Case Study: JMB Insurance Binds Comprehensive Builder’s Risk Coverage for a $229M Virginia Conversion with Shepherd

JMB Insurance binds a $229M builder’s risk conversion with Shepherd

The customer, JMB Insurance, needed to secure a substantial $229 million Builder's Risk policy for a complex adaptive-reuse project converting an office building into a residential community. The challenge was twofold: the office-to-residential conversion posed unique risks that fell outside many insurers' standard underwriting models, and the large project value required a quota share structure that further limited the number of willing markets.

The vendor, Shepherd, engaged quickly and provided a rapid indication. They participated on a quota share basis, delivering comprehensive All Risk Builder's Risk coverage that included catastrophe perils, Soft Costs, and Loss of Rents. Shepherd's deep understanding of conversion risks and their ability to assemble capacity for such a complex placement enabled JMB Insurance to bind the policy successfully, establishing a strong foundation for a future partnership.

JMB Insurance