Builder Reciprocal writes $18.5 million in first quarter

Builder Reciprocal Insurance Exchange  wrote $18.5 million in direct homeowners premium during the first quarter of 2026, with all business generated in Texas.

The Baldwin-affiliated reciprocal reported $12.5 million in direct earned premium and ceded $18.5 million in written premium during the quarter. Its reinsurance panel includes Swiss Re, QBE Re, SiriusPoint, Hannover Re, Everest, Arch, Hiscox, Bobcat Re and several Lloyd’s syndicates.

Builder Reciprocal posted a $4.9 million underwriting loss and a $3.6 million net loss for the quarter. It reported $4.3 million in incurred losses, $1.7 million in loss adjustment expenses and $6.4 million in other underwriting expenses.

The exchange ended March with $103.1 million in policyholder surplus, down from $104.6 million at the end of 2025. Its capital includes $110 million in surplus notes, while policyholder contributions increased by $2.1 million during the quarter.

Builder Reciprocal began operating in May 2025 and recorded a $12.6 million net loss last year. As of March 31, 2026, it had written business only in Texas.

Builder Risk Management serves as the exchange’s attorney-in-fact. Baldwin owns 75% of the entity, while Gallatin Point owns the remaining 25%.

Builder Reciprocal is also expanding through Invictus Insurance Exchange, which has filed to launch a California homeowners program based largely on Farmers’ Smart Plan Home product, targeting an October 1, 2026, effective date.