News Release: Florida Peninsula Insurance Company enters in Acquisition agreement with Edison Insurance Company
Jan 4, 2010
This news release was issued by Boardroom Communications on Dec. 4, 2009.
Florida Homeowners Insurer to Grow by 25,000 Policies
BOCA RATON/ST. PETERSBURG, FL, January 04, 2010 – Florida Peninsula Holdings, LLC, the parent company of Florida Peninsula Insurance Company, announced today that it has entered into an agreement with and has received Florida Office of Insurance Regulation consent to acquire Edison Insurance Group, including its two of its subsidiaries: Edison Insurance Company and Edison Insurance Underwriters.
“The addition of Edison Insurance Company will broaden our distribution and agency network in key geographic areas and expand the range of products we offer,” said Florida Peninsula Insurance CEO Roger Desjadon. “The acquisition provides synergies that will translate into additional opportunities to grow our customer base and spread risk, resulting in an overall stronger foundation for both companies.”
The acquisition includes more than 25,000 Edison policyholders that will now become part of Florida Peninsula Insurance Company. Current Edison customers will not see any changes made to their policies, independent insurance agent or Edison contact numbers. Furthermore, their Edison policies will continue to remain in full force.
“We intend to provide Edison’s policyholders with the same fast, fair and friendly service our insureds have become accustomed to via our high-end customer and agent support and experienced in-house claims department ,” Added Desjadon. .
Edison’s customers will continue to work with their existing independent insurance agents. Current Florida Peninsula customers are not impacted by the acquisition.
Headquartered in St. Petersburg, Florida, Edison Insurance Company will become part of the Florida Peninsula family of companies. Florida Peninsula, a top-10 Florida residential property insurance company, is rated A Exceptional by Demotech, and has more than 120,000 homeowners, renters and condominium unit policyholders located throughout the state.
“Similar to Florida Peninsula, Edison was built on filling the insurance needs of the Florida property owner, making our existing corporate philosophy a fit with Florida Peninsula`s solution-oriented culture,” added David Howard, President of Edison Insurance Company. “We were impressed with the quality and professionalism of the Florida Peninsula management team and staff, and are proud to join their family of companies.”