Comprehensive Market Research Report

Overview

Security First Insurance is a leading provider of homeowners insurance headquartered in Ormond Beach, Florida. The company is highly rated, with an "A" rating from Demotech, Inc., and an A+ rating from the Better Business Bureau. Known for outstanding customer service, Security First has achieved recognition as the #1 Pick for Hurricane Protection in Florida by MarketWatch Guides Home Team for three consecutive years (2022, 2023, and 2024). Their focus is on delivering comprehensive coverage options, including discounts like wind mitigation to facilitate cost savings for clients.

Insurance Offerings and Customer Feedback

Security First specializes in homeowners, condo, and renters insurance, offering a range of coverage options to suit various needs and budgets. Optional coverages include equipment breakdown and identity theft, with an emphasis on affordability and preparedness against unexpected hazards. The company receives positive customer feedback, highlighted by their efficient claims process and responsive support, often praised for proactive communication especially during crises such as Hurricane Matthew.

Corporate Leadership

Leadership Team and Profiles

• Locke Burt: CEO and Chairman. Founder of Security First Insurance, Locke has been acknowledged as one of Florida's 500 most influential people by Florida Trend Magazine.

• Melissa Burt DeVriese: President, Secretary, and Director. Integral since 2009, Melissa has contributed to strategic development and policy and celebrated her 15th anniversary with the company in 2024.

• Clive Becker-Jones: Chief Financial Officer. Rejoining the leadership, Clive plays a crucial role in strategic financial management.

• Gregory Moraski: Chief Claims Officer. With over 35 years in claims and litigation management, Gregory ensures efficient claims operations.

• Bob Ketchum: Senior Vice President of Product and Underwriting. Promoted in 2024, Bob oversees product strategy based on over 35 years of industry experience.

• Mike Killingsworth: Vice President of Sales and Marketing. Joining in 2023, Mike spearheads sales and marketing strategies, with a focus on innovative customer engagement.

Digital Presence and Customer Engagement

Security First maintains a strong online presence via a user-friendly website and platforms like Facebook and LinkedIn. Its mobile app enables seamless policy management and secure payment options, enhancing accessibility and customer-focus.

Competitor Profile

Security First Insurance, with over a century of expertise in the insurance sector, faces competition from several key players:

1. Fidelity National Financial (FNF)

Located in Jacksonville, Florida, FNF is prominent in title insurance and transaction services, with a revenue of $11.8 billion in 2022 and more than 22,293 employees. They offer diversified services including trust activities and have engaged in significant mergers like acquiring TitlePoint from Black Knight in January 2023.

2. GeoVera Insurance Group

Based in Fairfield, California, GeoVera excels in catastrophe-prone insurance, notably residential earthquake coverage, holding an "A" rating from A.M. Best. Recent developments include partnerships for capital efficiency and new products like the Quake Select Flex Limit introduced in July 2023.

3. Heritage Insurance Holdings, Inc. (HRTG)

Operating in the Gulf Coast and California, Heritage offers diverse insurance solutions through an extensive agent network. Headquartered in Tampa, Florida, it's publicly traded on the NYSE under HRTG, indicating a strong regional impact.

4. TypTap Insurance Group

A tech-savvy entity, TypTap has been harnessing data and AI since 2016 to streamline flood and homeowners insurance services. As an HCI Group subsidiary, TypTap’s quick quote system exemplifies its customer-friendly approach.

5. Southern Fidelity Insurance Company

Established in 2005, Southern Fidelity served several states but faced liquidation in June 2022, significantly affecting its market operations and presence.

By understanding competitors like FNF and tech-driven companies such as TypTap, Security First can strategize to maintain its competitive edge in a dynamic industry landscape.