Applied Underwriters has announced that it has completed its acquisition of Centauri Specialty Insurance Company and Centauri National Insurance Company.
The Centauri companies are based in Sarasota, FL, and serve independent agents and brokers in 10 states: Alabama, Florida, Hawaii, Louisiana, Massachusetts, Mississippi, North Carolina, South Carolina, Oklahoma, and Texas. Regulatory approvals were required in Florida, Louisiana, and Texas.
The deal is the latest in a string of acquisitions completed by Applied in the US, UK, and EU.
Steve Menzies, chairman of Applied Underwriters, said the acquisition of the Centauri companies bolsters Applied’s growth plans.
“We see in Centauri strong market potential, strong leadership and excellent build-out possibilities,” Menzies said. “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.”
“We are delighted that more than nine months of diligent work by all involved has now resulted in bringing this transaction to fruition,” said Rick Espino, president and CEO of Centauri Insurance. “Having an experienced and well-capitalized 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.”