Lexon Insurance Co. in Hermitage, Tennessee, has agreed to a acquire all shares of Peninsular Surety Co. in Naples, Fla.
Pending expectant regulatory approval by the state of Florida, Peninsular will become a wholly owned indirect subsidiary of Lexon.
Lexon President and CEO David Campbell said the acquisition provides immediate entrance into the important Florida bail bond market. “In addition, from a portfolio perspective, the existing operations provide a good yield on our investment,” he said.
Andrew Renshaw, Lexon’s vice president of bail and immigration, will serve as the incoming president of Peninsular. Renshaw, along with Tom Dieruf, chairman; Peter Balistrieri, vice president and general counsel; P. Gregory Lauer, treasurer/secretary and Matthew Semeraro will serve as the board of directors.
Lexon Insurance Co. is a privately held company specializing in the business of surety bonds.