Insurance
Home›Insurance›Industry & Deals›Usurance gets Utah approval to underwrite property and…
Usurance gets Utah approval to underwrite property and liability risks
The newly authorized insurer plans to target cross-border Asian exporters and wildfire-impacted homes, aiming to fill gaps in the admitted market where capacity has tightened.
Usurance Insurance Company has received a certificate of authority from the Utah Insurance Department, effective July 30, allowing it to write property, liability, vehicle liability, and marine and transportation insurance in Utah, according to Insurance Business.
The company, which describes itself as a US-based insurer with Chinese heritage, said it will focus on businesses with cross-border operations, Asian-American business owners, and international companies with US exposure. Charles Huang, founder and chairman of Los Angeles-based private equity firm Pasaca Capital, serves as CEO, and Pasaca Capital backs Usurance as part of a technology and insurance investment portfolio.
Usurance’s stated target sectors include product liability, logistics, aircraft, and intellectual property, with an emphasis on specialized risk management for cross-border trade. Insurance Business notes that Asian exporters have historically struggled to obtain adequate admitted coverage, with standard admitted carriers often citing unfamiliarity with Asian supply chains, language barriers, and gaps between Chinese manufacturers’ product liability policies and US claims standards.
The insurer also aims at fire-risk residential property, citing contraction in California’s admitted market tied to wildfire losses, higher reinsurance costs, and regulatory constraints on rate adequacy. Insurance Business reported that enrollment at the California FAIR Plan rose 43% between September 2024 and December 2025 as private admitted carriers tightened underwriting, and Usurance named wildfire-impacted property as a priority.