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Builder Reciprocal writes $18.5 million in Texas homeowners premiums in Q1

The exchange posted a $4.9 million underwriting loss and ended March with $103.1 million in policyholder surplus, down from $104.6 million at end of 2025.

Reported · Written up by our desk · Property Insurance

Builder Reciprocal Insurance Exchange generated $18.5 million in direct homeowners premium in the first quarter of 2026, with all of its business written in Texas, Coverager reports. The Baldwin-affiliated reciprocal reported $12.5 million in direct earned premium and ceded $18.5 million in written premium during the quarter.

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

Builder Reciprocal 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, and policyholder contributions increased by $2.1 million during the quarter.

The 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, and it also is expanding through Invictus Insurance Exchange, which has filed to launch a California homeowners program with an October 1, 2026, effective date.

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