SOURCE: Florida Peninsula Insurance

January 04, 2010 17:59 ET

Florida Peninsula Insurance Company Enters Into Acquisition Agreement With Edison Insurance Company

Florida Homeowners Insurer to Grow by 25,000 Policies

BOCA RATON, FL and ST. PETERSBURG, FL--(Marketwire - January 4, 2010) - Florida Peninsula Holdings, LLC, the parent company of Florida Peninsula Insurance Company, announced today that it has entered into an agreement with and has received Florida Office of Insurance Regulation consent to acquire Edison Insurance Group, including two of its subsidiaries: Edison Insurance Company and Edison Insurance Underwriters.

"The addition of Edison Insurance Company will broaden our distribution and agency network in key geographic areas and expand the range of products we offer," said Florida Peninsula Insurance CEO Roger Desjadon. "The acquisition provides synergies that will translate into additional opportunities to grow our customer base and spread risk, resulting in an overall stronger foundation for both companies."

The acquisition includes more than 25,000 Edison policyholders that will now become part of Florida Peninsula Insurance Company. Current Edison customers will not see any changes made to their policies, independent insurance agent or Edison contact numbers. Furthermore, their Edison policies will continue to remain in full force.

"We intend to provide Edison's policyholders with the same fast, fair and friendly service our insureds have become accustomed to via our high-end customer and agent support and experienced in-house claims department," added Desjadon.

Edison's customers will continue to work with their existing independent insurance agents. Current Florida Peninsula customers are not impacted by the acquisition.

Headquartered in St. Petersburg, Florida, Edison Insurance Company will become part of the Florida Peninsula family of companies. Florida Peninsula, a top-10 Florida residential property insurance company, is rated A Exceptional by Demotech, and has more than 120,000 homeowners, renters and condominium unit policyholders located throughout the state.

"Similar to Florida Peninsula, Edison was built on filling the insurance needs of the Florida property owner, making our existing corporate philosophy a fit with Florida Peninsula`s solution-oriented culture," added David Howard, President of Edison Insurance Company. "We were impressed with the quality and professionalism of the Florida Peninsula management team and staff, and are proud to join their family of companies."

ABOUT FLORIDA PENINSULA INSURANCE COMPANY:

Founded by a team of veteran insurance professionals, Florida Peninsula Insurance Company is one of Florida's top-10 largest companies offering multi-peril homeowners insurance. The company insures more than 120,000 homes, condo and apartment units located throughout the state. Florida Peninsula markets through a network of 2500 independent insurance agents. Our aim is to combine the latest technology with old-fashioned courtesy and customer service, providing efficient, cost-effective, peace-of-mind protection for our policyholders. Florida Peninsula was first issued a Certificate of Authority to do business in April, 2005 by the Florida Office of Insurance Regulation. For more information or to get a comparison quote, please call (866) 846-3060 or visit the "Get A Quote Now" section on our website at www.floridapeninsula.com.

Contact Information