Honeycomb Insurance, a Chicago-based InsurTech company, has announced the expansion of its non-admitted insurance programme, Honeycomb Specialty, across all 18 states in which it currently operates.
The company, which provides technology-powered property insurance solutions, has seen rapid growth since launching the programme, achieving billions in insured assets within the first year, according to Insurtech Digital.
The expansion is driven by rising demand for flexible insurance coverage amid tightening underwriting standards and reduced capacity from traditional carriers.
Honeycomb’s consistent double-digit month-over-month growth highlights a strong market need for alternatives to conventional insurers, especially during ongoing commercial property market volatility.
Founded with the aim of modernising insurance through technology, Honeycomb leverages computer vision and AI to streamline the underwriting process.
The InsurTech focuses on offering landlord and condominium association policies that are often overlooked by traditional carriers, delivering customised coverage at speed and scale.
The Honeycomb Specialty programme is designed to serve properties that fall outside the firm’s admitted insurance appetite.
This includes risks such as non-standard electrical systems, subpar roof conditions, or short lapses in previous coverage. By increasing its per-policy insured property limit from $10m to $25m, Honeycomb is offering broader protection to a wider range of clients.
A key feature of the enhanced programme is parity with the admitted line in both geography and limits, allowing users to manage admitted and non-admitted risks on one unified platform. Policyholders also benefit from a unique risk migration option, where properties can transition from non-admitted to admitted coverage if risk criteria improve.
Honeycomb Insurance CEO and Co-founder Itai Ben-Zaken said, “We built Honeycomb to make insurance easier, faster, and fairer for everyone involved: from brokers to building owners.”
Ben-Zaken added, “The success of our Specialty programme shows just how much the market needs accessible coverage options that don’t compromise on quality. With this expansion, we’re making it even simpler to manage diverse portfolios on a single platform, with the confidence that the coverage will be there when it’s needed most.”
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