Susan Patschak to Lead Safeway-Florida Specialty Holdings Venture
Feb 17, 2015
FLORIDA SPECIALTY HOLDINGS AGREEMENT ANNOUNCED
Friday, 13th February 2015, Sarasota, Florida . . . Safeway Financial Holdings and Florida Specialty Holdings have entered into an agreement whereby Florida Specialty Holdings will acquire 100% of the stock of the Safeway Property Insurance Company (Safeway Property). Safeway Property is a home and manufactured home insurance company specific to the state of Florida and is located in Gainesville, Florida.
“The strategic decision has been made to divest Safeway Property in order to concentrate on our automobile franchise” commented Robert M. Bordeman, Chief Executive of the Safeway Insurance Group.
Susan Patschak, CEO and Rick Loden, President/COO will head up the newly acquired company. Ms. Patschak is formerly the CEO of Canopius Bermuda and Mr. Loden, the President and CEO of Insurance Servicing and Adjusting Company located in Ft. Lauderdale, Florida. Paul DiFrancesco will join the management team and assume the role of Chief Underwriting Officer. Mr. DiFrancesco’s most recent position was Chief Insurance Officer at Cypress Insurance Group.
Regulatory approval is being sought by the Illinois Department of Insurance with plans to re-brand the entity as Florida Specialty Insurance Company (Florida Specialty).
“Safeway Property is a highly successful operation and a solid platform to assist Florida Specialty in executing its business strategy” according to Patschak. Loden stated, “It is our plan to expand the portfolio built by the Safeway Property team throughout the state of Florida”.
JLT Capital Markets serves as financial advisors to Florida Specialty Holdings.