CALABASAS CA and PLEASANTON CA--(Marketwired - Jan 19, 2017) - Topa Insurance Company today announced an exclusive partnership with Assured Risk Cover (ARC) to launch StormPeace™, an innovative insurance product in Florida. StormPeace is designed to protect insureds from economic loss incurred by a named hurricane and is available through a select network of appointed agents.
"We're proud to partner with ARC and bring this new insurance coverage to the Florida marketplace and beyond," says Anthony Manzitto, Executive Vice President & COO of Topa Insurance Group. "The ARC team has done a fantastic job designing the product and the technology to help close the protection gap for consumers and small businesses."
StormPeace is the only product of its kind and it provides coverage for a number of previously uninsurable losses with no deductible. Purchasing a policy is simple; only a name and address are needed. The claims process is quick and efficient and the money can be wired to the policyholder's bank account. The policy pays out almost immediately following an event -- the amount depending on the loss, the strength of the storm and its proximity to the insured address.
"Dealing with the trauma of a hurricane can be overwhelming, especially in the first 24 to 48 hours," says Alok Jha, CEO of Assured Risk Cover. "StormPeace helps residents get back on their feet quickly -- providing funds to check into a hotel, pay the deductible on their homeowners policy or pay for repairs such as landscaping and outdoor property."
Jha adds: "We're very excited to partner with Topa. Thanks to their market-making expertise and financial strength we are able to bring this important solution to society."
Assured Risk Cover (ARC) is a venture-backed Silicon Valley corporation based in Pleasanton, California. ARC is founded by an experienced team of catastrophe risk professionals whose singular vision is to bring immediate financial relief to people globally following catastrophes. Alok Jha (CEO), Kanwal Rekhi (lead investor from Inventus Capital Partners) and Kevin Schrage (former President of Aon Small Commercial Lines) form the Board of Directors of ARC. For more information, visit the StormPeace website at www.stormpeace.com or the company's website at www.assuredriskcover.com.
Topa Insurance Company is one of the wholly owned subsidiaries of Topa Insurance Group, a boutique insurance holding company based in Calabasas, California, which provides wholesale insurance solutions. Other subsidiaries include Alphyn Universal Insurance Solutions (CA), Dorchester Insurance Company (USVI), NevPac Reinsurance (BVI), and Topa Insurance Services (USVI). The group is led by our Board of Directors, Marion Anderson, Chair, William Anderson, Vice Chair, Judith Munzig, Brenda Seuthe, John Donahue, Michael Day and Judy Mann. Topa Insurance Group is focused on underwriting profit, operational excellence and agility for continuous growth. For more information about Topa Insurance Group, please visit www.topa-ins.com.