QualSure Obtains Approval from Fla. OIR to Acquire Sunshine State Insurance Co.

John Lombardo, chairman of the Board of Directors of QualSure Holding Corp., the parent Company of QualSure Insurance Corp. and QualSure Underwriting Agencies Inc., announced that a firm agreement has been reached by QualSure Insurance
Corp. with the owners of Sunshine State Insurance Company (SSIC) to acquire Sunshine State.

Lombardo said that Florida’s Office of Insurance Regulation recently issued a Consent Order for the acquisition, which in turn is expected to close within 30 days.

“Both QualSure Insurance Company and Sunshine State Insurance Company will continue to operate as subsidiaries of QualSure,” Lombardo said. “The acquisition will facilitate a stronger presence in Florida and is intended to foster both enhanced marketing capabilities and new product development. Furthermore, both QualSure and Sunshine State remain committed to the Agency sector.”

Lombardo added that while QualSure will move its headquarters to Ponte Vedra Beach, Fla. where SSIC now resides, it intends to also continue a physical presence in Sarasota, QualSure’s current home city.

Lombardo also announced that following the acquisition, Bruce Howson, CEO of Sunshine State, will be named president and CEO of QualSure Holding Corporation and all of its subsidiaries.

Howson said, “I’m delighted with the confidence of QualSure’s shareholders and its Board in electing me to undertake this exciting role. The combination of the two companies under one holding company provides for a unique opportunity to enjoin the management skills and financial resources of both companies as QualSure grows both within Florida and beyond.”

He also noted that Sunshine State recently procured licensing in South Carolina and expects to establish a presence in other states in line with plans for expansion.

Topics Florida Mergers & Acquisitions