Homesite Insurance announced today that it has purchased the Royal Special Risks Insurance Company, which is comprised of 40 property-casualty state licenses, from Royal & Sun Alliance, one of the world’s largest insurance groups. The acquisition significantly expands Homesite’s ability to underwrite and sell homeowners insurance and related coverages throughout the U.S. Terms of the transaction were not disclosed.
Homesite currently underwrites and sells homeowners and renters insurance in 20 states. With the licenses acquired through this acquisition, Homesite will be able to sell its products to homeowners and renters in 44 states and D.C.
Charles Kline, Homesite’s Chief Executive Officer, said, “Building this kind of nationwide presence has been among Homesite’s highest priorities. It significantly enhances our ability to sell through large financial institutions, such as mortgage companies, banks and other insurers seeking to offer homeowners products. Moreover, our prospects of selling over the Internet, whether through our own site, homesite.com, or through Internet partners, are greatly enhanced if we are writing in most states.”
Among Homesite’s strategic marketing partners is General Motors Acceptance Corp., the finance arm of General Motors, through whom it sells homeowners insurance to GM employees and retirees in the U.S., members of GMAC Insurance’s affinity and worksite relationships, and groups targeted by GMAC Insurance direct marketing initiatives. Other marketing partners include the U.S. Postal Service, InsWeb, Homestore.com(TM), Realtor.com(R), Springstreet.com(TM), Moving.com, Rent.net, and SBLI USA among others.
Homesite Group Inc. was formed in 1997 and launched in 1999. Homesite’s insurance products are marketed through affinity groups, employers and selected service partners, as well as directly to consumers.
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