Chicago-based InsurTech Honeycomb has expanded its non-admitted insurance programme, Honeycomb Specialty, to all 18 states in which it operates.
The move increases per-policy insured property limits from $10m to $25m and comes after the company surpassed billions in insured assets within 12 months of launching the programme, according to Insurtech Digital.
Honeycomb Specialty targets properties outside of the firm’s traditional appetite, including those with older infrastructure or minor coverage gaps.
The platform enables users to manage both admitted and non-admitted policies on a single system, with certain risks eligible to migrate to admitted coverage over time.
Honeycomb now insures over $55bn in real estate value and reports an industry-leading loss ratio, supported by its AI and computer vision-powered underwriting model.
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.
“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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