Business Moves

Esurance, Security First

Esurance, the online car insurance company, said that it is partnering with Security First Insurance Co. as an underwriter to offer homeowners insurance in Florida. The move comes a little more than a month after Allstate announced it is buying Esurance.

Esurance is the third-largest provider of online auto insurance quotes through its website and a 24/7 call center. It sells auto policies in 30 states. Over the past five years, Esurance has more than doubled policies in force and grown premiums on average 20 percent per year, according to the company, which advertises heavily.

Esurance also sells other personal lines coverages including homeowners through partnerships with carriers, as it is now doing with Security First in Florida.

Security First has been writing homeowners in Florida since 2005. It reports having more than 115,000 Florida policyholders.

In May, giant Allstate greed to pay $1 billion to buy Esurance and the associated site, Answer Financial. In April, Allstate said it planned to open nearly 50 new agency offices in Florida, with about half of those openings in north Florida.

In addition to getting a standard homeowners policy covering damage due to lightning, wind, hail, smoke, vandalism and theft, Esurance said Florida homeowners will also be able to get coverage for on and off-premise possessions; identity theft; plumbing mishaps; medical payments and personal liability and replacement cost.

Esurance and Security First are offering payment options including full pay, monthly and escrow.

Lockton, Memphis

Global broker Lockton has opened a Memphis risk management and employee benefits operation. Joe Lammel, a long-time insurance brokerage executive, will lead the office as executive vice president.

Lammel spent more than 30 years with insurance broker Marsh, most recently as the leader of its Memphis brokerage operation. He specializes in transportation, construction, surety, and financial risks

Lockton, which is based in Kansas City, Mo., said it expects to add several professionals to its staff in Memphis with expertise in property/casualty insurance and employee benefits in the coming months.

Acentria, FHC

Acentria Insurance is expanding its business into southwest Florida by acquiring Florida Homeowners & Commercial Insurance Agency. Terms were not disclosed. The FHC Insurance Agency in Ft. Myers has been providing insurance for 10 years. Destin-based Acentria has eight locations.

Keystone, Swallows

Swallows Agencies of Cookeville has become a franchise partner of Keystone Insurers Group in Tennessee. The Swallows Agencies has four locations in north central Tennessee: Cookeville, Sparta, Livingston and Smithville. The Northumberland, Pennsylvania-based Keystone is owned by its franchise partners and their employees in the states of Pennsylvania, North Carolina, Virginia, Indiana, Ohio, Kentucky and Tennessee.

Wells Fargo, EDIFY

Wells Fargo Insurance Services has acquired Fort Lauderdale, Florida-based employee benefits firm, EDIFY, which provides employee benefits programs and consulting to mid to large-sized employers. EDIFY CEO Howard Gruverman, President Carlos Castresana, and their team will join Wells Fargo and continue to be located in Fort Lauderdale. Wells Fargo Insurance Services has 200 offices in 37 states.

Hanover, Chaucer

Massachusetts-based The Hanover Insurance Group has completed its acquisition of Chaucer Holdings, a specialty Lloyd’s insurance group. The $474 million deal includes $13 million to be paid in loan notes to shareholders. Robert Stuchbery, who will continue as chief executive officer of Chaucer, said the transaction would strengthen Chaucer’s financial position and set the stage for continued growth.

Topics Florida Tennessee