Florida Peninsula Insurance Co. has added about 25,000 policies with the completion of its acquisition of Edison Insurance Group.
The insurer's parent company, Florida Peninsula Holdings LLC, said in a statement that the deal includes Edison Insurance Co. and Edison Insurance Underwriters. Florida Peninsula of Boca Raton, Fla., which opened its doors in April 2005, will now have about 140,000 policies.
Terms of the deal were not disclosed. Florida Peninsula said Edison policies will remain in full force and customers can continue to use the same agent. Florida Peninsula markets via a network of 2,500 independent agents.
In the past, Florida Peninsula Chief Executive Officer Roger Desjadon said the company, which is one of about a dozen companies approved by state regulators as a "take-out company," was looking for another way to add policies (BestWire, Jan. 5, 2010). Take-out companies can remove policies from the state-run Citizens Insurance Property Corp., which had grown to become the second-largest property insurer in Florida in 2008, according to BestLink, which provides on-line access to A.M. Best's Global Insurance & Banking Database.
Edison, of St. Petersburg, Fla, was also an approved take-out company but it is mostly organically grown, Desjadon said.
The top five writers of homeowners multiperil in Florida in 2008, according to BestLink, were: State Farm Group, with a 17.7% market share; Citizens Property Insurance Corp., with 16.2%; Universal P&C Insurance Co., with 7.2%; USAA Group, with 5.1%; and Tower Hill Group, with 4.5%.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)