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 12 months, 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 particular insurance coverage wants of coastal owners.
It signed a deal to accumulate Centauri after figuring out synergistic alternatives.
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Saying its launch, Lilypad pressured that its institution is essential at a time when a rising variety of insurers are retreating from states resembling Florida, California and Louisiana within the wake of the growing frequency of pure disasters.
Centauri, based in 2011 by Ricardo Espino, gives 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 supply superior service to policyholders and leveraging our expanded capabilities to learn our valued company companions.”
The acquisition won’t disrupt Centauri’s companies, as Lilypad is dedicated to preserving Centauri’s current merchandise and operational requirements.
Centauri has a presence in varied 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 goals, and we’re assured within the alternatives it presents for all stakeholders concerned.”
