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Current Chairman and President of Lighthouse Property Insurance Corp., Patrick L. White, has acquired an 89 percent ownership stake in Prepared Holdings, LLC and its wholly-owned subsidiaries including Prepared Insurance Company.
The Florida Office of Insurance Regulation has issued a consent order authorizing the change in ownership and the deal was consummated on March 10, 2017. White now has controlling interest of Prepared and plans to continue to enhance financial stability to support overall company growth, the company said in a statement.
Prepared’s management team will remain in place and maintain their ownership interest, while White will assume the position of chairman and CEO. Eric Gobble will continue as president and chief risk officer.
Prepared writes approximately $60 million of Florida residential insurance premium through a network of over 500 independent insurance agents. They ended 2016 with $20.1 million in capital surplus, remaining flat year over year. The company plans to increase surplus to $25 million by mid-year 2017 to fuel multi-state expansion growth.
Demotech, Inc. recently reaffirmed Prepared’s current Financial Stability Rating (FSR) of A, Exceptional based on a review of the company’s 2016 Annual Statutory Financial Statement, specific financial and actuarial analyses, ongoing business plan, and the synergies associated with the acquisition.
Since acquiring ownership in Lighthouse in 2010, White has served in various roles including director, chairman and president. He currently manages the reinsurance placement, investment portfolio, marketing and strategic vision, but will be stepping down as chairman and president to focus on Prepared.
White said the company will work on growing both in Florida and, ultimately, additional states.
White will be joined by industry veteran Scot Moore, who will serve as a director on the Board of Managers. Gobble and CFO Jeff Myers will also serve as directors along with John Burden, CEO & co-manager of Broadcrest Asset Management, LLC. Burden was formerly president & CEO of Old Florida Bancshares, Inc. prior to its sale to IBERIABANK Corporation in 2015.
Prepared Holdings, LLC (PHLLC) is the parent company of a consolidated group of companies writing personal homeowners’ lines of business in Florida & Louisiana. Prepared Insurance Company is the primary operating company, headquartered in Tampa, Florida.
Correction: An earlier version of this story incorrectly identified Patrick L. White as CEO of Lighthouse Property Insurance in the headline. He is actually president and chairman of the company. Insurance Journal regrets the error.