Utilized Underwriters sells off Sarasota subsidiary to coastal threat insurer

Utilized Underwriters has introduced the sale of its Sarasota-based Centauri Insurance coverage to Lilypad Insurance coverage, a brand new subsidiary of local weather threat options supplier Arbol Inc.

Following the sale, Utilized Underwriters will proceed to function its private traces via its House Nationwide division, specializing in its quickly increasing property enterprise portfolio.

The deal, pending regulatory approval, is anticipated to shut throughout the subsequent 45 days. Centauri, which has operations in Florida and Louisiana, will probably be built-in with Lilypad Insurance coverage to fulfill the admitted insurance coverage wants of house owners and property traders throughout the US.

Bob Courtemanche, CEO of House Nationwide, commented on the resilience and progress of Centauri because it weathered many main storms, together with Hurricane Ian.

“In the meantime, we at House Nationwide have diversified and grown our MGA enterprise platform quickly, gaining traction in increased restrict enterprise, resembling business apartment and condo complexes, higher-end houses, and shared and layered placements — all nearly completely within the E&S house,” Courtemanche stated. “The extent of local weather threat specialization now wanted for the hurricane-exposed admitted markets makes this strategic transaction significant for all events. We welcome Lilypad to the sphere.”

Jamie Sahara, president of Utilized Underwriters, additionally highlighted the strategic significance of management continuity in addressing the complexities of coastal insurance coverage.

“We’re happy that our Centauri workforce will transfer to Lilypad and be joined by different completed professionals to serve policyholders successfully,” Sahara stated. “In truth, the admitted property market requires the terribly slim, concentrated focus of sector specialists with long-term perception and the form of superior local weather knowledge evaluation and associated know-how that Arbol brings.”

“A direct response to the rising insurance coverage protection hole”

Ricardo Espino, CEO of Lilypad, emphasised the potential of the brand new enterprise.

“We established Lilypad as a direct response to the rising insurance coverage protection hole in catastrophe-prone areas,” he stated. “By leveraging Arbol’s superior local weather knowledge and know-how infrastructure, we’re uniquely positioned to supply tailor-made insurance coverage options to deal with the dangers and challenges of coastal residing– no small process, however one for which we could now apply Arbol’s subtle local weather instrumentation to achieve.”

Lilypad Insurance coverage COO and former Centauri senior chief Traci Stillwagon affirmed the continuity of service, expressing gratitude to Utilized Underwriters for his or her help through the transition.

She emphasised the dedication to offering uninterrupted protection to Centauri’s shoppers and famous that integrating Centauri’s current capabilities into Lilypad represented a big step ahead of their mission to guard coastal householders.

“This transaction not solely extends our market attain instantly but in addition enhances our product choices, making certain that extra householders have entry to insurance coverage protection. Operations and insurance policies for Centauri Specialty Insurance coverage Firm and Centauri Nationwide Insurance coverage Firm will proceed with out disruption, and Lilypad stays dedicated to persevering with the wonderful commonplace of service for Centauri’s shoppers,” she stated.

What are your ideas on this story? Please be happy to share your feedback under.