Venbrook Group, a fast-growing, independently owned insurance brokerage and risk management firm based in the United States, has entered into a strategic partnership with DB Insurance to launch a specialty habitational insurance product for multi-unit residential properties in California.
The policy addresses growing insurance gaps in the state’s commercial property market caused by natural disasters, regulatory limits, and shrinking carrier capacity, according to InsurTech Insights.
This has left many residential property owners, particularly those in condominiums and townhome homeowners’ associations (HOAs), struggling to find adequate coverage. This new product targets that underserved market segment with tailored coverage options.
Venbrook, which provides brokerage, risk management, and consulting services, has established a new division called the Specialty Product Group to oversee the initiative.
The group will focus on tailored solutions for the Construction and Real Estate sectors and is part of the company’s broader strategy to address evolving risks. The new product is the first offering from the division and will be led by executive vice president Bryan Meyer.
DB Insurance, an A+ rated carrier, will underwrite the policy. The coverage includes $1m in liability per occurrence and $2m aggregate, $5,000 in medical payments per person, business income protection on an actual loss sustained basis, and extended replacement cost coverage up to 125%. The product is available on an admitted basis throughout California.
This launch signals a significant move by both companies to address the state’s commercial property insurance capacity crisis. It also represents DB Insurance’s deepening commitment to the U.S. market by offering solutions that are both responsive and relevant in today’s tightening insurance environment.
“We are thrilled to partner with DB Insurance Company and bring an admitted, A+ rated carrier to fill the capacity needs of commercial property residential owners in California,” Venbrook founder and CEO Jason Turner said. “For many reasons, there is a hole in the market. This product is a lifeline for this segment.”
“We are very happy to work with Venbrook on this much needed product,” DB Insurance LA branch manager Jimmy Bae said. “This is a win for the marketplace.”
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