Housing Partnership Insurance Exchange

Madison Ridge

The Housing Partnership Insurance Exchange (HPIEx) is the first captive insurance company created, owned and operated by nonprofit housing developers. This award winning social enterprise was launched in 2004 to address the insurance crisis faced by our members after September 11th when insurers dramatically raised premiums and canceled coverage despite our exceptional loss history. Ten years later, HPIEx insures more than 60,000 apartments owned by 24 HPN members and insures properties with a total value over $7.5 billion. The company provides property and casualty insurance; in January 2014, the company added workers compensation coverage to its offerings. Total annual premiums have grown from $6 million in 2004 to over $22 million today.

HPIEx ensures its members superior coverage, customized loss control services and stable premiums which shield them from the volatile pricing in the conventional insurance market. The company's excellent results have enabled it to distribute $8.2 million in dividends to owner-members over the past seven years on an initial investment of $3 million.

HPN serves as general manager and part owner of the captive and oversees its contractual relationships with brokers, fronting carriers, reinsurers, claims managers and actuaries.

For more information, contact William Kelsey.

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