Lilypad Insurance coverage Holdings has closed the deal to purchase Florida-based Centauri Specialty Insurance coverage Firm and Centauri Nationwide Insurance coverage Firm from Utilized Underwriters.
The deal, introduced earlier this yr, was accomplished after securing all related regulatory clearances.
Monetary phrases of the transaction stay undisclosed.
This transfer enhances Lilypad foothold within the coastal property insurance coverage market.
The corporate was based this April by Arbol with the goal of assembly the precise insurance coverage wants of coastal householders.
It signed a deal to amass Centauri after figuring out synergistic alternatives.
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Asserting its launch, Lilypad harassed that its institution is essential at a time when a rising variety of insurers are retreating from states equivalent to Florida, California and Louisiana within the wake of the rising frequency of pure disasters.
Centauri, based in 2011 by Ricardo Espino, provides P&C insurance coverage merchandise.
Espino, Lilypad Insurance coverage president, mentioned: “This transfer underscores our dedication to enhancing our presence in key markets and constructing upon Centauri’s robust basis.
“We sit up for persevering with to offer superior service to policyholders and leveraging our expanded capabilities to profit our valued company companions.”
The acquisition is not going to disrupt Centauri’s companies, as Lilypad is dedicated to preserving Centauri’s current merchandise and operational requirements.
Centauri has a presence in numerous US states together with Alabama, Florida, Hawaii, Louisiana, Mississippi, South Carolina and Texas.
Lilypad Insurance coverage COO Traci Stillwagon mentioned: “The acquisition aligns with our strategic development and market management targets, and we’re assured within the alternatives it presents for all stakeholders concerned.”
