A Florida domiciled auto insurer that provides coverage to 18,000 drivers in the state and Georgia has been acquired by California equity firm looking to enter the non-standard market.
Peachtree Casualty Insurance Co. is licensed to market insurance in 38 states, although the bulk of its book of business is in Florida and Georgia. Specializing in the non-standard auto market, it currently has 400 agents.
The insurer was sold to Personable Holdings Inc., a California equity firm that was formed in August 2011 as a partnership with the Denver-based Excellere Partners and Align Financial Group Inc., for the purpose of entering the non-standard market.
The Peachtree acquisition was part of a deal whereby Personable Holdings acquired the Smyrna, Georgia-based Network Holdings Inc. and its managing general agent, First Insurance Network Inc.
The deal has been approved by Florida’s Office of Insurance Regulation.
Personable Holdings underwrites $50 million in products in California, Texas, Georgia and Florida and is looking to make other acquisitions. The company has offices in San Diego and Irving, Calif., and in Atlanta, with more plans to open other offices.
Topics Mergers & Acquisitions California Carriers Auto Florida Georgia
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