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.
Topics Mergers & Acquisitions Florida
Was this article valuable?
Here are more articles you may enjoy.
GEICO Avoids Class Action Over Totaled Vehicle Payouts in New Jersey 
Amazon Seen as Shielded from Liability for Miami Cargo Plane Crash 
Aon Acquires USI Insurance From KKR in $17 Billion Deal Targeting Middle Market 
UnitedHealth Sells Interest in Florida WellMed Clinics to TPG 
