WebBank’s wholly owned arm National Partners PFco has taken over Security Premium Finance Company, a Florida-based firm that offers insurance premium financing services.
Financial terms of the deal were not disclosed.
A privately held premium finance business, Security Premium Finance was set up in 1995.
It enables commercial and consumer clients to buy casualty and property insurance offerings in Florida, US.
National Partners said that the purchase enables diversification besides offering it a competitive advantage and geographic market opportunities.
National Partners president Bruce Lundy said: “We have been long impressed with the expertise and success of Security Premium, demonstrated by strong customer loyalty and earned through delivery of unparalleled customer service.
“Security Premium’s partnership with National Partners will allow us to mutually expand and grow throughout Florida and beyond.”
National Partners has retained all Security Premium Finance staff.
Security Premium Finance president Bert Irigoyen said: “We believe National Partners is a strong strategic fit for Security Premium Finance that will allow us to grow exponentially in the Florida market and expand into other states.
“The Security Premium Finance team is excited to join forces with the National Partners team.”
Earlier this year, WebBank made a strategic investment of $200m in US-based fintech platform iCreditWorks.
The investment will be used by iCreditWorks to speed up the commercial growth of its omni-channel platform.
iCreditWorks’ platform comprises the ‘first-in-market, native mobile App within the “Point-of-Sale” (POS) sector’.