Weston CEO Nixon confirms cat-exposed focus, seeks coastal expansion

Deanne Nixon, the President and Chief Executive Officer of Florida-headquartered domestic specialty property insurer Weston, has confirmed a catastrophe exposed property focus as it merges its two main carriers together and changes its name to Weston Property & Casualty Insurance Company.

Weston Property & Casualty Insurance Company (WPCIC) is formed out of the merger of Weston Insurance Company (WIC) and Weston Specialty Insurance Company (WSIC), the two underwriting platforms of the Weston Insurance Holdings Corporation.

The Floridian carrier has always had a focus on catastrophe and in particular wind-exposed properties, writing business in its home state, as well as some other hurricane exposed states.

The company also specialises in covering properties exposed to other secondary perils related to convective and severe thunderstorm activity.

Weston Property & Casualty Insurance Company (WPCIC) has been formed as a Florida-domiciled insurance carrier that specialises in covering losses from natural catastrophes to personal and commercial residential and non- residential properties.

Licensed across fourteen states, currently Weston operates in Florida, Texas, Louisiana, and Mississippi.

The company said that the rebranding reflects an “evolution” of the Weston business and said it is focused on expanding its coastal offerings in the current states it operates in, as well as to other coastal states.

Deanne Nixon, Weston President and CEO, commented on the news, “The Weston team is excited about the coastal opportunities in the market. We see an improving rate environment and believe there is a need for a financially secure insurer in the markets in which we operate.

“We have crystalized our business plan and are focused on cat-exposed business. I am thrilled to be leading Weston through this transformative stage in its evolution.”

The Weston Insurance Company windstorm focused business and also the Weston Specialty Insurance Company will all now be offered from under the new Weston Property & Casualty Insurance Company brand.

The new company, WPCIC has been assigned a Financial Stability Rating of A, Exceptional by Demotech, the same rating the two previous carriers held.

As a coastal carrier, Weston had suffered from loss activity in recent years, although its robust reinsurance arrangements had assisted it in managing through the storms that struck Florida and other states it writes business in.

Its reinsurance program will likely be restructured to reflect the single underwriting company and core backing from insurance-linked securities (ILS) markets will no doubt continue as well.

Back in 2020, Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance- and transportation- focused investment manager, took majority control of Weston, after a capital restructuring and investment round in the carrier.

That financing put Weston back on a better footing after heavy catastrophe loss years, helping it to sustain and rebuild surplus and regain ratings that had been withdrawn after a challenging reinsurance renewal.

Continued support from reinsurance capital providers will be key for Weston as it looks to further expand its business in the improving rate environment.

Weston is not the first carrier to express a desire to grow further in coastal regions at this time, as other Florida specialists including FedNat and United have both recently confirmed a renewed focus on that state.