Applied Underwriters Sells Sarasota Subsidiary to Coastal Risk Insurer | Insurance business America
Buyer will address the recognized insurance needs of homeowners and real estate investors
Insurance News
By Kenneth Araullo
Applied Underwriters has announced the sale of its Sarasota-based Centauri Insurance to Lilypad Insurance, a new subsidiary of climate risk solutions provider Arbol Inc.
Following the sale, Applied Underwriters will continue to operate its private lines through its Home National division, focusing on its rapidly growing real estate business portfolio.
Subject to regulatory approval, the deal is expected to close within the next 45 days. Centauri, which has offices in Florida and Louisiana, will integrate with Lilypad Insurance to serve the recognized insurance needs of homeowners and real estate investors throughout the United States.
Home National CEO Bob Courtemanche commented on Centauri’s resilience and growth as it has weathered many major storms, including Hurricane Ian.
“Meanwhile, at Home National, we have rapidly diversified and expanded our MGA business platform, gaining traction in higher-end business, such as commercial condominium and apartment complexes, upscale homes, and co-living and multifamily properties – all almost exclusively in the E&S space,” said Courtemanche . “The level of climate risk specialization now required for hurricane-impacted markets makes this strategic transaction significant for all parties. We welcome Lilypad to the field.”
Jamie Sahara, president of Applied Underwriters, also emphasized the strategic importance of leadership continuity in navigating the complexities of coastal insurance.
“We are pleased that our Centauri team will be moving to Lilypad and expanding with additional experienced professionals to effectively serve policyholders,” said Sahara. “In fact, the permitted real estate market requires the exceptionally narrow, concentrated focus of industry specialists with long-term insights and the type of advanced climate data analysis and associated technology that Arbol provides.”
“A direct response to the growing insurance gap”
Ricardo Espino, CEO of Lilypad, emphasized the potential of the new company.
“We founded Lilypad in direct response to the growing insurance gap in disaster-prone areas,” he said. “By leveraging Arbol’s advanced climate data and technology infrastructure, we are in a unique position to offer tailored insurance solutions to address the risks and challenges of living on the coast – not an easy task, but one where we now have the most sophisticated climate instrumentation from Arbol can be used successfully.” ”
Traci Stillwagon, COO of Lilypad Insurance and former senior leader of Centauri, reiterated the continuity of service and thanked Applied Underwriters for their support during the transition.
She emphasized the commitment to providing uninterrupted coverage to Centauri’s customers and noted that the integration of Centauri’s existing capabilities into Lilypad represents a significant step forward in its mission to protect coastal homeowners.
“This transaction not only immediately expands our market reach, but also expands our product offering and ensures more homeowners have access to insurance coverage. The operations and policies of Centauri Specialty Insurance Company and Centauri National Insurance Company will continue without interruption and Lilypad remains committed to continuing the excellent standard of service to Centauri customers,” she said.
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2024-04-19 13:58:10
www.insurancebusinessmag.com
