and on its founding investor's surplus note.

How to contact Loggerhead Reciprocal Interinsurance Exchange