Applied Underwriters has completed the purchase of Centauri Specialty Insurance Company and Centauri National Insurance Company.
Based in Sarasota, Florida, the acquired companies serve independent agents and brokers in ten states, including Alabama, Hawaii, Massachusetts, Louisiana, North Carolina, South Carolina and Texas.
Additionally, the companies provide private flood insurance in Hawaii, South Carolina, and Florida.
Applied Underwriter chairman Steve Menzies said: “We see in Centauri strong market potential, solid leadership and excellent build out possibilities. Even though we just had a record-breaking hurricane season, Centauri came out well, and together, we have made great strides in expanding Centauri’s infrastructure as a competitive advantage.”
“We continue on our plans to grow Centauri and to enhance ROE through complementary acquisitions that scale operations efficiently and enhance exposure diversification.”
Speaking on the deal, Centauri Insurance president and CEO Rick Espino said: “We are delighted that more than nine months of diligent work by all involved has now resulted in bringing this transaction to fruition.
“Having an experienced and well-capitalised partner such as Applied enables Centauri to build balance sheet strength and to build upon our sound platform to deliver new solutions to our independent agents and brokers.”
The acquisition of Centauri is the latest consolidation completed by Applied Underwriters in the US, EU and the UK.
The company recently created a US-based division of its Applied Financial Lines business unit to offer a range of D&O coverages across the country.
It followed the company’s purchase of the renewal rights of StarStone’s financial lines book of business.
In 2019, Applied Underwriters was purchased by Menzies and an investment firm from Berkshire Hathaway.