Business Moves

Homeowners Choice, HomeWise

Homeowners Choice Property and Casualty Insurance Co. said it has acquired HomeWise Insurance Co.’s book of business in Florida.

Approved by state regulators, the deal adds 70,000 Florida homeowners to Homeowners Choice. Out of the assumed policies, 28,000 are in Miami-Dade, Broward, and Palm Beach counties.

Additionally, Homeowners Choice will receive about $53 million in unearned premiums.

Homeowners Choice CEO Paresh Patel said the deal nearly doubles the size of his company.

In September, the Tampa, Florida-based HomeWise lost its only rating. That same month, an affiliated company, HomeWise Preferred, was placed into state receivership.

LexisNexis, Genstar

LexisNexis Risk Solutions said it is selling its property/casualty insurance software business to a San Francisco-based private equity firm, Genstar Capital.

The division being sold provides policy administration software for the property/ casualty insurance industry. Based in Hartford, Conn., with additional offices in Dallas, Redwing, Minn. and Melville, N.Y., the business has approximately 400 employees and serves more than 100 insurers.

LexisNexis is not selling the Insurance Exchange, its collaborative insurance placement platform for agents, brokers, wholesalers and carriers. That is considered part of its data and analytics operations that are being retained.

“After careful review, we have decided that the insurance software business, which provides and creates policy administration software, would be better aligned with an organization like Genstar, which has extensive experience in software and the insurance industry,” said James M. Peck, CEO, LexisNexis Risk Solutions.

The products being sold include ones for policy decisions for both commercial and personal lines, claims, billing, Insurance Enterprise View as well as hosting/ASP services. Genstar said it hopes to call the business Insurity, the name of the original software firm founded by Glazer.

Genstar has also invested in Granite Global Solutions, a Canadian insurance software provider. It is also behind Confie Seguros, a national insurance distribution company that is focused on Hispanic consumers.

Topics Florida