Rainbow is making its New York restaurant insurance program more competitive less than a year after entering the market.

The restaurant-focused MGA’s BOP program, underwritten by Accelerant National Insurance Company, launched in New York in 2025. The book has already reached 72 policyholders and about $1.1 million in written premium, implying an average premium of roughly $15,000 per account.

Now Rainbow is lowering rates by 24.2% overall, a move that will reduce premium on the existing book by about $260,000. The largest individual decrease is 30.1%, while the smallest is 7.2%. The revision was approved effective January 1, 2026.

The rate move is partly a correction. When Rainbow entered New York, it used its Texas restaurant program as the starting point for liability pricing, adjusted for differences between the two states. It later discovered that the Texas rates used in that analysis weren’t the rates actually filed in Texas, resulting in New York liability rates that were higher than intended.

Updated comparisons could have supported liability reductions of as much as 45%-48%, but Rainbow opted for a smaller 28% cut to avoid a sharp short-term pricing swing. That produces the 24.2% overall decrease.

The filing also points to a broader effort to make New York look more like Rainbow’s other markets. The company is expanding premium-size credits, which have a 2.6% rate impact, and adding more flexibility to schedule rating.