Lighthouse Completes Merger with Florida’s Prepared Insurance Co.

Lighthouse Property Insurance Corp. has completed its previously announced merger plans with sister carrier, Prepared Insurance Co.

Lighthouse will assume the Prepared portfolio and write directly in the state of Florida, resulting in a unified carrier with over $200 million of gross written premium. Lighthouse also owns Lighthouse Excalibur Insurance Co., a Louisiana domiciled carrier with just over $60 million of gross written premium.

According to David Howard, president, Prepared joins Lighthouse as one company with over $50 million in policyholder surplus and 170,000 homes insured across the Southeast.

Prior to the merger, Lighthouse offered property and casualty insurance policies in Louisiana, Texas, North Carolina, and South Carolina. With the acquisition of Prepared, Lighthouse will begin to offer its portfolio of insurance products to the residents of Florida.

“Lighthouse now has diversity across five states. That should give both our agents and policyholders the confidence that we are here, and we are here to stay,” said Bruce Bessire, director of Sales.

Prepared Insurance will take the Lighthouse Insurance name, but current servicing, underwriting, and claims process for Florida policies remain the same.

“Due to the ongoing challenges of Florida’s homeowners insurance industry, now is the perfect time for a financially strong and trusted carrier to enter the market,” said Howard. “In a state with 20 million people, carriers in Florida will enjoy an opportunity to write very good business.”

Lighthouse holds a Financial Stability Rating of A, Exceptional, from Demotech, Inc. and has been in business for 12 years. Since 2008, when the company first began writing homeowners policies in Louisiana, they have continued to expand their geographic footprint, revenue, and capital base, increasing statutory surplus each year.

Lighthouse Property Insurance Corporation is an admitted property and casualty insurance company authorized to write in Florida, Louisiana, North Carolina, South Carolina, and Texas. In 2019, Lighthouse acquired Excalibur National Insurance Company and relaunched it as Lighthouse Excalibur Insurance Company, a wholly-owned subsidiary of Lighthouse. Lighthouse sells and distributes its policies through an exclusive network of licensed, independent professional agencies.

Topics Florida Mergers & Acquisitions Carriers Louisiana