By Jon Hughes

Even in the best of economic times, theFlorida insurance market presents challenges in terms of a uniquegovernance model and frequent losses due to natural disasters. Notsurprisingly, following the especially volatile storm seasons of2004 and 2005 many insurance companies stopped writing homeownersinsurance in Florida creating a void in the insured market anddemand for homeowners and wind insurance. For start-ups likeHomeWise Insurance, this situation was a golden opportunity to takeover some policies from state-run Citizens Assumption and providereliable wind coverage to Florida homeowners.

When HomeWise entered the market in 2006, demand was high forexperienced, financially-sound insurance companies offeringhomeowners coverage. Strategically, moving rapidly to handle thisnew business made sense, but since the company was starting outwith a small, strategic staff, HomeWise executives knew ramping upin time to take advantage of the market opportunity would bedifficult.