Boca Raton-based Florida Peninsula Holdings has agreed to acquire another Florida property insurer, Edison Insurance Group, including its two subsidiaries, Edison Insurance Co. and Edison Insurance Underwriters.
The company said state regulators approved the deal on Dec. 31 but it will take another 30 days or so before it closes. Terms were not disclosed.
The acquisition includes about 25,000 Edison policies that will now become part of Florida Peninsula Insurance Co. Current Edison customers will not see any changes in their policies, independent insurance agent or Edison contact numbers.Their Edison policies will continue to remain in full force, according to the company.
Edison’s customers will continue to work with their existing independent insurance agents. Current Florida Peninsula customers are not affected by the acquisition.
Edison’s president David Howard will be joining Florida Peninsula, along with several claims department personnel, according to a spokesperson.
Edison Insurance Co., which started in 2006 and is headquartered in St. Petersburg, will become part of the Florida Peninsula group of companies.
Florida Peninsula opened in 2005 and now has about 120,000 homeowners, renters and condominium unit policyholders located throughout the state. It has relationships with about 2,500 independent agents.
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