Prepared Insurance has been acquired by Lighthouse Property Insurance from Prepared Holdings Group as per a deal announced in March 2020
Lighthouse Property Insurance has wrapped up its previously announced merger with its sister carrier Prepared Insurance in a move to create a unified Southeastern US carrier.
Financial terms of the merger were not disclosed.
Prepared Insurance has been acquired by Lighthouse Property Insurance from Prepared Holdings Group as per a deal announced in March 2020. The company is a Florida-domiciled property and casualty insurance carrier, which has authorisations to write in the states of Florida and Louisiana.
On the other hand, Lighthouse Property Insurance is domiciled in Louisiana and is a property and casualty insurance carrier. The company is authorised to write policies in Louisiana, North Carolina, South Carolina, and Texas.
The combined company will allow Lighthouse Property Insurance to assume Prepared Insurance’s portfolio and write directly in Florida. The unified carrier will have a gross written premium of more than $200m.
Lighthouse Property Insurance president comments on the acquisition of Prepared Insurance
Lighthouse Property Insurance president David Howard said: “We’re excited to bring the Lighthouse family to Florida. Now, Prepared joins Lighthouse as one company with over $50 million in policyholder surplus and 170,000 homes insured across the Southeast.”
According to Lighthouse Property Insurance sales director Bruce Bessire, the current servicing, underwriting, and claims process for Florida policies of the newly acquired company will remain the same. The company is expected to continue to provide the same service offered by Prepared Insurance for its agents and policyholders.
Bessire said: “The only difference is that we’re now stronger as one company.”
Lighthouse Property Insurance also owns Lighthouse Excalibur Insurance, a Louisiana-domiciled carrier with a gross written premium of more than $60m. Previously, Lighthouse Excalibur Insurance operated as Excalibur National Insurance, which was acquired by Lighthouse Property Insurance in May 2019.
Founded in 2008, Lighthouse Property Insurance sells and distributes its policies via an exclusive network of licensed, independent professional agencies.