Delos Insurance Solutions Announces New Program to Expand Wildfire Insurance Options for California Homeowners

Delos Insurance Solutions, which uses wildfire science and aerospace expertise to solve insurance availability and affordability issues, today announced the launch of a program to expand homeowners’ insurance options for California homeowners facing wildfire risks and provide full home insurance policies to homeowners currently on the California Fair Access to Insurance Requirements (FAIR) Plan.  Delos has partnered with A-rated insurance and reinsurance companies, as well as Gallatin Point Capital LLC, to provide backing for this program.

Under the agreement, Delos will have increased capacity to underwrite homeowners’ insurance for more than 15,000 FAIR Plan policyholders through the newly created California FAIR Plan Clearinghouse.  This is significant because many California homeowners struggle to obtain insurance for wildfire risks and must obtain coverage through the FAIR Plan, which serves as a temporary source of coverage for those who cannot obtain insurance from the traditional market. In June 2021, the California FAIR Plan established a clearinghouse to encourage traditional insurers to offer coverage.

“As a local company founded by Californians, Delos is committed to bringing significant relief to homeowners in wildfire-stressed areas of the state,” said Kevin Stein, CEO and co-founder of Delos. “We are proud to work with our committed carrier partners, to dramatically expand insurance options for homes struggling to find coverage.”

Matt Botein, co-founder and managing partner of Gallatin Point, noted: “We are excited to partner with Kevin and the Delos team. We have been impressed by the company’s unique vision and underwriting capabilities, which position it as a leader in providing insurance options for the wildfire-distressed California homeowners’ market. We look forward to supporting the company’s growth and journey.”

Delos marries its expertise with data from its full suite of wildfire models to aggregate and analyze exposure and concentration to quantify a home’s actual wildfire exposure. Before Delos began offering homeowners policies, other insurers were unable to distinguish between “exposed” and “stressed” wildfire areas, so many elected not to offer the coverage in areas they deemed too risky. As a result, homeowners in stressed areas, where wildfires occur but do not pose a high risk of loss, have been unable to find insurance protection outside of the FAIR Plan. Through its platform, Delos offers individuals in wildfire areas full homeowners’ insurance, while delivering profitable and diversified portfolios to insurers, reinsurers, the Lloyd’s market, and the collateralized capital community.