LAKE FOREST, Calif. and BOISE, Idaho — Folio (div. Portfolio) and HouseCheck have partnered to form affiliated reinsurance companies that will allow real estate agents to capture underwriting profits from the sale of home warranties, the companies announced.
The new venture brings a reinsurance structure with a 30-year track record of success in the automotive industry to agents partnered with HouseCheck, a national leader in home inspections, warranties and environmental testing.
“HouseCheck has one of the best business models we’ve seen, and we recognized this partnership as another avenue to strengthen our own business model and administrative capabilities,” said Portfolio CSO Dan Haugen. “To our knowledge, combining home warranties with reinsurance has never been done, and we are excited to embark on this adventure together.”
Executives noted the program’s launch follows several months of planning and regulatory review. HouseCheck’s chief customer officer, Sean Parry, said the partnership will accelerate the company’s growth while offering real estate agents, service providers and other partners a new source of recurring revenue.
“Reinsurance will expand our brand, our reach and our footprint, and we couldn’t be more thrilled to do it with the leading provider in the automotive industry,” Parry said. “We are excited to get it out there.”