Avatar Partners LP, the parent company of Tampa, Fla.-based Avatar Property & Casualty Insurance Company (Avatar), has agreed to acquire Tallahassee, Fla.-based Elements Property Insurance Holdings LLC and its wholly-owned subsidiaries, including Elements Property Insurance Company (EPIC).
The acquisition will expand Avatar’s scale and presence in the Florida residential property insurance market. The transaction is subject to regulatory approval and other customary closing conditions.
The transaction allows Avatar to expand the reach of its homeowners’ insurance products through EPIC’s established distribution channels in Florida. Following consummation of the transaction, Avatar will acquire approximately $65 million of Florida residential insurance in-force premiums and access to more than 500 Florida independent insurance agents.
Avatar Property & Casualty Insurance Company has provided repairs and solutions to policyholders for nearly a decade. It underwrites homeowners’ insurance, condo insurance, manufactured home insurance and commercial building insurance. The Avatar team also manages a fully integrated insurance company including sales, underwriting, customer service, claims and repairs.
Established in 2013, Elements Property Insurance Holdings LLC is an insurance holding company. EPIC writes residential property insurance in Florida through a network of more than 500 agents.
Rudd & Diamond, P.A. and Radey Law Firm are acting as legal advisor to Avatar. GC Securities and Barnett, Bolt, Kirkwood, Long & Koche are acting as EPIC’s exclusive financial advisor and legal counsel, respectively.
Source: Avatar Partners LP
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