Business Moves

Tower Hill, Royal Palm

The sixth largest insurance company writing property coverage in Florida is looking to increase its market share by acquiring the 14 biggest property insurer in the state. Tower Hill Insurance Group has finalized its purchase of Royal Palm Insurance Co.Ê Specifics of the sale were not disclosed.

The Gainesville, Florida-based Tower Hill took over as managing general agent of Royal Palm in 2009, replacing Security First Managers. Security First later sued Royal Palm for allegedly cancelling its contract too soon. An arbitration panel found in favor of Security First, but the arbitrator’s decision was set aside when the two companies entered into a confidential settlement.

Based on 2009 figures, Tower Hill has $267.6 million in direct written premiums. During the same time period, Royal Palm reported direct written premiums of $153.9 million. Including Royal Palm, Tower Hill said it had $123 million in surplus as of year-end 2010 with $570 million in written premiums representing 348,000 policyholders.

Heritage, Keystone

Heritage Insurance Group of Johnson City has become Keystone Insurers Group’s first agency partner in Tennessee. Heritage sells property/casualty, life and health insurance. It has 18 employees in its home office and a branch in Kingsport. Stephen Bryant is president of the agency. Founded more than a 100 years ago, Heritage has grown through adding new customers and agency acquisitions to become one of the largest agencies in northeast Tennessee. It placed more than $23 million in premiums in 2010.

Keystone announced its intention to enter Tennessee last fall. Northumberland, Pennsylvania, Keystone is owned by its employees and already hasÊfranchise partners in Pennsylvania, North Carolina, Virginia, Indiana, Ohio and Kentucky.

With total property and casualty premiums exceeding $1.4 billion, Keystone ranked fifth on the list of the top 100 privately-held property/casualty agencies in America, according to Insurance Journal.

C.V. Starr, Starr International

C. V. Starr & Co., Inc. and Starr International USA Inc. unveiled a new corporate umbrella brand, Starr Companies.Ê Starr Companies is a global, privately held, insurance, financial services, and investments organization, providing asset protection and risk management products.

Starr has experienced significant growth over the past few years through the building of insurance companies and the increase in scope of its general agencies. “The new corporate brand will assist us in creating a cohesive image and make an important contribution to Starr’s continued growth,” said Jake Sokol, marketing director.

The new Starr Companies logo features a star reaching around the globe to convey the international reach of Starr Companies.

Topics Tennessee