Delos Insurance Solutions launched a program to expand homeowners insurance options for Californians 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 insurance and reinsurance companies, as well as Gallatin Point Capital LLC, a private investment firm with a primary focus on investing in financial institutions, to provide backing for the 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.
The FAIR Plan 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.
Delos uses technology to offer insurance protection to homeowners in communities that are more susceptible to wildfire risk. Founded in San Francisco in 2017 by aerospace engineers, Delos uses satellite imagery and artificial intelligence to identify insurable homes within territories deemed too risky by the rest of the insurance market. Delos is a managing general agent offering policies on behalf of insurers rated “A” (Excellent) or higher by AM Best.
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