The sixth largest insurance company writing property coverage in Florida is looking to increase its market share by acquiring the 14 highest property insurer in the state.
Tower Hill Insurance Group, LLC., has announced that has finalized its purchase of Royal Palm Insurance Co. Specific details 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 is the state’s sixth largest property insurer with a reported $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.
Topics Florida Mergers & Acquisitions
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